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The Returns On Capital At Jiayuan Science and TechnologyLtd (SZSE:301117) Don't Inspire Confidence

The Returns On Capital At Jiayuan Science and TechnologyLtd (SZSE:301117) Don't Inspire Confidence

佳源科技股份有限公司(深交所:301117)的資本回報並不能激發信心
Simply Wall St ·  2023/11/13 17:25

To find a multi-bagger stock, what are the underlying trends we should look for in a business? Firstly, we'll want to see a proven return on capital employed (ROCE) that is increasing, and secondly, an expanding base 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. In light of that, when we looked at Jiayuan Science and TechnologyLtd (SZSE:301117) and its ROCE trend, we weren't exactly thrilled.

要找到一隻多袋股票,我們應該在企業中尋找哪些潛在趨勢?首先,我們希望看到一個經過驗證的 返回 關於正在增加的資本使用率(ROCE),其次是擴大 基礎 所用資本的比例。基本上,這意味着公司擁有可以繼續進行再投資的盈利計劃,這是複合機器的特徵。有鑑於此,當我們查看佳源科技股份有限公司(深圳證券交易所代碼:301117)及其投資回報率趨勢時,我們並不感到非常興奮。

Return On Capital Employed (ROCE): What Is It?

資本使用回報率(ROCE):這是什麼?

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 Jiayuan Science and TechnologyLtd is:

對於那些不確定ROCE是什麼的人,它衡量的是公司從其業務中使用的資本中可以產生的稅前利潤金額。佳源科技有限公司的計算公式爲:

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)

0.036 = CN¥49m ÷ (CN¥1.4b - CN¥69m) (Based on the trailing twelve months to September 2023).

0.036 = 4900萬元人民幣 ÷(14億元人民幣-6900萬元人民幣) (基於截至2023年9月的過去十二個月)

Therefore, Jiayuan Science and TechnologyLtd has an ROCE of 3.6%. On its own that's a low return on capital but it's in line with the industry's average returns of 3.8%.

因此,佳源科技有限公司的投資回報率爲3.6%。這本身就是很低的資本回報率,但與該行業3.8%的平均回報率一致。

Check out our latest analysis for Jiayuan Science and TechnologyLtd

查看我們對佳源科技有限公司的最新分析

roce
SZSE:301117 Return on Capital Employed November 13th 2023
SZSE: 301117 2023 年 11 月 13 日動用資本回報率

In the above chart we have measured Jiayuan Science and TechnologyLtd'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 report on analyst forecasts for the company.

在上圖中,我們將佳源科技有限公司之前的投資回報率與之前的表現進行了對比,但可以說,未來更爲重要。如果您有興趣,可以在我們關於公司分析師預測的免費報告中查看分析師的預測。

How Are Returns Trending?

退貨趨勢如何?

On the surface, the trend of ROCE at Jiayuan Science and TechnologyLtd doesn't inspire confidence. Around five years ago the returns on capital were 27%, but since then they've fallen to 3.6%. Meanwhile, the business is utilizing more capital but this hasn't moved the needle much in terms of sales in the past 12 months, so this could reflect longer term investments. 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.

從表面上看,佳源科技有限公司的ROCE趨勢並不能激發信心。大約五年前,資本回報率爲27%,但此後已降至3.6%。同時,該業務正在使用更多的資本,但在過去的12個月中,這並沒有對銷售產生太大影響,因此這可能反映出長期投資。從現在起,值得關注公司的收益,看看這些投資最終是否確實爲利潤做出了貢獻。

On a related note, Jiayuan Science and TechnologyLtd has decreased its current liabilities to 4.9% 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. 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.

與此相關的是,佳源科技有限公司已將其流動負債減少至總資產的4.9%。因此,我們可以將其中一些與投資回報率的下降聯繫起來。更重要的是,這可以降低業務風險的某些方面,因爲現在公司的供應商或短期債權人爲其運營提供的資金減少了。由於該企業基本上是用自己的資金爲其運營提供更多資金,因此您可能會爭辯說,這降低了企業產生投資回報率的效率。

The Bottom Line On Jiayuan Science and TechnologyLtd's ROCE

佳源科技有限公司投資回報率的底線

In summary, Jiayuan Science and TechnologyLtd is reinvesting funds back into the business for growth but unfortunately it looks like sales haven't increased much just yet. Additionally, the stock's total return to shareholders over the last year has been flat, which isn't too surprising. 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.

總而言之,佳源科技有限公司正在將資金再投資到該業務中以實現增長,但不幸的是,銷售額似乎還沒有太大增長。此外,該股去年的股東總回報率持平,這並不奇怪。無論如何,該股票不具有上面討論的多袋裝股票的特徵,因此,如果您正在尋找這種特徵,我們認爲您在其他地方會更幸運。

One more thing, we've spotted 2 warning signs facing Jiayuan Science and TechnologyLtd that you might find interesting.

還有一件事,我們發現了嘉源科技有限公司面臨的兩個警告標誌,你可能會覺得有趣。

While Jiayuan Science and TechnologyLtd 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.

儘管佳源科技有限公司目前可能無法獲得最高的回報,但我們編制了一份目前股本回報率超過25%的公司清單。在這裏查看這個免費清單。

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.

對這篇文章有反饋嗎?對內容感到擔憂?直接聯繫我們。 或者,給編輯團隊 (at) simplywallst.com 發送電子郵件。
Simply Wall St 的這篇文章本質上是籠統的。我們僅使用公正的方法提供基於歷史數據和分析師預測的評論,我們的文章並非旨在提供財務建議。它不構成買入或賣出任何股票的建議,也沒有考慮到您的目標或財務狀況。我們的目標是爲您提供由基本數據驅動的長期重點分析。請注意,我們的分析可能不會考慮最新的價格敏感型公司公告或定性材料。華爾街只是沒有持有上述任何股票的頭寸。

声明:本內容僅用作提供資訊及教育之目的,不構成對任何特定投資或投資策略的推薦或認可。 更多信息
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