Investors Could Be Concerned With Ningbo Jintian Copper (Group)'s (SHSE:601609) Returns On Capital
Investors Could Be Concerned With Ningbo Jintian Copper (Group)'s (SHSE:601609) Returns On Capital
If we want to find a stock that could multiply over the long term, what are the underlying trends we should look for? 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. However, after briefly looking over the numbers, we don't think Ningbo Jintian Copper (Group) (SHSE:601609) has the makings of a multi-bagger going forward, but let's have a look at why that may be.
如果我们想找到一只可以长期成倍增长的股票，我们应该寻找哪些潜在趋势？首先，我们希望看到经过验证的 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。但是，在简要研究了这些数字之后，我们认为宁波金田铜业（集团）（SHSE: 601609）在未来不具备多装袋机的实力，但让我们来看看为什么会这样。
Return On Capital Employed (ROCE): What Is It?
资本使用回报率（ROCE）：这是什么？
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. The formula for this calculation on Ningbo Jintian Copper (Group) is:
对于那些不知道的人来说，ROCE是衡量公司年度税前利润（其回报率）的指标，相对于该业务使用的资本。宁波金田铜业（集团）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）
0.05 = CN¥718m ÷ (CN¥24b - CN¥9.7b) (Based on the trailing twelve months to September 2023).
0.05 = 7.18亿元人民币 ÷（24亿元人民币-9.7亿元人民币） （基于截至2023年9月的过去十二个月）。
Therefore, Ningbo Jintian Copper (Group) has an ROCE of 5.0%. On its own, that's a low figure but it's around the 6.2% average generated by the Metals and Mining industry.
因此，宁波金田铜业（集团）的投资回报率为5.0％。就其本身而言，这是一个很低的数字，但约为金属和采矿业的6.2％的平均水平。
Check out our latest analysis for Ningbo Jintian Copper (Group)
查看我们对宁波金田铜业（集团）的最新分析
In the above chart we have measured Ningbo Jintian Copper (Group)'s prior ROCE against its prior performance, but the future is arguably more important. If you'd like, you can check out the forecasts from the analysts covering Ningbo Jintian Copper (Group) here for free.
在上图中，我们将宁波金田铜业（集团）先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。如果你愿意，可以在这里免费查看报道宁波金田铜业（集团）的分析师的预测。
What Does the ROCE Trend For Ningbo Jintian Copper (Group) Tell Us?
宁波金田铜业（集团）的ROCE趋势告诉我们什么？
When we looked at the ROCE trend at Ningbo Jintian Copper (Group), we didn't gain much confidence. Over the last five years, returns on capital have decreased to 5.0% from 14% five years ago. 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.
当我们查看宁波金田铜业（集团）的ROCE趋势时，我们并没有获得太大的信心。在过去五年中，资本回报率从五年前的14％降至5.0％。另一方面，该公司在去年一直在使用更多资本，但销售额没有相应改善，这可能表明这些投资是长期投资。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, Ningbo Jintian Copper (Group) has decreased its current liabilities to 40% 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. 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. Keep in mind 40% is still pretty high, so those risks are still somewhat prevalent.
与此相关的是，宁波金田铜业（集团）已将其流动负债减少至总资产的40％。这可以部分解释投资回报率下降的原因。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。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。请记住，40％仍然很高，因此这些风险仍然有些普遍。
What We Can Learn From Ningbo Jintian Copper (Group)'s ROCE
我们可以从宁波金田铜业（集团）的ROCE中学到什么
In summary, Ningbo Jintian Copper (Group) is reinvesting funds back into the business for growth but unfortunately it looks like sales haven't increased much just yet. And investors appear hesitant that the trends will pick up because the stock has fallen 32% in the last three years. 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，宁波金田铜业（集团）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。投资者似乎对趋势的回升犹豫不决，因为该股在过去三年中下跌了32％。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。
If you'd like to know more about Ningbo Jintian Copper (Group), we've spotted 4 warning signs, and 1 of them is potentially serious.
如果您想进一步了解宁波金田铜业（集团），我们已经发现了4个警告标志，其中一个可能很严重。
While Ningbo Jintian Copper (Group) isn't earning the highest return, check out this free list of companies that are earning high returns on equity with solid balance sheets.
尽管宁波金田铜业（集团）的回报率并不是最高的，但请查看这份免费的股票回报率高、资产负债表稳健的公司名单。
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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。