Zhejiang JIULI Hi-tech MetalsLtd (SZSE:002318) Is Looking To Continue Growing Its Returns On Capital
Zhejiang JIULI Hi-tech MetalsLtd (SZSE:002318) Is Looking To Continue Growing Its 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? In a perfect world, we'd like to see a company investing more capital into its business and ideally the returns earned from that capital are also increasing. If you see this, it typically means it's a company with a great business model and plenty of profitable reinvestment opportunities. So on that note, Zhejiang JIULI Hi-tech MetalsLtd (SZSE:002318) looks quite promising in regards to its trends of return on capital.
如果想要辨识一支潜在倍增股，应该留意哪些早期趋势？在一个完美世界中，我们希望看到的是，在公司将更多资本投入业务的同时，所获得的资本回报率也在提高。这通常意味着公司具有出色的商业模式和丰富的盈利再投资机会。因此，作为衡量资本回报率趋势的标准，浙江久立高新材料股份有限公司（SZSE:002318）展现出相当大的潜力。
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. Analysts use this formula to calculate it for Zhejiang JIULI Hi-tech MetalsLtd:
只是为了澄清您可能存在的疑问，ROCE是一种评估公司在业务中所投资的资本所获得的利润（以百分比形式）的指标。分析师使用该公式来计算浙江久立高新材料股份有限公司的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。
0.17 = CN¥1.3b ÷ (CN¥13b - CN¥5.0b) (Based on the trailing twelve months to March 2024).
0.17 = CN¥13亿 ÷ (CN¥130亿 - CN¥5.0b)（截至2024年3月的过去12个月）。
So, Zhejiang JIULI Hi-tech MetalsLtd has an ROCE of 17%. In absolute terms, that's a satisfactory return, but compared to the Metals and Mining industry average of 6.7% it's much better.
因此，浙江久立高新材料股份有限公司的ROCE为17%。就绝对值而言，这是一个令人满意的回报，但与金属和采矿行业平均水平6.7%相比，这要好得多。
Above you can see how the current ROCE for Zhejiang JIULI Hi-tech MetalsLtd compares to its prior returns on capital, but there's only so much you can tell from the past. If you'd like to see what analysts are forecasting going forward, you should check out our free analyst report for Zhejiang JIULI Hi-tech MetalsLtd .
您可以看到浙江久立高新材料股份有限公司当前ROCE与以往资本回报的比较情况，但是从已经发生的事情中只能够看出有限的信息。如果您想了解分析师对未来的预测，您应该查看我们提供的浙江久立高新材料股份有限公司免费分析师报告。
What The Trend Of ROCE Can Tell Us
尽管如此，当我们看 enphase energy (纳斯达克股票代码：ENPH) 的时候，它似乎并没有完全符合这些要求。
Zhejiang JIULI Hi-tech MetalsLtd is displaying some positive trends. The data shows that returns on capital have increased substantially over the last five years to 17%. Basically the business is earning more per dollar of capital invested and in addition to that, 82% more capital is being employed now too. This can indicate that there's plenty of opportunities to invest capital internally and at ever higher rates, a combination that's common among multi-baggers.
浙江久立高新材料股份有限公司展示出了一些积极的趋势。数据显示，在过去的五年中，资本回报率已经大幅增加至17%。这基本上意味着该公司在每投入1美元的资本方面实现了更高的盈利，并且现在还增加了82%的资本。这表明公司内部有大量的资本投资机会，可以以更高的回报率进行投资，这在多倍股中很常见。
For the record though, there was a noticeable increase in the company's current liabilities over the period, so we would attribute some of the ROCE growth to that. Effectively this means that suppliers or short-term creditors are now funding 38% 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.
不过，需要说明的是，公司的流动负债在这段时间内出现了明显增长，所以我们认为ROCE增长的一些因素归功于流动负债。实际上，这意味着供应商或短期债权人现在为公司提供了38%的资金，比五年前多了。这值得关注，因为随着流动负债占总资产的比例增加，风险的某些方面也会增加。
The Key Takeaway
重要提示
In summary, it's great to see that Zhejiang JIULI Hi-tech MetalsLtd can compound returns by consistently reinvesting capital at increasing rates of return, because these are some of the key ingredients of those highly sought after multi-baggers. And with the stock having performed exceptionally well over the last five years, these patterns are being accounted for by investors. With that being said, we still think the promising fundamentals mean the company deserves some further due diligence.
总的来说，很高兴看到浙江久立高新材料股份有限公司能够通过持续以增加的回报率再投资资本来实现资本的复合回报，因为这些都是倍增股的关键因素之一。由于该股在过去五年的表现非常出色，这些趋势正在得到投资者的认可。尽管如此，我们仍然认为这家公司具有良好的基本面，值得进一步的尽职调查。
Like most companies, Zhejiang JIULI Hi-tech MetalsLtd does come with some risks, and we've found 1 warning sign that you should be aware of.
就像大多数公司一样，浙江久立高新材料股份有限公司也存在一些风险，我们发现了1个警示信号，您应该注意一下。
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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