Canny Elevator (SZSE:002367) Is Experiencing Growth In Returns On Capital
Canny Elevator (SZSE:002367) Is Experiencing Growth In Returns On Capital
If you're not sure where to start when looking for the next multi-bagger, there are a few key trends you should keep an eye out for. 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. Speaking of which, we noticed some great changes in Canny Elevator's (SZSE:002367) returns on capital, so let's have a look.
如果你在尋找下一款多袋裝機時不確定從哪裏開始，那麼你應該注意一些關鍵趨勢。一種常見的方法是嘗試找到一傢俱有以下條件的公司 回報 論資本使用率（ROCE）在增加的同時增長 金額 所用資本的比例。如果你看到這一點，這通常意味着它是一家擁有良好商業模式和大量盈利再投資機會的公司。說到這裏，我們注意到康力電梯（深圳證券交易所：002367）的資本回報率發生了一些重大變化，所以讓我們來看看吧。
Return On Capital Employed (ROCE): What Is It?
資本使用回報率（ROCE）：這是什麼？
Just to clarify if you're unsure, ROCE is a metric for evaluating how much pre-tax income (in percentage terms) a company earns on the capital invested in its business. To calculate this metric for Canny Elevator, this is the formula:
爲了澄清一下你是否不確定，ROCE是評估公司從投資於其業務的資本中獲得多少稅前收入（按百分比計算）的指標。要計算 Canny Elevator 的這個指標，公式如下：
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）
0.13 = CN¥471m ÷ (CN¥7.4b - CN¥3.9b) (Based on the trailing twelve months to September 2023).
0.13 = CN¥471m ≤（CN¥7.4b-CN¥3.9b） （基於截至2023年9月的過去十二個月）。
Therefore, Canny Elevator has an ROCE of 13%. In absolute terms, that's a satisfactory return, but compared to the Machinery industry average of 6.4% it's much better.
因此，康尼電梯的投資回報率爲13％。從絕對值來看，這是一個令人滿意的回報，但與機械行業的平均水平6.4％相比，回報要好得多。
View our latest analysis for Canny Elevator
查看我們對康尼電梯的最新分析
Above you can see how the current ROCE for Canny Elevator compares to its prior returns on capital, but there's only so much you can tell from the past. If you'd like to see what analysts are forecasting going forward, you should check out our free report for Canny Elevator.
上面你可以看到Canny Elevator當前的投資回報率與其先前的資本回報率相比如何，但從過去可以看出來的只有那麼多。如果你想了解分析師對未來的預測，你應該查看我們爲Canny Elevator提供的免費報告。
What Can We Tell From Canny Elevator's ROCE Trend?
我們可以從康尼電梯的投資回報率趨勢中看出什麼？
Canny Elevator's ROCE growth is quite impressive. More specifically, while the company has kept capital employed relatively flat over the last five years, the ROCE has climbed 882% in that same time. Basically the business is generating higher returns from the same amount of capital and that is proof that there are improvements in the company's efficiencies. It's worth looking deeper into this though because while it's great that the business is more efficient, it might also mean that going forward the areas to invest internally for the organic growth are lacking.
康尼電梯的投資回報率增長相當可觀。更具體地說，儘管該公司在過去五年中一直保持相對平穩的資本使用率，但同期投資回報率增長了882％。基本上，該業務正在從相同數量的資本中獲得更高的回報，這證明了公司的效率有所提高。但是，值得更深入地研究這個問題，因爲儘管提高業務效率是件好事，但這也可能意味着未來缺乏內部投資以實現有機增長的領域。
On a side note, we noticed that the improvement in ROCE appears to be partly fueled by an increase in current liabilities. Essentially the business now has suppliers or short-term creditors funding about 52% of its operations, which isn't ideal. Given it's pretty high ratio, we'd remind investors that having current liabilities at those levels can bring about some risks in certain businesses.
順便說一句，我們注意到，投資回報率的改善似乎部分是由流動負債的增加推動的。從本質上講，該企業現在有供應商或短期債權人爲其約52％的業務提供資金，這並不理想。鑑於其比率相當高，我們要提醒投資者，將流動負債保持在這些水平可能會給某些企業帶來一些風險。
The Key Takeaway
關鍵要點
In summary, we're delighted to see that Canny Elevator has been able to increase efficiencies and earn higher rates of return on the same amount of capital. And investors seem to expect more of this going forward, since the stock has rewarded shareholders with a 98% return over the last five years. In light of that, we think it's worth looking further into this stock because if Canny Elevator can keep these trends up, it could have a bright future ahead.
總而言之，我們很高興看到Canny Elevator能夠在相同數量的資本上提高效率並獲得更高的回報率。投資者似乎對未來的期望更高，因爲該股在過去五年中爲股東帶來了98％的回報。有鑑於此，我們認爲值得進一步研究這隻股票，因爲如果Canny Elevator能夠保持這些趨勢，它可能會有光明的前景。
Canny Elevator does have some risks though, and we've spotted 1 warning sign for Canny Elevator that you might be interested in.
但是，康尼電梯確實存在一些風險，我們已經發現了你可能會感興趣的康尼電梯的一個警告信號。
While Canny Elevator 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.
儘管Canny Elevator目前可能無法獲得最高的回報，但我們編制了一份目前股本回報率超過25％的公司名單。在這裏查看這個免費清單。
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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.
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Simply Wall St 的這篇文章本質上是籠統的。我們僅使用公正的方法提供基於歷史數據和分析師預測的評論，我們的文章並非旨在提供財務建議。它不構成買入或賣出任何股票的建議，也沒有考慮到您的目標或財務狀況。我們的目標是爲您提供由基本數據驅動的長期重點分析。請注意，我們的分析可能不會考慮最新的價格敏感型公司公告或定性材料。華爾街只是沒有持有上述任何股票的頭寸。