The Return Trends At Sichuan Changhong ElectricLtd (SHSE:600839) Look Promising
The Return Trends At Sichuan Changhong ElectricLtd (SHSE:600839) Look Promising
0.062 = CN¥1.8b ÷ (CN¥95b - CN¥65b) If we want to find a potential multi-bagger, often there are underlying trends that can provide clues. Ideally, a business will show two trends; firstly a growing return on capital employed (ROCE) and secondly, an increasing 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. With that in mind, we've noticed some promising trends at Sichuan Changhong ElectricLtd (SHSE:600839) so let's look a bit deeper.
如果我們想找到一個潛在的多頭龍頭股，那麼通常會有一些潛在趨勢可以提供線索，理想情況下，一家公司將展示兩個趨勢;首先是增長的 資本僱傭回報率（ROCE），其次是越來越多的 資本僱傭總額。如果您看到這一點，通常意味着這是一個有着出色商業模式和充足盈利再投資機會的公司。在這方面，我們注意到 四川長虹電器股份有限公司 (SHSE:600839)存在一些有前途的趨勢，因此讓我們更深入地了解一下。
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。
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 Sichuan Changhong ElectricLtd:
如果您以前沒有使用過 ROCE ，那麼它衡量了一家公司從其業務中使用的 資本僱傭所生成的「回報」（稅前利潤）。分析師使用此公式對 四川長虹電器股份有限公司 進行計算:
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。
0.062 = CN¥1.8b ÷ (CN¥95b - CN¥65b) (Based on the trailing twelve months to March 2024).
0.062 = CN¥18億 ÷ (CN¥950億 - CN¥65b) (基於截至2024年3月的過去十二個月)。
So, Sichuan Changhong ElectricLtd has an ROCE of 6.2%. In absolute terms, that's a low return and it also under-performs the Consumer Durables industry average of 8.4%.
因此， 四川長虹電器股份有限公司 的 ROCE 是6.2%。 從絕對意義上講，這是一個較低的回報，並且它也低於 消費 業平均水平的8.4％。
Historical performance is a great place to start when researching a stock so above you can see the gauge for Sichuan Changhong ElectricLtd's ROCE against it's prior returns. If you want to delve into the historical earnings , check out these free graphs detailing revenue and cash flow performance of Sichuan Changhong ElectricLtd.
歷史表現是研究股票的好起點，因此您可以看到上面的 四川長虹電器股份有限公司 資本僱用回報率與其以往回報的比較。如果您想深入研究歷史收益，請查看這些詳細說明 四川長虹電器股份有限公司的營業收入和現金流表現的免費圖表。
The Trend Of ROCE
當尋找下一個倍增器時，如果您不確定從哪裏開始，請關注幾個關鍵趨勢。首先，我們希望看到一個經過驗證的資本使用率。如果您看到這一點，通常意味着這是一家擁有出色業務模式和大量盈利再投資機會的公司。然而，調查蒙托克可再生能源公司（NASDAQ：MNTK）後，我們認爲它的現行趨勢不符合倍增器的模式。
While in absolute terms it isn't a high ROCE, it's promising to see that it has been moving in the right direction. Over the last five years, returns on capital employed have risen substantially to 6.2%. Basically the business is earning more per dollar of capital invested and in addition to that, 23% more capital is being employed now too. This can indicate that there's plenty of opportunities to invest capital internally and at ever higher rates, a combination that's common among multi-baggers.
雖然從絕對意義上來看這不是很高的 ROCE，但令人興奮的是看到它一直朝着正確方向發展。在過去的五年中，資本僱用回報率已經大幅上升至6.2％。基本上，這家企業每投資一美元就能賺取更多的利潤，此外，現在還有比過去多了23％的資本被僱用。這可以表明在內部投資資本和以越來越高的速度進行投資的機會非常多，這在多頭龍頭股中很常見。
On a separate but related note, it's important to know that Sichuan Changhong ElectricLtd has a current liabilities to total assets ratio of 69%, 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，但相關的是，了解 四川長虹電器股份有限公司 總流動負債佔總資產的比率爲69％，我們認爲這相當高。這可能帶來一些風險，因爲這家公司基本上是在其供應商或其他類型的短期債權人上有較大依賴的情況下運行的。雖然這不一定是件壞事，但如果這個比率較低會更有益。
What We Can Learn From Sichuan Changhong ElectricLtd's ROCE
我們可以從 四川長虹電器股份有限公司 的 ROCE 中學到什麼
In summary, it's great to see that Sichuan Changhong ElectricLtd can compound returns by consistently reinvesting capital at increasing rates of return, because these are some of the key ingredients of those highly sought after multi-baggers. Since the stock has returned a solid 57% to shareholders over the last five years, it's fair to say investors are beginning to recognize these changes. So given the stock has proven it has promising trends, it's worth researching the company further to see if these trends are likely to persist.
總之，很高興看到 四川長虹電器股份有限公司 可以通過以不斷增加的回報率持續再投資而複合回報，因爲這些是那些倍增者所尋求的關鍵因素之一。由於該股五年來已爲股東帶回了穩健的57％回報，所以可以說投資者正在開始認識到這些變化。因此，鑑於該股已經證明了具有前途的趨勢，那麼深入研究該公司是否可能繼續存在這些趨勢是值得的。
On a separate note, we've found 2 warning signs for Sichuan Changhong ElectricLtd you'll probably want to know about.
另外，我們發現 四川長虹電器股份有限公司 存在2個警示信號，您可能要了解一些。
While Sichuan Changhong ElectricLtd 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.
雖然 四川長虹電器股份有限公司 目前的回報率可能不是最高的，但我們已經編制了一份目前獲得高於25％淨資產回報率的公司名單。在這裏查看這個免費列表。
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