Here's What's Concerning About Tongling Jingda Special Magnet Wire's (SHSE:600577) Returns On Capital
Here's What's Concerning About Tongling Jingda Special Magnet Wire's (SHSE:600577) Returns On Capital
0.10 = CN¥643m ÷ (CN¥12b - CN¥5.4b) 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. 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. Put simply, these types of businesses are compounding machines, meaning they are continually reinvesting their earnings at ever-higher rates of return. However, after briefly looking over the numbers, we don't think Tongling Jingda Special Magnet Wire (SHSE:600577) has the makings of a multi-bagger going forward, but let's have a look at why that may be.
如果你不确定如何寻找下一个多倍股，那么你应该留意几个主要趋势。在完美世界里，我们想看到一个公司将更多的资本投入到业务中，理想情况下从该资本获得的回报也在增长。简而言之，这些类型的企业是复合机器，意味着他们不断地以越来越高的回报率再投资其收益。然而，简短地了解过这些数字后，我们认为600577不具备成为未来的多倍股的条件，但我们来看看为什么。
Return On Capital Employed (ROCE): What Is It?
资本雇用回报率（ROCE）是什么？
For those who don't know, ROCE is a measure of a company's yearly pre-tax profit (its return), relative to the capital employed in the business. Analysts use this formula to calculate it for Tongling Jingda Special Magnet Wire:
对于不了解的人来说，ROCE是用来衡量公司每年税前利润（其回报）与业务所投资资本之间关系的一种度量方式。分析师使用此公式来计算精达股份的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。
0.10 = CN¥643m ÷ (CN¥12b - CN¥5.4b) (Based on the trailing twelve months to March 2024).
0.10 = CN¥64300万 ÷ (CN¥120亿 - CN¥5.4b) （基于截至2024年3月的过去12个月）。
Thus, Tongling Jingda Special Magnet Wire has an ROCE of 10%. In absolute terms, that's a satisfactory return, but compared to the Electrical industry average of 6.0% it's much better.
因此，精达股份的ROCE为10%。从绝对角度来看，这是一个令人满意的回报率，但与电气行业平均6.0%相比，要好得多。
Above you can see how the current ROCE for Tongling Jingda Special Magnet Wire compares to its prior returns on capital, but there's only so much you can tell from the past. If you're interested, you can view the analysts predictions in our free analyst report for Tongling Jingda Special Magnet Wire .
上面可以看到精达股份当前的ROCE与过去的资本回报率相比较，但过去只能看到有限的信息。如果您有兴趣，可以查看我们的精达股份免费分析师报告中的分析师预测。
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。
On the surface, the trend of ROCE at Tongling Jingda Special Magnet Wire doesn't inspire confidence. Around five years ago the returns on capital were 16%, but since then they've fallen to 10%. Meanwhile, the business is utilizing more capital but this hasn't moved the needle much in terms of sales in the past 12 months, so this could reflect longer term investments. It's worth keeping an eye on the company's earnings from here on to see if these investments do end up contributing to the bottom line.
从表面上看，精达股份的ROCE趋势并不令人信心满满。约五年前，资本回报率为16%，但自那以后已下降至10%。同时，该企业利用了更多资本，但在过去12个月的销售额方面并未有太大进展，因此这可能反映了长期投资。从这里开始，关注公司的盈利，看看这些投资是否最终有助于底线。
While on the subject, we noticed that the ratio of current liabilities to total assets has risen to 46%, which has impacted the ROCE. If current liabilities hadn't increased as much as they did, the ROCE could actually be even lower. And with current liabilities at these levels, suppliers or short-term creditors are effectively funding a large part of the business, which can introduce some risks.
说到这类问题，我们注意到，当前负债占总资产的比率提高到46%，这对ROCE产生了影响。如果当前负债没有像现在这样增加，ROCE实际上可能会更低。而且，随着当前负债达到这个水平，供应商或短期债权人实际上在为公司资助商业的大部分，这可能会带来一些风险。
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。
Bringing it all together, while we're somewhat encouraged by Tongling Jingda Special Magnet Wire's reinvestment in its own business, we're aware that returns are shrinking. Investors must think there's better things to come because the stock has knocked it out of the park, delivering a 101% gain to shareholders who have held over the last five years. However, unless these underlying trends turn more positive, we wouldn't get our hopes up too high.
综合考虑，尽管我们对精达股份对其自身业务进行再投资感到有些鼓舞人心，但我们也意识到其回报正在下降。投资者必须认为还有更好的事情即将发生，因为这支股票已将其投资者在过去五年中的回报增加了101%。然而，除非这些基础趋势变得更加积极，否则我们不会期望太高。
Tongling Jingda Special Magnet Wire does have some risks though, and we've spotted 1 warning sign for Tongling Jingda Special Magnet Wire that you might be interested in.
精达股份确实存在一些风险，我们已经发现了一项警告，您可能会对精达股份感兴趣。
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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