There Are Reasons To Feel Uneasy About Jiangxi Guoguang Commercial Chains' (SHSE:605188) Returns On Capital
There Are Reasons To Feel Uneasy About Jiangxi Guoguang Commercial Chains' (SHSE:605188) Returns On Capital
0.016 = CN¥27m ÷ (CN¥2.7b - CN¥987m) To find a multi-bagger stock, what are the underlying trends we should look for in a business? Firstly, we'd want to identify a growing return on capital employed (ROCE) and then alongside that, an ever-increasing base 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. However, after briefly looking over the numbers, we don't think Jiangxi Guoguang Commercial Chains (SHSE:605188) has the makings of a multi-bagger going forward, but let's have a look at why that may be.
要找到潜力股，我们应该在企业方面寻找哪些潜在趋势？首先，我们需要确定资金投入回报率（ROCE）的不断增长，然后是不断增长的资金投入基础。如果你看到这一点，通常意味着这是一个具有良好商业模式和丰富盈利再投资机会的公司。然而，简要查看了数字后，我们认为江西国光连锁（SHSE:605188）不具备未来成为潜力股的特质，但让我们看看可能的原因。
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。
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 Jiangxi Guoguang Commercial Chains is:
请明确一点，如果您不确定，ROCE是一种评估公司在其业务中投资的资本中赚取多少税前收入（以百分比表示）的指标。此计算方法在江西国光连锁上的计算公式为：
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。
0.016 = CN¥27m ÷ (CN¥2.7b - CN¥987m) (Based on the trailing twelve months to March 2024).
0.016 = CN¥2700万 ÷（CN¥27亿 - CN¥987m）（基于2024年3月的过去十二个月）。
Therefore, Jiangxi Guoguang Commercial Chains has an ROCE of 1.6%. In absolute terms, that's a low return and it also under-performs the Consumer Retailing industry average of 6.4%.
因此，江西国光连锁的ROCE为1.6％。就绝对值而言，这是一个低回报率，也低于消费者零售行业平均水平6.4％。
Historical performance is a great place to start when researching a stock so above you can see the gauge for Jiangxi Guoguang Commercial Chains' ROCE against it's prior returns. If you want to delve into the historical earnings , check out these free graphs detailing revenue and cash flow performance of Jiangxi Guoguang Commercial Chains.
历史表现是研究股票的好起点，因此您可以在上面看到江西国光连锁的ROCE度量标准相对于其先前收益的情况。如果您想深入研究历史收益，请查看这些免费图表，详细介绍江西国光连锁的营业收入和现金流表现。
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 Jiangxi Guoguang Commercial Chains doesn't inspire confidence. To be more specific, ROCE has fallen from 15% over the last five years. On the other hand, the company has been employing more capital without a corresponding improvement in sales in the last year, which could suggest these investments are longer term plays. It may take some time before the company starts to see any change in earnings from these investments.
表面上看，江西国光连锁的ROCE趋势不令人信服。更具体地说，ROCE在过去五年中从15％下降到目前的水平。另一方面，公司已经在上一年度内投入了更多资金，但销售没有相应提高，这可能表明这些投资是长期的。公司可能需要一些时间才能从这些投资中获得收益变化。
On a related note, Jiangxi Guoguang Commercial Chains has decreased its current liabilities to 36% 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. Some would claim this reduces the business' efficiency at generating ROCE since it is now funding more of the operations with its own money.
相关的是，江西国光连锁将其流动负债降至总资产的36％。因此，我们可以将这部分归因于ROCE的下降。实际上，这意味着他们的供应商或短期债权人提供的资金对业务的资助更少，从而降低一些风险因素。有人会声称，这降低了企业以自有资金资助更多运营所创造的ROCE的效率。
The Key Takeaway
重要提示
In summary, Jiangxi Guoguang Commercial Chains is reinvesting funds back into the business for growth but unfortunately it looks like sales haven't increased much just yet. And investors may be recognizing these trends since the stock has only returned a total of 6.4% to shareholders over the last three years. As a result, if you're hunting for a multi-bagger, we think you'd have more luck elsewhere.
总之，江西国光连锁正在为了增长而将资金再投入企业，但不幸的是，销售额似乎还没有显著增加。由于过去三年股票只为股东回报了总计6.4％，因此投资者可能已经认识到这些趋势。因此，如果您正在寻找潜力股，我们认为您可能在其他地方更有好运。
One final note, you should learn about the 4 warning signs we've spotted with Jiangxi Guoguang Commercial Chains (including 1 which is a bit unpleasant) .
最后，请了解我们发现的江西国光连锁的 4个警示信号（其中一个有点不愉快）。
While Jiangxi Guoguang Commercial Chains isn't earning the highest return, check out this free list of companies that are earning high returns on equity with solid balance sheets.
虽然江西国光连锁的回报率并不是最高的，但请查看这份免费的公司列表，这些公司在实现高回报率和稳健资产负债表方面做得更好。
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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。