Kunshan Kinglai Hygienic MaterialsLtd (SZSE:300260) Might Have The Makings Of A Multi-Bagger
Kunshan Kinglai Hygienic MaterialsLtd (SZSE:300260) Might Have The Makings Of A Multi-Bagger
What are the early trends we should look for to identify a stock that could multiply in value over the long term? One common approach is to try and find a company with returns on capital employed (ROCE) that are increasing, in conjunction with a growing 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. With that in mind, we've noticed some promising trends at Kunshan Kinglai Hygienic MaterialsLtd (SZSE:300260) so let's look a bit deeper.
怎样发现一只潜力大、长期上涨的股票？一种常见方法是寻找回报率和资本雇用额都在增加的公司，通常意味着这是一家业务模式优秀且有大量盈利的再投资机会的公司。有鉴于此，我们注意到昆山市金来卫生材料股份有限公司（SZSE: 300260）出现了一些有希望的趋势，让我们进一步了解一下。
Return On Capital Employed (ROCE): What Is It?
资本雇用回报率（ROCE）是什么？
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 Kunshan Kinglai Hygienic MaterialsLtd:
如果你以前没有接触过资本雇用回报率（ROCE），那么应该了解它是通过计算一个公司的营业利润与其资本雇用额之比来衡量其“回报率”。分析师们使用这个公式来计算昆山市金来卫生材料股份有限公司的资本雇用回报率：
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。
0.13 = CN¥311m ÷ (CN¥4.5b - CN¥2.1b) (Based on the trailing twelve months to March 2024).
0.13 = CN¥31100万 ÷ (CN¥45亿 - CN¥2.1b)（基于截至2024年3月的过去12个月）。
Therefore, Kunshan Kinglai Hygienic MaterialsLtd has an ROCE of 13%. On its own, that's a standard return, however it's much better than the 5.6% generated by the Machinery industry.
因此，昆山市金来卫生材料股份有限公司的ROCE为13%。单独来看，这是一种标准的回报，但比机械行业的5.6%要好得多。
In the above chart we have measured Kunshan Kinglai Hygienic MaterialsLtd's prior ROCE against its prior performance, but the future is arguably more important. If you'd like to see what analysts are forecasting going forward, you should check out our free analyst report for Kunshan Kinglai Hygienic MaterialsLtd .
在上图中，我们比较了昆山市金来卫生材料股份有限公司以前的ROCE与以前的表现，但未来可能更加重要。如果您想了解分析师的预测，请查看我们为昆山市金来卫生材料股份有限公司提供的免费分析师报告。
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。
Kunshan Kinglai Hygienic MaterialsLtd is displaying some positive trends. The data shows that returns on capital have increased substantially over the last five years to 13%. The company is effectively making more money per dollar of capital used, and it's worth noting that the amount of capital has increased too, by 156%. The increasing returns on a growing amount of capital is common amongst multi-baggers and that's why we're impressed.
昆山市金来卫生材料股份有限公司呈现出一些积极的趋势。数据显示，资本回报率在过去五年中大幅增加至13%。该公司有效地利用资本获取更多的利润，而且值得注意的是，资本的使用量也增加了156%。不断增长的资本回报率通常是多倍增长的共性，这也是我们对它印象深刻的原因。
On a separate but related note, it's important to know that Kunshan Kinglai Hygienic MaterialsLtd has a current liabilities to total assets ratio of 48%, which we'd consider pretty high. This can bring about some risks because the company is basically operating with a rather large reliance on its suppliers or other sorts of short-term creditors. Ideally we'd like to see this reduce as that would mean fewer obligations bearing risks.
在另一个相关的注明中，了解昆山市金来卫生材料股份有限公司的总负债与总资产的比率为48%，这可能带来一些风险，因为该公司基本上是在其供应商或其他短期债权人方面具有较大的依赖性操作。理想情况下，我们希望看到这种比率降低，因为这意味着承担的风险更少。
In Conclusion...
最后，同等资本下回报率较低的趋势通常不是我们关注创业板股票的最佳信号。由于这些发展进行良好，因此投资者不太可能表现友好。自五年前以来，该股下跌了32%。除非这些指标朝着更积极的轨迹转变，否则我们将继续寻找其他股票。
In summary, it's great to see that Kunshan Kinglai Hygienic MaterialsLtd 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. Since the stock has returned a staggering 189% to shareholders over the last five years, it looks like investors are recognizing these changes. With that being said, we still think the promising fundamentals mean the company deserves some further due diligence.
总之，令人欣慰的是，昆山市金来卫生材料股份有限公司可以通过持续地以递增的回报率再投资获利，因为这些是那些备受追捧的多倍增长的关键要素之一。由于库存在过去五年中为股东带来了惊人的189%的回报，因此看起来投资者认识到了这些变化。话虽如此，我们仍然认为，具有良好前景的公司应该进一步进行相关的尽职调查。
One final note, you should learn about the 2 warning signs we've spotted with Kunshan Kinglai Hygienic MaterialsLtd (including 1 which is concerning) .
最后提醒一下，您应该了解我们在昆山市金来卫生材料股份有限公司发现的2个警告信号（包括1个令人担忧的信号）。
While Kunshan Kinglai Hygienic MaterialsLtd isn't earning the highest return, check out this free list of companies that are earning high returns on equity with solid balance sheets.
虽然昆山市金来卫生材料股份有限公司的回报率不是最高的，但它是一份具有坚实资产负债表的收益率高的公司清单。
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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。