Returns On Capital At Guangdong Construction Engineering Group (SZSE:002060) Have Hit The Brakes
Returns On Capital At Guangdong Construction Engineering Group (SZSE:002060) Have Hit The Brakes
0.07 = CN¥2.6b ÷ (CN¥131b - CN¥94b) What are the early trends we should look for to identify a stock that could multiply in value over the long term? One common approach is to try and find a company with returns on capital employed (ROCE) that are increasing, in conjunction with a growing 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 Guangdong Construction Engineering Group (SZSE:002060), it didn't seem to tick all of these boxes.
要識別長期內能夠增值的股票，應該關注哪些早期趨勢呢？一種常見的方法是找到一家資本回報率（ROCE）及資本投入數量逐漸增加的公司。如果你看到這種情況，通常意味着這是一家擁有極好業務模式和大量盈利再投資機會的公司。不過當我們觀察廣東省建設工程集團股份有限公司（SZSE：002060）時，它似乎並不符合所有這些標準。
Return On Capital Employed (ROCE): What Is It?
資本僱用回報率（ROCE）是什麼？
If you haven't worked with ROCE before, it measures the 'return' (pre-tax profit) a company generates from capital employed in its business. Analysts use this formula to calculate it for Guangdong Construction Engineering Group:
如果你以前沒有接觸過ROCE，它用來衡量公司在業務中投入的資本回報率（稅前利潤）。分析師使用這個公式來爲廣東省建設工程集團計算它：0.07 = CN¥26億 ÷ (CN¥1310億 - CN¥94b) （基於截至2024年3月的最近12個月）。
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。
0.07 = CN¥2.6b ÷ (CN¥131b - CN¥94b) (Based on the trailing twelve months to March 2024).
因此，廣東省建設工程集團的ROCE是7.0%。單從這個數值來看，它的資本回報率很低，但與行業平均回報率6.5%相符。
Thus, Guangdong Construction Engineering Group has an ROCE of 7.0%. On its own that's a low return on capital but it's in line with the industry's average returns of 6.5%.
你可以看到廣東省建設工程集團目前的ROCE與之前的資本回報率相比如何，但是從過去的數據中僅能得到有限的信息。如果你願意，你可以免費查看分析師對廣東省建設工程集團的未來預測。
Above you can see how the current ROCE for Guangdong Construction Engineering Group 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 Guangdong Construction Engineering Group for free.
從上面可以看到廣東省建設工程集團的當前ROCE如何與以前的資本回報率相比，但是過去的數據提供的信息有限。如果你願意，你可以免費查看分析師對廣東省建設工程集團的未來預測。
So How Is Guangdong Construction Engineering Group's ROCE Trending?
那麼廣東省建設工程集團的ROCE趨勢如何呢？
In terms of Guangdong Construction Engineering Group's historical ROCE trend, it doesn't exactly demand attention. Over the past five years, ROCE has remained relatively flat at around 7.0% and the business has deployed 267% more capital into its operations. Given the company has increased the amount of capital employed, it appears the investments that have been made simply don't provide a high return on capital.
就廣東省建設工程集團的歷史ROCE趨勢而言，它並沒有太大的關注度。在過去的五年中，ROCE保持在7.0%左右，並將資本投入運營的數量增加了267%。由於公司增加了資本投入，看起來所做的投資並沒有提供高回報率。
On another note, while the change in ROCE trend might not scream for attention, it's interesting that the current liabilities have actually gone up over the last five years. This is intriguing because if current liabilities hadn't increased to 72% of total assets, this reported ROCE would probably be less than7.0% because total capital employed would be higher.The 7.0% ROCE could be even lower if current liabilities weren't 72% of total assets, because the the formula would show a larger base of total capital employed. Additionally, this high level of current liabilities isn't ideal because it means the company's suppliers (or short-term creditors) are effectively funding a large portion of the business.
另外，儘管ROCE趨勢的變化可能沒有引起太多關注，但過去五年中，流動負債實際上增加了。這很有趣，因爲如果流動負債不增加到總資產的72%，那麼該報告的ROCE可能低於7.0%，因爲總資本投入將更高。此外，這種高水平的流動負債並不理想，因爲它意味着公司的供應商（或短期債權人）實際上資助了業務的大部分資本。
Our Take On Guangdong Construction Engineering Group's ROCE
總之，在廣東省建設工程集團重新投資資本的過程中，其回報率並沒有提高。並且在過去五年中，股票僅給股東帶來了36%的收益，你可以認爲他們已經意識到這些平庸的趨勢。因此，如果你正在尋找一個倍增股票，我們建議你看看其他的期權。
Long story short, while Guangdong Construction Engineering Group has been reinvesting its capital, the returns that it's generating haven't increased. And with the stock having returned a mere 36% in the last five years to shareholders, you could argue that they're aware of these lackluster trends. Therefore, if you're looking for a multi-bagger, we'd propose looking at other options.
最後需要注意的是，我們發現廣東省建設工程集團有3個警告信號（其中2個不太好），你應該注意。
On a final note, we found 3 warning signs for Guangdong Construction Engineering Group (2 don't sit too well with us) you should be aware of.
儘管廣東省建設工程集團的回報率並不是最高的，但是你可以查看這個免費的公司列表，這些公司具有健康的財務狀況和高回報率。
While Guangdong Construction Engineering Group isn't earning the highest return, check out this free list of companies that are earning high returns on equity with solid balance sheets.
Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team (at) simplywallst.com.
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。