Here's What's Concerning About Jones Tech's (SZSE:300684) Returns On Capital
Here's What's Concerning About Jones Tech's (SZSE:300684) Returns On Capital
To find a multi-bagger stock, what are the underlying trends we should look for in a business? 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. This shows us that it's a compounding machine, able to continually reinvest its earnings back into the business and generate higher returns. Having said that, from a first glance at Jones Tech (SZSE:300684) we aren't jumping out of our chairs at how returns are trending, but let's have a deeper look.
要寻找一个多倍回报的股票,我们应该在业务中寻找哪些潜在的趋势?除了其他因素外,我们希望看到两个方面;首先,是资本回报率(ROCE)的增长,其次是公司所使用的资本量的扩张。这向我们展示了它是一台复利机器,能够不断将收益再投资回业务中并产生更高的回报。话虽如此,从对Jones Tech(深交所代码:300684)的初步观察来看,我们对回报的趋势并没有感到兴奋,但让我们深入研究一下。
What Is Return On Capital Employed (ROCE)?
什么是资本回报率(ROCE)?
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 Jones Tech, this is the formula:
对于那些不太了解的人来说,ROCE是指公司每年的税前利润(其回报)相对于在业务中使用的资本。要计算Jones Tech的这一指标,可以使用以下公式:
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)
0.075 = CN¥146m ÷ (CN¥2.5b - CN¥506m) (Based on the trailing twelve months to September 2024).
0.075 = CN¥14600万 ÷ (CN¥25亿 - CN¥506m)(基于截至2024年9月的过去十二个月数据)。
Therefore, Jones Tech has an ROCE of 7.5%. In absolute terms, that's a low return, but it's much better than the Electronic industry average of 5.5%.
因此,Jones Tech的资本回报率为7.5%。在绝对值上,这个回报相对较低,但比电子行业的平均水平5.5%要好得多。
Above you can see how the current ROCE for Jones Tech 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 Jones Tech .
上面可以看到Jones Tech当前的资本回报率(ROCE)与之前的资本回报率的比较,但从过去你能看出的信息有限。如果你感兴趣,可以在我们的Jones Tech免费分析师报告中查看分析师的预测。
The Trend Of ROCE
资本回报率(ROCE)的趋势
When we looked at the ROCE trend at Jones Tech, we didn't gain much confidence. To be more specific, ROCE has fallen from 16% over the last five years. On the other hand, the company has been employing more capital without a corresponding improvement in sales in the last year, which could suggest these investments are longer term plays. 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.
当我们观察Jones Tech的ROCE趋势时,并没有获得太多信心。具体来说,ROCE在过去五年中下降了16%。另一方面,该公司在去年使用了更多的资本,但销售没有对应的改善,这可能表明这些投资是长期战略。从这里开始关注该公司的收益,看这些投资是否能最终对净收入做出贡献,这一点是值得的。
What We Can Learn From Jones Tech's ROCE
我们可以从Jones Tech的ROCE中学到什么
To conclude, we've found that Jones Tech is reinvesting in the business, but returns have been falling. Additionally, the stock's total return to shareholders over the last five years has been flat, which isn't too surprising. All in all, the inherent trends aren't typical of multi-baggers, so if that's what you're after, we think you might have more luck elsewhere.
总而言之,我们发现Jones Tech正在对业务进行再投资,但回报在下降。此外,该股在过去五年的所有股东总回报持平,这并不让人惊讶。总的来说,这些固有的趋势并不是典型的多倍回报者,因此如果这正是你所追求的,我们认为你可能在其他地方会更有好运。
Like most companies, Jones Tech does come with some risks, and we've found 1 warning sign that you should be aware of.
像大多数公司一样,Jones Tech也存在一些风险,我们发现有1个警告信号需要你注意。
While Jones Tech 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Jones Tech的回报不是最高的,但可以查看这份免费的公司名单,它们在股本回报率和稳健的资产负债表上表现出色。
Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team (at) simplywallst.com.
This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.
对本文有反馈?对内容有疑虑?请直接与我们联系。或者,发送电子邮件至 editorial-team (at) simplywallst.com。
这篇来自Simply Wall St的文章是一般性的。我们根据历史数据和分析师预测提供评论,采用无偏见的方法,我们的文章并不旨在提供财务建议。它不构成对任何股票的买入或卖出建议,也未考虑到您的目标或财务状况。我们旨在为您提供以基本数据驱动的长期分析。请注意,我们的分析可能未考虑最新的价格敏感公司公告或定性材料。Simply Wall St在提到的任何股票中均没有持仓。