Guangdong Champion Asia ElectronicsLtd (SHSE:603386) Is Reinvesting At Lower Rates Of Return
Guangdong Champion Asia ElectronicsLtd (SHSE:603386) Is Reinvesting At Lower Rates Of Return
If we want to find a stock that could multiply over the long term, what are the underlying trends we should look for? Ideally, a business will show two trends; firstly a growing return on capital employed (ROCE) and secondly, an increasing amount of capital employed. Basically this means that a company has profitable initiatives that it can continue to reinvest in, which is a trait of a compounding machine. In light of that, when we looked at Guangdong Champion Asia ElectronicsLtd (SHSE:603386) and its ROCE trend, we weren't exactly thrilled.
如果我们想找到一只可以长期成倍增长的股票，我们应该寻找哪些潜在趋势？理想情况下，企业将表现出两种趋势；首先是增长 返回 论资本使用率（ROCE），其次是增加 金额 所用资本的比例。基本上，这意味着公司拥有可以继续进行再投资的盈利计划，这是复合机器的特征。有鉴于此，当我们查看广东冠亚电子有限公司（SHSE: 603386）及其投资回报率趋势时，我们并不感到非常兴奋。
What Is Return On Capital Employed (ROCE)?
什么是资本使用回报率（ROCE）？
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. To calculate this metric for Guangdong Champion Asia ElectronicsLtd, this is the formula:
对于那些不确定ROCE是什么的人，它衡量的是公司从其业务中使用的资本中可以产生的税前利润金额。要计算广东冠亚电子有限公司的这个指标，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）
0.071 = CN¥136m ÷ (CN¥3.6b - CN¥1.7b) (Based on the trailing twelve months to September 2023).
0.071 = 1.36亿元人民币 ÷（36亿元人民币-17亿元人民币） （基于截至2023年9月的过去十二个月）。
So, Guangdong Champion Asia ElectronicsLtd has an ROCE of 7.1%. On its own that's a low return, but compared to the average of 5.2% generated by the Electronic industry, it's much better.
因此，广东冠亚电子有限公司的投资回报率为7.1％。就其本身而言，回报率很低，但与电子行业5.2％的平均回报率相比，要好得多。
Historical performance is a great place to start when researching a stock so above you can see the gauge for Guangdong Champion Asia ElectronicsLtd's ROCE against it's prior returns. If you want to delve into the historical earnings , check out these free graphs detailing revenue and cash flow performance of Guangdong Champion Asia ElectronicsLtd.
历史表现是研究股票的绝佳起点，因此在上方您可以看到广东冠亚电子有限公司的投资回报率与先前回报对比的指标。如果你想深入研究历史收益，可以查看这些免费图表，详细说明广东冠亚电子有限公司的收入和现金流表现。
What Can We Tell From Guangdong Champion Asia ElectronicsLtd's ROCE Trend?
我们可以从广东冠亚电子有限公司的ROCE趋势中得出什么？
When we looked at the ROCE trend at Guangdong Champion Asia ElectronicsLtd, we didn't gain much confidence. Over the last five years, returns on capital have decreased to 7.1% from 13% five years ago. On the other hand, the company has been employing more capital without a corresponding improvement in sales in the last year, which could suggest these investments are longer term plays. It may take some time before the company starts to see any change in earnings from these investments.
当我们查看广东冠亚电子有限公司的投资回报率趋势时，我们并没有获得太大的信心。在过去五年中，资本回报率从五年前的13％下降到7.1％。另一方面，该公司在去年一直在使用更多资本，但销售额没有相应改善，这可能表明这些投资是长期投资。公司可能需要一段时间才能开始看到这些投资的收益发生任何变化。
On a side note, Guangdong Champion Asia ElectronicsLtd's current liabilities are still rather high at 47% of total assets. 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. Ideally we'd like to see this reduce as that would mean fewer obligations bearing risks.
顺便说一句，广东冠亚电子有限公司的流动负债仍然相当高，占总资产的47％。这实际上意味着供应商（或短期债权人）正在为业务的很大一部分提供资金，因此请注意，这可能会带来一些风险因素。理想情况下，我们希望看到这种情况减少，因为这将意味着减少承担风险的债务。
Our Take On Guangdong Champion Asia ElectronicsLtd's ROCE
我们对广东冠亚电子有限公司 ROCE 的看法
In summary, Guangdong Champion Asia ElectronicsLtd is reinvesting funds back into the business for growth but unfortunately it looks like sales haven't increased much just yet. Additionally, the stock's total return to shareholders over the last five years has been flat, which isn't too surprising. Therefore based on the analysis done in this article, we don't think Guangdong Champion Asia ElectronicsLtd has the makings of a multi-bagger.
总而言之，广东冠亚电子有限公司正在将资金再投资到该业务中以实现增长，但不幸的是，销售额似乎还没有太大增长。此外，该股在过去五年中的股东总回报率一直持平，这并不奇怪。因此，根据本文的分析，我们认为广东冠亚电子有限公司不具备多装袋机的实力。
Guangdong Champion Asia ElectronicsLtd does have some risks though, and we've spotted 3 warning signs for Guangdong Champion Asia ElectronicsLtd that you might be interested in.
但是，广东冠亚电子有限公司确实存在一些风险，我们已经发现了你可能会感兴趣的广东冠亚电子有限公司的3个警告信号。
While Guangdong Champion Asia ElectronicsLtd 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.
尽管广东冠亚电子有限公司目前可能无法获得最高的回报，但我们编制了一份目前股本回报率超过25％的公司名单。在这里查看这个免费清单。
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Simply Wall St的这篇文章本质上是笼统的。我们仅使用公正的方法根据历史数据和分析师的预测提供评论，我们的文章无意作为财务建议。它不构成买入或卖出任何股票的建议，也没有考虑到您的目标或财务状况。我们的目标是为您提供由基本数据驱动的长期重点分析。请注意，我们的分析可能不考虑最新的价格敏感型公司公告或定性材料。简而言之，华尔街没有持有任何上述股票的头寸。