Investors Could Be Concerned With Nuode New MaterialsLtd's (SHSE:600110) Returns On Capital
Investors Could Be Concerned With Nuode New MaterialsLtd's (SHSE:600110) Returns On Capital
If we want to find a stock that could multiply over the long term, what are the underlying trends we should look for? 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. Put simply, these types of businesses are compounding machines, meaning they are continually reinvesting their earnings at ever-higher rates of return. Having said that, from a first glance at Nuode New MaterialsLtd (SHSE:600110) we aren't jumping out of our chairs at how returns are trending, but let's have a deeper look.
如果我們想要找到一隻可以長期成倍增長的股票,我們應該尋找什麼潛在趨勢?在其他方面,我們希望看到兩件事;第一,不斷增長的退貨一是關於已用資本(ROCE),二是公司的金額已動用資本的比例。簡而言之,這些類型的企業是複利機器,這意味著它們不斷地以越來越高的回報率對收益進行再投資。話雖如此,從第一眼看諾德新材料有限公司(上海證券交易所:600110)我們不會因為回報率的趨勢而從椅子上跳起來,但讓我們更深入地看看。
Understanding Return On Capital Employed (ROCE)
瞭解資本回報率(ROCE)
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. The formula for this calculation on Nuode New MaterialsLtd is:
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。諾德新材料有限公司的計算公式為:
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)
0.038 = CN¥377m ÷ (CN¥14b - CN¥4.1b) (Based on the trailing twelve months to June 2023).
0.038=人民幣3.77億?(人民幣14億元-人民幣41億元)(根據截至2023年6月的往績12個月計算)。
So, Nuode New MaterialsLtd has an ROCE of 3.8%. In absolute terms, that's a low return and it also under-performs the Electrical industry average of 6.3%.
所以,諾德新材料有限公司的淨資產收益率為3.8%。按絕對值計算,這是一個較低的回報率,也低於6.3%的電氣行業平均水準。
See our latest analysis for Nuode New MaterialsLtd
查看我們對諾德新材料有限公司的最新分析
![roce](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20231020/0-bb8d71b278912e94a938d24ee7cb2cc9-0-d4fa9ba6d93b189f4946df259faa3a4b.png/big)
Above you can see how the current ROCE for Nuode New MaterialsLtd compares to its prior returns on capital, but there's only so much you can tell from the past. If you'd like to see what analysts are forecasting going forward, you should check out our free report for Nuode New MaterialsLtd.
上面你可以看到諾德新材料有限公司目前的淨資產收益率與其之前的資本回報率相比如何,但你只能從過去知道這麼多。如果您想查看分析師對未來的預測,您應該查看我們的免費諾德新材料有限公司報告。
What Does the ROCE Trend For Nuode New MaterialsLtd Tell Us?
諾德新材料股份有限公司的ROCE趨勢告訴我們什麼?
Unfortunately, the trend isn't great with ROCE falling from 11% five years ago, while capital employed has grown 191%. Usually this isn't ideal, but given Nuode New MaterialsLtd conducted a capital raising before their most recent earnings announcement, that would've likely contributed, at least partially, to the increased capital employed figure. It's unlikely that all of the funds raised have been put to work yet, so as a consequence Nuode New MaterialsLtd might not have received a full period of earnings contribution from it.
不幸的是,這一趨勢並不樂觀,淨資產收益率從五年前的11%下降,而已動用資本增長了191%。通常情況下,這並不理想,但考慮到諾德新材料有限公司在最近一次財報公佈之前進行了一次融資,這可能至少在一定程度上推動了資本投入的增加。不太可能所有籌集的資金都已經投入使用,因此諾德新材料有限公司可能沒有從該公司獲得完整時期的收益貢獻。
On a related note, Nuode New MaterialsLtd has decreased its current liabilities to 29% of total assets. So we could link some of this to the decrease in ROCE. 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. Some would claim this reduces the business' efficiency at generating ROCE since it is now funding more of the operations with its own money.
與此相關的是,諾德新材料有限公司已將其流動負債降至總資產的29%。因此,我們可以將其中一些因素與淨資產收益率的下降聯繫起來。更重要的是,這可以降低業務的某些方面的風險,因為現在該公司的供應商或短期債權人為其運營提供的資金減少了。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 Nuode New MaterialsLtd's ROCE
我們可以從諾德新材料有限公司的ROCE中學到什麼
Bringing it all together, while we're somewhat encouraged by Nuode New MaterialsLtd's reinvestment in its own business, we're aware that returns are shrinking. Although the market must be expecting these trends to improve because the stock has gained 56% over the last five years. But if the trajectory of these underlying trends continue, we think the likelihood of it being a multi-bagger from here isn't high.
綜上所述,雖然諾德新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。儘管市場肯定預計這些趨勢會改善,因為該股在過去五年中上漲了56%。但如果這些潛在趨勢的軌跡繼續下去,我們認為從現在開始出現多管齊下的可能性並不高。
If you'd like to know more about Nuode New MaterialsLtd, we've spotted 3 warning signs, and 1 of them is concerning.
如果你想了解更多關於諾德新材料有限公司,我們已經發現3個警示標誌,其中1人與此有關。
While Nuode New MaterialsLtd isn't earning the highest return, check out this free list of companies that are earning high returns on equity with solid balance sheets.
雖然諾德新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.