There's Been No Shortage Of Growth Recently For Jiangxi Ganyue ExpresswayLTD's (SHSE:600269) Returns On Capital
There's Been No Shortage Of Growth Recently For Jiangxi Ganyue ExpresswayLTD's (SHSE:600269) Returns On Capital
If we want to find a potential multi-bagger, often there are underlying trends that can provide clues. Firstly, we'd want to identify a growing return on capital employed (ROCE) and then alongside that, an ever-increasing base 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. Speaking of which, we noticed some great changes in Jiangxi Ganyue ExpresswayLTD's (SHSE:600269) returns on capital, so let's have a look.
如果我們想找到潛在的多袋裝袋機，通常有一些潛在的趨勢可以提供線索。首先，我們想找一個正在成長的 返回 關於已用資本（ROCE），然後除此之外，還不斷增加 基礎 所用資本的比例。基本上，這意味着公司擁有可以繼續進行再投資的盈利計劃，這是複合機器的特徵。說到這裏，我們注意到江西贛悅高速股份有限公司（SHSE: 600269）的資本回報率發生了一些重大變化，所以我們來看看吧。
What Is Return On Capital Employed (ROCE)?
什麼是資本使用回報率（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. Analysts use this formula to calculate it for Jiangxi Ganyue ExpresswayLTD:
對於那些不知道的人來說，ROCE是衡量公司年度稅前利潤（其回報率）的指標，相對於該業務使用的資本。分析師使用這個公式來計算江西贛悅高速公路有限公司的利潤：
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）
0.074 = CN¥1.9b ÷ (CN¥36b - CN¥11b) (Based on the trailing twelve months to March 2024).
0.074 = 19億元人民幣 ÷（36億元人民幣-11億元人民幣） （基於截至2024年3月的過去十二個月）。
Thus, Jiangxi Ganyue ExpresswayLTD has an ROCE of 7.4%. In absolute terms, that's a low return, but it's much better than the Infrastructure industry average of 5.4%.
因此，江西贛悅高速有限公司的投資回報率爲7.4％。從絕對值來看，回報率很低，但比基礎設施行業平均水平的5.4％要好得多。
Historical performance is a great place to start when researching a stock so above you can see the gauge for Jiangxi Ganyue ExpresswayLTD'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 Jiangxi Ganyue ExpresswayLTD.
歷史表現是研究股票的絕佳起點，因此在上方您可以看到江西贛悅高速股份有限公司的投資回報率與先前回報對比的指標。如果你想深入研究歷史收益，可以查看這些免費圖表，詳細說明江西贛悅高速公路有限公司的收入和現金流表現。
What Does the ROCE Trend For Jiangxi Ganyue ExpresswayLTD Tell Us?
江西贛悅高速公路有限公司的投資回報率趨勢告訴我們什麼？
Jiangxi Ganyue ExpresswayLTD is showing promise given that its ROCE is trending up and to the right. Looking at the data, we can see that even though capital employed in the business has remained relatively flat, the ROCE generated has risen by 46% over the last five years. So our take on this is that the business has increased efficiencies to generate these higher returns, all the while not needing to make any additional investments. It's worth looking deeper into this though because while it's great that the business is more efficient, it might also mean that going forward the areas to invest internally for the organic growth are lacking.
鑑於其投資回報率呈上升和向右傾斜的趨勢，江西贛悅高速公路有限公司表現出希望。從數據來看，我們可以看到，儘管該業務中使用的資本保持相對平穩，但在過去五年中，產生的投資回報率增長了46％。因此，我們的看法是，企業提高了效率以產生更高的回報，同時無需進行任何額外投資。但是，值得更深入地研究這個問題，因爲儘管提高業務效率是件好事，但這也可能意味着未來缺乏內部投資以實現有機增長的領域。
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. Essentially the business now has suppliers or short-term creditors funding about 30% of its operations, which isn't ideal. It's worth keeping an eye on this because as the percentage of current liabilities to total assets increases, some aspects of risk also increase.
但是，記錄在案的是，該公司的流動負債在此期間顯著增加，因此我們將投資回報率的部分增長歸因於此。從本質上講，該企業現在有供應商或短期債權人爲其約30％的業務提供資金，這並不理想。值得關注這個問題，因爲隨着流動負債佔總資產的百分比的增加，風險的某些方面也會增加。
The Bottom Line On Jiangxi Ganyue ExpresswayLTD's ROCE
江西贛悅高速公路有限公司投資回報率的底線
As discussed above, Jiangxi Ganyue ExpresswayLTD appears to be getting more proficient at generating returns since capital employed has remained flat but earnings (before interest and tax) are up. Considering the stock has delivered 28% to its stockholders over the last five years, it may be fair to think that investors aren't fully aware of the promising trends yet. So with that in mind, we think the stock deserves further research.
如上所述，江西贛越高速公路有限公司在創造回報方面似乎越來越熟練，因爲資本利用率保持平穩，但收益（不計利息和稅收）有所增加。考慮到該股在過去五年中已爲股東帶來了28％的收益，可以公平地認爲，投資者尚未完全意識到前景的趨勢。因此，考慮到這一點，我們認爲該股值得進一步研究。
One final note, you should learn about the 2 warning signs we've spotted with Jiangxi Ganyue ExpresswayLTD (including 1 which doesn't sit too well with us) .
最後一點是，你應該了解一下我們在江西贛悅高速公路有限公司發現的兩個警告標誌（包括一個不太適合我們的警示標誌）。
While Jiangxi Ganyue ExpresswayLTD isn't earning the highest return, check out this free list of companies that are earning high returns on equity with solid balance sheets.
儘管江西贛悅高速有限公司的回報率並不高，但請查看這份免費的股本回報率高、資產負債表穩健的公司名單。
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Simply Wall St的這篇文章本質上是籠統的。我們僅使用公正的方法根據歷史數據和分析師的預測提供評論，我們的文章無意作爲財務建議。它不構成買入或賣出任何股票的建議，也沒有考慮到您的目標或財務狀況。我們的目標是爲您提供由基本數據驅動的長期重點分析。請注意，我們的分析可能不考慮最新的價格敏感型公司公告或定性材料。簡而言之，華爾街沒有持有任何上述股票的頭寸。
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