Anhui Estone Materials TechnologyLtd's (SHSE:688733) Returns On Capital Not Reflecting Well On The Business
Anhui Estone Materials TechnologyLtd's (SHSE:688733) Returns On Capital Not Reflecting Well On The Business
If we want to find a stock that could multiply over the long term, what are the underlying trends we should look for? 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 Anhui Estone Materials TechnologyLtd (SHSE:688733), we don't think it's current trends fit the mold of a multi-bagger.
如果我们想要找到一只可以长期成倍增长的股票，我们应该寻找什么潜在趋势？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，安徽埃斯通材料科技有限公司(上海证券交易所：688733)，我们认为目前的趋势不符合多袋子模式。
What Is Return On Capital Employed (ROCE)?
什么是资本回报率(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 Anhui Estone Materials TechnologyLtd, 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)。要计算安徽易石材料科技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)
0.012 = CN¥31m ÷ (CN¥2.9b - CN¥439m) (Based on the trailing twelve months to June 2023).
0.012=CN元3100万？(CN元29亿元-CN元4.39亿元)(根据截至2023年6月的往绩12个月计算)。
Thus, Anhui Estone Materials TechnologyLtd has an ROCE of 1.2%. Ultimately, that's a low return and it under-performs the Chemicals industry average of 5.9%.
因此，安徽易石材料科技有限公司的净资产收益率为1.2%。归根结底，这是一个较低的回报率，表现逊于5.9%的化工行业平均水平。
See our latest analysis for Anhui Estone Materials TechnologyLtd
查看我们对安徽埃斯通材料科技有限公司的最新分析
In the above chart we have measured Anhui Estone Materials TechnologyLtd's prior ROCE against its prior performance, but the future is arguably more important. If you'd like to see what analysts are forecasting going forward, you should check out our free report for Anhui Estone Materials TechnologyLtd.
在上面的图表中，我们衡量了安徽Estone材料科技有限公司之前的净资产收益率和之前的业绩，但可以说，未来更重要。如果您想查看分析师对未来的预测，您应该查看我们的免费安徽易石材料科技有限公司报告。
What The Trend Of ROCE Can Tell Us
ROCE的走势告诉我们什么
The trend of ROCE doesn't look fantastic because it's fallen from 10% five years ago, while the business's capital employed increased by 1,272%. Usually this isn't ideal, but given Anhui Estone Materials TechnologyLtd conducted a capital raising before their most recent earnings announcement, that would've likely contributed, at least partially, to the increased capital employed figure. It's unlikely that all of the funds raised have been put to work yet, so as a consequence Anhui Estone Materials TechnologyLtd might not have received a full period of earnings contribution from it.
ROCE的趋势看起来并不美妙，因为它比五年前的10%有所下降，而企业的资本投入却增加了1272%。通常情况下，这并不理想，但考虑到安徽易石材料科技有限公司在最近一次财报公布之前进行了一次融资，这可能至少在一定程度上推动了新增资本的增长。不太可能所有筹集的资金都已经投入使用，因此安徽易石材料科技有限公司可能没有从该公司获得完整的收益贡献期。
On a related note, Anhui Estone Materials TechnologyLtd has decreased its current liabilities to 15% 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，安徽易石材料科技有限公司已将其流动负债降至总资产的15%。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。
In Conclusion...
总之..。
In summary, Anhui Estone Materials TechnologyLtd is reinvesting funds back into the business for growth but unfortunately it looks like sales haven't increased much just yet. Since the stock has declined 59% over the last year, investors may not be too optimistic on this trend improving either. On the whole, we aren't too inspired by the underlying trends and we think there may be better chances of finding a multi-bagger elsewhere.
总而言之，安徽易石材料科技有限公司正在将资金重新投资到业务中，以求增长，但不幸的是，销售额似乎还没有增加多少。由于该股在过去一年中下跌了59%，投资者对这一趋势的改善可能也不会太乐观。总体而言，我们不太受潜在趋势的鼓舞，我们认为在其他地方可能会有更好的机会找到多个袋子。
One more thing: We've identified 4 warning signs with Anhui Estone Materials TechnologyLtd (at least 1 which is potentially serious) , and understanding these would certainly be useful.
还有一件事：我们已经确定了4个警示标志与安徽Estone材料技术有限公司(至少1家可能严重)进行合作，了解这些情况肯定会有所帮助。
While Anhui Estone Materials TechnologyLtd isn't earning the highest return, check out this free list of companies that are earning high returns on equity with solid balance sheets.
虽然安徽Estone材料科技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。