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The Returns On Capital At Jiayuan Science and TechnologyLtd (SZSE:301117) Don't Inspire Confidence

The Returns On Capital At Jiayuan Science and TechnologyLtd (SZSE:301117) Don't Inspire Confidence

佳源科技股份有限公司(深交所:301117)的资本回报并不能激发信心
Simply Wall St ·  2023/11/14 06:25

To find a multi-bagger stock, what are the underlying trends we should look for in a business? Firstly, we'll want to see a proven return on capital employed (ROCE) that is increasing, and secondly, an expanding base 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 Jiayuan Science and TechnologyLtd (SZSE:301117) and its ROCE trend, we weren't exactly thrilled.

要找到一只多袋股票,我们应该在企业中寻找哪些潜在趋势?首先,我们希望看到一个经过验证的 返回 关于正在增加的资本使用率(ROCE),其次是扩大 基础 所用资本的比例。基本上,这意味着公司拥有可以继续进行再投资的盈利计划,这是复合机器的特征。有鉴于此,当我们查看佳源科技股份有限公司(深圳证券交易所代码:301117)及其投资回报率趋势时,我们并不感到非常兴奋。

Return On Capital Employed (ROCE): What Is It?

资本使用回报率(ROCE):这是什么?

For those that aren't sure what ROCE is, it measures the amount of pre-tax profits a company can generate from the capital employed in its business. The formula for this calculation on Jiayuan Science and TechnologyLtd is:

对于那些不确定ROCE是什么的人,它衡量的是公司从其业务中使用的资本中可以产生的税前利润金额。佳源科技有限公司的计算公式为:

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)

0.036 = CN¥49m ÷ (CN¥1.4b - CN¥69m) (Based on the trailing twelve months to September 2023).

0.036 = 4900万元人民币 ÷(14亿元人民币-6900万元人民币) (基于截至2023年9月的过去十二个月)

Therefore, Jiayuan Science and TechnologyLtd has an ROCE of 3.6%. On its own that's a low return on capital but it's in line with the industry's average returns of 3.8%.

因此,佳源科技有限公司的投资回报率为3.6%。这本身就是很低的资本回报率,但与该行业3.8%的平均回报率一致。

Check out our latest analysis for Jiayuan Science and TechnologyLtd

查看我们对佳源科技有限公司的最新分析

roce
SZSE:301117 Return on Capital Employed November 13th 2023
SZSE: 301117 2023 年 11 月 13 日动用资本回报率

In the above chart we have measured Jiayuan Science and TechnologyLtd's prior ROCE against its prior performance, but the future is arguably more important. If you're interested, you can view the analysts predictions in our free report on analyst forecasts for the company.

在上图中,我们将佳源科技有限公司之前的投资回报率与之前的表现进行了对比,但可以说,未来更为重要。如果您有兴趣,可以在我们关于公司分析师预测的免费报告中查看分析师的预测。

How Are Returns Trending?

退货趋势如何?

On the surface, the trend of ROCE at Jiayuan Science and TechnologyLtd doesn't inspire confidence. Around five years ago the returns on capital were 27%, but since then they've fallen to 3.6%. Meanwhile, the business is utilizing more capital but this hasn't moved the needle much in terms of sales in the past 12 months, so this could reflect longer term investments. 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.

从表面上看,佳源科技有限公司的ROCE趋势并不能激发信心。大约五年前,资本回报率为27%,但此后已降至3.6%。同时,该业务正在使用更多的资本,但在过去的12个月中,这并没有对销售产生太大影响,因此这可能反映出长期投资。从现在起,值得关注公司的收益,看看这些投资最终是否确实为利润做出了贡献。

On a related note, Jiayuan Science and TechnologyLtd has decreased its current liabilities to 4.9% of total assets. So we could link some of this to the decrease in ROCE. 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. Since the business is basically funding more of its operations with it's own money, you could argue this has made the business less efficient at generating ROCE.

与此相关的是,佳源科技有限公司已将其流动负债减少至总资产的4.9%。因此,我们可以将其中一些与投资回报率的下降联系起来。更重要的是,这可以降低业务风险的某些方面,因为现在公司的供应商或短期债权人为其运营提供的资金减少了。由于该企业基本上是用自己的资金为其运营提供更多资金,因此您可能会争辩说,这降低了企业产生投资回报率的效率。

The Bottom Line On Jiayuan Science and TechnologyLtd's ROCE

佳源科技有限公司投资回报率的底线

In summary, Jiayuan Science and TechnologyLtd is reinvesting funds back into the business for growth but unfortunately it looks like sales haven't increased much just yet. Additionally, the stock's total return to shareholders over the last year has been flat, which isn't too surprising. In any case, the stock doesn't have these traits of a multi-bagger discussed above, so if that's what you're looking for, we think you'd have more luck elsewhere.

总而言之,佳源科技有限公司正在将资金再投资到该业务中以实现增长,但不幸的是,销售额似乎还没有太大增长。此外,该股去年的股东总回报率持平,这并不奇怪。无论如何,该股票不具有上面讨论的多袋装股票的特征,因此,如果您正在寻找这种特征,我们认为您在其他地方会更幸运。

One more thing, we've spotted 2 warning signs facing Jiayuan Science and TechnologyLtd that you might find interesting.

还有一件事,我们发现了嘉源科技有限公司面临的两个警告标志,你可能会觉得有趣。

While Jiayuan Science and TechnologyLtd may not currently earn the highest returns, we've compiled a list of companies that currently earn more than 25% return on equity. Check out this free list here.

尽管佳源科技有限公司目前可能无法获得最高的回报,但我们编制了一份目前股本回报率超过25%的公司清单。在这里查看这个免费清单。

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This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.

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Simply Wall St 的这篇文章本质上是笼统的。我们仅使用公正的方法提供基于历史数据和分析师预测的评论,我们的文章并非旨在提供财务建议。它不构成买入或卖出任何股票的建议,也没有考虑到您的目标或财务状况。我们的目标是为您提供由基本数据驱动的长期重点分析。请注意,我们的分析可能不会考虑最新的价格敏感型公司公告或定性材料。华尔街只是没有持有上述任何股票的头寸。

声明:本内容仅用作提供资讯及教育之目的,不构成对任何特定投资或投资策略的推荐或认可。 更多信息
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