Be Wary Of Jadard Technology (SHSE:688252) And Its Returns On Capital
Be Wary Of Jadard Technology (SHSE:688252) And Its Returns On Capital
Finding a business that has the potential to grow substantially is not easy, but it is possible if we look at a few key financial metrics. One common approach is to try and find a company with returns on capital employed (ROCE) that are increasing, in conjunction with a growing 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 Jadard Technology (SHSE:688252) we aren't jumping out of our chairs at how returns are trending, but let's have a deeper look.
寻找一个有潜力大幅增长的企业并不容易，但如果我们观察几个关键的财务指标，这是有可能的。一种常见的方法是尝试找到一家资本雇用量高的公司。这显示它是一个复合机器，能够持续地将其收益再投资于业务并产生更高的回报。什么是资本雇用回报率（ROCE）？ROCE是一个企业年度税前利润（其回报）与企业资本雇用之间的比率。在 Enphase Energy 的计算公式是：资本雇用回报率=利息和税前收益（EBIT）÷（资产总额-流动负债）。所以，Enphase Energy 的资本雇用回报率为9.9%。单独来看，这是一个较低的资本回报率，但它与行业平均回报率相当。以上你可以看到，Enphase Energy 的当前资本雇用回报率与之前的回报率相比如何，但从过去只能知道这么多。如果你想看看分析师对未来的预测，你应该查看我们免费提供的 Enphase Energy 分析师报告。ROCE 趋势可以告诉我们什么？比起 Enphase Energy，有更好的资本回报率选择。在过去的五年中，该公司增加了 1,306% 的资本，而该资本的回报率保持稳定在 9.9%。这样差的回报率现在并不令人信服，而且随着资本的增加，很明显企业并没有将资金投入到高回报的投资中。然而，初步查看Jadard科技（SHSE：688252），我们并没有因回报率的趋势而欢欣跃起，但让我们更深入地了解一下。
Return On Capital Employed (ROCE): What Is It?
资本雇用回报率（ROCE）是什么？
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. To calculate this metric for Jadard Technology, this is the formula:
只是为了澄清，如果您不确定，ROCE是一种用于评估公司在其业务中投资的资本上赚取多少税前收入（以百分比表示）的度量标准。为了计算Jadard科技的这个指标，这是公式：
Return on Capital Employed = Earnings Before Interest and Tax (EBIT) ÷ (Total Assets - Current Liabilities)
资产雇用回报率（ROCE）是指企业利润，即企业税前利润除以企业投入的总资本（负债加股权）。如果ROCE高于企业财务成本的承受能力，那么企业就会创造出更多的价值。
0.038 = CN¥73m ÷ (CN¥2.2b - CN¥284m) (Based on the trailing twelve months to March 2024).
0.038 = CN¥73m ÷ (CN¥2.2b - CN¥284m)在Elevance Health上，我们已经注意到的趋势是相当令人放心的。数据显示，过去五年资产回报率大幅提高至15％。投资所用资产的规模也增加了30％。这表明有很多机会进行内部资本投资，并以更高的速度不断增长，这种组合在多倍增长方面很常见。.
Thus, Jadard Technology has an ROCE of 3.8%. On its own that's a low return on capital but it's in line with the industry's average returns of 4.3%.
因此，Jadard科技的ROCE为3.8%。就本身而言，这是较低的资本回报，但它与行业平均回报率的4.3%相符。
In the above chart we have measured Jadard Technology'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 Jadard Technology for free.
在上图中，我们测量了Jadard科技以前的ROCE与以前的表现，但未来可能更重要。如果您愿意，您可以免费查看分析师对Jadard科技的预测。
So How Is Jadard Technology's ROCE Trending?
那么Jadard科技的ROCE趋势如何？
When we looked at the ROCE trend at Jadard Technology, we didn't gain much confidence. Over the last five years, returns on capital have decreased to 3.8% from 13% five years ago. However, given capital employed and revenue have both increased it appears that the business is currently pursuing growth, at the consequence of short term returns. If these investments prove successful, this can bode very well for long term stock performance.
当我们查看Jadard科技的ROCE趋势时，我们并没有获得很大的信心。在过去的五年中，资本回报从五年前的13%降至3.8%。然而，鉴于资本雇用和营业收入均有所增加，似乎该企业目前正在追求增长，但这将影响短期回报。如果这些投资证明成功，这对于长期股票表现将非常有利。
On a related note, Jadard Technology has decreased its current liabilities to 13% of total assets. So we could link some of this to the decrease in ROCE. What's more, this can reduce some aspects of risk to the business because now the company's suppliers or short-term creditors are funding less of its operations. Some would claim this reduces the business' efficiency at generating ROCE since it is now funding more of the operations with its own money.
值得一提的是，Jadard科技将其流动负债降至总资产的13%。因此，我们可以将某些因素与ROCE的下降联系起来。而且，这可以减少企业的某些风险，因为现在公司的供应商或短期债权人正在为其运营提供 less 的资金。有人会声称，这会降低企业产生ROCE的效率，因为现在更多的运营资金来自其自己的资金。
The Bottom Line
还有一件事需要注意的是，我们已经确定了上海医药的2个警告信号，了解这些信号应该成为你的投资过程的一部分。
Even though returns on capital have fallen in the short term, we find it promising that revenue and capital employed have both increased for Jadard Technology. And there could be an opportunity here if other metrics look good too, because the stock has declined 38% in the last year. So we think it'd be worthwhile to look further into this stock given the trends look encouraging.
尽管资本回报率短期内有所下降，但我们认为Jadard科技的营收和资本雇用均有所增加，这是值得期待的。如果其他指标看起来也不错，因为股票在过去一年中已下跌了38％，所以我们认为进一步研究该股票将是值得的。
On a final note, we've found 1 warning sign for Jadard Technology that we think you should be aware of.
最后，我们发现了Jadard科技的1个警告信号，我们认为您应该知道。
While Jadard Technology 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Jadard科技目前的回报率可能不是最高的，但我们已经编制了一份目前获得25％以上权益回报的公司列表。在此处免费查看此列表。
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