Henan Tong-Da Cable's (SZSE:002560) Returns On Capital Are Heading Higher
Henan Tong-Da Cable's (SZSE:002560) Returns On Capital Are Heading Higher
0.063 = CN¥187m ÷ (CN¥4.8b - CN¥1.8b) What are the early trends we should look for to identify a stock that could multiply in value over the long term? Firstly, we'll want to see a proven return on capital employed (ROCE) that is increasing, and secondly, an expanding base of capital employed. Put simply, these types of businesses are compounding machines, meaning they are continually reinvesting their earnings at ever-higher rates of return. So on that note, Henan Tong-Da Cable (SZSE:002560) looks quite promising in regards to its trends of return on capital.
我们应该关注哪些早期趋势，以识别那些长期内可能会增值的股票？首先，我们希望看到资本利用率（ROCE）在增加，其次是资本利用率扩张。简单来说，这些类型的企业是复利机器，意味着它们不断以更高的回报率再投资其收益。因此，从这个角度来看，通达股份（SZSE:002560）在资本回报率的趋势上看起来相当有前景。
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。
Just to clarify if you're unsure, ROCE is a metric for evaluating how much pre-tax income (in percentage terms) a company earns on the capital invested in its business. The formula for this calculation on Henan Tong-Da Cable is:
只是为了澄清，如果您不确定，ROCE是评估公司在其业务中投入的资本上赚取多少税前收入（以百分比表示）的度量标准。在通达股份的计算中，这个计算的公式是：
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。
0.063 = CN¥187m ÷ (CN¥4.8b - CN¥1.8b) (Based on the trailing twelve months to June 2024).
0.063 = 1.87亿元 ÷ （480亿 - 18亿）（根据截至2024年6月的过去十二个月）。
So, Henan Tong-Da Cable has an ROCE of 6.3%. On its own that's a low return on capital but it's in line with the industry's average returns of 5.9%.
因此，通达股份的资本利用率为6.3%。光是这个数字的话，这是一个较低的资本回报率，但与行业平均回报率5.9%一致。
Historical performance is a great place to start when researching a stock so above you can see the gauge for Henan Tong-Da Cable's ROCE against it's prior returns. If you're interested in investigating Henan Tong-Da Cable's past further, check out this free graph covering Henan Tong-Da Cable's past earnings, revenue and cash flow.
研究股票时，历史业绩是一个很好的起点，因此您可以看到通达股份的ROCE指标与其之前的回报相比。如果您对进一步调查通达股份的过去感兴趣，请查看这张免费图表，涵盖了通达股份过去的收益、营业收入和现金流。
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。
Even though ROCE is still low in absolute terms, it's good to see it's heading in the right direction. The numbers show that in the last five years, the returns generated on capital employed have grown considerably to 6.3%. Basically the business is earning more per dollar of capital invested and in addition to that, 46% more capital is being employed now too. The increasing returns on a growing amount of capital is common amongst multi-baggers and that's why we're impressed.
尽管ROCE从绝对值上仍然较低，但好在它正朝着正确的方向发展。数字显示，在过去五年中，资本运用所产生的回报大幅增长至6.3%。基本上，企业在每美元投入的资本中赚取更多利润，此外，现在也运用了多46%的资本。在更多资本上不断增加回报是倍增股中常见的现象，这也是为什么我们感到印象深刻。
In Conclusion...
最后，同等资本下回报率较低的趋势通常不是我们关注创业板股票的最佳信号。由于这些发展进行良好，因此投资者不太可能表现友好。自五年前以来，该股下跌了32%。除非这些指标朝着更积极的轨迹转变，否则我们将继续寻找其他股票。
To sum it up, Henan Tong-Da Cable has proven it can reinvest in the business and generate higher returns on that capital employed, which is terrific. Since the total return from the stock has been almost flat over the last five years, there might be an opportunity here if the valuation looks good. With that in mind, we believe the promising trends warrant this stock for further investigation.
总的来说，通达股份已经证明可以将资本投入到业务中并获得更高的回报，这非常棒。由于过去五年股票的总回报几乎持平，如果估值看起来不错的话，这里可能存在机会。考虑到这一点，我们认为这些有希望的趋势值得进一步调查这支股票。
If you'd like to know more about Henan Tong-Da Cable, we've spotted 3 warning signs, and 1 of them is concerning.
如果您想了解更多关于通达股份的信息，我们发现有3个警示信号，其中1个是值得关注的。
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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