Changjiang & Jinggong Steel Building (Group)'s (SHSE:600496) Returns On Capital Not Reflecting Well On The Business
Changjiang & Jinggong Steel Building (Group)'s (SHSE:600496) Returns On Capital Not Reflecting Well On The Business
If you're looking for a multi-bagger, there's a few things to keep an eye out for. Firstly, we'd want to identify a growing return on capital employed (ROCE) and then alongside that, an ever-increasing base of capital employed. This shows us that it's a compounding machine, able to continually reinvest its earnings back into the business and generate higher returns. However, after investigating Changjiang & Jinggong Steel Building (Group) (SHSE:600496), we don't think it's current trends fit the mold of a multi-bagger.
如果你正在寻找一个开多的标的,有一些事情值得注意。首先,我们希望找到一个不断增长的资本回报率(ROCE),并且在此基础上,一个不断增加的资本投入基础。这向我们表明这是一个复利机器,能够不断将其收入重新投资到业务中,并产生更高的回报。然而,在调查长江精工钢构(集团)(SHSE:600496)后,我们认为它目前的趋势不符合开多的模式。
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 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. The formula for this calculation on Changjiang & Jinggong Steel Building (Group) is:
对于那些不确定什么是ROCE的人,它衡量了公司能从其业务中使用的资本创造出多少税前利润。这个计算公式在长江精工钢构(集团)上的计算如下:
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。
0.039 = CN¥433m ÷ (CN¥24b - CN¥12b) (Based on the trailing twelve months to June 2024).
0.039 = 43300万 ÷ (240亿 - 12亿)(基于2024年6月以来的过去十二个月)。
So, Changjiang & Jinggong Steel Building (Group) has an ROCE of 3.9%. Ultimately, that's a low return and it under-performs the Construction industry average of 5.7%.
因此,长江精工钢构(集团)的ROCE为3.9%。最终,这是一个较低的回报,低于施工行业平均水平5.7%。
In the above chart we have measured Changjiang & Jinggong Steel Building (Group)'s prior ROCE against its prior performance, but the future is arguably more important. If you'd like, you can check out the forecasts from the analysts covering Changjiang & Jinggong Steel Building (Group) for free.
在以上图表中,我们已经测量了长江&金巩钢铁建设(集团)的先前ROCE与其先前业绩,但未来可能更重要。如果您愿意,可以免费查看覆盖长江&金巩钢铁建设(集团)的分析师的预测。
The Trend Of ROCE
当寻找下一个倍增器时,如果您不确定从哪里开始,请关注几个关键趋势。首先,我们希望看到一个经过验证的资本使用率。如果您看到这一点,通常意味着这是一家拥有出色业务模式和大量盈利再投资机会的公司。然而,调查蒙托克可再生能源公司(NASDAQ:MNTK)后,我们认为它的现行趋势不符合倍增器的模式。
In terms of Changjiang & Jinggong Steel Building (Group)'s historical ROCE movements, the trend isn't fantastic. To be more specific, ROCE has fallen from 7.0% over the last five years. 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's worth keeping an eye on the company's earnings from here on to see if these investments do end up contributing to the bottom line.
在长江&金巩钢铁建设(集团)历史ROCE的变动方面,趋势并不理想。具体来说,过去五年中,ROCE已经下降至7.0%。同时,公司正在利用更多资本,但过去12个月销售额并未有太大增长,因此这可能反映了更长期的投资。值得密切关注公司从现在开始的收益,以查看这些投资最终是否有助于底线。
On a separate but related note, it's important to know that Changjiang & Jinggong Steel Building (Group) has a current liabilities to total assets ratio of 53%, 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.
另外值得关注的是,长江&金巩钢铁建设(集团)的流动负债占总资产比率为53%,我们认为这相当高。这可能带来一些风险,因为公司基本上依赖其供应商或其他类型的短期债权人运营。虽然这并不一定是坏事,但如果这一比率较低则可能是有益的。
What We Can Learn From Changjiang & Jinggong Steel Building (Group)'s ROCE
我们从长江&金巩钢铁建设(集团)的ROCE可以学到什么
To conclude, we've found that Changjiang & Jinggong Steel Building (Group) is reinvesting in the business, but returns have been falling. And with the stock having returned a mere 5.5% in the last five years to shareholders, you could argue that they're aware of these lackluster trends. So if you're looking for a multi-bagger, the underlying trends indicate you may have better chances elsewhere.
总的来说,我们发现长江&金巩钢铁建设(集团)正在对业务进行再投资,但回报率已经在下降。而且,在过去五年中,股票仅为股东提供了5.5%的回报,这表明他们可能已经意识到这些不景气的趋势。因此,如果您正在寻找潜力股,潜在趋势表明您可能在其他地方有更好的机会。
On a separate note, we've found 3 warning signs for Changjiang & Jinggong Steel Building (Group) you'll probably want to know about.
另外,我们发现长江&精工钢结构(集团)存在 3个 警告信号,您可能想了解。
While Changjiang & Jinggong Steel Building (Group) isn't earning the highest return, check out this free list of companies that are earning high returns on equity with solid balance sheets.
尽管长江&精工钢结构(集团)的回报率不是最高的,但请查看这份免费的公司名单,这些公司以坚实的资产负债表实现了高回报。
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