Here's What's Concerning About Jones Tech's (SZSE:300684) Returns On Capital
Here's What's Concerning About Jones Tech's (SZSE:300684) Returns On Capital
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. Ideally, a business will show two trends; firstly a growing return on capital employed (ROCE) and secondly, an increasing amount of capital employed. This shows us that it's a compounding machine, able to continually reinvest its earnings back into the business and generate higher returns. Having said that, from a first glance at Jones Tech (SZSE:300684) we aren't jumping out of our chairs at how returns are trending, but let's have a deeper look.
如果你在寻找下一款多袋装机时不确定从哪里开始，那么你应该注意一些关键趋势。理想情况下，企业将呈现出两种趋势；首先是增长 返回 论资本使用率（ROCE），其次是增加 金额 所用资本的比例。这向我们表明，它是一台复合机器，能够持续将其收益再投资到业务中并产生更高的回报。话虽如此，乍一看琼斯科技（深圳证券交易所代码：300684），我们并不是对回报趋势不屑一顾，但让我们更深入地了解一下。
What Is Return On Capital Employed (ROCE)?
什么是资本使用回报率（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 Jones Tech:
为了澄清一下你是否不确定，ROCE是评估公司从投资于其业务的资本中获得多少税前收入（按百分比计算）的指标。分析师使用这个公式来计算琼斯科技的利润：
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）
0.058 = CN¥110m ÷ (CN¥2.2b - CN¥357m) (Based on the trailing twelve months to September 2023).
0.058 = 1.1亿元人民币 ÷（22亿元人民币-3.57亿元人民币） （基于截至2023年9月的过去十二个月）。
Thus, Jones Tech has an ROCE of 5.8%. In absolute terms, that's a low return but it's around the Electronic industry average of 5.0%.
因此，琼斯科技的投资回报率为5.8％。从绝对值来看，回报率很低，但约为电子行业的平均水平5.0％。
View our latest analysis for Jones Tech
查看我们对琼斯科技的最新分析
Historical performance is a great place to start when researching a stock so above you can see the gauge for Jones Tech's ROCE against it's prior returns. If you're interested in investigating Jones Tech's past further, check out this free graph of past earnings, revenue and cash flow.
历史表现是研究股票的绝佳起点，因此在上方您可以看到琼斯科技的投资回报率与先前回报率的对比。如果您有兴趣进一步调查琼斯科技的过去，请查看这张免费的过去收益、收入和现金流图表。
How Are Returns Trending?
退货趋势如何？
We weren't thrilled with the trend because Jones Tech's ROCE has reduced by 81% over the last five years, while the business employed 191% more capital. That being said, Jones Tech raised some capital prior to their latest results being released, so that could partly explain the increase in capital employed. The funds raised likely haven't been put to work yet so it's worth watching what happens in the future with Jones Tech's earnings and if they change as a result from the capital raise.
我们对这一趋势并不感到兴奋，因为琼斯科技的投资回报率在过去五年中下降了81％，而该业务使用的资本增加了191％。话虽如此，琼斯科技在公布最新业绩之前筹集了一些资金，因此这可以部分解释动用资本的增加。筹集的资金可能尚未投入使用，因此值得关注琼斯科技的收益未来会发生什么，以及这些收益是否会因筹集资金而发生变化。
On a related note, Jones Tech has decreased its current liabilities to 16% of total assets. So we could link some of this to the decrease in ROCE. 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.
与此相关的是，琼斯科技已将其流动负债减少至总资产的16％。因此，我们可以将其中一些与投资回报率的下降联系起来。实际上，这意味着他们的供应商或短期债权人减少了对企业的融资，从而降低了某些风险因素。有人会声称这降低了企业产生投资回报的效率，因为该公司现在正在用自己的资金为更多的业务提供资金。
What We Can Learn From Jones Tech's ROCE
我们可以从琼斯科技的ROCE中学到什么
To conclude, we've found that Jones Tech is reinvesting in the business, but returns have been falling. Unsurprisingly then, the total return to shareholders over the last five years has been flat. All in all, the inherent trends aren't typical of multi-baggers, so if that's what you're after, we think you might have more luck elsewhere.
总而言之，我们发现琼斯科技正在对该业务进行再投资，但回报率一直在下降。因此，毫不奇怪，在过去五年中，股东的总回报率一直持平。总而言之，多装袋机的固有趋势并不常见，因此，如果您想要这样做，我们认为您在其他地方可能会有更多的运气。
Jones Tech does come with some risks though, we found 4 warning signs in our investment analysis, and 1 of those is potentially serious...
但是，琼斯科技确实存在一些风险，我们在投资分析中发现了4个警告信号，其中一个可能很严重...
If you want to search for solid companies with great earnings, check out this free list of companies with good balance sheets and impressive returns on equity.
如果你想寻找收益丰厚的稳健公司，可以免费查看这份资产负债表良好且股本回报率可观的公司名单。
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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。