Inner Mongolia ERDOS ResourcesLtd (SHSE:600295) Will Want To Turn Around Its Return Trends
Inner Mongolia ERDOS ResourcesLtd (SHSE:600295) Will Want To Turn Around Its Return Trends
If we want to find a potential multi-bagger, often there are underlying trends that can provide clues. Firstly, we'll want to see a proven return on capital employed (ROCE) that is increasing, and secondly, an expanding 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. However, after investigating Inner Mongolia ERDOS ResourcesLtd (SHSE:600295), we don't think it's current trends fit the mold of a multi-bagger.
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。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。但是，在调查了内蒙古鄂尔多斯资源有限公司（上海证券交易所股票代码：600295）之后，我们认为目前的趋势不符合多袋机的模式。
What Is Return On Capital Employed (ROCE)?
什么是资本使用回报率（ROCE）？
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 Inner Mongolia ERDOS ResourcesLtd 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。内蒙古鄂尔多斯资源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）
0.11 = CN¥3.4b ÷ (CN¥49b - CN¥18b) (Based on the trailing twelve months to September 2023).
0.11 = 3.4亿元人民币 ÷（49亿元人民币-18亿元人民币） （基于截至2023年9月的过去十二个月）。
So, Inner Mongolia ERDOS ResourcesLtd has an ROCE of 11%. In absolute terms, that's a satisfactory return, but compared to the Metals and Mining industry average of 6.3% it's much better.
因此，内蒙古鄂尔多斯资源有限公司的投资回报率为11％。从绝对值来看，这是一个令人满意的回报，但与金属和采矿业6.3％的平均水平相比，回报要好得多。
While the past is not representative of the future, it can be helpful to know how a company has performed historically, which is why we have this chart above. If you're interested in investigating Inner Mongolia ERDOS ResourcesLtd's past further, check out this free graph of past earnings, revenue and cash flow.
虽然过去并不能代表未来，但了解一家公司的历史表现可能会有所帮助，这就是我们上面有这张图表的原因。如果你有兴趣进一步调查内蒙古鄂尔多斯资源有限公司的过去，请查看这张过去收益、收入和现金流的免费图表。
What Does the ROCE Trend For Inner Mongolia ERDOS ResourcesLtd Tell Us?
内蒙古鄂尔多斯资源有限公司的投资回报率趋势告诉我们什么？
In terms of Inner Mongolia ERDOS ResourcesLtd's historical ROCE movements, the trend isn't fantastic. Around five years ago the returns on capital were 19%, but since then they've fallen to 11%. 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.
就内蒙古鄂尔多斯资源有限公司的历史ROCE走势而言，这一趋势并不理想。大约五年前，资本回报率为19％，但此后已降至11％。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资金，但实际上产生的回报却较低——本身 “性价比更低”。
On a side note, Inner Mongolia ERDOS ResourcesLtd has done well to pay down its current liabilities to 36% 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. 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.
顺便说一句，内蒙古鄂尔多斯资源有限公司在偿还其流动负债占总资产的36％方面表现良好。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。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。
What We Can Learn From Inner Mongolia ERDOS ResourcesLtd's ROCE
我们可以从内蒙古鄂尔多斯资源有限公司的ROCE中学到什么
We're a bit apprehensive about Inner Mongolia ERDOS ResourcesLtd because despite more capital being deployed in the business, returns on that capital and sales have both fallen. The market must be rosy on the stock's future because even though the underlying trends aren't too encouraging, the stock has soared 208%. In any case, the current underlying trends don't bode well for long term performance so unless they reverse, we'd start looking elsewhere.
我们对内蒙古鄂尔多斯资源有限公司有点担心，因为尽管向该业务投入了更多资金，但该资本的回报率和销售额都下降了。市场必须对该股的未来持乐观态度，因为尽管潜在趋势不太令人鼓舞，但该股仍飙升了208％。无论如何，当前的潜在趋势对长期表现来说并不是一个好兆头，因此，除非趋势逆转，否则我们将开始将目光投向其他地方。
On a final note, we've found 2 warning signs for Inner Mongolia ERDOS ResourcesLtd that we think you should be aware of.
最后，我们发现了内蒙古鄂尔多斯资源有限公司的两个警告信号，我们认为你应该注意这些信号。
While Inner Mongolia ERDOS ResourcesLtd 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.
尽管内蒙古鄂尔多斯资源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％的公司名单。在这里查看这个免费清单。
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