Here's What's Concerning About Daqo New Energy's (NYSE:DQ) Returns On Capital
Here's What's Concerning About Daqo New Energy's (NYSE:DQ) Returns On Capital
Did you know there are some financial metrics that can provide clues of a potential multi-bagger? Ideally, a business will show two trends; firstly a growing return on capital employed (ROCE) and secondly, an increasing 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 Daqo New Energy (NYSE:DQ), it didn't seem to tick all of these boxes.
你是否知道，一些财务指标可以提供潜在的多倍投资机会的线索?理想情况下，一个企业将显示两个趋势；首先是资本投入的增长。如果你看到这个，通常意味着这是一家拥有优秀商业模式和充足利润再投资机会的公司。然而，经过简要的数字分析后，我们认为柯力传感（宁波）股份有限公司（SHSE：603662）未来不具备成为多倍投资机会的条件，但让我们看看为什么。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。最终，这证明这是一家正在以递增的回报率再投资利润的企业。尽管当我们看Daqo New Energy（纽交所：DQ）时，似乎没有完全符合这些要求。
Return On Capital Employed (ROCE): What Is It?
资本雇用回报率（ROCE）是什么？
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. The formula for this calculation on Daqo New Energy is:
对于那些不确定ROCE是什么的人，它衡量公司利用其业务中所投入的资本所能产生的税前利润金额。Daqo New Energy的计算公式是：
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。
0.054 = US$350m ÷ (US$7.2b - US$720m) (Based on the trailing twelve months to March 2024).
0.054 = 3.5亿美元÷（72亿美元-7.2亿美元）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, Daqo New Energy has an ROCE of 5.4%. In absolute terms, that's a low return and it also under-performs the Semiconductor industry average of 9.7%.
因此，Daqo New Energy的ROCE为5.4%。绝对而言，这是一个较低的回报率，也低于半导体行业的平均水平9.7%。
In the above chart we have measured Daqo New Energy'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 Daqo New Energy .
我们能从Daqo New Energy的ROCE趋势中得出什么结论？
What Can We Tell From Daqo New Energy's ROCE Trend?
就Daqo New Energy的历史ROCE变动而言，这趋势并不好。大约五年前，资本回报率为6.9%，但自那时以来，它们下降到了5.4%。考虑到营收下滑而增加了更多资本，我们应该保持谨慎。如果这种情况继续下去，您可能会看到一家试图进行再投资来实现增长，但实际上正在失去市场份额的公司，因为销售并未增加。
In terms of Daqo New Energy's historical ROCE movements, the trend isn't fantastic. Around five years ago the returns on capital were 6.9%, but since then they've fallen to 5.4%. 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.
从上面的分析中，我们发现Daqo New Energy的资本回报率和销售额下降，同时企业正在比五年前使用更多资本。但投资者必须期望某种改善，因为在过去的五年中，股票交付了可观的83%的回报率。在任何情况下，目前的基本趋势对于长期的表现并不乐观，因此除非逆转，否则我们会开始在其他地方寻找投资机会。
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。
From the above analysis, we find it rather worrisome that returns on capital and sales for Daqo New Energy have fallen, meanwhile the business is employing more capital than it was five years ago. But investors must be expecting an improvement of sorts because over the last five yearsthe stock has delivered a respectable 83% return. In any case, the current underlying trends don't bode well for long term performance so unless they reverse, we'd start looking elsewhere.
如果您想继续研究Daqo New Energy，您可能会对我们分析发现的2个警告信号感兴趣。
If you want to continue researching Daqo New Energy, you might be interested to know about the 2 warning signs that our analysis has discovered.
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For those who like to invest in solid companies, check out this free list of companies with solid balance sheets and high returns on equity.
Hao Tian International Construction Investment Group确实存在一些风险，我们已经发现了一条警示标志，你可能会感兴趣。对于那些喜欢投资于实力雄厚的公司的人，可以查看这个由财务状况强大、股本回报率高的公司组成的免费列表。
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