The Returns On Capital At XTC New Energy Materials(Xiamen)Ltd (SHSE:688778) Don't Inspire Confidence
The Returns On Capital At XTC New Energy Materials(Xiamen)Ltd (SHSE:688778) Don't Inspire Confidence
There are a few key trends to look for if we want to identify the next multi-bagger. 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. 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 XTC New Energy Materials(Xiamen)Ltd (SHSE:688778) we aren't jumping out of our chairs at how returns are trending, but let's have a deeper look.
想找到下一个多倍榜样，需要注意以下关键趋势。一种常见的方法是尝试找到一个开多的公司。看到这种情况，通常意味着这是一家拥有出色的业务模式和大量盈利再投资机会的公司。因此，当我们简要查看纳斯达克nova（NASDAQ:NVMI）的资本回报率趋势时，我们对我们看到的感到非常高兴。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。从资本运作角度来看，这些类型的企业是不断复利的机器，这意味着它们在不断地以更高的回报率 reinvest 自己的收益。然而，从 XTC 新能源材料（厦门）有限公司的财务报表上来看，我们并不看好它的回报率的趋势，但是让我们更深入地研究一下。
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 XTC New Energy Materials(Xiamen)Ltd, this is the formula:
只是为了澄清，如果您不确定，ROCE 是一种用于评价公司在其业务投资的资本上赚取多少税前收入（以百分比表示）的指标。 为了计算这个指标，XTC 新能源材料（厦门）有限公司的公式如下：
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。
0.05 = CN¥492m ÷ (CN¥14b - CN¥4.6b) (Based on the trailing twelve months to March 2024).
0.05 = 人民币4.92亿元 ÷ （人民币140亿元 - 人民币46亿元）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。.
Therefore, XTC New Energy Materials(Xiamen)Ltd has an ROCE of 5.0%. On its own, that's a low figure but it's around the 6.0% average generated by the Electrical industry.
因此，XTC 新能源材料（厦门）有限公司的 ROCE 为 5.0%。该公司单独看，这个数字较低，但它与电气业平均水平 6.0% 相当。
In the above chart we have measured XTC New Energy Materials(Xiamen)Ltd's prior ROCE against its prior performance, but the future is arguably more important. If you'd like to see what analysts are forecasting going forward, you should check out our free analyst report for XTC New Energy Materials(Xiamen)Ltd .
在上图中，我们根据 XTC 新能源材料（厦门）有限公司的历史 ROCE 对其历史表现进行了衡量，但未来可能更为重要。如果您想了解分析师对未来的预测，可以查看我们为 XTC 新能源材料（厦门）有限公司准备的免费分析师报告。
What Does the ROCE Trend For XTC New Energy Materials(Xiamen)Ltd Tell Us?
XTC 新能源材料（厦门）有限公司的 ROCE 趋势告诉我们什么？
When we looked at the ROCE trend at XTC New Energy Materials(Xiamen)Ltd, we didn't gain much confidence. Over the last five years, returns on capital have decreased to 5.0% from 14% five years ago. And considering revenue has dropped while employing more capital, we'd be cautious. If this were to continue, you might be looking at a company that is trying to reinvest for growth but is actually losing market share since sales haven't increased.
在我们研究 XTC 新能源材料（厦门）有限公司的 ROCE 趋势时，我们没有获得太多信心。过去五年间，资本回报率已经从五年前的 14% 降至 5.0%。而且考虑到收入下降，同时使用更多的资本，我们必须谨慎。如果这继续下去，您可能会看到一家企业正在尝试通过不断投资以实现增长，但实际上由于销售额未增加，而在失去市场份额。
On a side note, XTC New Energy Materials(Xiamen)Ltd has done well to pay down its current liabilities to 32% of total assets. That could partly explain why the ROCE has dropped. 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，XTC 新能源材料（厦门）有限公司已经成功地偿还了其流动负债，使其占总资产的32％。这在一定程度上可以解释为什么 ROCE 下降了。实际上，这意味着它们的供应商或短期债权人为企业提供的资金较少，降低了某些风险因素。由于企业基本上是用自己的资金更多地运营业务，您可以认为这使得企业在产生 ROCE 方面不太有效率。
The Key Takeaway
重要提示
In summary, we're somewhat concerned by XTC New Energy Materials(Xiamen)Ltd's diminishing returns on increasing amounts of capital. Long term shareholders who've owned the stock over the last year have experienced a 29% depreciation in their investment, so it appears the market might not like these trends either. Unless there is a shift to a more positive trajectory in these metrics, we would look elsewhere.
总之，我们对 XTC 新能源材料（厦门）有限公司在不断增加的资本时的效益下降感到有些担忧。长期持有该股的股东在过去一年中经历了 29% 的贬值，因此市场似乎也不喜欢这些趋势。除非这些指标向更积极的轨迹转变，否则我们将寻找其他机会。
If you'd like to know about the risks facing XTC New Energy Materials(Xiamen)Ltd, we've discovered 2 warning signs that you should be aware of.
如果您想了解 XTC 新能源材料（厦门）有限公司面临的风险，我们已经发现其中的两个警告信号，您应该注意。
While XTC New Energy Materials(Xiamen)Ltd 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 XTC 新能源材料（厦门）有限公司目前的 ROCE 可能不是最高的，但我们已编制了一份目前获得超过 25% ROE 的公司的清单。在此免费查看此清单。
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