Returns On Capital At Rainbow Digital Commercial (SZSE:002419) Paint A Concerning Picture
Returns On Capital At Rainbow Digital Commercial (SZSE:002419) Paint A Concerning Picture
0.0091 = CN¥142m ÷ (CN¥27b - CN¥11b) If we want to find a potential multi-bagger, often there are underlying trends that can provide clues. 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. If you see this, it typically means it's a company with a great business model and plenty of profitable reinvestment opportunities. However, after briefly looking over the numbers, we don't think Rainbow Digital Commercial (SZSE:002419) has the makings of a multi-bagger going forward, but let's have a look at why that may be.
如果我们想找一个潜在的多倍机会，通常会有一些潜在趋势可以提供线索。在其他方面，我们希望看到两件事；首先，是不断增长的资本回报率（ROCE），其次，是公司所用资本的增加。如果你看到这些，通常意味着这是一个具有良好商业模式和许多盈利再投资机会的公司。然而，在简单浏览了这些数字后，我们认为天虹股份（SZSE:002419）未来并不具备成为多倍机会的潜力，但让我们来看一下原因。
Understanding Return On Capital Employed (ROCE)
理解已投资资本回报率（ROCE）
For those that aren't sure what ROCE is, it measures the amount of pre-tax profits a company can generate from the capital employed in its business. The formula for this calculation on Rainbow Digital Commercial is:
对于那些不确定ROCE是什么的人，它衡量的是公司从其业务中使用的资本所能产生的税前利润。天虹股份的计算公式为：
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）
0.0091 = CN¥142m ÷ (CN¥27b - CN¥11b) (Based on the trailing twelve months to September 2024).
0.0091 = CN¥14200万 ÷ (CN¥270亿 - CN¥11b)（基于2024年9月的过去十二个月）。
Therefore, Rainbow Digital Commercial has an ROCE of 0.9%. In absolute terms, that's a low return and it also under-performs the Multiline Retail industry average of 3.9%.
因此，天虹股份的资本回报率为0.9%。就绝对值而言，这是一个较低的回报，且低于多元零售行业的平均水平3.9%。
In the above chart we have measured Rainbow Digital Commercial'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 Rainbow Digital Commercial .
在上述图表中，我们测量了天虹股份之前的资本回报率（ROCE）与其以往表现的对比，但未来显然更为重要。如果你感兴趣，可以查看我们针对天虹股份的免费分析师报告中的预测信息。
What The Trend Of ROCE Can Tell Us
ROCE的趋势可以告诉我们什么
In terms of Rainbow Digital Commercial's historical ROCE movements, the trend isn't fantastic. Around five years ago the returns on capital were 14%, but since then they've fallen to 0.9%. 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 may take some time before the company starts to see any change in earnings from these investments.
就天虹股份历史上的资本回报率（ROCE）变动而言，趋势并不理想。五年前，资本回报率为14%，但此后已降至0.9%。另一方面，过去一年公司投入了更多资本，却没有相应的销售增长，这可能暗示这些投资是长期的。可能需要一些时间，公司才能从这些投资中开始看到收益的变化。
On a related note, Rainbow Digital Commercial has decreased its current liabilities to 41% 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. 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. Either way, they're still at a pretty high level, so we'd like to see them fall further if possible.
相关地，天虹股份已将其当前负债减少至总资产的41%。这或许部分解释了为何资本回报率下降。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融资的运营资金较少。由于公司基本上更多地用自己的资金来支持运营，可以说这使得业务在产生资本回报率方面效率降低。无论如何，它们的资本回报率仍然处于相当高的水平，因此我们希望它能在可能的情况下进一步下降。
The Bottom Line
总结
In summary, Rainbow Digital Commercial is reinvesting funds back into the business for growth but unfortunately it looks like sales haven't increased much just yet. And in the last five years, the stock has given away 37% so the market doesn't look too hopeful on these trends strengthening any time soon. In any case, the stock doesn't have these traits of a multi-bagger discussed above, so if that's what you're looking for, we think you'd have more luck elsewhere.
总之，天虹股份正在将资金重新投资于业务以推动增长，但不幸的是，销售似乎还没有太大增长。而在过去五年中，股票的价值下降了37%，市场对这些趋势短期内加强并不乐观。无论如何，股票并不具备上述关于多倍回报股票的特征，因此如果你正在寻找这样的机会，我们认为你在其他地方会更加幸运。
On a final note, we've found 3 warning signs for Rainbow Digital Commercial that we think you should be aware of.
最后，我们发现了3个关于天虹股份的警告信号，你应该注意一下。
While Rainbow Digital Commercial may not currently earn the highest returns, we've compiled a list of companies that currently earn more than 25% return on equity. Check out this free list here.
虽然天虹股份目前的回报率可能不是最高的，但我们已经汇总了一份目前股本回报率超过25%的公司的名单。请在这里查看这份免费名单。
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