There Are Reasons To Feel Uneasy About JL Mag Rare-Earth's (SZSE:300748) Returns On Capital
There Are Reasons To Feel Uneasy About JL Mag Rare-Earth's (SZSE:300748) Returns On Capital
What are the early trends we should look for to identify a stock that could multiply in value over the long term? Ideally, a business will show two trends; firstly a growing return on capital employed (ROCE) and secondly, an increasing amount of capital employed. Basically this means that a company has profitable initiatives that it can continue to reinvest in, which is a trait of a compounding machine. Having said that, from a first glance at JL Mag Rare-Earth (SZSE:300748) we aren't jumping out of our chairs at how returns are trending, but let's have a deeper look.
我们应该看什么早期趋势来判断一只长期能够翻倍的股票呢？业务应该会呈现两个趋势，首先是资本雇用率增长；这体现了企业以越来越高的回报率将利润再投资于业务。因此，纳斯达克g-iii服装集团的资本雇用率回报率（ROCE）目前看起来不错，让我们看看回报率的趋势能告诉我们什么。资产回报率：它是什么？资本使用率回报(ROCE)是什么?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。这基本上意味着一家公司有盈利的计划，可以继续投资，这是复利机器的特点。尽管这样说，在初看JL Mag Rare-Earth（SZSE：300748）的收益趋势并没有引起我们的兴趣，但让我们深入了解一下。
What Is Return On Capital Employed (ROCE)?
我们对 Enphase Energy 的资本雇用回报率的看法：正如我们上面看到的，Enphase Energy 的资本回报率没有提高，但它正在重新投资于业务。投资者必须认为未来会有更好的前景，因为股票表现良好，使持股五年以上的股东获得了 690% 的收益。最终，如果基本趋势持续存在，我们不会对它成为一只多头股持有期很久很有信心。
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. To calculate this metric for JL Mag Rare-Earth, this is the formula:
对于那些不确定ROCE是什么的人，它衡量一家公司从其业务中投入的资本所能产生的税前利润总额。要计算JL Mag Rare-Earth的这个指标，使用以下公式：
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。
0.036 = CN¥294m ÷ (CN¥12b - CN¥3.5b) (Based on the trailing twelve months to March 2024).
0.036 = CN¥294m÷(CN¥12b-CN¥3.5b)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, JL Mag Rare-Earth has an ROCE of 3.6%. In absolute terms, that's a low return and it also under-performs the Electrical industry average of 6.0%.
因此，JL Mag Rare-Earth的ROCE为3.6％。 绝对看来，这是一个低回报，并且也表现不如6.0％的电气行业平均水平。
Above you can see how the current ROCE for JL Mag Rare-Earth compares to its prior returns on capital, but there's only so much you can tell from the past. If you're interested, you can view the analysts predictions in our free analyst report for JL Mag Rare-Earth .
您可以看到JL Mag Rare-Earth目前的ROCE与其对资本的历史回报进行比较，但是您只能从过去得出有限的结论。如果您有兴趣，您可以查看我们免费的JL Mag Rare-Earth分析师报告中的分析师预测。
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。
The trend of ROCE doesn't look fantastic because it's fallen from 13% five years ago, while the business's capital employed increased by 579%. Usually this isn't ideal, but given JL Mag Rare-Earth conducted a capital raising before their most recent earnings announcement, that would've likely contributed, at least partially, to the increased capital employed figure. JL Mag Rare-Earth probably hasn't received a full year of earnings yet from the new funds it raised, so these figures should be taken with a grain of salt.
ROCE的趋势看起来并不理想，因为它从五年前的13％下降，而企业的资本雇用增加了579％。通常情况下，这并不理想，但考虑到JL Mag Rare-Earth在最近的盈利公告前进行了募资，这可能至少部分地contributed了增加的资本雇用。JL Mag Rare-Earth可能尚未从筹集的新资金中获得全年的收益，因此这些数字应该谨慎对待。
On a related note, JL Mag Rare-Earth has decreased its current liabilities to 30% 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.
在相关的笔记中，JL Mag Rare-Earth将其流动负债减少到总资产的30％。因此，我们可以将某些内容链接到ROCE的降低。这实际上意味着他们的供应商或短期债权人负担的业务较少，这减少了某些元素的风险。由于企业基本上正在使用自己的资金为其运营提供更多资金，因此可以说这使企业的ROCE产生了更少的效率。
The Key Takeaway
重要提示
From the above analysis, we find it rather worrisome that returns on capital and sales for JL Mag Rare-Earth have fallen, meanwhile the business is employing more capital than it was five years ago. It should come as no surprise then that the stock has fallen 38% over the last five years, so it looks like investors are recognizing these changes. With underlying trends that aren't great in these areas, we'd consider looking elsewhere.
通过上面的分析，我们发现JL Mag Rare-Earth的资本回报和销售额下降令人担忧，与此同时，业务使用的资本多于五年前。因此，不足为奇最近五年股票下跌了38％，因此看起来投资者正在意识到这些变化。在这些领域趋势不佳的情况下，我们要考虑寻找其他投资。
On a final note, we found 2 warning signs for JL Mag Rare-Earth (1 doesn't sit too well with us) you should be aware of.
最后，我们发现JL Mag Rare-Earth有2项警告信号（其中1项不太好），您应该注意。
While JL Mag Rare-Earth isn't earning the highest return, check out this free list of companies that are earning high returns on equity with solid balance sheets.
尽管JL Mag Rare-Earth的回报不高，但请查看此具有坚实资产负债表的高回报股票的免费清单。
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Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team@simplywallst.com
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