A Look Into China National Gold Group Gold JewelleryLtd's (SHSE:600916) Impressive Returns On Capital
A Look Into China National Gold Group Gold JewelleryLtd's (SHSE:600916) Impressive Returns On Capital
What trends should we look for it we want to identify stocks that can multiply in value over the long term? 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. Ultimately, this demonstrates that it's a business that is reinvesting profits at increasing rates of return. That's why when we briefly looked at China National Gold Group Gold JewelleryLtd's (SHSE:600916) ROCE trend, we were very happy with what we saw.
如果想要找到可以長期獲得成倍回報的股票,我們需要注意以下所有規則。在完美的世界中,我們希望看到一家公司投入更多的資本到業務中,更理想的是來自該資本的回報也在增加。最終,這證明了一家公司能夠以逐漸提高的回報率再投資盈利。這也是爲什麼當我們簡要地查看中國黃金集團黃金首飾股份有限公司(SHSE: 600916)的ROCE趨勢時,我們對所看到的非常滿意。
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。
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. The formula for this calculation on China National Gold Group Gold JewelleryLtd is:
對於那些不知道什麼是ROCE的人來說,ROCE是一種公司每年稅前利潤(回報)相對於業務中使用的資本所產生的衡量方式。中國黃金集團黃金首飾股份有限公司的計算公式爲:
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。
0.20 = CN¥1.6b ÷ (CN¥14b - CN¥5.5b) (Based on the trailing twelve months to March 2024).
0.20 = CN¥16億 ÷ (CN¥140億 - CN¥5.5b)(根據截至2024年3月的過去12個月計算得出)。
Therefore, China National Gold Group Gold JewelleryLtd has an ROCE of 20%. That's a fantastic return and not only that, it outpaces the average of 6.5% earned by companies in a similar industry.
因此,中國黃金集團黃金首飾股份有限公司的ROCE爲20%。這是一個非常好的回報,而且,它超過了同一行業公司的平均回報率6.5%。
![big](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240713/0-67c8b1a4542ca0381eb7395843580156-0-f4ade1dfb3103dcd703780e988dbbc15.png/big)
Above you can see how the current ROCE for China National Gold Group Gold JewelleryLtd 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 analyst report for China National Gold Group Gold JewelleryLtd .
如上圖所示,您可以看到中國黃金集團黃金首飾股份有限公司目前的ROCE與其過去的資本回報率相比如何,但過去的數據只能提供有限的信息。如果您感興趣,可以查看我們免費的分析師報告,了解對中國黃金集團黃金首飾股份有限公司的分析師預測。
What Can We Tell From China National Gold Group Gold JewelleryLtd's ROCE Trend?
我們可以從中國黃金集團黃金首飾股份有限公司的ROCE趨勢中得出什麼結論?
It's hard not to be impressed by China National Gold Group Gold JewelleryLtd's returns on capital. The company has consistently earned 20% for the last five years, and the capital employed within the business has risen 83% in that time. Now considering ROCE is an attractive 20%, this combination is actually pretty appealing because it means the business can consistently put money to work and generate these high returns. If China National Gold Group Gold JewelleryLtd can keep this up, we'd be very optimistic about its future.
中國黃金集團黃金首飾股份有限公司的資本回報率讓人印象深刻。公司在過去的五年中一直保持着20%的回報,同時業務中使用的資本在那段時間內增加了83%。現在考慮到ROCE是20%,這種組合實際上非常有吸引力,因爲它意味着該公司能夠持續地投入資金,併產生這樣的高回報。如果中國黃金集團黃金首飾股份有限公司能夠繼續保持這種情況,我們將對其未來非常樂觀。
Another thing to note, China National Gold Group Gold JewelleryLtd has a high ratio of current liabilities to total assets of 40%. This can bring about some risks because the company is basically operating with a rather large reliance on its suppliers or other sorts of short-term creditors. Ideally we'd like to see this reduce as that would mean fewer obligations bearing risks.
另一個需要注意的問題是,中國黃金集團黃金首飾股份有限公司的流動負債佔總資產的比例很高,達到40%。這會帶來一些風險,因爲該公司基本上是在非常依賴其供應商或其他短期債權人的情況下進行運營。理想情況下,我們希望看到這種情況能夠減少,因爲這將意味着負有風險的責任越來越少。
The Bottom Line
還有一件事需要注意的是,我們已經確定了上海醫藥的2個警告信號,了解這些信號應該成爲你的投資過程的一部分。
In the end, the company has proven it can reinvest it's capital at high rates of returns, which you'll remember is a trait of a multi-bagger. Yet over the last three years the stock has declined 34%, so the decline might provide an opening. That's why we think it'd be worthwhile to look further into this stock given the fundamentals are appealing.
最終,該公司已經證明了它能夠以高回報率再投資,這也是獲得多倍收益率的標誌。但在過去的三年中,該股票已經下跌了34%,因此,這種下跌可能會提供一個機會。這就是爲什麼我們認爲,鑑於這個業務的吸引力,值得進一步研究該股票。
On a separate note, we've found 1 warning sign for China National Gold Group Gold JewelleryLtd you'll probably want to know about.
另外,我們發現了中國黃金集團黃金首飾股份有限公司的1個警告信號,您可能想要了解。
High returns are a key ingredient to strong performance, so check out our free list ofstocks earning high returns on equity with solid balance sheets.
高回報率是強勁表現的關鍵因素,因此請查看我們的免費股票列表,其中列出了盈利能力強、資產負債表堅實的股票。
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.
對本文有反饋?對內容感到擔憂?請直接與我們聯繫。或者,發送電子郵件至editorial-team (at) 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。
Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team@simplywallst.com
對本文有反饋?對內容感到擔憂?請直接與我們聯繫。或者,發送電子郵件至editorial-team@simplywallst.com。