Investors Could Be Concerned With Nanjing Railway New TechnologyLtd's (SZSE:301016) Returns On Capital
Investors Could Be Concerned With Nanjing Railway New TechnologyLtd's (SZSE:301016) 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? Firstly, we'd want to identify a growing return on capital employed (ROCE) and then alongside that, an ever-increasing 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. In light of that, when we looked at Nanjing Railway New TechnologyLtd (SZSE:301016) and its ROCE trend, we weren't exactly thrilled.
我们在找寻能够在长期内增值的股票时，需要遵循以下规律：首先要确认资本雇佣回报率（ROCE）在逐步提高，除此之外，资本雇佣基础也必须不断增加，表明企业拥有复利效应，能够持续将自己的收益再次用于业务，实现更高的回报率。但是，当我们研究南京铁路新技术股份有限公司（SZSE:301016）的ROCE趋势时，并没有太多激动人心的地方。
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。
If you haven't worked with ROCE before, it measures the 'return' (pre-tax profit) a company generates from capital employed in its business. Analysts use this formula to calculate it for Nanjing Railway New TechnologyLtd:
如果你之前没有使用过ROCE指标，它是用来衡量公司从投入资本中所获得的营业利润的，分析师会使用这个公式来计算南京铁路新技术股份有限公司的ROCE指标：
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。
0.044 = CN¥45m ÷ (CN¥1.2b - CN¥167m) (Based on the trailing twelve months to March 2024).
0.044 = CN¥4500万 ÷ (CN¥12亿 - CN¥167m) (截至2024年3月的过去十二个月时间内）。
So, Nanjing Railway New TechnologyLtd has an ROCE of 4.4%. Ultimately, that's a low return and it under-performs the Machinery industry average of 5.6%.
所以，南京铁路新技术股份有限公司的ROCE指标为4.4%，它的回报率偏低，低于机械业平均水平5.6%。
While the past is not representative of the future, it can be helpful to know how a company has performed historically, which is why we have this chart above. If you want to delve into the historical earnings , check out these free graphs detailing revenue and cash flow performance of Nanjing Railway New TechnologyLtd.
尽管过去的表现不能代表未来的趋势，但了解一个公司的历史表现情况还是很有帮助的，这也是我们提供以上图表的原因。如果你想查看历史收入和现金流表现的免费图表，可以了解南京铁路新技术股份有限公司。
The Trend Of ROCE
当寻找下一个倍增器时，如果您不确定从哪里开始，请关注几个关键趋势。首先，我们希望看到一个经过验证的资本使用率。如果您看到这一点，通常意味着这是一家拥有出色业务模式和大量盈利再投资机会的公司。然而，调查蒙托克可再生能源公司（NASDAQ：MNTK）后，我们认为它的现行趋势不符合倍增器的模式。
On the surface, the trend of ROCE at Nanjing Railway New TechnologyLtd doesn't inspire confidence. Around five years ago the returns on capital were 29%, but since then they've fallen to 4.4%. 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.
就表面情况而言，南京铁路新技术股份有限公司的ROCE趋势并没有给人们带来信心。五年前，该公司的资本回报率为29%，但之后却下降到了4.4%。再加上收入下降但是使用了更多的资本，我们需要谨慎地看待。如果继续这种趋势，你可能面对的是一个试图通过再次投资以实现增长的公司，但实际上却在失去市场份额，因为销售额没有增加。
On a side note, Nanjing Railway New TechnologyLtd has done well to pay down its current liabilities to 14% 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.
顺便提一句，南京铁路新技术股份有限公司已经成功地支付当前负债总额占总资产比例的14%了，所以我们可以将部分原因归结于ROCE的降低。这实际上意味着他们的供应商或短期债权人对公司的资金支持减少了，从而减少了某些风险。由于公司基本上将更多的业务运营资金来自自己的资金，因此你可以认为这使得公司在产生ROCE方面的效率降低了。
Our Take On Nanjing Railway New TechnologyLtd's ROCE
我们对南京铁路新技术股份有限公司的ROCE指标持谨慎态度。即便投入更多的业务资金，它的资本回报率和销售额都下降了。长期持有该公司股票的股东在过去三年中经历了25%的贬值，所以市场似乎也不太喜欢这些趋势。由于在这些领域的潜在趋势并不太好，所以我们建议转而寻找其他股票。
We're a bit apprehensive about Nanjing Railway New TechnologyLtd because despite more capital being deployed in the business, returns on that capital and sales have both fallen. Long term shareholders who've owned the stock over the last three years have experienced a 25% depreciation in their investment, so it appears the market might not like these trends either. With underlying trends that aren't great in these areas, we'd consider looking elsewhere.
如果你想了解有关南京铁路新技术股份有限公司的更多信息，我们已经发现了3个警示信号，其中2个是重大警示。
If you'd like to know more about Nanjing Railway New TechnologyLtd, we've spotted 3 warning signs, and 2 of them are significant.
If you want to search for solid companies with great earnings, check out this free list of companies with good balance sheets and impressive returns on equity.
如果您想寻找财务状况良好、回报卓越的实力强企业，可以免费查看以下公司列表。
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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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