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Anhui Quanchai Engine (SHSE:600218) Will Be Hoping To Turn Its Returns On Capital Around
Anhui Quanchai Engine (SHSE:600218) Will Be Hoping To Turn Its Returns On Capital Around
If we want to find a stock that could multiply over the long term, what are the underlying trends we should look for? Firstly, we'll want to see a proven return on capital employed (ROCE) that is increasing, and secondly, an expanding base of capital employed. Ultimately, this demonstrates that it's a business that is reinvesting profits at increasing rates of return. Although, when we looked at Anhui Quanchai Engine (SHSE:600218), it didn't seem to tick all of these boxes.
What is Return On Capital Employed (ROCE)?
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. To calculate this metric for Anhui Quanchai Engine, this is the formula:
Return on Capital Employed = Earnings Before Interest and Tax (EBIT) ÷ (Total Assets - Current Liabilities)
0.016 = CN¥54m ÷ (CN¥6.3b - CN¥3.0b) (Based on the trailing twelve months to March 2022).
Therefore, Anhui Quanchai Engine has an ROCE of 1.6%. In absolute terms, that's a low return and it also under-performs the Machinery industry average of 7.4%.
See our latest analysis for Anhui Quanchai Engine
SHSE:600218 Return on Capital Employed May 31st 2022While 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're interested in investigating Anhui Quanchai Engine's past further, check out this free graph of past earnings, revenue and cash flow.
How Are Returns Trending?
We weren't thrilled with the trend because Anhui Quanchai Engine's ROCE has reduced by 65% over the last five years, while the business employed 66% more capital. Usually this isn't ideal, but given Anhui Quanchai Engine conducted a capital raising before their most recent earnings announcement, that would've likely contributed, at least partially, to the increased capital employed figure. The funds raised likely haven't been put to work yet so it's worth watching what happens in the future with Anhui Quanchai Engine's earnings and if they change as a result from the capital raise.
On a separate but related note, it's important to know that Anhui Quanchai Engine has a current liabilities to total assets ratio of 48%, which we'd consider pretty high. This effectively means that suppliers (or short-term creditors) are funding a large portion of the business, so just be aware that this can introduce some elements of risk. While it's not necessarily a bad thing, it can be beneficial if this ratio is lower.
The Bottom Line
Even though returns on capital have fallen in the short term, we find it promising that revenue and capital employed have both increased for Anhui Quanchai Engine. In light of this, the stock has only gained 19% over the last five years. So this stock may still be an appealing investment opportunity, if other fundamentals prove to be sound.
One more thing to note, we've identified 5 warning signs with Anhui Quanchai Engine and understanding them should be part of your investment process.
While Anhui Quanchai Engine 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.
Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team (at) simplywallst.com.
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.
If we want to find a stock that could multiply over the long term, what are the underlying trends we should look for? Firstly, we'll want to see a proven return on capital employed (ROCE) that is increasing, and secondly, an expanding base of capital employed. Ultimately, this demonstrates that it's a business that is reinvesting profits at increasing rates of return. Although, when we looked at Anhui Quanchai Engine (SHSE:600218), it didn't seem to tick all of these boxes.
如果我们想要找到一只可以长期成倍增长的股票,我们应该寻找什么潜在趋势?首先,我们希望看到一个经过验证的返回关于已使用资本(ROCE)的增长,其次是扩张基座已动用资本的比例。归根结底,这表明它是一家正在以越来越高的回报率对利润进行再投资的企业。虽然,当我们看到安徽泉柴发动机(上海证券交易所:600218),它似乎没有勾选所有这些框。
What is Return On Capital Employed (ROCE)?
什么是资本回报率(ROCE)?
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. To calculate this metric for Anhui Quanchai Engine, this is the formula:
对于那些不知道的人来说,ROCE是一家公司的年度税前利润(其回报)相对于业务资本的衡量标准。要计算安徽泉柴发动机的这一指标,公式如下:
Return on Capital Employed = Earnings Before Interest and Tax (EBIT) ÷ (Total Assets - Current Liabilities)
已动用资本回报率=息税前收益(EBIT)?(总资产-流动负债)
0.016 = CN¥54m ÷ (CN¥6.3b - CN¥3.0b) (Based on the trailing twelve months to March 2022).
0.016=CN元5400万?(CN元63亿-CN元30亿)(根据截至2022年3月的往绩12个月计算).
Therefore, Anhui Quanchai Engine has an ROCE of 1.6%. In absolute terms, that's a low return and it also under-performs the Machinery industry average of 7.4%.
所以呢,安徽泉柴发动机ROCE为1.6%。按绝对值计算,这是一个较低的回报率,也低于机械行业7.4%的平均水平。
See our latest analysis for Anhui Quanchai Engine
查看我们对安徽泉柴发动机的最新分析
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're interested in investigating Anhui Quanchai Engine's past further, check out this free graph of past earnings, revenue and cash flow.
虽然过去并不代表未来,但了解一家公司历史上的表现是有帮助的,这就是为什么我们有上面的图表。如果你有兴趣进一步调查安徽泉柴发动机的过去,请查看以下内容免费过去收益、收入和现金流的图表。
How Are Returns Trending?
回报趋势如何?
We weren't thrilled with the trend because Anhui Quanchai Engine's ROCE has reduced by 65% over the last five years, while the business employed 66% more capital. Usually this isn't ideal, but given Anhui Quanchai Engine conducted a capital raising before their most recent earnings announcement, that would've likely contributed, at least partially, to the increased capital employed figure. The funds raised likely haven't been put to work yet so it's worth watching what happens in the future with Anhui Quanchai Engine's earnings and if they change as a result from the capital raise.
我们对这一趋势并不感到兴奋,因为安徽泉柴发动机的净资产收益率在过去五年里下降了65%,而该业务雇佣的资本增加了66%。通常情况下,这并不理想,但考虑到安徽全柴发动机在最近一次财报公布之前进行了一次融资,这很可能至少在一定程度上推动了资本使用数据的增长。募集的资金可能还没有投入使用,因此值得关注的是安徽泉柴发动机未来的收益情况,以及这些收益是否会因融资而发生变化。
On a separate but related note, it's important to know that Anhui Quanchai Engine has a current liabilities to total assets ratio of 48%, which we'd consider pretty high. This effectively means that suppliers (or short-term creditors) are funding a large portion of the business, so just be aware that this can introduce some elements of risk. While it's not necessarily a bad thing, it can be beneficial if this ratio is lower.
在另一个相关的问题上,重要的是要知道,安徽泉柴发动机的流动负债与总资产的比率为48%,我们认为这个比率相当高。这实际上意味着供应商(或短期债权人)正在为很大一部分业务提供资金,因此只需意识到这可能会带来一些风险因素。虽然这不一定是一件坏事,但如果这一比例较低,它可能是有益的。
The Bottom Line
底线
Even though returns on capital have fallen in the short term, we find it promising that revenue and capital employed have both increased for Anhui Quanchai Engine. In light of this, the stock has only gained 19% over the last five years. So this stock may still be an appealing investment opportunity, if other fundamentals prove to be sound.
尽管资本回报率在短期内有所下降,但我们发现,安徽泉柴发动机的收入和资本使用都有所增加,这是有希望的。有鉴于此,该股在过去五年中仅上涨了19%。因此,如果其他基本面被证明是健康的,这只股票可能仍然是一个有吸引力的投资机会。
One more thing to note, we've identified 5 warning signs with Anhui Quanchai Engine and understanding them should be part of your investment process.
还有一件事需要注意,我们已经确定了5个警告标志与安徽泉柴发动机合作,了解他们应该是你投资过程的一部分。
While Anhui Quanchai Engine 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.
虽然安徽泉柴发动机目前的回报率可能不是最高的,但我们已经编制了一份目前股本回报率超过25%的公司名单。看看这个免费在这里列出。
Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team (at) simplywallst.com.
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.
对这篇文章有什么反馈吗?担心内容吗? 保持联系直接与我们联系。或者,也可以给编辑组发电子邮件,地址是implywallst.com。
本文由Simply Wall St.撰写,具有概括性。我们仅使用不偏不倚的方法提供基于历史数据和分析师预测的评论,我们的文章并不打算作为财务建议。它不构成买卖任何股票的建议,也没有考虑你的目标或你的财务状况。我们的目标是为您带来由基本面数据驱动的长期重点分析。请注意,我们的分析可能不会将最新的对价格敏感的公司公告或定性材料考虑在内。Simply Wall St.对上述任何一只股票都没有持仓。
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moomoo是Moomoo Technologies Inc.公司提供的金融信息和交易应用程序。
在美国,moomoo上的投资产品和服务由Moomoo Financial Inc.提供,一家受美国证券交易委员会(SEC)监管的持牌主体。 Moomoo Financial Inc.是金融业监管局(FINRA)和证券投资者保护公司(SIPC)的成员。
在新加坡,moomoo上的投资产品和服务是通过Moomoo Financial Singapore Pte. Ltd.提供,该公司受新加坡金融管理局(MAS)监管(牌照号码︰CMS101000) ,持有资本市场服务牌照 (CMS) ,持有财务顾问豁免(Exempt Financial Adviser)资质。本内容未经新加坡金融管理局的审查。
在澳大利亚,moomoo上的金融产品和服务是通过Futu Securities (Australia) Ltd提供,该公司是受澳大利亚证券和投资委员会(ASIC)监管的澳大利亚金融服务许可机构(AFSL No. 224663)。请阅读并理解我们的《金融服务指南》、《条款与条件》、《隐私政策》和其他披露文件,这些文件可在我们的网站 https://www.moomoo.com/au中获取。
在加拿大,通过moomoo应用提供的仅限订单执行的券商服务由Moomoo Financial Canada Inc.提供,并受加拿大投资监管机构(CIRO)监管。
在马来西亚,moomoo上的投资产品和服务是通过Moomoo Securities Malaysia Sdn. Bhd. 提供,该公司受马来西亚证券监督委员会(SC)监管(牌照号码︰eCMSL/A0397/2024) ,持有资本市场服务牌照 (CMSL) 。本内容未经马来西亚证券监督委员会的审查。
Moomoo Technologies Inc., Moomoo Financial Inc., Moomoo Financial Singapore Pte. Ltd., Futu Securities (Australia) Ltd, Moomoo Financial Canada Inc.,和Moomoo Securities Malaysia Sdn. Bhd.是关联公司。
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