Jiangsu Sanfame Polyester MaterialLtd (SHSE:600370) Hasn't Managed To Accelerate Its Returns
Jiangsu Sanfame Polyester MaterialLtd (SHSE:600370) Hasn't Managed To Accelerate Its Returns
0.054 = CN¥520m ÷ (CN¥17b - CN¥7.1b) (Based on the trailing twelve months to June 2023).What are the early trends we should look for to identify a stock that could multiply in value over the long term? One common approach is to try and find a company with returns on capital employed (ROCE) that are increasing, in conjunction with a growing 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. Although, when we looked at Jiangsu Sanfame Polyester MaterialLtd (SHSE:600370), it didn't seem to tick all of these boxes.
我們應該尋找哪些早期趨勢來識別一隻可能在長期內成倍增值的股票？一種常見的方法是嘗試找到一家擁有退貨已使用資本(ROCE)正在增加，同時也在增長金額已動用資本的比例。如果你看到這個，通常意味著它是一家擁有出色商業模式和大量有利可圖的再投資機會的公司。雖然，當我們看到江秀克三飛達克龍材料有限公司(上海證券交易所：600370)，它似乎沒有勾選所有這些框。
Return On Capital Employed (ROCE): What Is It?
資本回報率(ROCE)：它是什麼？
Just to clarify if you're unsure, ROCE is a metric for evaluating how much pre-tax income (in percentage terms) a company earns on the capital invested in its business. Analysts use this formula to calculate it for Jiangsu Sanfame Polyester MaterialLtd:
如果您不確定，只需澄清一下，ROCE是一種評估公司投資於其業務的資本獲得多少稅前收入(按百分比計算)的指標。分析師使用以下公式來計算江秀克三明達克龍材料有限公司的價格：
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)
0.054 = CN¥520m ÷ (CN¥17b - CN¥7.1b) (Based on the trailing twelve months to June 2023).
0.054=人民幣5.2億？(人民幣17億元-人民幣71億元)(根據截至2023年6月的往績12個月計算)。
Therefore, Jiangsu Sanfame Polyester MaterialLtd has an ROCE of 5.4%. On its own that's a low return on capital but it's in line with the industry's average returns of 5.3%.
所以呢，江秀克三豐聚酯材料有限公司的淨資產收益率為5.4%。就其本身而言，這是一個較低的資本回報率，但與該行業5.3%的平均回報率一致。
View our latest analysis for Jiangsu Sanfame Polyester MaterialLtd
查看我們對江秀克三菲聚酯材料有限公司的最新分析
Historical performance is a great place to start when researching a stock so above you can see the gauge for Jiangsu Sanfame Polyester MaterialLtd's ROCE against it's prior returns. If you want to delve into the historical earnings, revenue and cash flow of Jiangsu Sanfame Polyester MaterialLtd, check out these free graphs here.
在研究一隻股票時，歷史表現是一個很好的起點，因為在歷史表現上方，你可以看到江秀克三明聚酯材料有限公司的ROCE相對於其先前回報的指標。如果你想深入研究江秀克三明聚酯材料有限公司的歷史收益、收入和現金流，請查看以下內容免費圖表在這裡。
What The Trend Of ROCE Can Tell Us
ROCE的走勢告訴我們什麼
In terms of Jiangsu Sanfame Polyester MaterialLtd's historical ROCE trend, it doesn't exactly demand attention. The company has employed 534% more capital in the last five years, and the returns on that capital have remained stable at 5.4%. This poor ROCE doesn't inspire confidence right now, and with the increase in capital employed, it's evident that the business isn't deploying the funds into high return investments.
就江秀克三明聚酯材料有限公司的歷史ROCE趨勢而言，它並不完全需要關注。該公司在過去五年中增加了534%的資本，資本回報率穩定在5.4%。這種糟糕的ROCE目前並沒有激發人們的信心，而且隨著所用資本的增加，很明顯，該公司沒有將資金用於高回報投資。
Another point to note, we noticed the company has increased current liabilities over the last five years. This is intriguing because if current liabilities hadn't increased to 42% of total assets, this reported ROCE would probably be less than5.4% because total capital employed would be higher.The 5.4% ROCE could be even lower if current liabilities weren't 42% of total assets, because the the formula would show a larger base of total capital employed. Additionally, this high level of current liabilities isn't ideal because it means the company's suppliers (or short-term creditors) are effectively funding a large portion of the business.
另一點需要注意的是，我們注意到該公司在過去五年中增加了流動負債。這很耐人尋味，因為如果流動負債沒有增加到總資產的42%，這個報告的ROCE可能會低於5.4%，因為使用的總資本會更高。如果流動負債不是總資產的42%，ROCE可能會更低，因為公式將顯示使用的總資本的基數更大。此外，這種高水平的流動負債並不理想，因為這意味著該公司的供應商(或短期債權人)實際上正在為很大一部分業務提供資金。
What We Can Learn From Jiangsu Sanfame Polyester MaterialLtd's ROCE
江秀克三豐達克龍材料股份有限公司ROCE的啟示
Long story short, while Jiangsu Sanfame Polyester MaterialLtd has been reinvesting its capital, the returns that it's generating haven't increased. And with the stock having returned a mere 18% in the last five years to shareholders, you could argue that they're aware of these lackluster trends. Therefore, if you're looking for a multi-bagger, we'd propose looking at other options.
長話短說，儘管江秀克三明聚酯材料有限公司一直在對其資本進行再投資，但它產生的回報並沒有增加。過去五年，該公司股票對股東的回報率僅為18%，你可以說，他們意識到了這些低迷的趨勢。因此，如果您正在尋找一個多袋子，我們建議尋找其他選擇。
One final note, you should learn about the 2 warning signs we've spotted with Jiangsu Sanfame Polyester MaterialLtd (including 1 which is a bit unpleasant) .
最後一個注意事項，您應該瞭解2個個警告標誌我們已經看到了江秀克三明達克龍材料有限公司(包括1家有點令人不快)。
While Jiangsu Sanfame Polyester MaterialLtd isn't earning the highest return, check out this free list of companies that are earning high returns on equity with solid balance sheets.
雖然江秀克三明聚酯材料有限公司並沒有獲得最高的回報，但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.
