There Are Reasons To Feel Uneasy About Fujian Supertch Advanced MaterialLtd's (SHSE:688398) Returns On Capital
There Are Reasons To Feel Uneasy About Fujian Supertch Advanced MaterialLtd's (SHSE:688398) Returns On Capital
If we want to find a potential multi-bagger, often there are underlying trends that can provide clues. 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. However, after investigating Fujian Supertch Advanced MaterialLtd (SHSE:688398), we don't think it's current trends fit the mold of a multi-bagger.
如果我们想要找到一个潜在的多管齐下的人，往往有潜在的趋势可以提供线索。理想情况下，一家企业将呈现两种趋势；第一，增长退货关于已使用资本(ROCE)，第二，增加金额已动用资本的比例。基本上，这意味着一家公司有盈利的举措，可以继续进行再投资，这是复合机器的一个特点。不过，经过调查，福建超驰先进材料有限公司(上海证券交易所：688398)，我们认为目前的趋势不符合多袋子模式。
Understanding Return On Capital Employed (ROCE)
了解资本回报率(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 Fujian Supertch Advanced MaterialLtd, 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)。要计算福建超驰先进材料有限公司的这一指标，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)
0.07 = CN¥74m ÷ (CN¥1.2b - CN¥177m) (Based on the trailing twelve months to June 2023).
0.07=CN元7400万？(CN元12亿-CN元1.77亿)(根据截至2023年6月的往绩12个月计算)。
So, Fujian Supertch Advanced MaterialLtd has an ROCE of 7.0%. On its own, that's a low figure but it's around the 6.5% average generated by the Machinery industry.
所以,福建超驰先进材料有限公司的净资产收益率为7.0%。就其本身而言，这是一个很低的数字，但它大约是机械行业6.5%的平均增长率。
View our latest analysis for Fujian Supertch Advanced MaterialLtd
查看我们对福建超驰先进材料有限公司的最新分析
Above you can see how the current ROCE for Fujian Supertch Advanced MaterialLtd compares to its prior returns on capital, but there's only so much you can tell from the past. If you'd like, you can check out the forecasts from the analysts covering Fujian Supertch Advanced MaterialLtd here for free.
上面你可以看到福建超驰先进材料有限公司目前的净资产收益率与之前的资本回报率相比，但你只能从过去知道这么多。如果您愿意，您可以在这里查看福建Supertch先进材料有限公司分析师的预测免费的。
What Does the ROCE Trend For Fujian Supertch Advanced MaterialLtd Tell Us?
福建超驰先进材料有限公司的ROCE趋势告诉我们什么？
When we looked at the ROCE trend at Fujian Supertch Advanced MaterialLtd, we didn't gain much confidence. Around five years ago the returns on capital were 9.1%, but since then they've fallen to 7.0%. However it looks like Fujian Supertch Advanced MaterialLtd might be reinvesting for long term growth because while capital employed has increased, the company's sales haven't changed much in the last 12 months. It may take some time before the company starts to see any change in earnings from these investments.
当我们看着福建超驰先进材料有限公司的ROCE趋势时，我们并没有获得多少信心。大约五年前，资本回报率为9.1%，但自那以来已降至7.0%。然而，看起来福建超驰先进材料有限公司可能正在为长期增长进行再投资，因为尽管已动用资本有所增加，但该公司的销售额在过去12个月里没有太大变化。该公司可能需要一段时间才能开始看到这些投资带来的收益变化。
On a side note, Fujian Supertch Advanced MaterialLtd has done well to pay down its current liabilities to 14% of total assets. That could partly explain why the ROCE has dropped. Effectively this means their suppliers or short-term creditors are funding less of the business, which reduces some elements of risk. Some would claim this reduces the business' efficiency at generating ROCE since it is now funding more of the operations with its own money.
另外，福建超驰先进材料有限公司在偿还当前负债至总资产的14%方面做得很好。这可能在一定程度上解释了ROCE下降的原因。实际上，这意味着它们的供应商或短期债权人减少了对业务的融资，这降低了一些风险因素。一些人会说，这降低了企业产生净资产收益率的效率，因为它现在用自己的钱为更多的运营提供资金。
What We Can Learn From Fujian Supertch Advanced MaterialLtd's ROCE
福建超驰先进材料有限公司ROCE值得我们借鉴
Bringing it all together, while we're somewhat encouraged by Fujian Supertch Advanced MaterialLtd's reinvestment in its own business, we're aware that returns are shrinking. Additionally, the stock's total return to shareholders over the last three years has been flat, which isn't too surprising. Therefore based on the analysis done in this article, we don't think Fujian Supertch Advanced MaterialLtd has the makings of a multi-bagger.
综上所述，虽然福建超驰先进材料有限公司对自己业务的再投资多少让我们感到鼓舞，但我们意识到回报正在缩水。此外，过去三年该股对股东的总回报率一直持平，这并不太令人意外。因此，根据本文的分析，我们认为福建超驰先进材料有限公司并不具备一刀切的条件。
On a separate note, we've found 1 warning sign for Fujian Supertch Advanced MaterialLtd you'll probably want to know about.
另外，我们发现福建超驰先进材料有限公司1个警示标志你可能会想知道。
For those who like to invest in solid companies, check out this free list of companies with solid balance sheets and high returns on equity.
对于那些喜欢投资于稳固的公司，看看这个免费资产负债表稳健、股本回报率高的公司名单。
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