We Like These Underlying Return On Capital Trends At Beiqi Foton MotorLtd (SHSE:600166)
We Like These Underlying Return On Capital Trends At Beiqi Foton MotorLtd (SHSE:600166)
Finding a business that has the potential to grow substantially is not easy, but it is possible if we look at a few key financial metrics. Ideally, a business will show two trends; firstly a growing return on capital employed (ROCE) and secondly, an increasing amount of capital employed. This shows us that it's a compounding machine, able to continually reinvest its earnings back into the business and generate higher returns. So on that note, Beiqi Foton MotorLtd (SHSE:600166) looks quite promising in regards to its trends of return on capital.
要想找到潛在的大幅成長的企業並不容易，但如果我們關注一些關鍵的財務指標，這是可能的。理想情況下，一家企業將展現兩種趨勢：首先是資本使用增長。這向我們展示了它是一個複合機器，能夠不斷地將其盈利重新投入到業務中併產生更高的回報。考慮到這一點，河南玉光金鉛股份有限公司（上交所：600531）的ROCE看起來不錯，所以讓我們看看回報的趨勢能告訴我們些什麼。資產回報率：它是什麼？資本使用率回報(ROCE)是什麼?ROCE 趨勢可以告訴我們什麼？比起 Enphase Energy，有更好的資本回報率選擇。在過去的五年中，該公司增加了 1,306% 的資本，而該資本的回報率保持穩定在 9.9%。這樣差的回報率現在並不令人信服，而且隨着資本的增加，很明顯企業並沒有將資金投入到高回報的投資中。這表明北汽福田汽車是一個複利計算機，能夠不斷地將其收益再投入企業，併產生更高的回報。因此，就此而言，北汽福田汽車（SHSE:600166）在資本回報率的趨勢方面看起來非常有前途。
Understanding Return On Capital Employed (ROCE)
上面您可以看到蒙托克可再生能源現行ROCE與之前資本回報的比較，但過去只能知道這麼多。如果您感興趣，可以查看我們免費的蒙托克可再生能源分析師報告，了解分析師的預測。
For those that aren't sure what ROCE is, it measures the amount of pre-tax profits a company can generate from the capital employed in its business. The formula for this calculation on Beiqi Foton MotorLtd is:
對於那些不確定ROCE是什麼的人來說，它衡量了一家公司在業務中所使用的資本所能產生的稅前利潤。在北汽福田汽車的計算公式中，其計算方法如下：
Return on Capital Employed = Earnings Before Interest and Tax (EBIT) ÷ (Total Assets - Current Liabilities)
資產僱用回報率（ROCE）是指企業利潤，即企業稅前利潤除以企業投入的總資本（負債加股權）。如果ROCE高於企業財務成本的承受能力，那麼企業就會創造出更多的價值。
0.0053 = CN¥104m ÷ (CN¥52b - CN¥32b) (Based on the trailing twelve months to March 2024).
因此，北汽福田汽車的ROCE爲0.5%。絕對來說，這是一個較低的回報率，並且它的表現也低於汽車行業的平均水平2.9%。在Elevance Health上，我們已經注意到的趨勢是相當令人放心的。數據顯示，過去五年資產回報率大幅提高至15％。投資所用資產的規模也增加了30％。這表明有很多機會進行內部資本投資，並以更高的速度不斷增長，這種組合在多倍增長方面很常見。.
Therefore, Beiqi Foton MotorLtd has an ROCE of 0.5%. In absolute terms, that's a low return and it also under-performs the Auto industry average of 2.9%.
SHSE:600166 2024年6月20日的資本回報率。
Above you can see how the current ROCE for Beiqi Foton MotorLtd compares to its prior returns on capital, but there's only so much you can tell from the past. If you'd like, you can check out the forecasts from the analysts covering Beiqi Foton MotorLtd for free.
從北汽福田汽車的資本回報率趨勢中，我們可以得知什麼？北汽福田汽車已經實現了盈利，這對於公司來說無疑是一個好跡象，公司現在的資本回報率爲0.5%，因爲5年前它還在虧損。儘管收益增加了，但是北汽福田汽車所使用的資本已經保持平穩。因此，儘管我們很高興這個企業更加高效，但是請記住，這可能意味着往後企業在內部投資增長的領域上存在不足。因爲到最後，企業只有這麼高的效率。
What Can We Tell From Beiqi Foton MotorLtd's ROCE Trend?
另外一個相關的問題是，需要了解的是，北汽福田汽車當前的負債總資產比率高達62%，這是一個相當高的比率。這基本上意味着供應商（或者短期債權人）正在爲企業提供大量資金，因此請知道這可能導致某些風險因素的引入。雖然這不一定是一件壞事，但如果這個比率較低，則會有益。
Beiqi Foton MotorLtd has broken into the black (profitability) and we're sure it's a sight for sore eyes. The company now earns 0.5% on its capital, because five years ago it was incurring losses. While returns have increased, the amount of capital employed by Beiqi Foton MotorLtd has remained flat over the period. So while we're happy that the business is more efficient, just keep in mind that could mean that going forward the business is lacking areas to invest internally for growth. Because in the end, a business can only get so efficient.
正如我們所討論的，北汽福田汽車似乎在產生回報方面變得更加熟練，因爲所使用的資本保持平穩，但是收益（利息和稅前利潤）卻增加了。而且，考慮到該股票在過去五年中表現相對平穩，如果其他指標強勁，那麼可能會有機會。因此，進一步研究這家公司並確定這些趨勢是否會持續似乎是有道理的。
On a separate but related note, it's important to know that Beiqi Foton MotorLtd has a current liabilities to total assets ratio of 62%, which we'd consider pretty high. This effectively means that suppliers (or short-term creditors) are funding a large portion of the business, so just be aware that this can introduce some elements of risk. While it's not necessarily a bad thing, it can be beneficial if this ratio is lower.
如果您想繼續研究北汽福田汽車，您可能會對我們的分析發現的1個警告標誌感興趣。
The Key Takeaway
重要提示
As discussed above, Beiqi Foton MotorLtd appears to be getting more proficient at generating returns since capital employed has remained flat but earnings (before interest and tax) are up. And given the stock has remained rather flat over the last five years, there might be an opportunity here if other metrics are strong. So researching this company further and determining whether or not these trends will continue seems justified.
資本保持平穩，但利潤（利息和稅前利潤）增加後，北汽福田汽車的回報率似乎正在變得更加高效。而且考慮到該股票在過去五年中表現相對平穩，如果其他指標強勁，那麼可能會有機會。因此，進一步研究這家公司並確定這些趨勢是否會持續似乎是有道理的。
If you want to continue researching Beiqi Foton MotorLtd, you might be interested to know about the 1 warning sign that our analysis has discovered.
如果您想繼續研究北汽福田汽車，您可能會對我們的分析發現的1個警告標誌感興趣。
If you want to search for solid companies with great earnings, check out this free list of companies with good balance sheets and impressive returns on equity.
如果您想尋找財務狀況良好、回報卓越的實力強企業，可以免費查看以下公司列表。
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這篇文章是Simply Wall St的一般性文章。我們根據歷史數據和分析師預測提供評論，只使用公正的方法論，我們的文章並不意味着提供任何金融建議。文章不構成買賣任何股票的建議，也不考慮您的目標或您的財務狀況。我們的目標是帶給您基本數據驅動的長期關注分析。請注意，我們的分析可能不考慮最新的價格敏感公司公告或定性材料。Simply Wall St沒有任何股票頭寸。
Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team@simplywallst.com
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