Returns Are Gaining Momentum At AVIC Heavy Machinery (SHSE:600765)
Returns Are Gaining Momentum At AVIC Heavy Machinery (SHSE:600765)
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. 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. So on that note, AVIC Heavy Machinery (SHSE:600765) looks quite promising in regards to its trends of return on capital.
如果你不確定在尋找下一個股票千賺器時該從哪裏開始,你應該留意一些關鍵趨勢。在完美世界中,我們希望看到公司投資更多資本,並且理想情況下,該資本所創造的回報也應該增加。這向我們表明它是一個複利機器,能夠不斷地將收益重新投入業務併產生更高的回報。因此,在這方面,中航重機(SHSE:600765)在其資本回報趨勢方面看起來非常有前途。
Return On Capital Employed (ROCE): What Is It?
資本僱用回報率(ROCE)是什麼?
For those that aren't sure what ROCE is, it measures the amount of pre-tax profits a company can generate from the capital employed in its business. To calculate this metric for AVIC Heavy Machinery, this is the formula:
對於那些不確定什麼是資本回報率(ROCE)的人,它是衡量公司能從其業務所投入的資本中產生多少稅前利潤的指標。爲了計算中航重機的這個指標,這是公式:
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。
0.11 = CN¥1.6b ÷ (CN¥26b - CN¥11b) (Based on the trailing twelve months to March 2024).
0.11 = CN¥16億 ÷ (CN¥260億 - CN¥11b) (基於截至2024年3月的過去十二個月)。
Thus, AVIC Heavy Machinery has an ROCE of 11%. On its own, that's a standard return, however it's much better than the 5.6% generated by the Machinery industry.
因此,中航重機的ROCE爲11%。單獨看來,這是一個標準回報,但是比起機械行業生成的5.6%,這要好得多。
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Above you can see how the current ROCE for AVIC Heavy Machinery 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 AVIC Heavy Machinery for free.
以上是中航重機當前ROCE與其過去資本回報的比較,但過去只能說明一部分。如果您願意,您可以免費查看分析師對中航重機的預測。
What Can We Tell From AVIC Heavy Machinery's ROCE Trend?
我們可以從中航重機的ROCE趨勢中得到什麼信息?
We like the trends that we're seeing from AVIC Heavy Machinery. The numbers show that in the last five years, the returns generated on capital employed have grown considerably to 11%. The company is effectively making more money per dollar of capital used, and it's worth noting that the amount of capital has increased too, by 132%. The increasing returns on a growing amount of capital is common amongst multi-baggers and that's why we're impressed.
我們喜歡從中航重機中看到的趨勢。數據顯示,在過去五年中,資本回報率已經顯著增長至11%。該公司有效地每使用一美元的資本就賺取更多的錢,並值得注意的是,投入的資本金額也增加了132%。不斷增長的回報和不斷增長的資本金額是多賺錢公司的共性,這就是爲什麼我們對此印象深刻的原因。
On a separate but related note, it's important to know that AVIC Heavy Machinery has a current liabilities to total assets ratio of 41%, which we'd consider pretty high. 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. While it's not necessarily a bad thing, it can be beneficial if this ratio is lower.
另外一件相關的事情是,了解中航重機目前的流動負債與總資產的比率爲41%,我們認爲這相當高。這可能會帶來一些風險,因爲該公司的運作基本上依賴於其供應商或其他短期債權人。雖然這並不一定是壞事,但是如果這個比率更低,那就很有益。
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。
To sum it up, AVIC Heavy Machinery has proven it can reinvest in the business and generate higher returns on that capital employed, which is terrific. And with the stock having performed exceptionally well over the last five years, these patterns are being accounted for by investors. With that being said, we still think the promising fundamentals mean the company deserves some further due diligence.
總之,中航重機已經證明了它可以重新投資自己的業務並在所投入的資本中獲得更高的回報,這太棒了。由於這支股票在過去五年表現出色,投資者已經考慮到了這些模式。儘管如此,我們仍然認爲這些有前途的基本面意味着該公司值得進一步的盡職調查。
Like most companies, AVIC Heavy Machinery 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,中航重機肯定也存在一些風險,我們發現了一個警告信號,您應該注意。
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.
Hao Tian International Construction Investment Group確實存在一些風險,我們已經發現了一條警示標誌,你可能會感興趣。對於那些喜歡投資於實力雄厚的公司的人,可以查看這個由財務狀況強大、股本回報率高的公司組成的免費列表。
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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.
對本文有任何反饋?對內容有任何疑慮?請直接與我們聯繫。或者,發送電子郵件至editorial-team@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
對本文有任何反饋?對內容有任何疑慮?請直接與我們聯繫。或者,發送電子郵件至editorial-team@simplywallst.com。