Returns On Capital Signal Tricky Times Ahead For Sanjiang Shopping ClubLtd (SHSE:601116)
Returns On Capital Signal Tricky Times Ahead For Sanjiang Shopping ClubLtd (SHSE:601116)
If you're not sure where to start when looking for the next multi-bagger, there are a few key trends you should keep an eye out for. 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. 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 Sanjiang Shopping ClubLtd (SHSE:601116) and its ROCE trend, we weren't exactly thrilled.
如果你不确定在寻找下一个多袋子时从哪里开始，有几个关键的趋势你应该密切关注。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。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。有鉴于此，当我们看到三江购物俱乐部有限公司(上海证券交易所：601116)和它的ROCE趋势，我们并不是很兴奋。
Understanding Return On Capital Employed (ROCE)
了解资本回报率(ROCE)
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 Sanjiang Shopping ClubLtd:
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三江购物俱乐部有限公司的股价：
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)
0.028 = CN¥96m ÷ (CN¥4.9b - CN¥1.5b) (Based on the trailing twelve months to June 2023).
0.028=人民币9600万？(人民币49亿元-人民币15亿元)(根据截至2023年6月的往绩12个月计算)。
Therefore, Sanjiang Shopping ClubLtd has an ROCE of 2.8%. In absolute terms, that's a low return and it also under-performs the Consumer Retailing industry average of 6.2%.
所以呢，三江购物俱乐部有限公司的净资产收益率为2.8%。按绝对值计算，这是一个较低的回报率，也低于消费者零售业6.2%的平均水平。
See our latest analysis for Sanjiang Shopping ClubLtd
查看我们对三江购物俱乐部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 Sanjiang Shopping ClubLtd's ROCE against it's prior returns. If you'd like to look at how Sanjiang Shopping ClubLtd has performed in the past in other metrics, you can view this free graph of past earnings, revenue and cash flow.
当研究一只股票时，历史表现是一个很好的起点，因此在上面你可以看到三江购物俱乐部有限公司的ROCE相对于它之前的回报的衡量标准。如果你想看看三江购物俱乐部过去在其他指标上的表现，你可以查看以下内容免费过去收益、收入和现金流的图表。
What Can We Tell From Sanjiang Shopping ClubLtd's ROCE Trend?
从三江购物俱乐部的ROCE趋势中我们能看出什么？
In terms of Sanjiang Shopping ClubLtd's historical ROCE movements, the trend isn't fantastic. To be more specific, ROCE has fallen from 6.2% over the last five years. However it looks like Sanjiang Shopping ClubLtd 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.
就三江购物俱乐部有限公司历史上的ROCE运动而言，这一趋势并不美妙。更具体地说，ROCE在过去五年中从6.2%下降。然而，看起来三江购物俱乐部有限公司可能正在为长期增长进行再投资，因为尽管已动用的资本有所增加，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 related note, Sanjiang Shopping ClubLtd has decreased its current liabilities to 31% of total assets. That could partly explain why the ROCE has dropped. What's more, this can reduce some aspects of risk to the business because now the company's suppliers or short-term creditors are funding less of its operations. Some would claim this reduces the business' efficiency at generating ROCE since it is now funding more of the operations with its own money.
与此相关的是，三江购物俱乐部有限公司已将其流动负债降至总资产的31%。这可能在一定程度上解释了ROCE下降的原因。更重要的是，这可以降低业务的某些方面的风险，因为现在该公司的供应商或短期债权人为其运营提供的资金减少了。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 Sanjiang Shopping ClubLtd's ROCE
我们可以从三江购物俱乐部的ROCE中学到什么
Bringing it all together, while we're somewhat encouraged by Sanjiang Shopping ClubLtd's reinvestment in its own business, we're aware that returns are shrinking. And with the stock having returned a mere 12% in the last five years to shareholders, you could argue that they're aware of these lackluster trends. So if you're looking for a multi-bagger, the underlying trends indicate you may have better chances elsewhere.
综上所述，虽然我们对三江购物俱乐部对自己业务的再投资有点鼓舞，但我们意识到回报正在缩水。过去五年，该股对股东的回报率仅为12%，你可以说，他们意识到了这些平淡无奇的趋势。因此，如果你正在寻找一个多袋子，潜在的趋势表明，你可能在其他地方有更好的机会。
Like most companies, Sanjiang Shopping ClubLtd does come with some risks, and we've found 2 warning signs that you should be aware of.
像大多数公司一样，三江购物俱乐部有限公司也有一些风险，我们发现2个警告标志这一点你应该知道。
While Sanjiang Shopping ClubLtd isn't earning the highest return, check out this free list of companies that are earning high returns on equity with solid balance sheets.
虽然三江购物俱乐部没有赚到最高的回报，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。