Nanjing Baose (SZSE:300402) May Have Issues Allocating Its Capital
Nanjing Baose (SZSE:300402) May Have Issues Allocating Its Capital
0.041 = CN¥65m ÷ (CN¥2.6b - CN¥998m) Finding a business that has the potential to grow substantially is not easy, but it is possible if we look at a few key financial metrics. Ideally, a business will show two trends; firstly a growing return on capital employed (ROCE) and secondly, an increasing amount of capital employed. Put simply, these types of businesses are compounding machines, meaning they are continually reinvesting their earnings at ever-higher rates of return. However, after investigating Nanjing Baose (SZSE:300402), we don't think it's current trends fit the mold of a multi-bagger.
寻找一个有潜力大幅增长的业务不是容易的事情，但是只要我们关注几个关键的财务指标，还是可以实现的。理想情况下，一个企业会呈现出两个趋势：首先是不断增长的资本回报率（ROCE），其次是不断增加的资本投入金额。简单来说，这些类型的企业是复利机器，这意味着它们不断地以越来越高的回报率重新投资其收益。然而，在调查宝色股份（SZSE：300402）后，我们认为它目前的趋势并不符合倍增公司的范例。
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. To calculate this metric for Nanjing Baose, this is the formula:
如果您不确定，ROCE是一种用于评估企业在其业务中投资的资本上赚取多少税前收入（以百分比为单位）的指标。要为宝色股份计算此指标，可以使用以下公式：
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。
0.041 = CN¥65m ÷ (CN¥2.6b - CN¥998m) (Based on the trailing twelve months to March 2024).
0.041 = CN¥6500万 ÷ (CN¥26亿 - CN¥998m)（基于截至2024年3月的过去12个月） 。
Thus, Nanjing Baose has an ROCE of 4.1%. Ultimately, that's a low return and it under-performs the Machinery industry average of 5.6%.
因此，宝色股份的ROCE为4.1％。最终，这是一个低回报率，表现低于机械行业平均水平的5.6％。
Historical performance is a great place to start when researching a stock so above you can see the gauge for Nanjing Baose's 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 Nanjing Baose.
历史表现是研究股票的绝佳起点，所以在上面您可以看到宝色股份的ROCE挑战其先前的回报的表现情况。如果您想深入研究历史收益，可以查看这些免费的图表，详细说明宝色股份的营收和现金流表现。
How Are Returns Trending?
综合上述，Cimpress非常有效地提高了其资本利用率所产生的回报。考虑到股票过去五年保持稳定，如果其他指标也不错，则可能存在机会。因此，进一步研究这家公司并确定这些趋势是否会持续是合理的。
We weren't thrilled with the trend because Nanjing Baose's ROCE has reduced by 37% over the last five years, while the business employed 143% more capital. Usually this isn't ideal, but given Nanjing Baose conducted a capital raising before their most recent earnings announcement, that would've likely contributed, at least partially, to the increased capital employed figure. The funds raised likely haven't been put to work yet so it's worth watching what happens in the future with Nanjing Baose's earnings and if they change as a result from the capital raise.
我们对此趋势并不满意，因为过去五年中，宝色股份的ROCE下降了37％，而企业的资本投入增加了143％。通常情况下，这并不理想，但考虑到宝色股份在最近一次盈利公告之前进行了资本筹集，这可能至少部分地导致了增加的资本投入金额。筹集的资金可能还没有得到利用，因此值得观察宝色股份在未来的盈利情况以及是否因为筹集资本而发生变化。
On a related note, Nanjing Baose has decreased its current liabilities to 39% of total assets. That could partly explain why the ROCE has dropped. What's more, this can reduce some aspects of risk to the business because now the company's suppliers or short-term creditors are funding less of its operations. Some would claim this reduces the business' efficiency at generating ROCE since it is now funding more of the operations with its own money.
在相关的事项上，宝色股份将其流动负债减少至总资产的39％。这可能在一定程度上解释了ROCE下降的原因。此外，这可以降低企业的一些风险方面，因为现在公司的供应商或短期债权人资助了更少的经营活动。有人会声称，这降低了企业通过自有资金资助更多经营活动时产生ROCE的效率。
What We Can Learn From Nanjing Baose's ROCE
我们可以从宝色股份的ROCE中得到什么经验教训
Even though returns on capital have fallen in the short term, we find it promising that revenue and capital employed have both increased for Nanjing Baose. And the stock has followed suit returning a meaningful 44% to shareholders over the last five years. So while the underlying trends could already be accounted for by investors, we still think this stock is worth looking into further.
尽管短期内资本回报率下降，但我们认为宝色股份的营收和资本投入均已增加是值得期待的。此外，该股票的回报率也随之增长，为股东带来了有意义的44％的回报。因此，虽然潜在的趋势可能已经被投资者计入，但我们仍然认为这支股票值得进一步研究。
If you want to continue researching Nanjing Baose, you might be interested to know about the 2 warning signs that our analysis has discovered.
如果您想继续研究宝色股份，您可能会对我们分析发现的2个警示标志感兴趣。
While Nanjing Baose isn't earning the highest return, check out this free list of companies that are earning high returns on equity with solid balance sheets.
虽然宝色股份的回报率不是最高的，但请查看这个自由列表，其中的公司在资产负债表上拥有一定的净现金，并赚取高的股权回报率。
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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。
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