Returns On Capital At Dnake (Xiamen) Intelligent Technology (SZSE:300884) Paint A Concerning Picture
Returns On Capital At Dnake (Xiamen) Intelligent Technology (SZSE:300884) Paint A Concerning Picture
If we want to find a potential multi-bagger, often there are underlying trends that can provide clues. Ideally, a business will show two trends; firstly a growing return on capital employed (ROCE) and secondly, an increasing amount 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. Having said that, from a first glance at Dnake (Xiamen) Intelligent Technology (SZSE:300884) we aren't jumping out of our chairs at how returns are trending, but let's have a deeper look.
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。理想情况下，企业将表现出两种趋势；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。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。话虽如此，乍一看德耐克（厦门）智能科技（深圳证券交易所代码：300884），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。
Return On Capital Employed (ROCE): What Is It?
资本使用回报率（ROCE）：这是什么？
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 Dnake (Xiamen) Intelligent Technology 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）。Dnake（厦门）智能科技的计算公式为：
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）
0.042 = CN¥58m ÷ (CN¥1.9b - CN¥502m) (Based on the trailing twelve months to September 2023).
0.042 = 5800万元人民币 ÷（19亿元人民币-5.02亿元人民币） （基于截至2023年9月的过去十二个月）。
Thus, Dnake (Xiamen) Intelligent Technology has an ROCE of 4.2%. On its own, that's a low figure but it's around the 5.1% average generated by the Communications industry.
因此，德耐克（厦门）智能科技的投资回报率为4.2％。就其本身而言，这是一个很低的数字，但大约是通信行业产生的5.1％的平均水平。
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 Dnake (Xiamen) Intelligent Technology's past further, check out this free graph covering Dnake (Xiamen) Intelligent Technology's 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德耐克（厦门）智能科技的过去，请查看这张涵盖德耐克（厦门）智能科技过去的收益、收入和现金流的免费图表。
The Trend Of ROCE
ROCE 的趋势
On the surface, the trend of ROCE at Dnake (Xiamen) Intelligent Technology doesn't inspire confidence. Around five years ago the returns on capital were 26%, but since then they've fallen to 4.2%. However it looks like Dnake (Xiamen) Intelligent Technology might be reinvesting for long term growth because while capital employed has increased, the company's sales haven't changed much in the last 12 months. It may take some time before the company starts to see any change in earnings from these investments.
从表面上看，德耐克（厦门）智能科技的ROCE趋势并不能激发信心。大约五年前，资本回报率为26％，但此后已降至4.2％。但是，看来德耐克（厦门）智能科技可能正在进行再投资以实现长期增长，因为尽管动用资本有所增加，但该公司的销售额在过去12个月中没有太大变化。公司可能需要一段时间才能开始看到这些投资的收益发生任何变化。
On a side note, Dnake (Xiamen) Intelligent Technology has done well to pay down its current liabilities to 27% 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，德耐克（厦门）智能科技在偿还其流动负债至总资产的27％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。
The Bottom Line On Dnake (Xiamen) Intelligent Technology's ROCE
德耐克（厦门）智能科技的投资回报率的底线
Bringing it all together, while we're somewhat encouraged by Dnake (Xiamen) Intelligent Technology's reinvestment in its own business, we're aware that returns are shrinking. And investors appear hesitant that the trends will pick up because the stock has fallen 45% in the last three years. Therefore based on the analysis done in this article, we don't think Dnake (Xiamen) Intelligent Technology has the makings of a multi-bagger.
综上所述，尽管德耐克（厦门）智能科技对自有业务的再投资使我们感到有些鼓舞，但我们意识到回报正在萎缩。投资者似乎对趋势能否回升犹豫不决，因为该股在过去三年中下跌了45％。因此，根据本文的分析，我们认为德耐克（厦门）智能科技不具备多袋机的优势。
Dnake (Xiamen) Intelligent Technology does come with some risks though, we found 4 warning signs in our investment analysis, and 2 of those are significant...
但是，德耐克（厦门）智能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2个是重大的...
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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