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Returns On Capital Are Showing Encouraging Signs At Aluminum Corporation of China (HKG:2600)

Returns On Capital Are Showing Encouraging Signs At Aluminum Corporation of China (HKG:2600)

中國鋁業(HKG:2600)的資本回報率顯示出令人鼓舞的跡象
Simply Wall St ·  2024/10/01 15:46

What trends should we look for it we want to identify stocks that can multiply in value over the long term? Ideally, a business will show two trends; firstly a growing return on capital employed (ROCE) and secondly, an increasing amount of capital employed. Put simply, these types of businesses are compounding machines, meaning they are continually reinvesting their earnings at ever-higher rates of return. With that in mind, we've noticed some promising trends at Aluminum Corporation of China (HKG:2600) so let's look a bit deeper.

如果我們想要識別那些在長期內有可能成倍增值的股票,應該關注什麼趨勢呢?理想情況下,一個企業會表現出兩個趨勢;首先是不斷增長的資本利潤率(ROCE),其次是越來越多的資本投入。簡而言之,這些類型的企業是複利機器,意味着它們持續以越來越高的回報率不斷再投資其收益。考慮到這一點,我們注意到中國鋁業(HKG:2600)有一些值得期待的趨勢,讓我們深入了解一下。

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。

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 Aluminum Corporation of China:

如果您之前尚未接觸過ROCE,它是衡量企業從其業務中使用的資本所產生的「回報」(稅前利潤)的指標。分析師使用這個公式來計算中國鋁業的ROCE:

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。

0.15 = CN¥25b ÷ (CN¥217b - CN¥54b) (Based on the trailing twelve months to June 2024).

0.15 = 250億元人民幣 ÷ (2170億元人民幣 - 540億元人民幣)(基於2024年6月的過去十二個月)。

So, Aluminum Corporation of China has an ROCE of 15%. On its own, that's a standard return, however it's much better than the 11% generated by the Metals and Mining industry.

因此,中國鋁業的ROCE爲15%。單獨來看,這是一個標準的回報,但它比金屬和礦業行業所產生的11%要好得多。

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SEHK:2600 Return on Capital Employed October 1st 2024
SEHK:2600 2024年10月1日資本利潤率

In the above chart we have measured Aluminum Corporation of China's prior ROCE against its prior performance, but the future is arguably more important. If you're interested, you can view the analysts predictions in our free analyst report for Aluminum Corporation of China .

在上面的圖表中,我們已經衡量了中國鋁業之前的資本回報率與其之前的業績,但未來可謂更爲重要。如果您感興趣,您可以查看我們免費的中國鋁業分析師報告中的分析師預測。

The Trend Of ROCE

當尋找下一個倍增器時,如果您不確定從哪裏開始,請關注幾個關鍵趨勢。首先,我們希望看到一個經過驗證的資本使用率。如果您看到這一點,通常意味着這是一家擁有出色業務模式和大量盈利再投資機會的公司。然而,調查蒙托克可再生能源公司(NASDAQ:MNTK)後,我們認爲它的現行趨勢不符合倍增器的模式。

The trends we've noticed at Aluminum Corporation of China are quite reassuring. The numbers show that in the last five years, the returns generated on capital employed have grown considerably to 15%. The amount of capital employed has increased too, by 24%. This can indicate that there's plenty of opportunities to invest capital internally and at ever higher rates, a combination that's common among multi-baggers.

在中國鋁業我們注意到的趨勢相當令人放心。數字顯示,在過去的五年中,資本利用率增長了15%,而資本利用額也增加了24%。這可能表明在內部和以更高利率投資資本的機會很多,這種情況在翻倍股中很常見。

One more thing to note, Aluminum Corporation of China has decreased current liabilities to 25% of total assets over this period, which effectively reduces the amount of funding from suppliers or short-term creditors. So shareholders would be pleased that the growth in returns has mostly come from underlying business performance.

還有一件事要注意,中國鋁業在這段時期將流動負債減少到總資產的25%,從而有效地減少了來自供應商或短期債權人的資金。因此,股東會高興地看到收益增長主要來自基礎業績。

In Conclusion...

最後,同等資本下回報率較低的趨勢通常不是我們關注創業板股票的最佳信號。由於這些發展進行良好,因此投資者不太可能表現友好。自五年前以來,該股下跌了32%。除非這些指標朝着更積極的軌跡轉變,否則我們將繼續尋找其他股票。

A company that is growing its returns on capital and can consistently reinvest in itself is a highly sought after trait, and that's what Aluminum Corporation of China has. And a remarkable 161% total return over the last five years tells us that investors are expecting more good things to come in the future. In light of that, we think it's worth looking further into this stock because if Aluminum Corporation of China can keep these trends up, it could have a bright future ahead.

公司不斷提高資本回報率並能持續重投自身是一種非常受歡迎的特質,中國鋁業具備這一特質。在過去的五年中,驚人的161%總回報告訴我們投資者正在期待未來更多好事情的發生。基於此,我們認爲值得進一步研究這隻股票,因爲如果中國鋁業能保持這些趨勢,它可能面臨輝煌的明天。

On the other side of ROCE, we have to consider valuation. That's why we have a FREE intrinsic value estimation for 2600 on our platform that is definitely worth checking out.

在ROCE的另一側,我們必須考慮估值。這就是爲什麼我們在平台上免費提供2600的內在價值估算,絕對值得一看。

While Aluminum Corporation of China isn't earning the highest return, check out this free list of companies that are earning high returns on equity with solid balance sheets.

儘管中國鋁業的回報率不是最高的,但請查看這份免費的公司清單,這些公司通過穩健的資產負債表獲得了高回報。

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。

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