Returns On Capital At Metallurgical Corporation of China (HKG:1618) Have Stalled
Returns On Capital At Metallurgical Corporation of China (HKG:1618) Have Stalled
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. Firstly, we'd want to identify a growing return on capital employed (ROCE) and then alongside that, an ever-increasing base of capital employed. Ultimately, this demonstrates that it's a business that is reinvesting profits at increasing rates of return. In light of that, when we looked at Metallurgical Corporation of China (HKG:1618) and its ROCE trend, we weren't exactly thrilled.
找到一傢俱有大幅增長潛力的企業並非易事,但如果我們看看幾個關鍵的財務指標,這是可能的。首先,我們想要確定一個不斷增長的退貨在已使用資本(ROCE)上,然後在此基礎上,不斷增加基地已動用資本的比例。歸根結底,這表明它是一家正在以越來越高的回報率對利潤進行再投資的企業。有鑒於此,當我們看到中國冶金總公司(HKG:1618)和它的ROCE趨勢,我們並不是很興奮。
What Is Return On Capital Employed (ROCE)?
什麼是資本回報率(ROCE)?
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 Metallurgical Corporation of China:
如果你以前沒有使用過ROCE,它衡量的是一家公司從業務資本中獲得的“回報”(稅前利潤)。分析師用這個公式計算中國的股價:
Return on Capital Employed = Earnings Before Interest and Tax (EBIT) ÷ (Total Assets - Current Liabilities)
已動用資本回報率=息稅前收益(EBIT)?(總資產-流動負債)
0.097 = CN¥22b ÷ (CN¥667b - CN¥444b) (Based on the trailing twelve months to June 2023).
0.097=CN元220億?(CN元667億-CN元444B)(根據截至2023年6月的往績12個月計算)。
So, Metallurgical Corporation of China has an ROCE of 9.7%. In absolute terms, that's a low return, but it's much better than the Construction industry average of 6.5%.
所以,中國冶金股份有限公司的淨資產收益率為9.7%。按絕對值計算,這是一個很低的回報率,但比建築業6.5%的平均水準要好得多。
View our latest analysis for Metallurgical Corporation of China
看我們對中國冶金公司的最新分析
![roce](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20231020/0-34ad9e95156240685527cd47a638c418-0-2a8c58208c2ca45a3c7a915ef0e238ca.png/big)
Above you can see how the current ROCE for Metallurgical Corporation of China 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 Metallurgical Corporation of China here for free.
上圖中,你可以看到中國目前的淨資產收益率與之前的資本回報率相比,但你只能從過去知道這麼多。如果你願意,你可以在這裡查看中國冶金公司分析師的預測免費的。
How Are Returns Trending?
回報趨勢如何?
The returns on capital haven't changed much for Metallurgical Corporation of China in recent years. The company has employed 61% more capital in the last five years, and the returns on that capital have remained stable at 9.7%. This poor ROCE doesn't inspire confidence right now, and with the increase in capital employed, it's evident that the business isn't deploying the funds into high return investments.
近年來,中國所在的中國冶金股份有限公司的資本回報率變化不大。該公司在過去五年中增聘了61%的資本,這些資本的回報率一直穩定在9.7%。這種糟糕的ROCE目前並沒有激發人們的信心,而且隨著所用資本的增加,很明顯,該公司沒有將資金用於高回報投資。
On a side note, Metallurgical Corporation of China's current liabilities are still rather high at 67% of total assets. 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.
另外,中國冶金公司的流動負債仍相當高,佔總資產的67%。這實際上意味著供應商(或短期債權人)正在為很大一部分業務提供資金,因此只需意識到這可能會帶來一些風險因素。雖然這不一定是一件壞事,但如果這一比例較低,它可能是有益的。
What We Can Learn From Metallurgical Corporation of China's ROCE
中國的ROCE對我國冶金企業的啟示
Long story short, while Metallurgical Corporation of China has been reinvesting its capital, the returns that it's generating haven't increased. Additionally, the stock's total return to shareholders over the last five years has been flat, which isn't too surprising. On the whole, we aren't too inspired by the underlying trends and we think there may be better chances of finding a multi-bagger elsewhere.
長話短說,儘管中國冶金股份有限公司一直在對其資本進行再投資,但它產生的回報並沒有增加。此外,過去五年該股對股東的總回報率一直持平,這並不太令人意外。總體而言,我們不太受潛在趨勢的鼓舞,我們認為在其他地方可能會有更好的機會找到多個袋子。
Like most companies, Metallurgical Corporation of China does come with some risks, and we've found 1 warning sign that you should be aware of.
像大多數公司一樣,中國冶金公司也有一些風險,我們發現1個個警告標誌這一點你應該知道.
While Metallurgical Corporation of China may not currently earn the highest returns, we've compiled a list of companies that currently earn more than 25% return on equity. Check out this free list here.
雖然中國冶金股份有限公司目前的回報率可能不是最高的,但我們已經編制了一份股本回報率超過25%的公司名單。看看這個免費在這裡列出。
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本文由Simply Wall St.撰寫,具有概括性.我們僅使用不偏不倚的方法提供基於歷史數據和分析師預測的評論,我們的文章並不打算作為財務建議.它不構成買賣任何股票的建議,也沒有考慮你的目標或你的財務狀況.我們的目標是為您帶來由基本面數據驅動的長期重點分析.請注意,我們的分析可能不會將最新的對價格敏感的公司公告或定性材料考慮在內.Simply Wall St.對上述任何一隻股票都沒有持倉.