China Railway Construction Heavy Industry (SHSE:688425) Will Want To Turn Around Its Return Trends
China Railway Construction Heavy Industry (SHSE:688425) Will Want To Turn Around Its Return Trends
What trends should we look for it we want to identify stocks that can 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. Basically this means that a company has profitable initiatives that it can continue to reinvest in, which is a trait of a compounding machine. Having said that, from a first glance at China Railway Construction Heavy Industry (SHSE:688425) we aren't jumping out of our chairs at how returns are trending, but let's have a deeper look.
我们应该寻找哪些趋势?我们想确定可以长期价值成倍增长的股票?一种常见的方法是尝试找一家公司 回报 论资本使用率(ROCE)在增加的同时增长 金额 已动用资本的百分比。基本上,这意味着一家公司有可以继续进行再投资的盈利计划,这是复合机的一个特征。话虽如此,乍一看中国铁建重工(SHSE: 688425),我们并不是在忽视回报趋势,而是让我们更深入地了解一下。
Return On Capital Employed (ROCE): What Is It?
资本使用回报率(ROCE):这是什么?
For those who don't know, ROCE is a measure of a company's yearly pre-tax profit (its return), relative to the capital employed in the business. To calculate this metric for China Railway Construction Heavy Industry, this is the formula:
对于那些不知道的人来说,投资回报率是衡量公司年度税前利润(其回报率)相对于企业所用资本的衡量标准。要计算中国铁建重工的该指标,公式如下:
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)
0.074 = CN¥1.3b ÷ (CN¥26b - CN¥8.0b) (Based on the trailing twelve months to September 2023).
0.074 = CN¥1.3b ≤(CN¥26b-CN¥8.0b) (基于截至2023年9月的过去十二个月)。
Thus, China Railway Construction Heavy Industry has an ROCE of 7.4%. On its own that's a low return, but compared to the average of 6.1% generated by the Machinery industry, it's much better.
因此,中国铁建重工的投资回报率为7.4%。就其本身而言,回报率很低,但与机械行业6.1%的平均回报率相比,要好得多。
See our latest analysis for China Railway Construction Heavy Industry
查看我们对中国铁建重工的最新分析
![roce](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20231207/0-6381b181913ed8d8f55d87d51c868961-0-b31af73947bc274bd1ddfecd4576b3df.png/big)
Above you can see how the current ROCE for China Railway Construction Heavy Industry compares to its prior returns on capital, but there's only so much you can tell from the past. If you're interested, you can view the analysts predictions in our free report on analyst forecasts for the company.
在上方你可以看到中国铁建重工目前的投资回报率与之前的资本回报率相比如何,但从过去可以看出来只有这么多。如果你有兴趣,可以在我们关于公司分析师预测的免费报告中查看分析师的预测。
So How Is China Railway Construction Heavy Industry's ROCE Trending?
那么,中国铁建重工的ROCE趋势如何?
In terms of China Railway Construction Heavy Industry's historical ROCE movements, the trend isn't fantastic. Around five years ago the returns on capital were 17%, but since then they've fallen to 7.4%. Meanwhile, the business is utilizing more capital but this hasn't moved the needle much in terms of sales in the past 12 months, so this could reflect longer term investments. It may take some time before the company starts to see any change in earnings from these investments.
就中国铁建重工的历史投资回报率走势而言,这种趋势并不理想。大约五年前,资本回报率为17%,但此后已降至7.4%。同时,该业务正在使用更多的资本,但在过去的12个月中,这并没有给销售带来太大影响,因此这可能反映了长期投资。公司可能需要一段时间才能开始看到这些投资的收益发生任何变化。
What We Can Learn From China Railway Construction Heavy Industry's ROCE
我们可以从中国铁建重工的ROCE中学到什么
Bringing it all together, while we're somewhat encouraged by China Railway Construction Heavy Industry's reinvestment in its own business, we're aware that returns are shrinking. Unsurprisingly then, the total return to shareholders over the last year has been flat. 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.
综上所述,尽管中国铁建重工对自身业务的再投资令我们有些鼓舞,但我们意识到回报正在萎缩。因此,毫不奇怪,去年股东的总回报率持平。总的来说,我们并没有受到潜在趋势的启发,我们认为在其他地方找到多功能机型的可能性可能更大。
If you'd like to know about the risks facing China Railway Construction Heavy Industry, we've discovered 2 warning signs that you should be aware of.
如果你想了解中国铁建重工面临的风险,我们发现了两个警告标志,你应该注意。
For those who like to invest in solid companies, check out this free list of companies with solid balance sheets and high returns on equity.
对于那些喜欢投资稳健公司的人,可以查看这份资产负债表稳健和股本回报率高的公司的免费清单。
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Simply Wall St的这篇文章本质上是笼统的。我们仅使用公正的方法根据历史数据和分析师的预测提供评论,我们的文章无意作为财务建议。它不构成买入或卖出任何股票的建议,也没有考虑到您的目标或财务状况。我们的目标是为您提供由基本数据驱动的长期重点分析。请注意,我们的分析可能不考虑最新的价格敏感型公司公告或定性材料。简而言之,华尔街没有持有任何上述股票的头寸。