Jiangsu Sanfame Polyester MaterialLtd (SHSE:600370) Hasn't Managed To Accelerate Its Returns
Jiangsu Sanfame Polyester MaterialLtd (SHSE:600370) Hasn't Managed To Accelerate Its Returns
0.054 = CN¥520m ÷ (CN¥17b - CN¥7.1b) (Based on the trailing twelve months to June 2023).What are the early trends we should look for to identify a stock that could multiply in value over the long term? One common approach is to try and find a company with returns on capital employed (ROCE) that are increasing, in conjunction with a growing 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. Although, when we looked at Jiangsu Sanfame Polyester MaterialLtd (SHSE:600370), it didn't seem to tick all of these boxes.
我们应该寻找哪些早期趋势来识别一只可能在长期内成倍增值的股票？一种常见的方法是尝试找到一家拥有退货已使用资本(ROCE)正在增加，同时也在增长金额已动用资本的比例。如果你看到这个，通常意味着它是一家拥有出色商业模式和大量有利可图的再投资机会的公司。虽然，当我们看到江苏三飞涤纶材料有限公司(上海证券交易所：600370)，它似乎没有勾选所有这些框。
Return On Capital Employed (ROCE): What Is It?
资本回报率(ROCE)：它是什么？
Just to clarify if you're unsure, ROCE is a metric for evaluating how much pre-tax income (in percentage terms) a company earns on the capital invested in its business. Analysts use this formula to calculate it for Jiangsu Sanfame Polyester MaterialLtd:
如果您不确定，只需澄清一下，ROCE是一种评估公司投资于其业务的资本获得多少税前收入(按百分比计算)的指标。分析师使用以下公式来计算江苏三明涤纶材料有限公司的价格：
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)
0.054 = CN¥520m ÷ (CN¥17b - CN¥7.1b) (Based on the trailing twelve months to June 2023).
0.054=人民币5.2亿？(人民币17亿元-人民币71亿元)(根据截至2023年6月的往绩12个月计算)。
Therefore, Jiangsu Sanfame Polyester MaterialLtd has an ROCE of 5.4%. On its own that's a low return on capital but it's in line with the industry's average returns of 5.3%.
所以呢，江苏三丰聚酯材料有限公司的净资产收益率为5.4%。就其本身而言，这是一个较低的资本回报率，但与该行业5.3%的平均回报率一致。
View our latest analysis for Jiangsu Sanfame Polyester MaterialLtd
查看我们对江苏三菲聚酯材料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 Jiangsu Sanfame Polyester MaterialLtd's ROCE against it's prior returns. If you want to delve into the historical earnings, revenue and cash flow of Jiangsu Sanfame Polyester MaterialLtd, check out these free graphs here.
在研究一只股票时，历史表现是一个很好的起点，因为在历史表现上方，你可以看到江苏三明聚酯材料有限公司的ROCE相对于其先前回报的指标。如果你想深入研究江苏三明聚酯材料有限公司的历史收益、收入和现金流，请查看以下内容免费图表在这里。
What The Trend Of ROCE Can Tell Us
ROCE的走势告诉我们什么
In terms of Jiangsu Sanfame Polyester MaterialLtd's historical ROCE trend, it doesn't exactly demand attention. The company has employed 534% more capital in the last five years, and the returns on that capital have remained stable at 5.4%. This poor ROCE doesn't inspire confidence right now, and with the increase in capital employed, it's evident that the business isn't deploying the funds into high return investments.
就江苏三明聚酯材料有限公司的历史ROCE趋势而言，它并不完全需要关注。该公司在过去五年中增加了534%的资本，资本回报率稳定在5.4%。这种糟糕的ROCE目前并没有激发人们的信心，而且随着所用资本的增加，很明显，该公司没有将资金用于高回报投资。
Another point to note, we noticed the company has increased current liabilities over the last five years. This is intriguing because if current liabilities hadn't increased to 42% of total assets, this reported ROCE would probably be less than5.4% because total capital employed would be higher.The 5.4% ROCE could be even lower if current liabilities weren't 42% of total assets, because the the formula would show a larger base of total capital employed. Additionally, this high level of current liabilities isn't ideal because it means the company's suppliers (or short-term creditors) are effectively funding a large portion of the business.
另一点需要注意的是，我们注意到该公司在过去五年中增加了流动负债。这很耐人寻味，因为如果流动负债没有增加到总资产的42%，这个报告的ROCE可能会低于5.4%，因为使用的总资本会更高。如果流动负债不是总资产的42%，ROCE可能会更低，因为公式将显示使用的总资本的基数更大。此外，这种高水平的流动负债并不理想，因为这意味着该公司的供应商(或短期债权人)实际上正在为很大一部分业务提供资金。
What We Can Learn From Jiangsu Sanfame Polyester MaterialLtd's ROCE
江苏三丰涤纶材料股份有限公司ROCE的启示
Long story short, while Jiangsu Sanfame Polyester MaterialLtd has been reinvesting its capital, the returns that it's generating haven't increased. And with the stock having returned a mere 18% in the last five years to shareholders, you could argue that they're aware of these lackluster trends. Therefore, if you're looking for a multi-bagger, we'd propose looking at other options.
长话短说，尽管江苏三明聚酯材料有限公司一直在对其资本进行再投资，但它产生的回报并没有增加。过去五年，该公司股票对股东的回报率仅为18%，你可以说，他们意识到了这些低迷的趋势。因此，如果您正在寻找一个多袋子，我们建议寻找其他选择。
One final note, you should learn about the 2 warning signs we've spotted with Jiangsu Sanfame Polyester MaterialLtd (including 1 which is a bit unpleasant) .
最后一个注意事项，您应该了解2个警告标志我们已经看到了江苏三明涤纶材料有限公司(包括1家有点令人不快)。
While Jiangsu Sanfame Polyester MaterialLtd isn't earning the highest return, check out this free list of companies that are earning high returns on equity with solid balance sheets.
虽然江苏三明聚酯材料有限公司并没有获得最高的回报，但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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本文由Simply Wall St.撰写，具有概括性。我们仅使用不偏不倚的方法提供基于历史数据和分析师预测的评论，我们的文章并不打算作为财务建议。它不构成买卖任何股票的建议，也没有考虑你的目标或你的财务状况。我们的目标是为您带来由基本面数据驱动的长期重点分析。请注意，我们的分析可能不会将最新的对价格敏感的公司公告或定性材料考虑在内。Simply Wall St.对上述任何一只股票都没有持仓。
