Shanghai Kinlita Chemical (SZSE:300225) Is Doing The Right Things To Multiply Its Share Price
Shanghai Kinlita Chemical (SZSE:300225) Is Doing The Right Things To Multiply Its Share Price
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. 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. If you see this, it typically means it's a company with a great business model and plenty of profitable reinvestment opportunities. So when we looked at Shanghai Kinlita Chemical (SZSE:300225) and its trend of ROCE, we really liked what we saw.
如果您不确定下一个潜力股从哪里开始寻找，那么您应该关注几个关键趋势。首先，我们将希望看到资本利润率（ROCE）不断增长；其次，公司资本利用率不断扩大。如果您看到这种情况，通常意味着公司拥有出色的商业模式和大量有利可图的再投资机会。因此，当我们看到上海金力泰化学（SZSE:300225）的ROCE趋势时，我们确实看到了令人满意的结果。
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 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 Shanghai Kinlita Chemical:
对于不知道ROCE是什么的人来说，ROCE是衡量一家公司每年税前利润（其回报）相对于经营业务所用资本的一种指标。分析师使用此公式计算上海金力泰化学的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。
0.027 = CN¥23m ÷ (CN¥1.3b - CN¥421m) (Based on the trailing twelve months to March 2024).
0.027 = CN¥2300万 ÷ (CN¥13亿 - CN¥421m)（基于跟踪的十二个月于2024年三月）
So, Shanghai Kinlita Chemical has an ROCE of 2.7%. Ultimately, that's a low return and it under-performs the Chemicals industry average of 5.5%.
因此，上海金力泰化学的ROCE为2.7%。最终，这是一个较低的回报，低于化学品行业平均水平5.5%。
Historical performance is a great place to start when researching a stock so above you can see the gauge for Shanghai Kinlita Chemical's ROCE against it's prior returns. If you'd like to look at how Shanghai Kinlita Chemical has performed in the past in other metrics, you can view this free graph of Shanghai Kinlita Chemical's past earnings, revenue and cash flow.
历史表现是研究股票的好出发点，因此您可以看到上海金力泰化学ROCE相对于以往回报的表现。如果您想查看上海金力泰化学以往在其他指标上的表现，可以查看上海金力泰化学以往收益、营收和现金流的免费图表。
So How Is Shanghai Kinlita Chemical's ROCE Trending?
上海金力泰化学的ROCE趋势怎么样？
Shanghai Kinlita Chemical has broken into the black (profitability) and we're sure it's a sight for sore eyes. While the business was unprofitable in the past, it's now turned things around and is earning 2.7% on its capital. While returns have increased, the amount of capital employed by Shanghai Kinlita Chemical has remained flat over the period. So while we're happy that the business is more efficient, just keep in mind that could mean that going forward the business is lacking areas to invest internally for growth. Because in the end, a business can only get so efficient.
上海金力泰化学已经实现盈利，这是一幅令人欣慰的景象。虽然该公司曾经亏损，但现在已经扭转局面，对其资本的回报率达到了2.7%。虽然回报率已经增加，但上海金力泰化学所使用的资本数量在这段时间内保持不变。因此，虽然我们很高兴看到该公司更加高效，但请记住，这可能意味着该公司在内部投资增长方面缺乏机会，因为在最终，公司只能变得更加高效。
On a side note, we noticed that the improvement in ROCE appears to be partly fueled by an increase in current liabilities. Effectively this means that suppliers or short-term creditors are now funding 33% of the business, which is more than it was five years ago. It's worth keeping an eye on this because as the percentage of current liabilities to total assets increases, some aspects of risk also increase.
顺便提一句，我们注意到ROCE的改善似乎部分受到流动负债的增加的刺激。有效地说，这意味着供应商或短期债权人现在为公司提供了33%的资金，这比五年前高了一些。需要注意的是，随着流动负债占总资产的比例增加，某些风险方面也会增加。
What We Can Learn From Shanghai Kinlita Chemical's ROCE
从上海金力泰化学的ROCE中我们可以学到什么？
As discussed above, Shanghai Kinlita Chemical appears to be getting more proficient at generating returns since capital employed has remained flat but earnings (before interest and tax) are up. Investors may not be impressed by the favorable underlying trends yet because over the last five years the stock has only returned 6.9% to shareholders. Given that, we'd look further into this stock in case it has more traits that could make it multiply in the long term.
如上所述，上海金力泰化学似乎正在变得更加熟练地创造回报，因为资本匹配保持不变，但收益（利息和税前）上升了。投资者可能还不满意优越的基本趋势，因为在过去的五年中，该股份对股东的回报率只有6.9%。鉴于这一点，我们会进一步研究这支股票，以确定它是否具有更多的特质，可以让它在长期内实现倍增。
One final note, you should learn about the 3 warning signs we've spotted with Shanghai Kinlita Chemical (including 1 which can't be ignored) .
最后，您应该了解上海金力泰化学的3个风险警示（包括无法忽略的1个）。
While Shanghai Kinlita Chemical isn't earning the highest return, check out this free list of companies that are earning high returns on equity with solid balance sheets.
虽然上海金力泰化学的回报率不是最高的，但是请查看以最佳平衡表现为特点的高收益率公司的免费名单。
Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team (at) simplywallst.com.
This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.
对本文有任何反馈？对内容有任何疑虑？请直接与我们联系。或者，发送电子邮件至editorial-team@simplywallst.com。
这篇文章是Simply Wall St的一般性文章。我们根据历史数据和分析师预测提供评论，只使用公正的方法论，我们的文章并不意味着提供任何金融建议。文章不构成买卖任何股票的建议，也不考虑您的目标或您的财务状况。我们的目标是带给您基本数据驱动的长期关注分析。请注意，我们的分析可能不考虑最新的价格敏感公司公告或定性材料。Simply Wall St没有任何股票头寸。
Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team@simplywallst.com
对本文有任何反馈？对内容有任何疑虑？请直接与我们联系。或者，发送电子邮件至editorial-team@simplywallst.com。