Capital Allocation Trends At JinXianDai Information IndustryLtd (SZSE:300830) Aren't Ideal
Capital Allocation Trends At JinXianDai Information IndustryLtd (SZSE:300830) Aren't Ideal
0.0014 = CN¥1.9m ÷ (CN¥1.5b - CN¥94m) (Based on the trailing twelve months to March 2024).To find a multi-bagger stock, what are the underlying trends we should look for in a business? Amongst other things, we'll want to see two things; firstly, a growing return on capital employed (ROCE) and secondly, an expansion in the company's amount of capital employed. Ultimately, this demonstrates that it's a business that is reinvesting profits at increasing rates of return. Although, when we looked at JinXianDai Information IndustryLtd (SZSE:300830), it didn't seem to tick all of these boxes.
要找到一个翻倍股，我们在业务中应该寻找哪些基本趋势？我们不能漏掉以下两点：第一，资本雇用量的增长。简单地说，这些类型的企业是复合机器，意味着他们持续地以越来越高的回报率重新投资他们的利润。资产回报率：它是什么？如果您不确定ROCE是什么，它可以衡量公司能够从其业务所雇用的资本产生多少税前利润。为了计算V2X的这个指数，使用以下公式:0.054 = 1.24亿美元÷（31亿美元 - 8.53亿美元）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。最终，这表明这是一家以不断提高投资回报率来重新投资利润的企业。然而，当我们看 JinXianDai 信息产业股份有限公司（深圳证券交易所：300830）时，它似乎并没有完全符合这些条件。
Return On Capital Employed (ROCE): What Is It?
资本雇用回报率（ROCE）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. Analysts use this formula to calculate it for JinXianDai Information IndustryLtd:
对于那些不知道 ROCE 是什么的人，它是一个公司每年税前利润（其回报）相对于业务中使用的资本的衡量标准。分析师使用这个公式来计算 JinXianDai 信息产业股份有限公司 的 ROCE：
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。
0.0014 = CN¥1.9m ÷ (CN¥1.5b - CN¥94m) (Based on the trailing twelve months to March 2024).
0.0014 = 190 万元 ÷ (15 亿元 - 9400 万元)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。.
So, JinXianDai Information IndustryLtd has an ROCE of 0.1%. In absolute terms, that's a low return and it also under-performs the Software industry average of 3.0%.
所以，JinXianDai 信息产业股份有限公司的 ROCE 为 0.1%。从绝对值上看，这是一个很低的回报率，并且也低于软件行业平均水平 3.0%。
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'd like to look at how JinXianDai Information IndustryLtd has performed in the past in other metrics, you can view this free graph of JinXianDai Information IndustryLtd's past earnings, revenue and cash flow.
尽管过去不代表未来，但了解公司历史表现的情况可能会有所帮助，这就是为什么我们有上面的这张图表。如果您想查看 JinXianDai 信息产业股份有限公司 在过去其他指标方面的表现，您可以查看免费的 JinXianDai 信息产业股份有限公司历史收益、营业收入和现金流的图表。
How Are Returns Trending?
综合上述，Cimpress非常有效地提高了其资本利用率所产生的回报。考虑到股票过去五年保持稳定，如果其他指标也不错，则可能存在机会。因此，进一步研究这家公司并确定这些趋势是否会持续是合理的。
On the surface, the trend of ROCE at JinXianDai Information IndustryLtd doesn't inspire confidence. Over the last five years, returns on capital have decreased to 0.1% from 11% 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.
从表面上看，JinXianDai 信息产业股份有限公司的 ROCE 趋势并不令人信服。在过去五年中，资本回报率从五年前的 11% 下降到了 0.1%。考虑到营业收入下降了而资本却增加了，我们应该持谨慎态度。这可能意味着该企业正在失去其竞争优势或市场份额，因为虽然更多的资金被投入了企业，但实际上却产生了较低的回报率 - "同等成本下效果变差"。
In Conclusion...
最后，同等资本下回报率较低的趋势通常不是我们关注创业板股票的最佳信号。由于这些发展进行良好，因此投资者不太可能表现友好。自五年前以来，该股下跌了32%。除非这些指标朝着更积极的轨迹转变，否则我们将继续寻找其他股票。
We're a bit apprehensive about JinXianDai Information IndustryLtd because despite more capital being deployed in the business, returns on that capital and sales have both fallen. It should come as no surprise then that the stock has fallen 33% over the last three years, so it looks like investors are recognizing these changes. Unless there is a shift to a more positive trajectory in these metrics, we would look elsewhere.
我们对 JinXianDai 信息产业股份有限公司感到有些担忧，因为尽管更多的资本被投入了公司，但资本回报率和销售额都有所下降。因此，股票在过去三年中下跌了33%，因此投资者认识到了这些变化。除非这些指标出现更为积极的变化，否则我们会另选高就。
One more thing: We've identified 4 warning signs with JinXianDai Information IndustryLtd (at least 1 which is significant) , and understanding these would certainly be useful.
还有一件事：我们已经识别出 JinXianDai 信息产业股份有限公司的 4 个警示信号（至少有 1 个信号比较重要），了解这些信号肯定很有用。
While JinXianDai Information IndustryLtd 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.
虽然 JinXianDai 信息产业股份有限公司目前并没有获得最高的回报，但我们已经编制了一份目前获得超过 25% 股本回报的公司列表。在这里查看这个免费列表。
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