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Returns On Capital At Changgao Electric Group (SZSE:002452) Have Stalled
Returns On Capital At Changgao Electric Group (SZSE:002452) Have Stalled
Did you know there are some financial metrics that can provide clues of a potential multi-bagger? In a perfect world, we'd like to see a company investing more capital into its business and ideally the returns earned from that capital are also increasing. Put simply, these types of businesses are compounding machines, meaning they are continually reinvesting their earnings at ever-higher rates of return. In light of that, when we looked at Changgao Electric Group (SZSE:002452) and its ROCE trend, we weren't exactly thrilled.
What is Return On Capital Employed (ROCE)?
If you haven't worked with ROCE before, it measures the 'return' (pre-tax profit) a company generates from capital employed in its business. To calculate this metric for Changgao Electric Group, this is the formula:
Return on Capital Employed = Earnings Before Interest and Tax (EBIT) ÷ (Total Assets - Current Liabilities)
0.086 = CN¥203m ÷ (CN¥3.2b - CN¥830m) (Based on the trailing twelve months to March 2022).
Thus, Changgao Electric Group has an ROCE of 8.6%. In absolute terms, that's a low return but it's around the Electrical industry average of 8.4%.
Check out our latest analysis for Changgao Electric Group
SZSE:002452 Return on Capital Employed June 24th 2022Historical performance is a great place to start when researching a stock so above you can see the gauge for Changgao Electric Group's ROCE against it's prior returns. If you're interested in investigating Changgao Electric Group's past further, check out this free graph of past earnings, revenue and cash flow.
So How Is Changgao Electric Group's ROCE Trending?
The returns on capital haven't changed much for Changgao Electric Group in recent years. The company has consistently earned 8.6% for the last five years, and the capital employed within the business has risen 31% in that time. Given the company has increased the amount of capital employed, it appears the investments that have been made simply don't provide a high return on capital.
The Bottom Line
In conclusion, Changgao Electric Group has been investing more capital into the business, but returns on that capital haven't increased. And investors may be recognizing these trends since the stock has only returned a total of 10% to shareholders over the last five years. Therefore, if you're looking for a multi-bagger, we'd propose looking at other options.
On a separate note, we've found 3 warning signs for Changgao Electric Group you'll probably want to know about.
While Changgao Electric 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.
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.
Did you know there are some financial metrics that can provide clues of a potential multi-bagger? In a perfect world, we'd like to see a company investing more capital into its business and ideally the returns earned from that capital are also increasing. Put simply, these types of businesses are compounding machines, meaning they are continually reinvesting their earnings at ever-higher rates of return. In light of that, when we looked at Changgao Electric Group (SZSE:002452) and its ROCE trend, we weren't exactly thrilled.
你知道吗,有一些财务指标可以提供潜在的多管齐下的线索?在一个完美的世界里,我们希望看到一家公司向其业务投入更多资本,理想情况下,从这些资本中赚取的回报也在增加。简而言之,这些类型的企业是复利机器,这意味着它们不断地以越来越高的回报率对收益进行再投资。有鉴于此,当我们看到长高电气集团(SZSE:002452)和它的ROCE趋势,我们并不是很兴奋。
What is Return On Capital Employed (ROCE)?
什么是资本回报率(ROCE)?
If you haven't worked with ROCE before, it measures the 'return' (pre-tax profit) a company generates from capital employed in its business. To calculate this metric for Changgao Electric Group, this is the formula:
如果你以前没有使用过ROCE,它衡量的是一家公司从业务资本中获得的“回报”(税前利润)。要计算长高电气集团的这一指标,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)
0.086 = CN¥203m ÷ (CN¥3.2b - CN¥830m) (Based on the trailing twelve months to March 2022).
0.086=2.03亿元?(32亿元-8.3亿元)(根据截至2022年3月的往绩12个月计算).
Thus, Changgao Electric Group has an ROCE of 8.6%. In absolute terms, that's a low return but it's around the Electrical industry average of 8.4%.
因此,长高电气集团的净资产收益率为8.6%。按绝对值计算,这是一个较低的回报率,但约为电气行业8.4%的平均水平。
Check out our latest analysis for Changgao Electric Group
查看我们对长高电气集团的最新分析
Historical performance is a great place to start when researching a stock so above you can see the gauge for Changgao Electric Group's ROCE against it's prior returns. If you're interested in investigating Changgao Electric Group's past further, check out this free graph of past earnings, revenue and cash flow.
在研究一只股票时,历史表现是一个很好的起点,因为在历史表现上方,你可以看到长高电气集团ROCE相对于其先前回报的衡量标准。如果您有兴趣进一步调查长高电气集团的过去,请查看以下内容免费过去收益、收入和现金流的图表。
So How Is Changgao Electric Group's ROCE Trending?
那么,长高电气集团的ROCE趋势如何?
The returns on capital haven't changed much for Changgao Electric Group in recent years. The company has consistently earned 8.6% for the last five years, and the capital employed within the business has risen 31% in that time. Given the company has increased the amount of capital employed, it appears the investments that have been made simply don't provide a high return on capital.
近年来,长高电气集团的资本回报率变化不大。该公司在过去五年中持续盈利8.6%,同期公司内部资本增长了31%。鉴于该公司增加了已动用资本的数量,这些投资似乎根本不能带来高的资本回报。
The Bottom Line
底线
In conclusion, Changgao Electric Group has been investing more capital into the business, but returns on that capital haven't increased. And investors may be recognizing these trends since the stock has only returned a total of 10% to shareholders over the last five years. Therefore, if you're looking for a multi-bagger, we'd propose looking at other options.
总而言之,长高电气集团一直在向这项业务投入更多资本,但这些资本的回报并没有增加。投资者可能已经意识到了这些趋势,因为过去五年,该股向股东总共只有10%的回报率。因此,如果您正在寻找一个多袋子,我们建议寻找其他选择。
On a separate note, we've found 3 warning signs for Changgao Electric Group you'll probably want to know about.
另外,我们发现长高电气集团的3个警示标志你可能会想知道。
While Changgao Electric 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.
虽然长高电气集团并没有获得最高的回报,但看看这个免费资产负债表稳健、股本回报率高的公司名单。
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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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。
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