Returns On Capital At Jiangxi Special Electric MotorLtd (SZSE:002176) Have Hit The Brakes
Returns On Capital At Jiangxi Special Electric MotorLtd (SZSE:002176) Have Hit The Brakes
To find a multi-bagger stock, what are the underlying trends we should look for in a business? 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. Ultimately, this demonstrates that it's a business that is reinvesting profits at increasing rates of return. Although, when we looked at Jiangxi Special Electric MotorLtd (SZSE:002176), it didn't seem to tick all of these boxes.
要找到一隻多袋裝箱的股票,我們應該在企業中尋找哪些潛在趨勢?除其他外,我們希望看到兩件事;首先,成長 返回 論資本使用率(ROCE),其次是公司的擴張 金額 的已動用資本。歸根結底,這表明這是一家以更高的回報率對利潤進行再投資的企業。但是,當我們查看江西特種電機有限公司(SZSE:002176)時,它似乎並沒有滿足所有這些條件。
Return On Capital Employed (ROCE): What Is It?
資本使用回報率(ROCE):這是什麼?
For those who don't know, ROCE is a measure of a company's yearly pre-tax profit (its return), relative to the capital employed in the business. Analysts use this formula to calculate it for Jiangxi Special Electric MotorLtd:
對於那些不知道的人來說,投資回報率是衡量公司年度稅前利潤(其回報率)與企業所用資本的關係。分析師使用這個公式來計算江西特種電機有限公司的計算公式:
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)
0.10 = CN¥517m ÷ (CN¥6.6b - CN¥1.7b) (Based on the trailing twelve months to September 2023).
0.10 = CN¥5.17m ≤(CN¥66B-CN¥1.7b) (基於截至2023年9月的過去十二個月)。
Therefore, Jiangxi Special Electric MotorLtd has an ROCE of 10%. In absolute terms, that's a satisfactory return, but compared to the Electrical industry average of 6.3% it's much better.
因此,江西特種電機有限公司的投資回報率爲10%。從絕對值來看,這是一個令人滿意的回報,但與電氣行業6.3%的平均水平相比,要好得多。
See our latest analysis for Jiangxi Special Electric MotorLtd
查看我們對江西特種電機有限公司的最新分析
![roce](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20231216/0-e59c1775f919e5d6f4bd59ec39aa56b3-0-6a1f0d27f7e47fc373b7523b22c6364e.png/big)
While the past is not representative of the future, it can be helpful to know how a company has performed historically, which is why we have this chart above. If you'd like to look at how Jiangxi Special Electric MotorLtd has performed in the past in other metrics, you can view this free graph of past earnings, revenue and cash flow.
雖然過去不能代表未來,但了解一家公司的歷史表現可能會有所幫助,這就是我們上面有這張圖表的原因。如果您想查看江西特種電機有限公司過去在其他指標上的表現,可以查看這張免費的過去收益、收入和現金流圖表。
The Trend Of ROCE
ROCE 的趨勢
There hasn't been much to report for Jiangxi Special Electric MotorLtd's returns and its level of capital employed because both metrics have been steady for the past five years. Businesses with these traits tend to be mature and steady operations because they're past the growth phase. With that in mind, unless investment picks up again in the future, we wouldn't expect Jiangxi Special Electric MotorLtd to be a multi-bagger going forward.
關於江西特種電機有限公司的回報及其資本使用水平,沒有太多可報告的內容,因爲這兩個指標在過去五年中一直保持穩定。具有這些特徵的企業往往會成熟而穩定的運營,因爲它們已經過了增長階段。考慮到這一點,除非將來投資再次回升,否則我們預計江西特種電機有限公司今後不會成爲一家多元化企業。
On a side note, Jiangxi Special Electric MotorLtd has done well to reduce current liabilities to 26% of total assets over the last five years. Effectively suppliers now fund less of the business, which can lower some elements of risk.
順便說一句,江西特種電機有限公司在過去五年中在將流動負債減少到總資產的26%方面做得很好。實際上,供應商現在爲業務提供的資金減少了,這可以降低某些風險因素。
The Key Takeaway
關鍵要點
In a nutshell, Jiangxi Special Electric MotorLtd has been trudging along with the same returns from the same amount of capital over the last five years. Although the market must be expecting these trends to improve because the stock has gained 95% 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.
簡而言之,在過去的五年中,江西特種電機有限公司一直在努力從相同數額的資本中獲得相同的回報。儘管市場一定預計這些趨勢會有所改善,因爲該股在過去五年中上漲了95%。但是,如果這些潛在趨勢的軌跡繼續下去,我們認爲它從現在開始成爲多管齊下的可能性並不高。
One final note, you should learn about the 2 warning signs we've spotted with Jiangxi Special Electric MotorLtd (including 1 which makes us a bit uncomfortable) .
最後一點,你應該了解我們在江西特種電機有限公司發現的兩個警告信號(包括一個讓我們有點不舒服的警告)。
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.
對於那些喜歡投資穩健公司的人,可以查看這份資產負債表穩健和股本回報率高的公司的免費清單。
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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.
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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根據歷史數據和分析師的預測提供評論,我們的文章無意作爲財務建議。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,我們的分析可能不考慮最新的價格敏感型公司公告或定性材料。簡而言之,華爾街沒有持有任何上述股票的頭寸。