There Are Reasons To Feel Uneasy About Ningbo Exciton Technology's (SZSE:300566) Returns On Capital
There Are Reasons To Feel Uneasy About Ningbo Exciton Technology's (SZSE:300566) Returns On Capital
What are the early trends we should look for to identify a stock that could multiply in value over the long term? Ideally, a business will show two trends; firstly a growing return on capital employed (ROCE) and secondly, an increasing amount of capital employed. Put simply, these types of businesses are compounding machines, meaning they are continually reinvesting their earnings at ever-higher rates of return. Although, when we looked at Ningbo Exciton Technology (SZSE:300566), 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？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。简而言之，这些类型的企业是复利机器，这意味着它们不断地以越来越高的回报率对收益进行再投资。虽然，当我们看到宁波激腾科技(SZSE：300566)，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. The formula for this calculation on Ningbo Exciton Technology is:
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。宁波激讯科技的这一计算公式为：
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)
0.047 = CN¥102m ÷ (CN¥3.9b - CN¥1.7b) (Based on the trailing twelve months to September 2023).
0.047=1.02亿元×(39亿元-17亿元)(根据截至2023年9月的往绩12个月计算)。
Thus, Ningbo Exciton Technology has an ROCE of 4.7%. In absolute terms, that's a low return but it's around the Chemicals industry average of 5.8%.
因此，宁波激腾科技的净资产收益率为4.7%。按绝对值计算，这是一个较低的回报率，但约为化工行业5.8%的平均水平。
View our latest analysis for Ningbo Exciton Technology
查看我们对宁波激讯科技的最新分析
Above you can see how the current ROCE for Ningbo Exciton Technology compares to its prior returns on capital, but there's only so much you can tell from the past. If you're interested, you can view the analysts predictions in our free report on analyst forecasts for the company.
上面你可以看到宁波激凌科技目前的净资产收益率与其之前的资本回报率相比如何，但从过去你只能看出这么多。如果您感兴趣，您可以在我们的免费分析师对该公司的预测报告。
What The Trend Of ROCE Can Tell Us
ROCE的走势告诉我们什么
When we looked at the ROCE trend at Ningbo Exciton Technology, we didn't gain much confidence. Around five years ago the returns on capital were 8.9%, but since then they've fallen to 4.7%. 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.
当我们观察宁波激凌科技的ROCE趋势时，我们并没有获得太多信心。大约五年前，资本回报率为8.9%，但自那以来已降至4.7%。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 side note, Ningbo Exciton Technology has done well to pay down its current liabilities to 44% 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. Keep in mind 44% is still pretty high, so those risks are still somewhat prevalent.
另外，宁波激凌科技在偿还当前负债至总资产的44%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。请记住，44%仍然是相当高的，所以这些风险在某种程度上仍然很普遍。
What We Can Learn From Ningbo Exciton Technology's ROCE
宁波激腾科技的ROCE值得我们借鉴
In summary, Ningbo Exciton Technology 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 gained an impressive 74% over the last five years, investors must think there's better things to come. However, unless these underlying trends turn more positive, we wouldn't get our hopes up too high.
总而言之，宁波激凌科技正在将资金重新投资到业务中，以实现增长，但不幸的是，销售额看起来还没有太大增长。鉴于该股在过去五年中上涨了令人印象深刻的74%，投资者一定认为未来会有更好的事情发生。然而，除非这些潜在趋势变得更加积极，否则我们不会抱太大希望。
If you'd like to know about the risks facing Ningbo Exciton Technology, we've discovered 1 warning sign that you should be aware of.
如果您想了解宁波激凌科技面临的风险，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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