CATARC Automotive Proving GroundLtd (SZSE:301215) Is Reinvesting At Lower Rates Of Return
CATARC Automotive Proving GroundLtd (SZSE:301215) Is Reinvesting At Lower Rates Of Return
0.049 = CN¥154m ÷ (CN¥3.4b - CN¥310m) What are the early trends we should look for to identify a stock that could multiply in value over the long term? Amongst other things, we'll want to see two things; firstly, a growing return on capital employed (ROCE) and secondly, an expansion in the company's amount of capital employed. If you see this, it typically means it's a company with a great business model and plenty of profitable reinvestment opportunities. Although, when we looked at CATARC Automotive Proving GroundLtd (SZSE:301215), it didn't seem to tick all of these boxes.
如何找到那些長期翻倍的股票？除其他因素外，我們需要看兩件事情；首先，資本使用回報率（ROCE）增長，其次，公司的使用資本量擴大。如果你看到這種情況，通常意味着這是一傢俱有出色業務模式和充足盈利再投資機會的公司。然而，在我們看過評測中車院汽車試驗場股份有限公司（SZSE:301215）之後，它似乎並沒有完全滿足這些方面。
Return On Capital Employed (ROCE): What Is It?
資本僱用回報率（ROCE）是什麼？
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. To calculate this metric for CATARC Automotive Proving GroundLtd, this is the formula:
對於不太清楚ROCE是什麼的人，它衡量的是公司通過其業務所使用的資本所能產生的稅前利潤額。要計算中車院汽車試驗場股份有限公司的這個指標，使用以下公式：
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。
0.049 = CN¥154m ÷ (CN¥3.4b - CN¥310m) (Based on the trailing twelve months to March 2024).
0.049 = 1.54億 ÷ (34億 - 3.10億) （基於過去12個月截至2024年3月）。
Thus, CATARC Automotive Proving GroundLtd has an ROCE of 4.9%. In absolute terms, that's a low return but it's around the Professional Services industry average of 5.7%.
因此，中車院汽車試驗場股份有限公司的ROCE爲4.9%。絕對值來說，這是一個低迴報，但它跟專業服務行業平均水平5.7%左右相當。
Above you can see how the current ROCE for CATARC Automotive Proving GroundLtd compares to its prior returns on capital, but there's only so much you can tell from the past. If you're interested, you can view the analysts predictions in our free analyst report for CATARC Automotive Proving GroundLtd .
通過以上圖表，你可以看到中車院汽車試驗場股份有限公司目前資本使用回報率與過去的資本回報相比的情況，但是隻從過去的表現中獲得的信息有限。如果你感興趣，可以在我們爲中車院汽車試驗場股份有限公司提供的免費分析師報告中查看分析師的預測。
What The Trend Of ROCE Can Tell Us
儘管如此，當我們看 enphase energy (納斯達克股票代碼：ENPH) 的時候，它似乎並沒有完全符合這些要求。
When we looked at the ROCE trend at CATARC Automotive Proving GroundLtd, we didn't gain much confidence. Over the last five years, returns on capital have decreased to 4.9% from 15% five years ago. On the other hand, the company has been employing more capital without a corresponding improvement in sales in the last year, which could suggest these investments are longer term plays. It may take some time before the company starts to see any change in earnings from these investments.
當我們觀察中車院汽車試驗場股份有限公司資本使用回報率的趨勢時，我們並沒有獲得很多信心。在過去五年中，資本回報從五年前的15%下降至目前的4.9%。另一方面，公司在過去一年裏投入了更多資本，但銷售額沒有相應的提升，這可能表明這些投資是較長期的策略。可能需要一些時間，才能看到公司從這些投資中獲得任何盈利變化。
On a side note, CATARC Automotive Proving GroundLtd has done well to pay down its current liabilities to 9.0% of total assets. So we could link some of this to the decrease in ROCE. What's more, this can reduce some aspects of risk to the business because now the company's suppliers or short-term creditors are funding less of its operations. Some would claim this reduces the business' efficiency at generating ROCE since it is now funding more of the operations with its own money.
值得一提的是，中車院汽車試驗場股份有限公司已經成功償還了其總資產的9.0%的流動負債。因此，我們可以把ROCE下降的一部分原因歸因於這一點。此外，這可以減少業務方面的某些風險，因爲現在公司的供應商或短期債權人正在資助其業務的運營。有人會認爲這降低了企業創造ROCE的效率，因爲現在公司正在用其自有資金資助更多業務的運營。
The Bottom Line
還有一件事需要注意的是，我們已經確定了上海醫藥的2個警告信號，了解這些信號應該成爲你的投資過程的一部分。
To conclude, we've found that CATARC Automotive Proving GroundLtd is reinvesting in the business, but returns have been falling. Since the stock has declined 16% over the last year, investors may not be too optimistic on this trend improving either. All in all, the inherent trends aren't typical of multi-baggers, so if that's what you're after, we think you might have more luck elsewhere.
總之，我們發現中車院汽車試驗場股份有限公司正在對業務進行再投資，但回報正在下降。由於該股在過去一年裏下跌了16%，投資者可能對這種趨勢改善不太樂觀。總之，這些固有趨勢並不是多倍增長的典型情況，所以如果這是你所追求的，我們認爲你可能需要尋找其他更合適的投資對象。
If you want to continue researching CATARC Automotive Proving GroundLtd, you might be interested to know about the 1 warning sign that our analysis has discovered.
如果你想繼續研究中車院汽車試驗場股份有限公司，你可能會想知道我們分析中發現的1個預警信號。
While CATARC Automotive Proving GroundLtd isn't earning the highest return, check out this free list of companies that are earning high returns on equity with solid balance sheets.
雖然中車院汽車試驗場股份有限公司的回報並不是最高的，但是請查看此免費公司列表，它們擁有強大的資產負債表和高回報的資產。
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This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.
對本文有任何反饋？對內容有任何疑慮？請直接與我們聯繫。或者，發送電子郵件至editorial-team@simplywallst.com。
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
對本文有任何反饋？對內容有任何疑慮？請直接與我們聯繫。或者，發送電子郵件至editorial-team@simplywallst.com。
