Changzhou Tenglong AutoPartsCo.Ltd (SHSE:603158) Is Reinvesting At Lower Rates Of Return
Changzhou Tenglong AutoPartsCo.Ltd (SHSE:603158) Is Reinvesting At Lower Rates Of Return
There are a few key trends to look for if we want to identify the next 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. 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 Changzhou Tenglong AutoPartsCo.Ltd (SHSE:603158), we don't think it's current trends fit the mold of a multi-bagger.
如果我們想要識別下一個多袋子，有幾個關鍵趨勢需要尋找。在一個完美的世界裡，我們希望看到一家公司向其業務投入更多資本，理想情況下，從這些資本中賺取的回報也在增加。這向我們表明，它是一臺復合機器，能夠不斷地將其收益再投資於企業，並產生更高的回報。不過，經過調查，常州騰龍汽車零部件有限公司(上海證券交易所：603158)，我們認為目前的趨勢不符合多袋子模式。
Understanding Return On Capital Employed (ROCE)
瞭解資本回報率(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. Analysts use this formula to calculate it for Changzhou Tenglong AutoPartsCo.Ltd:
如果你以前沒有使用過ROCE，它衡量的是一家公司從業務資本中獲得的“回報”(稅前利潤)。分析師使用以下公式來計算常州騰龍汽車零部件有限公司的價格：
Return on Capital Employed = Earnings Before Interest and Tax (EBIT) ÷ (Total Assets - Current Liabilities)
已動用資本回報率=息稅前收益(EBIT)？(總資產-流動負債)
0.099 = CN¥236m ÷ (CN¥4.1b - CN¥1.7b) (Based on the trailing twelve months to June 2023).
0.099=人民幣2.36億？(人民幣41億元-人民幣17億元)(根據截至2023年6月的往績12個月計算)。
Thus, Changzhou Tenglong AutoPartsCo.Ltd has an ROCE of 9.9%. On its own that's a low return, but compared to the average of 5.6% generated by the Auto Components industry, it's much better.
因此，常州騰龍汽車零部件有限公司的淨資產收益率為9.9%。就其本身而言，這是一個很低的回報率，但與汽車零部件行業5.6%的平均回報率相比，要好得多。
Check out our latest analysis for Changzhou Tenglong AutoPartsCo.Ltd
查看我們對常州騰龍汽車零部件有限公司的最新分析
Historical performance is a great place to start when researching a stock so above you can see the gauge for Changzhou Tenglong AutoPartsCo.Ltd's ROCE against it's prior returns. If you want to delve into the historical earnings, revenue and cash flow of Changzhou Tenglong AutoPartsCo.Ltd, check out these free graphs here.
在研究一隻股票時，歷史表現是一個很好的起點，因為在歷史表現上方，你可以看到常州騰龍汽車零部件有限公司的ROCE相對於其先前回報的衡量標準。如果你想深入研究常州騰龍汽車零部件有限公司的歷史收益、收入和現金流，請查看以下內容免費圖表在這裡。
What Can We Tell From Changzhou Tenglong AutoPartsCo.Ltd's ROCE Trend?
從常州騰龍汽車零部件股份有限公司的ROCE趨勢中，我們可以看出什麼？
In terms of Changzhou Tenglong AutoPartsCo.Ltd's historical ROCE movements, the trend isn't fantastic. To be more specific, ROCE has fallen from 13% over the last five years. However, given capital employed and revenue have both increased it appears that the business is currently pursuing growth, at the consequence of short term returns. If these investments prove successful, this can bode very well for long term stock performance.
就常州騰龍汽車零部件有限公司歷史上的ROCE運動而言，這一趨勢並不美妙。更具體地說，ROCE在過去五年中從13%下降。然而，鑑於已動用資本和收入都有所增加，該業務目前似乎正在追求增長，這是短期回報的結果。如果這些投資被證明是成功的，這可能是長期股票表現的好兆頭。
While on the subject, we noticed that the ratio of current liabilities to total assets has risen to 42%, which has impacted the ROCE. If current liabilities hadn't increased as much as they did, the ROCE could actually be even lower. What this means is that in reality, a rather large portion of the business is being funded by the likes of the company's suppliers or short-term creditors, which can bring some risks of its own.
在這個問題上，我們注意到流動負債佔總資產的比例上升到42%，這對ROCE造成了影響。如果流動負債沒有像以前那樣增加，淨資產收益率實際上可能會更低。這意味著，在現實中，相當大一部分業務是由該公司的供應商或短期債權人等人提供資金的，這本身就可能帶來一些風險。
The Bottom Line
底線
In summary, despite lower returns in the short term, we're encouraged to see that Changzhou Tenglong AutoPartsCo.Ltd is reinvesting for growth and has higher sales as a result. These trends are starting to be recognized by investors since the stock has delivered a 19% gain to shareholders who've held over the last five years. Therefore we'd recommend looking further into this stock to confirm if it has the makings of a good investment.
總而言之，儘管短期內回報較低，但我們感到鼓舞的是，常州騰龍汽車零部件有限公司正在為增長進行再投資，並因此實現了更高的銷售額。這些趨勢開始得到投資者的認可，因為該股在過去五年裡為持有該股的股東帶來了19%的收益。因此，我們建議進一步研究這只股票，以確認它是否具備良好的投資條件。
Since virtually every company faces some risks, it's worth knowing what they are, and we've spotted 3 warning signs for Changzhou Tenglong AutoPartsCo.Ltd (of which 1 doesn't sit too well with us!) that you should know about.
由於幾乎每家公司都面臨一些風險，瞭解它們是什麼是值得的，我們已經發現常州騰龍汽車零部件有限公司的3個警示標誌(其中1個與我們坐在一起不太好！)這是你應該知道的。
While Changzhou Tenglong AutoPartsCo.Ltd 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.
雖然常州騰龍汽車零部件有限公司目前的回報率可能不是最高的，但我們已經編制了一份目前股本回報率超過25%的公司名單。看看這個免費在這裡列出。
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本文由Simply Wall St.撰寫，具有概括性.我們僅使用不偏不倚的方法提供基於歷史數據和分析師預測的評論，我們的文章並不打算作為財務建議.它不構成買賣任何股票的建議，也沒有考慮你的目標或你的財務狀況.我們的目標是為您帶來由基本面數據驅動的長期重點分析.請注意，我們的分析可能不會將最新的對價格敏感的公司公告或定性材料考慮在內.Simply Wall St.對上述任何一隻股票都沒有持倉.