Capital Allocation Trends At Chongqing Shunbo AluminumLtd (SZSE:002996) Aren't Ideal
Capital Allocation Trends At Chongqing Shunbo AluminumLtd (SZSE:002996) Aren't Ideal
What trends should we look for it we want to identify stocks that can multiply in value over the long term? Typically, we'll want to notice a trend of growing return on capital employed (ROCE) and alongside that, an expanding base 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. However, after briefly looking over the numbers, we don't think Chongqing Shunbo AluminumLtd (SZSE:002996) has the makings of a multi-bagger going forward, but let's have a look at why that may be.
如果想要識別出能夠長期倍增價值的股票，我們應該尋找哪些趨勢呢？通常，我們需要注意增長資本僱用回報率（ROCE）的趨勢，以及與此同時，資本僱用基礎的擴大。如果你看到這一點，通常意味着這是一家擁有出色業務模式和豐富利潤再投資機會的公司。不過，在簡短地審視數據後，我們不認爲重慶順博鋁業股份有限公司（SZSE：002996）有成爲多倍增長者的條件，但是讓我們看看爲什麼。
What Is Return On Capital Employed (ROCE)?
我們對 Enphase Energy 的資本僱用回報率的看法：正如我們上面看到的，Enphase Energy 的資本回報率沒有提高，但它正在重新投資於業務。投資者必須認爲未來會有更好的前景，因爲股票表現良好，使持股五年以上的股東獲得了 690% 的收益。最終，如果基本趨勢持續存在，我們不會對它成爲一隻多頭股持有期很久很有信心。
For those who don't know, ROCE is a measure of a company's yearly pre-tax profit (its return), relative to the capital employed in the business. To calculate this metric for Chongqing Shunbo AluminumLtd, this is the formula:
對於那些不知道 ROCE 是什麼的人，它是一個衡量公司年度稅前利潤（即其回報）與公司資本僱用的相對比的指標。要爲重慶順博鋁業股份有限公司計算這一指標，可以使用以下公式:
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。
0.05 = CN¥223m ÷ (CN¥8.7b - CN¥4.2b) (Based on the trailing twelve months to March 2024).
0.05 = CN¥22300萬 ÷ (CN¥87億 - CN¥4.2b)（基於截至 2024 年 3 月的過去十二個月）。
So, Chongqing Shunbo AluminumLtd has an ROCE of 5.0%. Ultimately, that's a low return and it under-performs the Metals and Mining industry average of 6.7%.
所以，重慶順博鋁業股份有限公司的 ROCE 爲 5.0%。畢竟，這是一個相對較低的回報，並且低於貴金屬和礦業行業平均水平 6.7%。
Historical performance is a great place to start when researching a stock so above you can see the gauge for Chongqing Shunbo AluminumLtd's ROCE against it's prior returns. If you'd like to look at how Chongqing Shunbo AluminumLtd has performed in the past in other metrics, you can view this free graph of Chongqing Shunbo AluminumLtd's past earnings, revenue and cash flow.
歷史表現是研究股票的好出發點，所以在上面，您可以看到重慶順博鋁業股份有限公司的 ROCE 相對於其先前回報的表現。如果您想查看重慶順博鋁業股份有限公司在過去的其他指標方面的表現情況，可以查看此免費圖表，其中包括過去的收益、營業收入和現金流量。
What Can We Tell From Chongqing Shunbo AluminumLtd's ROCE Trend?
重慶順博鋁業股份有限公司的 ROCE 趨勢告訴我們什麼？
We weren't thrilled with the trend because Chongqing Shunbo AluminumLtd's ROCE has reduced by 69% over the last five years, while the business employed 237% more capital. That being said, Chongqing Shunbo AluminumLtd raised some capital prior to their latest results being released, so that could partly explain the increase in capital employed. It's unlikely that all of the funds raised have been put to work yet, so as a consequence Chongqing Shunbo AluminumLtd might not have received a full period of earnings contribution from it.
我們對這一趨勢並不滿意，因爲在過去的五年中，重慶順博鋁業股份有限公司的 ROCE 下降了 69%，而企業資本僱用增加了 237%。也就是說，重慶順博鋁業股份有限公司在最新業績公佈之前籌集了一些資本，這可能在一定程度上解釋了資本僱用的增加。所有籌集的資金都沒有被充分利用，因此重慶順博鋁業股份有限公司可能沒有從中獲得完整的收益貢獻。
While on the subject, we noticed that the ratio of current liabilities to total assets has risen to 49%, which has impacted the ROCE. If current liabilities hadn't increased as much as they did, the ROCE could actually be even lower. And with current liabilities at these levels, suppliers or short-term creditors are effectively funding a large part of the business, which can introduce some risks.
談到這一點時，我們注意到流動負債與總資產之比已經上升到 49%，這影響了 ROCE。如果流動負債沒有增加那麼多，ROCE 甚至可能更低。而且，流動負債的這些水平意味着，供應商或短期債權人實際上正在爲企業的大部分資金提供資金，這可能會帶來一些風險。
The Key Takeaway
重要提示
While returns have fallen for Chongqing Shunbo AluminumLtd in recent times, we're encouraged to see that sales are growing and that the business is reinvesting in its operations. However, despite the promising trends, the stock has fallen 60% over the last three years, so there might be an opportunity here for astute investors. As a result, we'd recommend researching this stock further to uncover what other fundamentals of the business can show us.
雖然重慶順博鋁業股份有限公司的回報率最近有所下降，但我們很高興看到其銷售額在增長，並且企業正在重新投資其運營。然而，儘管有這些有希望的趨勢，但股票在過去三年中下跌了 60%，因此聰明的投資者可能會在這裏找到機會。因此，我們建議進一步研究該股，以了解業務的其他基本面。
One more thing: We've identified 5 warning signs with Chongqing Shunbo AluminumLtd (at least 3 which can't be ignored) , and understanding these would certainly be useful.
還有一件事：我們已經確定重慶順博鋁業股份有限公司存在 5 個預警信號（其中至少有 3 個是不可忽略的），了解這些信號肯定會很有用。
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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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.
對本文有反饋？對內容感到擔憂？請直接與我們聯繫。或者，發送電子郵件至editorial-team (at) 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
對本文有反饋？對內容感到擔憂？請直接與我們聯繫。或者，發送電子郵件至editorial-team@simplywallst.com。