Ninebot's (SHSE:689009) Returns On Capital Are Heading Higher
Ninebot's (SHSE:689009) Returns On Capital Are Heading Higher
What trends should we look for it we want to identify stocks that can multiply in value over the long term? Typically, we'll want to notice a trend of growing return on capital employed (ROCE) and alongside that, an expanding base 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. So on that note, Ninebot (SHSE:689009) looks quite promising in regards to its trends of return on capital.
如果我们想要找到能在长期内倍增价值的股票,应该关注哪些趋势呢?通常情况下,我们希望看到回报资本(ROCE)不断增长的趋势,并伴随着资本创造的扩大。如果你看到这一点,通常意味着这是一家具有出色商业模式和丰富的盈利再投资机会的公司。所以从这个角度来看,Ninebot (SHSE:689009) 在回报资本的趋势上看起来非常有前景。
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. To calculate this metric for Ninebot, this is the formula:
对于那些不了解的人来说,ROCE是衡量一家公司年度税前利润(回报)与企业投入资本之间关系的指标。要计算Ninebot的ROCE,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。
0.14 = CN¥839m ÷ (CN¥13b - CN¥7.2b) (Based on the trailing twelve months to June 2024).
0.14 = CN¥83900万 ÷ (CN¥130亿 - CN¥7.2亿)(基于2024年6月的过去十二个月)。
Therefore, Ninebot has an ROCE of 14%. On its own, that's a standard return, however it's much better than the 4.6% generated by the Auto industry.
因此,Ninebot的ROCE为14%。单独看来,这是一个标准的回报,但相比汽车行业的4.6%,它要好得多。
![1725235883751](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240902/43159295-0-359715342bb20170fced30fa1e7ef00d.webp/bigjpg)
In the above chart we have measured Ninebot's prior ROCE against its prior performance, but the future is arguably more important. If you'd like, you can check out the forecasts from the analysts covering Ninebot for free.
在上面的图表中,我们已经测量了九号机器人的以往ROCE与其以往的表现,但未来可能更为重要。如果您愿意,可以免费查看覆盖九号机器人的分析师的预测。
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。
Ninebot has recently broken into profitability so their prior investments seem to be paying off. Shareholders would no doubt be pleased with this because the business was loss-making four years ago but is is now generating 14% on its capital. And unsurprisingly, like most companies trying to break into the black, Ninebot is utilizing 148% more capital than it was four years ago. We like this trend, because it tells us the company has profitable reinvestment opportunities available to it, and if it continues going forward that can lead to a multi-bagger performance.
九号机器人最近实现了盈利,所以他们以前的投资似乎是值得的。股东们无疑会对此感到高兴,因为这家企业四年前还亏损,现在却能够获得14%的资本回报率。毫不奇怪,与四年前相比,九号机器人目前的资本利用率增加了148%。我们喜欢这种趋势,因为它告诉我们这家公司有盈利的再投资机会,并且如果继续下去,这将会带来多倍的业绩。
On a separate but related note, it's important to know that Ninebot has a current liabilities to total assets ratio of 55%, 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. While it's not necessarily a bad thing, it can be beneficial if this ratio is lower.
另外需要知道的是,九号机器人的流动负债占总资产的比率为55%,我们认为这是相当高的。这可能带来一些风险,因为公司基本上是依赖供应商或其他短期债权人。虽然这并不一定是一件坏事,但如果这个比率较低,则可能更有益处。
The Key Takeaway
重要提示
To the delight of most shareholders, Ninebot has now broken into profitability. Given the stock has declined 44% in the last three years, this could be a good investment if the valuation and other metrics are also appealing. That being the case, research into the company's current valuation metrics and future prospects seems fitting.
令大多数股东高兴的是,九号机器人现在已经盈利。考虑到该股票在过去三年下跌了44%,如果估值和其他指标也具有吸引力的话,这可能是一个不错的投资选择。在这种情况下,对公司的当前估值指标和未来前景进行研究是合适的。
On a separate note, we've found 1 warning sign for Ninebot you'll probably want to know about.
另外,我们发现了九号平衡车的一个警告信号,您可能想知道。
For those who like to invest in solid companies, check out this free list of companies with solid balance sheets and high returns on equity.
Hao Tian International Construction Investment Group确实存在一些风险,我们已经发现了一条警示标志,你可能会感兴趣。对于那些喜欢投资于实力雄厚的公司的人,可以查看这个由财务状况强大、股本回报率高的公司组成的免费列表。
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