Jadard Technology (SHSE:688252) Is Reinvesting At Lower Rates Of Return
Jadard Technology (SHSE:688252) Is Reinvesting At Lower Rates Of Return
0.058 = CN¥115m ÷ (CN¥2.4b - CN¥359m) If you're not sure where to start when looking for the next multi-bagger, there are a few key trends you should keep an eye out for. Amongst other things, we'll want to see two things; firstly, a growing return on capital employed (ROCE) and secondly, an expansion in the company's amount of capital employed. Basically this means that a company has profitable initiatives that it can continue to reinvest in, which is a trait of a compounding machine. However, after investigating Jadard Technology (SHSE:688252), we don't think it's current trends fit the mold of a multi-bagger.
如果您不确定如何寻找下一个多倍增长股票，有几个关键趋势值得关注。其中，我们希望看到两件事：首先，资本雇用回报率（ROCE）增长，其次，公司资本雇用额的扩大。基本上，这意味着公司有盈利的倡议，可以继续进行再投资，这是复合机器的特征。然而，经过研究 Jadard Technology（SHSE：688252），我们认为它目前的趋势不适合多倍增长。
Understanding Return On Capital Employed (ROCE)
上面您可以看到蒙托克可再生能源现行ROCE与之前资本回报的比较，但过去只能知道这么多。如果您感兴趣，可以查看我们免费的蒙托克可再生能源分析师报告，了解分析师的预测。
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 Jadard Technology, this is the formula:
只是为了澄清，如果您不确定，ROCE是一种用于评估公司在其业务中投资的资本上赚取多少税前收入（以百分比表示）的度量标准。为了计算Jadard科技的这个指标，这是公式：
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。
0.058 = CN¥115m ÷ (CN¥2.4b - CN¥359m) (Based on the trailing twelve months to June 2024).
0.058=CN¥11500万÷（CN¥24亿-CN¥359m）（根据截至2024年6月的过去十二个月）。
Thus, Jadard Technology has an ROCE of 5.8%. On its own that's a low return, but compared to the average of 4.2% generated by the Semiconductor industry, it's much better.
因此，Jadard Technology 的 ROCE 为 5.8%。单独看来，这是低回报，但与半导体行业创造的平均 4.2% 相比，要好得多。
In the above chart we have measured Jadard Technology's prior ROCE against its prior performance, but the future is arguably more important. If you're interested, you can view the analysts predictions in our free analyst report for Jadard Technology .
在上图中，我们对 Jadard Technology 的以往 ROCE 进行了衡量，但未来才是更重要的。如果您有兴趣，可以查看我们为 Jadard Technology 提供的免费分析师报告中的分析师预测。
What Does the ROCE Trend For Jadard Technology Tell Us?
Jadard Technology 的 ROCE 趋势告诉我们什么？
On the surface, the trend of ROCE at Jadard Technology doesn't inspire confidence. To be more specific, ROCE has fallen from 12% over the last five years. Although, given both revenue and the amount of assets employed in the business have increased, it could suggest the company is investing in growth, and the extra capital has led to a short-term reduction in ROCE. If these investments prove successful, this can bode very well for long term stock performance.
表面上，Jadard Technology 的 ROCE 趋势并没有激发信心。更具体地说， ROCE 在过去五年中已从 12% 下降。尽管如此，由于营业收入和业务资产的增加，这可能表明公司正在进行增长投资，而额外的资本导致 ROCE 短期内下降。如果这些投资证明成功，这可能对长期股票表现非常有利。
On a related note, Jadard Technology has decreased its current liabilities to 15% 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.
类似的，Jadard Technology 将其流动负债降至总资产的 15%。这可能部分解释了 ROCE 的下降。更重要的是，这可以降低业务的某些风险，因为现在公司的供应商或短期债权人担负的运营资金更少。有人会认为，由于现在用自己的资金将更多的运营资金提供资金，并且这降低了业务在产生 ROCE 方面的效率。
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。
Even though returns on capital have fallen in the short term, we find it promising that revenue and capital employed have both increased for Jadard Technology. However, total returns to shareholders over the last year have been flat, which could indicate these growth trends potentially aren't accounted for yet by investors. So we think it'd be worthwhile to look further into this stock given the trends look encouraging.
尽管短期内资本回报率下降，但我们发现 Jadard Technology 的营业收入和资本雇用量都增加了，这是令人鼓舞的。然而，在过去一年中，股东的总回报率保持不变，这可能表明投资者尚未考虑这些增长趋势。因此，我们认为鉴于趋势看起来令人鼓舞，进一步了解这支股票是值得的。
On a final note, we've found 1 warning sign for Jadard Technology that we think you should be aware of.
最后，我们发现 Jadard Technology 存在1个警告信号，我们认为您应该知道。
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