Changzhou Tenglong AutoPartsCo.Ltd (SHSE:603158) Is Reinvesting At Lower Rates Of Return
Changzhou Tenglong AutoPartsCo.Ltd (SHSE:603158) Is Reinvesting At Lower Rates Of Return
There are a few key trends to look for if we want to identify the next multi-bagger. In a perfect world, we'd like to see a company investing more capital into its business and ideally the returns earned from that capital are also increasing. This shows us that it's a compounding machine, able to continually reinvest its earnings back into the business and generate higher returns. However, after investigating Changzhou Tenglong AutoPartsCo.Ltd (SHSE:603158), we don't think it's current trends fit the mold of a multi-bagger.
如果我们想要识别下一个多袋子，有几个关键趋势需要寻找。在一个完美的世界里，我们希望看到一家公司向其业务投入更多资本，理想情况下，从这些资本中赚取的回报也在增加。这向我们表明，它是一台复合机器，能够不断地将其收益再投资于企业，并产生更高的回报。不过，经过调查，常州腾龙汽车零部件有限公司(上海证券交易所：603158)，我们认为目前的趋势不符合多袋子模式。
Understanding Return On Capital Employed (ROCE)
了解资本回报率(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 Changzhou Tenglong AutoPartsCo.Ltd:
如果你以前没有使用过ROCE，它衡量的是一家公司从业务资本中获得的“回报”(税前利润)。分析师使用以下公式来计算常州腾龙汽车零部件有限公司的价格：
Return on Capital Employed = Earnings Before Interest and Tax (EBIT) ÷ (Total Assets - Current Liabilities)
已动用资本回报率=息税前收益(EBIT)？(总资产-流动负债)
0.099 = CN¥236m ÷ (CN¥4.1b - CN¥1.7b) (Based on the trailing twelve months to June 2023).
0.099=人民币2.36亿？(人民币41亿元-人民币17亿元)(根据截至2023年6月的往绩12个月计算)。
Thus, Changzhou Tenglong AutoPartsCo.Ltd has an ROCE of 9.9%. On its own that's a low return, but compared to the average of 5.6% generated by the Auto Components industry, it's much better.
因此，常州腾龙汽车零部件有限公司的净资产收益率为9.9%。就其本身而言，这是一个很低的回报率，但与汽车零部件行业5.6%的平均回报率相比，要好得多。
Check out our latest analysis for Changzhou Tenglong AutoPartsCo.Ltd
查看我们对常州腾龙汽车零部件有限公司的最新分析
Historical performance is a great place to start when researching a stock so above you can see the gauge for Changzhou Tenglong AutoPartsCo.Ltd's ROCE against it's prior returns. If you want to delve into the historical earnings, revenue and cash flow of Changzhou Tenglong AutoPartsCo.Ltd, check out these free graphs here.
在研究一只股票时，历史表现是一个很好的起点，因为在历史表现上方，你可以看到常州腾龙汽车零部件有限公司的ROCE相对于其先前回报的衡量标准。如果你想深入研究常州腾龙汽车零部件有限公司的历史收益、收入和现金流，请查看以下内容免费图表在这里。
What Can We Tell From Changzhou Tenglong AutoPartsCo.Ltd's ROCE Trend?
从常州腾龙汽车零部件股份有限公司的ROCE趋势中，我们可以看出什么？
In terms of Changzhou Tenglong AutoPartsCo.Ltd's historical ROCE movements, the trend isn't fantastic. To be more specific, ROCE has fallen from 13% over the last five years. However, given capital employed and revenue have both increased it appears that the business is currently pursuing growth, at the consequence of short term returns. If these investments prove successful, this can bode very well for long term stock performance.
就常州腾龙汽车零部件有限公司历史上的ROCE运动而言，这一趋势并不美妙。更具体地说，ROCE在过去五年中从13%下降。然而，鉴于已动用资本和收入都有所增加，该业务目前似乎正在追求增长，这是短期回报的结果。如果这些投资被证明是成功的，这可能是长期股票表现的好兆头。
While on the subject, we noticed that the ratio of current liabilities to total assets has risen to 42%, which has impacted the ROCE. If current liabilities hadn't increased as much as they did, the ROCE could actually be even lower. What this means is that in reality, a rather large portion of the business is being funded by the likes of the company's suppliers or short-term creditors, which can bring some risks of its own.
在这个问题上，我们注意到流动负债占总资产的比例上升到42%，这对ROCE造成了影响。如果流动负债没有像以前那样增加，净资产收益率实际上可能会更低。这意味着，在现实中，相当大一部分业务是由该公司的供应商或短期债权人等人提供资金的，这本身就可能带来一些风险。
The Bottom Line
底线
In summary, despite lower returns in the short term, we're encouraged to see that Changzhou Tenglong AutoPartsCo.Ltd is reinvesting for growth and has higher sales as a result. These trends are starting to be recognized by investors since the stock has delivered a 19% gain to shareholders who've held over the last five years. Therefore we'd recommend looking further into this stock to confirm if it has the makings of a good investment.
总而言之，尽管短期内回报较低，但我们感到鼓舞的是，常州腾龙汽车零部件有限公司正在为增长进行再投资，并因此实现了更高的销售额。这些趋势开始得到投资者的认可，因为该股在过去五年里为持有该股的股东带来了19%的收益。因此，我们建议进一步研究这只股票，以确认它是否具备良好的投资条件。
Since virtually every company faces some risks, it's worth knowing what they are, and we've spotted 3 warning signs for Changzhou Tenglong AutoPartsCo.Ltd (of which 1 doesn't sit too well with us!) that you should know about.
由于几乎每家公司都面临一些风险，了解它们是什么是值得的，我们已经发现常州腾龙汽车零部件有限公司的3个警示标志(其中1个与我们坐在一起不太好！)这是你应该知道的。
While Changzhou Tenglong AutoPartsCo.Ltd 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.
虽然常州腾龙汽车零部件有限公司目前的回报率可能不是最高的，但我们已经编制了一份目前股本回报率超过25%的公司名单。看看这个免费在这里列出。
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本文由Simply Wall St.撰写，具有概括性。我们仅使用不偏不倚的方法提供基于历史数据和分析师预测的评论，我们的文章并不打算作为财务建议。它不构成买卖任何股票的建议，也没有考虑你的目标或你的财务状况。我们的目标是为您带来由基本面数据驱动的长期重点分析。请注意，我们的分析可能不会将最新的对价格敏感的公司公告或定性材料考虑在内。Simply Wall St.对上述任何一只股票都没有持仓。