Some Investors May Be Worried About Crystal Clear Electronic MaterialLtd's (SZSE:300655) Returns On Capital
Some Investors May Be Worried About Crystal Clear Electronic MaterialLtd's (SZSE:300655) Returns On Capital
0.0084 = CN¥41m ÷ (CN¥5.3b - CN¥455m) There are a few key trends to look for if we want to identify the next multi-bagger. Typically, we'll want to notice a trend of growing return on capital employed (ROCE) and alongside that, an expanding base of capital employed. Ultimately, this demonstrates that it's a business that is reinvesting profits at increasing rates of return. Although, when we looked at Crystal Clear Electronic MaterialLtd (SZSE:300655), it didn't seem to tick all of these boxes.
如果我们想要找出下一个投资回报翻倍的标的，有几个关键趋势需要留意。通常，我们会希望注意到资本运用回报率（ROCE）不断增长的趋势，以及与此同时，资本运用基础扩大的趋势。最终，这表明这是一个正在以递增的回报率再投资利润的业务。尽管当我们看Crystal Clear Electronic MaterialLtd（SZSE:300655）时，似乎并没有完全符合这些要点。
What Is Return On Capital Employed (ROCE)?
我们对 Enphase Energy 的资本雇用回报率的看法：正如我们上面看到的，Enphase Energy 的资本回报率没有提高，但它正在重新投资于业务。投资者必须认为未来会有更好的前景，因为股票表现良好，使持股五年以上的股东获得了 690% 的收益。最终，如果基本趋势持续存在，我们不会对它成为一只多头股持有期很久很有信心。
If you haven't worked with ROCE before, it measures the 'return' (pre-tax profit) a company generates from capital employed in its business. To calculate this metric for Crystal Clear Electronic MaterialLtd, this is the formula:
如果您之前没有接触过ROCE，它衡量了公司从业务中资本运用所产生的‘回报’（税前利润）。要为Crystal Clear Electronic MaterialLtd计算这一指标，使用以下公式：
Return on Capital Employed = Earnings Before Interest and Tax (EBIT) ÷ (Total Assets - Current Liabilities)
资本利用率 = 利息和税前利润（EBIT） ÷ （总资产 - 流动负债）
0.0084 = CN¥41m ÷ (CN¥5.3b - CN¥455m) (Based on the trailing twelve months to September 2024).
0.0084 = 4100万元人民币 ÷ （53亿人民币 - 4.55 亿元人民币）（基于2024年9月的滚动十二个月）。
Thus, Crystal Clear Electronic MaterialLtd has an ROCE of 0.8%. Ultimately, that's a low return and it under-performs the Chemicals industry average of 5.6%.
因此，Crystal Clear Electronic MaterialLtd的ROCE为0.8%。最终，这是一个较低的回报率，低于化学品行业平均水平5.6%。
In the above chart we have measured Crystal Clear Electronic MaterialLtd'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 Crystal Clear Electronic MaterialLtd for free.
在上面的图表中，我们已经衡量了Crystal Clear Electronic MaterialLtd以前的ROCE与其以前的表现，但未来可能更重要。如果您愿意，您可以免费查看分析师对Crystal Clear Electronic MaterialLtd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。
The trend of ROCE doesn't look fantastic because it's fallen from 5.7% five years ago, while the business's capital employed increased by 403%. However, some of the increase in capital employed could be attributed to the recent capital raising that's been completed prior to their latest reporting period, so keep that in mind when looking at the ROCE decrease. Crystal Clear Electronic MaterialLtd probably hasn't received a full year of earnings yet from the new funds it raised, so these figures should be taken with a grain of salt.
ROCE的趋势看起来并不太好，因为五年前为5.7%，而企业的资本雇用增加了403%。然而，资本雇用的增加部分原因可能是在最新报告期之前完成的最近的资本筹集，所以在看ROCE下降时请牢记这一点。Crystal Clear Electronic MaterialLtd可能尚未从其筹集的新资金中获得完整的一年收益，因此这些数据应该带有一定的保留态度。
On a related note, Crystal Clear Electronic MaterialLtd has decreased its current liabilities to 8.6% of total assets. That could partly explain why the ROCE has dropped. Effectively this means their suppliers or short-term creditors are funding less of the business, which reduces some elements of risk. Since the business is basically funding more of its operations with it's own money, you could argue this has made the business less efficient at generating ROCE.
值得一提的是，Crystal Clear Electronic MaterialLtd将其流动负债降至总资产的8.6%。这在一定程度上可以解释为何ROCE下降。实际上，这意味着他们的供应商或短期债权人为企业提供资金量较少，从而减少了一些风险因素。由于企业基本上是用自己的资金更多地资助其业务，您可以认为这使企业在生成ROCE方面不那么高效。
Our Take On Crystal Clear Electronic MaterialLtd's ROCE
我们对Crystal Clear Electronic MaterialLtd的ROCE看法
In summary, Crystal Clear Electronic MaterialLtd is reinvesting funds back into the business for growth but unfortunately it looks like sales haven't increased much just yet. Investors must think there's better things to come because the stock has knocked it out of the park, delivering a 129% gain to shareholders who have held over the last five years. Ultimately, if the underlying trends persist, we wouldn't hold our breath on it being a multi-bagger going forward.
总之，Crystal Clear Electronic MaterialLtd正在将资金重新投入业务以实现增长，但不幸的是，销售额似乎还没有实现太大增长。投资者必须认为未来会有更好的事情发生，因为该股票表现出色，为过去五年持有的股东带来了129%的收益。最终，如果基本趋势持续下去，我们不指望它会成为未来的多倍赚家。
If you'd like to know more about Crystal Clear Electronic MaterialLtd, we've spotted 2 warning signs, and 1 of them can't be ignored.
如果您想了解更多关于Crystal Clear Electronic MaterialLtd的信息，我们已经发现了2个警告信号，其中1个是不容忽视的。
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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