Returns On Capital At Rising Nonferrous Metals ShareLtd (SHSE:600259) Paint A Concerning Picture
Returns On Capital At Rising Nonferrous Metals ShareLtd (SHSE:600259) Paint A Concerning Picture
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. Firstly, we'd want to identify a growing return on capital employed (ROCE) and then alongside that, an ever-increasing base 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. Having said that, from a first glance at Rising Nonferrous Metals ShareLtd (SHSE:600259) we aren't jumping out of our chairs at how returns are trending, but let's have a deeper look.
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。首先，我们想要确定一个不断增长的退货在已使用资本(ROCE)上，然后在此基础上，不断增加基地已动用资本的比例。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。话虽如此，从第一眼看瑞星有色金属股份有限公司(上海证券交易所：600259)我们不会因为回报率的趋势而从椅子上跳起来，但让我们更深入地看看。
What Is Return On Capital Employed (ROCE)?
什么是资本回报率(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. To calculate this metric for Rising Nonferrous Metals ShareLtd, this is the formula:
对于那些不知道的人来说，ROCE是一家公司的年度税前利润(其回报)相对于业务资本的衡量标准。要计算瑞星有色金属股份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)
0.03 = CN¥147m ÷ (CN¥9.1b - CN¥4.3b) (Based on the trailing twelve months to June 2023).
0.03=人民币1.47亿？(人民币91亿元-人民币43亿元)(根据截至2023年6月的往绩12个月计算)。
Therefore, Rising Nonferrous Metals ShareLtd has an ROCE of 3.0%. In absolute terms, that's a low return and it also under-performs the Metals and Mining industry average of 6.4%.
所以呢，瑞星有色金属股份有限公司的净资产收益率为3.0%。按绝对值计算，这是一个较低的回报率，也低于金属和矿业6.4%的平均水平。
View our latest analysis for Rising Nonferrous Metals ShareLtd
查看我们对瑞星有色金属股份有限公司的最新分析
Above you can see how the current ROCE for Rising Nonferrous Metals ShareLtd 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 Rising Nonferrous Metals ShareLtd here for free.
上图中，你可以看到瑞星有色金属股份有限公司目前的净资产收益率与其之前的资本回报率相比如何，但你只能从过去了解到这么多。如果你愿意，你可以在这里查看分析师对瑞星有色金属股份有限公司的预测免费的。
What Does the ROCE Trend For Rising Nonferrous Metals ShareLtd Tell Us?
有色金属股份有限公司的ROCE走势告诉了我们什么？
When we looked at the ROCE trend at Rising Nonferrous Metals ShareLtd, we didn't gain much confidence. Around five years ago the returns on capital were 4.2%, but since then they've fallen to 3.0%. On the other hand, the company has been employing more capital without a corresponding improvement in sales in the last year, which could suggest these investments are longer term plays. It's worth keeping an eye on the company's earnings from here on to see if these investments do end up contributing to the bottom line.
当我们观察瑞星有色金属股份有限公司的ROCE走势时，我们并没有获得太多信心。大约五年前，资本回报率为4.2%，但自那以来已降至3.0%。另一方面，该公司一直在使用更多的资本，但去年的销售额没有相应的改善，这可能表明这些投资是更长期的投资。从现在开始，值得密切关注该公司的收益，看看这些投资最终是否真的为利润做出了贡献。
On a separate but related note, it's important to know that Rising Nonferrous Metals ShareLtd has a current liabilities to total assets ratio of 47%, which we'd consider pretty high. This can bring about some risks because the company is basically operating with a rather large reliance on its suppliers or other sorts of short-term creditors. While it's not necessarily a bad thing, it can be beneficial if this ratio is lower.
在另一个相关的问题上，重要的是要知道，瑞星有色金属股份有限公司的流动负债与总资产的比率为47%，我们认为这个比率相当高。这可能会带来一些风险，因为该公司基本上是在相当大程度上依赖其供应商或其他类型的短期债权人运营的。虽然这不一定是一件坏事，但如果这一比例较低，它可能是有益的。
Our Take On Rising Nonferrous Metals ShareLtd's ROCE
我们对瑞星有色金属股份有限公司ROCE的看法
Bringing it all together, while we're somewhat encouraged by Rising Nonferrous Metals ShareLtd's reinvestment in its own business, we're aware that returns are shrinking. And with the stock having returned a mere 36% 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，虽然我们受到有色金属股份有限公司对自己业务的再投资的鼓舞，但我们意识到回报正在缩水。过去五年，该公司股票对股东的回报率仅为36%，你可以说，他们意识到了这些低迷的趋势。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。
If you'd like to know about the risks facing Rising Nonferrous Metals ShareLtd, we've discovered 1 warning sign that you should be aware of.
如果你想知道瑞星有色金属股份有限公司面临的风险，我们发现1个警告标志这一点你应该知道。
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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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。