The Returns On Capital At Jack TechnologyLtd (SHSE:603337) Don't Inspire Confidence
The Returns On Capital At Jack TechnologyLtd (SHSE:603337) Don't Inspire Confidence
If we want to find a potential multi-bagger, often there are underlying trends that can provide clues. Firstly, we'd want to identify a growing return on capital employed (ROCE) and then alongside that, an ever-increasing base 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. In light of that, when we looked at Jack TechnologyLtd (SHSE:603337) and its ROCE trend, we weren't exactly thrilled.
如果我们想找到潜在的多袋装袋机,通常有一些潜在的趋势可以提供线索。首先,我们想找一个正在成长的 返回 关于已用资本(ROCE),然后除此之外,还不断增加 基础 所用资本的比例。简而言之,这些类型的企业是复合机器,这意味着他们不断以更高的回报率对收益进行再投资。有鉴于此,当我们研究杰克科技有限公司(上海证券交易所代码:603337)及其投资回报率趋势时,我们并不感到非常兴奋。
What Is Return On Capital Employed (ROCE)?
什么是资本使用回报率(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. The formula for this calculation on Jack TechnologyLtd is:
如果你以前没有与ROCE合作过,它会衡量公司从其业务中使用的资本中产生的 “回报”(税前利润)。在 Jack TechnologyLtd 上进行此计算的公式为:
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)
0.097 = CN¥447m ÷ (CN¥8.4b - CN¥3.7b) (Based on the trailing twelve months to September 2023).
0.097 = 4.47亿元人民币 ÷(84亿元人民币-37亿元人民币) (基于截至2023年9月的过去十二个月)。
So, Jack TechnologyLtd has an ROCE of 9.7%. In absolute terms, that's a low return, but it's much better than the Machinery industry average of 6.1%.
因此,杰克科技有限公司的投资回报率为9.7%。从绝对值来看,回报率很低,但比机械行业6.1%的平均水平要好得多。
See our latest analysis for Jack TechnologyLtd
查看我们对杰克科技有限公司的最新分析
![roce](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240109/0-036595a2c098dfe6ec0434ff1cf8803f-0-cd874271e3cc5ead0520f5dfea314eb2.png/big)
In the above chart we have measured Jack TechnologyLtd'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 Jack TechnologyLtd here for free.
在上图中,我们将Jack TechnologyLtd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。如果你愿意,可以在这里免费查看报道Jack TechnologyLtd的分析师的预测。
How Are Returns Trending?
退货趋势如何?
In terms of Jack TechnologyLtd's historical ROCE movements, the trend isn't fantastic. Over the last five years, returns on capital have decreased to 9.7% from 19% five years ago. And considering revenue has dropped while employing more capital, we'd be cautious. This could mean that the business is losing its competitive advantage or market share, because while more money is being put into ventures, it's actually producing a lower return - "less bang for their buck" per se.
就杰克科技有限公司的历史投资回报率走势而言,这种趋势并不理想。在过去五年中,资本回报率从五年前的19%下降到9.7%。考虑到在雇用更多资本的同时收入有所下降,我们会谨慎行事。这可能意味着该企业正在失去其竞争优势或市场份额,因为尽管向风险投资投入了更多的资金,但它产生的回报实际上更低—— “成本效益更低” 本身。
On a side note, Jack TechnologyLtd's current liabilities have increased over the last five years to 45% of total assets, effectively distorting the ROCE to some degree. If current liabilities hadn't increased as much as they did, the ROCE could actually be even lower. And with current liabilities at these levels, suppliers or short-term creditors are effectively funding a large part of the business, which can introduce some risks.
顺便说一句,Jack TechnologyLtd的流动负债在过去五年中增加到总资产的45%,这在某种程度上实际上扭曲了投资回报率。如果流动负债没有像以前那样增加,投资回报率实际上可能会更低。而且,由于流动负债处于这些水平,供应商或短期债权人实际上是在为业务的很大一部分提供资金,这可能会带来一些风险。
Our Take On Jack TechnologyLtd's ROCE
我们对杰克科技有限公司投资回报率的看法
In summary, we're somewhat concerned by Jack TechnologyLtd's diminishing returns on increasing amounts of capital. And, the stock has remained flat over the last five years, so investors don't seem too impressed either. Unless there is a shift to a more positive trajectory in these metrics, we would look elsewhere.
总而言之,我们对Jack TechnologyLtd因增加资本而产生的回报减少感到担忧。而且,该股在过去五年中一直保持平稳,因此投资者似乎也没有留下太深刻的印象。除非这些指标转向更积极的轨迹,否则我们将把目光投向其他地方。
Like most companies, Jack TechnologyLtd does come with some risks, and we've found 1 warning sign that you should be aware of.
像大多数公司一样,Jack TechnologyLtd确实存在一些风险,我们发现了一个你应该注意的警告信号。
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.
对于那些喜欢投资稳健公司的人,可以查看这份资产负债表稳健和股本回报率高的公司的免费清单。
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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根据历史数据和分析师的预测提供评论,我们的文章无意作为财务建议。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,我们的分析可能不考虑最新的价格敏感型公司公告或定性材料。简而言之,华尔街没有持有任何上述股票的头寸。