We Like These Underlying Return On Capital Trends At Changyuan Technology Group (SHSE:600525)
We Like These Underlying Return On Capital Trends At Changyuan Technology Group (SHSE:600525)
What are the early trends we should look for to identify a stock that could multiply in value over the long term? Ideally, a business will show two trends; firstly a growing return on capital employed (ROCE) and secondly, an increasing amount of capital employed. If you see this, it typically means it's a company with a great business model and plenty of profitable reinvestment opportunities. Speaking of which, we noticed some great changes in Changyuan Technology Group's (SHSE:600525) returns on capital, so let's have a look.
我们应该寻找哪些早期趋势来确定一只可能长期价值成倍增长的股票？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 的已动用资本。如果你看到这一点，那通常意味着它是一家拥有良好商业模式和大量盈利再投资机会的公司。说到这里，我们注意到长源科技集团（SHSE: 600525）的资本回报率发生了一些重大变化，所以让我们来看看吧。
Return On Capital Employed (ROCE): What Is It?
资本使用回报率（ROCE）：这是什么？
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. The formula for this calculation on Changyuan Technology Group is:
对于那些不知道的人来说，投资回报率是衡量公司年度税前利润（其回报率）与企业所用资本的关系。长源科技集团的计算公式为：
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）
0.046 = CN¥299m ÷ (CN¥16b - CN¥9.5b) (Based on the trailing twelve months to September 2023).
0.046 = CN¥299m ≤（CN¥16B-CN¥9.5b） （基于截至2023年9月的过去十二个月）。
Thus, Changyuan Technology Group has an ROCE of 4.6%. Ultimately, that's a low return and it under-performs the Electrical industry average of 6.3%.
因此，长源科技集团的投资回报率为4.6％。归根结底，这是一个低回报，其表现低于电气行业6.3％的平均水平。
View our latest analysis for Changyuan Technology Group
查看我们对长源科技集团的最新分析
Historical performance is a great place to start when researching a stock so above you can see the gauge for Changyuan Technology Group's ROCE against it's prior returns. If you'd like to look at how Changyuan Technology Group has performed in the past in other metrics, you can view this free graph of past earnings, revenue and cash flow.
在研究股票时，历史表现是一个不错的起点，因此在上方你可以看到长源科技集团的投资回报率与先前回报的衡量标准。如果您想查看长源科技集团过去在其他指标上的表现，可以查看这张免费的过去收益、收入和现金流图表。
What Can We Tell From Changyuan Technology Group's ROCE Trend?
我们可以从长源科技集团的投资回报率趋势中看出什么？
While the ROCE is still rather low for Changyuan Technology Group, we're glad to see it heading in the right direction. The figures show that over the last five years, returns on capital have grown by 38%. That's a very favorable trend because this means that the company is earning more per dollar of capital that's being employed. In regards to capital employed, Changyuan Technology Group appears to been achieving more with less, since the business is using 49% less capital to run its operation. If this trend continues, the business might be getting more efficient but it's shrinking in terms of total assets.
尽管长源科技集团的投资回报率仍然相当低，但我们很高兴看到它朝着正确的方向前进。数字显示，在过去五年中，资本回报率增长了38％。这是一个非常有利的趋势，因为这意味着该公司每使用1美元的资本可以获得更多的收入。在已动用资本方面，长源科技集团似乎正在以更少的资源实现更多的收益，因为该业务运营所消耗的资金减少了49％。如果这种趋势继续下去，业务效率可能会提高，但总资产却在萎缩。
For the record though, there was a noticeable increase in the company's current liabilities over the period, so we would attribute some of the ROCE growth to that. Effectively this means that suppliers or short-term creditors are now funding 59% of the business, which is more than it was five years ago. Given it's pretty high ratio, we'd remind investors that having current liabilities at those levels can bring about some risks in certain businesses.
但是，记录在案的是，该公司的流动负债在此期间显著增加，因此我们将投资回报率的部分增长归因于此。实际上，这意味着供应商或短期债权人现在正在为59％的业务提供资金，比五年前还要多。鉴于该比率相当高，我们要提醒投资者，将流动负债保持在这些水平可能会给某些企业带来一些风险。
Our Take On Changyuan Technology Group's ROCE
我们对长源科技集团投资回报率的看法
From what we've seen above, Changyuan Technology Group has managed to increase it's returns on capital all the while reducing it's capital base. And given the stock has remained rather flat over the last five years, there might be an opportunity here if other metrics are strong. So researching this company further and determining whether or not these trends will continue seems justified.
从上面看到的情况来看，长源科技集团设法提高了资本回报率，同时缩小了资本基础。鉴于该股在过去五年中一直保持相当平稳，如果其他指标表现强劲，这里可能会有机会。因此，进一步研究这家公司并确定这些趋势是否会持续下去似乎是合理的。
Like most companies, Changyuan Technology Group does come with some risks, and we've found 1 warning sign that you should be aware of.
像大多数公司一样，长源科技集团确实存在一些风险，我们发现了一个警告信号，你应该注意。
While Changyuan Technology 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.
尽管长源科技集团的回报率不是最高的，但请查看这份免费清单，列出了资产负债表稳健且股本回报率高的公司。
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