Be Wary Of Changzhou Architectural Research Institute GroupLtd (SZSE:301115) And Its Returns On Capital
Be Wary Of Changzhou Architectural Research Institute GroupLtd (SZSE:301115) And Its Returns On Capital
If we want to find a potential multi-bagger, often there are underlying trends that can provide clues. Firstly, we'd want to identify a growing return on capital employed (ROCE) and then alongside that, an ever-increasing base 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. In light of that, when we looked at Changzhou Architectural Research Institute GroupLtd (SZSE:301115) and its ROCE trend, we weren't exactly thrilled.
如果我们想找到一个潜在的投资大赢家,通常会有一些潜在的趋势可以提供线索。首先,我们想要识别一个不断增长的资本使用回报率(ROCE),然后在此基础上,一个不断增长的资本使用基数。如果您看到这一点,通常意味着这是一家拥有良好商业模式和许多有利可图的再投资机会的公司。考虑到这一点,当我们看到常州建筑研究院集团有限公司(SZSE:301115)及其ROCE趋势时,并没有让人特别兴奋。
What Is Return On Capital Employed (ROCE)?
我们对 Enphase Energy 的资本雇用回报率的看法:正如我们上面看到的,Enphase Energy 的资本回报率没有提高,但它正在重新投资于业务。投资者必须认为未来会有更好的前景,因为股票表现良好,使持股五年以上的股东获得了 690% 的收益。最终,如果基本趋势持续存在,我们不会对它成为一只多头股持有期很久很有信心。
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 Changzhou Architectural Research Institute GroupLtd is:
对于那些不了解的人,ROCE是一家公司每年税前利润(其回报)与企业使用的资本相关的度量标准。这个计算公式适用于常州建筑研究院集团有限公司:
Return on Capital Employed = Earnings Before Interest and Tax (EBIT) ÷ (Total Assets - Current Liabilities)
资产雇用回报率(ROCE)是指企业利润,即企业税前利润除以企业投入的总资本(负债加股权)。如果ROCE高于企业财务成本的承受能力,那么企业就会创造出更多的价值。
0.024 = CN¥67m ÷ (CN¥3.7b - CN¥818m) (Based on the trailing twelve months to March 2024).
0.024 = 6.7亿人民币 ÷ (370亿人民币 - 8.18亿人民币)(基于截至2024年3月的过去十二个月)。
Therefore, Changzhou Architectural Research Institute GroupLtd has an ROCE of 2.4%. In absolute terms, that's a low return and it also under-performs the Professional Services industry average of 5.7%.
因此,常州建筑研究院集团有限公司的ROCE为2.4%。从绝对数字来看,这是一个较低的回报率,且表现低于专业服务行业的平均水平5.7%。
![1724799781932](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240828/42968229-0-fb8b60cd556020c2772d94b7cc67aba9.webp/bigjpg)
While the past is not representative of the future, it can be helpful to know how a company has performed historically, which is why we have this chart above. If you want to delve into the historical earnings , check out these free graphs detailing revenue and cash flow performance of Changzhou Architectural Research Institute GroupLtd.
虽然过去的表现不能代表未来,但了解公司的历史表现可能会很有帮助,这就是为什么我们在上面有这张图表。如果您想深入了解历史收益,请查看这些免费的图表,详细介绍了常州建筑研究院集团有限公司的营业收入和现金流表现。
How Are Returns Trending?
综合上述,Cimpress非常有效地提高了其资本利用率所产生的回报。考虑到股票过去五年保持稳定,如果其他指标也不错,则可能存在机会。因此,进一步研究这家公司并确定这些趋势是否会持续是合理的。
On the surface, the trend of ROCE at Changzhou Architectural Research Institute GroupLtd doesn't inspire confidence. Around five years ago the returns on capital were 13%, but since then they've fallen to 2.4%. Although, given both revenue and the amount of assets employed in the business have increased, it could suggest the company is investing in growth, and the extra capital has led to a short-term reduction in ROCE. If these investments prove successful, this can bode very well for long term stock performance.
从表面上看,常州建筑研究院集团有限公司的ROCE趋势并不令人信服。大约五年前,资本回报率为13%,但此后下降至2.4%。尽管如此,考虑到营业收入和资产利用量均有所增加,这可能表明公司正在投资于增长,而额外的资本导致了短期ROCE的下降。如果这些投资证明成功,这对长期股票表现非常有利。
On a related note, Changzhou Architectural Research Institute GroupLtd has decreased its current liabilities to 22% of total assets. That could partly explain why the ROCE has dropped. What's more, this can reduce some aspects of risk to the business because now the company's suppliers or short-term creditors are funding less of its operations. Since the business is basically funding more of its operations with it's own money, you could argue this has made the business less efficient at generating ROCE.
相关的是,常州建筑研究院集团有限公司将其流动负债降至总资产的22%。这在一定程度上可以解释ROCE的下降。此外,这可以减少业务的某些风险,因为现在公司的供应商或短期债权人对其业务的融资较少。由于业务基本上使用自己的资金来资助更多的运营,您可以认为这使得业务在产生ROCE方面效率较低。
What We Can Learn From Changzhou Architectural Research Institute GroupLtd's ROCE
我们从常州建筑研究院集团有限公司的ROCE中可以学到什么
In summary, despite lower returns in the short term, we're encouraged to see that Changzhou Architectural Research Institute GroupLtd is reinvesting for growth and has higher sales as a result. These growth trends haven't led to growth returns though, since the stock has fallen 30% over the last year. So we think it'd be worthwhile to look further into this stock given the trends look encouraging.
总而言之,尽管短期内回报率较低,但我们很高兴看到常州建筑研究院集团有限公司正在重新投资以实现增长,并因此而实现更高的销售额。然而,这些增长趋势并没有带来增长回报,因为股票在过去一年中下跌了30%。所以我们认为,鉴于这些趋势看起来令人鼓舞,进一步了解这只股票是值得的。
One final note, you should learn about the 5 warning signs we've spotted with Changzhou Architectural Research Institute GroupLtd (including 1 which doesn't sit too well with us) .
最后需要注意的是,您应该了解一下我们发现的常州建筑研究院集团有限责任公司的5个警示信号(其中1个让我们感到有些不安)。
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确实存在一些风险,我们已经发现了一条警示标志,你可能会感兴趣。对于那些喜欢投资于实力雄厚的公司的人,可以查看这个由财务状况强大、股本回报率高的公司组成的免费列表。
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