Shandong Sinocera Functional Material (SZSE:300285) May Have Issues Allocating Its Capital
Shandong Sinocera Functional Material (SZSE:300285) May Have Issues Allocating Its Capital
If you're not sure where to start when looking for the next multi-bagger, there are a few key trends you should keep an eye out for. Typically, we'll want to notice a trend of growing return on capital employed (ROCE) and alongside that, an expanding base 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. Although, when we looked at Shandong Sinocera Functional Material (SZSE:300285), it didn't seem to tick all of these boxes.
如果你不确定寻找下一个多倍增长的起点在哪里,有一些关键趋势值得你关注。通常,我们需要注意到资本利用增长的趋势。如果你看到了这一点,通常意味着这是一个拥有出色业务模式和丰富有利可图再投资机会的公司。虽然当我们看着石家庄尚泰科技(SZSE:001301)时,它似乎没有符合所有这些条件。资产回报率:它是什么?对于那些不知道ROCE是什么的人,ROCE是一个公司每年税前利润(回报)与企业用于投资的资本关系的度量。在Elevance Health的计算公式如下:资产回报率 = 利息和所得税前收益(EBIT)÷(总资产-流动负债) 这表明它是一个复合机器,能够不断地将其收益重新投资到业务中,产生更高的回报。然而,当我们研究国瓷材料股份有限公司(SZSE:300285)时,它似乎没有完全满足这些条件。
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. The formula for this calculation on Shandong Sinocera Functional Material is:
只是想澄清一下,ROCE是评估一个公司在其业务中投资的资本上赚取多少税前收入的指标(以百分比为单位)。对于国瓷材料股份有限公司的这个计算公式如下:
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。
0.092 = CN¥691m ÷ (CN¥8.9b - CN¥1.4b) (Based on the trailing twelve months to March 2024).
0.092 = CN¥69100万 ÷ (CN¥89亿 - CN¥1.4b) 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, Shandong Sinocera Functional Material has an ROCE of 9.2%. In absolute terms, that's a low return, but it's much better than the Chemicals industry average of 5.5%.
因此,国瓷材料股份有限公司的ROCE为9.2%。就绝对价值而言,这是一个低回报率,但比化学行业的平均水平5.5%高得多。
![roce](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240707/0-8db3a0c82a8c255c91a16e8a8094abf7-0-fc25043a4f9af5e59381e2aa47ea76b0.png/big)
In the above chart we have measured Shandong Sinocera Functional Material'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 Shandong Sinocera Functional Material for free.
在上图中,我们测量了国瓷材料股份有限公司的历史ROCE与其过去表现的比较,但未来可能更重要。如果您愿意,可以免费查看覆盖国瓷材料股份有限公司的分析师的预测。
So How Is Shandong Sinocera Functional Material's ROCE Trending?
因此,国瓷材料股份有限公司的ROCE趋势如何?
In terms of Shandong Sinocera Functional Material's historical ROCE movements, the trend isn't fantastic. Over the last five years, returns on capital have decreased to 9.2% from 15% 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. And if the increased capital generates additional returns, the business, and thus shareholders, will benefit in the long run.
就国瓷材料股份有限公司历史上的ROCE变动而言,这一趋势并不是太好。在过去五年中,资本回报率从五年前的15%下降到9.2%。然而,鉴于资本和营业收入都有所增加,看起来该企业目前正在追求增长,并牺牲短期回报。如果增加的资本可以产生额外的回报,则企业及股东将从中受益。
What We Can Learn From Shandong Sinocera Functional Material's ROCE
从国瓷材料股份有限公司的ROCE中我们能学到什么?
In summary, despite lower returns in the short term, we're encouraged to see that Shandong Sinocera Functional Material is reinvesting for growth and has higher sales as a result. However, total returns to shareholders over the last five years have been flat, which could indicate these growth trends potentially aren't accounted for yet by investors. So we think it'd be worthwhile to look further into this stock given the trends look encouraging.
总之,尽管短期回报率较低,我们仍然看到国瓷材料股份有限公司正在投资于增长,并因此拥有更高的销售额。然而,在过去的五年中,股东的总回报并未增长,这可能表明投资者尚未考虑这些增长趋势。因此,我们认为深入研究这只股票会有所收获,看起来很有前途。
If you're still interested in Shandong Sinocera Functional Material it's worth checking out our FREE intrinsic value approximation for 300285 to see if it's trading at an attractive price in other respects.
如果您仍然对国瓷材料股份有限公司感兴趣,可以查看我们的免费固有价值近似值,以了解其是否以其他方面的优惠价格交易。
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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