There Are Reasons To Feel Uneasy About Fujian Supertch Advanced MaterialLtd's (SHSE:688398) Returns On Capital
There Are Reasons To Feel Uneasy About Fujian Supertch Advanced MaterialLtd's (SHSE:688398) Returns On Capital
If we want to find a potential multi-bagger, often there are underlying trends that can provide clues. Ideally, a business will show two trends; firstly a growing return on capital employed (ROCE) and secondly, an increasing amount of capital employed. Basically this means that a company has profitable initiatives that it can continue to reinvest in, which is a trait of a compounding machine. However, after investigating Fujian Supertch Advanced MaterialLtd (SHSE:688398), we don't think it's current trends fit the mold of a multi-bagger.
如果我們想要找到一個潛在的多管齊下的人,往往有潛在的趨勢可以提供線索。理想情況下,一家企業將呈現兩種趨勢;第一,增長退貨關於已使用資本(ROCE),第二,增加金額已動用資本的比例。基本上,這意味著一家公司有盈利的舉措,可以繼續進行再投資,這是復合機器的一個特點。不過,經過調查,福建超馳先進材料有限公司(上海證券交易所:688398),我們認為目前的趨勢不符合多袋子模式。
Understanding Return On Capital Employed (ROCE)
瞭解資本回報率(ROCE)
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 Fujian Supertch Advanced MaterialLtd, this is the formula:
如果你以前沒有使用過ROCE,它衡量的是一家公司從業務資本中獲得的“回報”(稅前利潤)。要計算福建超馳先進材料有限公司的這一指標,公式如下:
Return on Capital Employed = Earnings Before Interest and Tax (EBIT) ÷ (Total Assets - Current Liabilities)
已動用資本回報率=息稅前收益(EBIT)?(總資產-流動負債)
0.07 = CN¥74m ÷ (CN¥1.2b - CN¥177m) (Based on the trailing twelve months to June 2023).
0.07=CN元7400萬?(CN元12億-CN元1.77億)(根據截至2023年6月的往績12個月計算)。
So, Fujian Supertch Advanced MaterialLtd has an ROCE of 7.0%. On its own, that's a low figure but it's around the 6.5% average generated by the Machinery industry.
所以,福建超馳先進材料有限公司的淨資產收益率為7.0%。就其本身而言,這是一個很低的數位,但它大約是機械行業6.5%的平均增長率。
View our latest analysis for Fujian Supertch Advanced MaterialLtd
查看我們對福建超馳先進材料有限公司的最新分析
![roce](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20230914/0-7106bad804dc79d809a6f8ec1a6bb997-0-8ead660efee5dd81af1c7e5309900424.png/big)
Above you can see how the current ROCE for Fujian Supertch Advanced MaterialLtd compares to its prior returns on capital, but there's only so much you can tell from the past. If you'd like, you can check out the forecasts from the analysts covering Fujian Supertch Advanced MaterialLtd here for free.
上面你可以看到福建超馳先進材料有限公司目前的淨資產收益率與之前的資本回報率相比,但你只能從過去知道這麼多。如果您願意,您可以在這裡查看福建Supertch先進材料有限公司分析師的預測免費的。
What Does the ROCE Trend For Fujian Supertch Advanced MaterialLtd Tell Us?
福建超馳先進材料有限公司的ROCE趨勢告訴我們什麼?
When we looked at the ROCE trend at Fujian Supertch Advanced MaterialLtd, we didn't gain much confidence. Around five years ago the returns on capital were 9.1%, but since then they've fallen to 7.0%. However it looks like Fujian Supertch Advanced MaterialLtd might be reinvesting for long term growth because while capital employed has increased, the company's sales haven't changed much in the last 12 months. It may take some time before the company starts to see any change in earnings from these investments.
當我們看著福建超馳先進材料有限公司的ROCE趨勢時,我們並沒有獲得多少信心。大約五年前,資本回報率為9.1%,但自那以來已降至7.0%。然而,看起來福建超馳先進材料有限公司可能正在為長期增長進行再投資,因為儘管已動用資本有所增加,但該公司的銷售額在過去12個月裡沒有太大變化。該公司可能需要一段時間才能開始看到這些投資帶來的收益變化。
On a side note, Fujian Supertch Advanced MaterialLtd has done well to pay down its current liabilities to 14% 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. Some would claim this reduces the business' efficiency at generating ROCE since it is now funding more of the operations with its own money.
另外,福建超馳先進材料有限公司在償還當前負債至總資產的14%方面做得很好。這可能在一定程度上解釋了ROCE下降的原因。實際上,這意味著它們的供應商或短期債權人減少了對業務的融資,這降低了一些風險因素。一些人會說,這降低了企業產生淨資產收益率的效率,因為它現在用自己的錢為更多的運營提供資金。
What We Can Learn From Fujian Supertch Advanced MaterialLtd's ROCE
福建超馳先進材料有限公司ROCE值得我們借鑑
Bringing it all together, while we're somewhat encouraged by Fujian Supertch Advanced MaterialLtd's reinvestment in its own business, we're aware that returns are shrinking. Additionally, the stock's total return to shareholders over the last three years has been flat, which isn't too surprising. Therefore based on the analysis done in this article, we don't think Fujian Supertch Advanced MaterialLtd has the makings of a multi-bagger.
綜上所述,雖然福建超馳先進材料有限公司對自己業務的再投資多少讓我們感到鼓舞,但我們意識到回報正在縮水。此外,過去三年該股對股東的總回報率一直持平,這並不太令人意外。因此,根據本文的分析,我們認為福建超馳先進材料有限公司並不具備一刀切的條件。
On a separate note, we've found 1 warning sign for Fujian Supertch Advanced MaterialLtd you'll probably want to know about.
另外,我們發現福建超馳先進材料有限公司1個警示標誌你可能會想知道。
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.
對於那些喜歡投資於穩固的公司,看看這個免費資產負債表穩健、股本回報率高的公司名單。
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本文由Simply Wall St.撰寫,具有概括性.我們僅使用不偏不倚的方法提供基於歷史數據和分析師預測的評論,我們的文章並不打算作為財務建議.它不構成買賣任何股票的建議,也沒有考慮你的目標或你的財務狀況.我們的目標是為您帶來由基本面數據驅動的長期重點分析.請注意,我們的分析可能不會將最新的對價格敏感的公司公告或定性材料考慮在內.Simply Wall St.對上述任何一隻股票都沒有持倉.