Investors Could Be Concerned With Ningbo Jintian Copper (Group)'s (SHSE:601609) Returns On Capital
Investors Could Be Concerned With Ningbo Jintian Copper (Group)'s (SHSE:601609) 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? 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. However, after briefly looking over the numbers, we don't think Ningbo Jintian Copper (Group) (SHSE:601609) has the makings of a multi-bagger going forward, but let's have a look at why that may be.
如果我們想找到一隻可以長期成倍增長的股票,我們應該尋找哪些潛在趨勢?首先,我們希望看到經過驗證的 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。但是,在簡要研究了這些數字之後,我們認爲寧波金田銅業(集團)(SHSE: 601609)在未來不具備多裝袋機的實力,但讓我們來看看爲什麼會這樣。
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. The formula for this calculation on Ningbo Jintian Copper (Group) is:
對於那些不知道的人來說,ROCE是衡量公司年度稅前利潤(其回報率)的指標,相對於該業務使用的資本。寧波金田銅業(集團)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)
0.05 = CN¥718m ÷ (CN¥24b - CN¥9.7b) (Based on the trailing twelve months to September 2023).
0.05 = 7.18億元人民幣 ÷(24億元人民幣-9.7億元人民幣) (基於截至2023年9月的過去十二個月)。
Therefore, Ningbo Jintian Copper (Group) has an ROCE of 5.0%. On its own, that's a low figure but it's around the 6.2% average generated by the Metals and Mining industry.
因此,寧波金田銅業(集團)的投資回報率爲5.0%。就其本身而言,這是一個很低的數字,但約爲金屬和採礦業的6.2%的平均水平。
Check out our latest analysis for Ningbo Jintian Copper (Group)
查看我們對寧波金田銅業(集團)的最新分析
In the above chart we have measured Ningbo Jintian Copper (Group)'s prior ROCE against its prior performance, but the future is arguably more important. If you'd like, you can check out the forecasts from the analysts covering Ningbo Jintian Copper (Group) here for free.
在上圖中,我們將寧波金田銅業(集團)先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。如果你願意,可以在這裏免費查看報道寧波金田銅業(集團)的分析師的預測。
What Does the ROCE Trend For Ningbo Jintian Copper (Group) Tell Us?
寧波金田銅業(集團)的ROCE趨勢告訴我們什麼?
When we looked at the ROCE trend at Ningbo Jintian Copper (Group), we didn't gain much confidence. Over the last five years, returns on capital have decreased to 5.0% from 14% five years ago. On the other hand, the company has been employing more capital without a corresponding improvement in sales in the last year, which could suggest these investments are longer term plays. 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.
當我們查看寧波金田銅業(集團)的ROCE趨勢時,我們並沒有獲得太大的信心。在過去五年中,資本回報率從五年前的14%降至5.0%。另一方面,該公司在去年一直在使用更多資本,但銷售額沒有相應改善,這可能表明這些投資是長期投資。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, Ningbo Jintian Copper (Group) has decreased its current liabilities to 40% 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. 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. Keep in mind 40% is still pretty high, so those risks are still somewhat prevalent.
與此相關的是,寧波金田銅業(集團)已將其流動負債減少至總資產的40%。這可以部分解釋投資回報率下降的原因。實際上,這意味着他們的供應商或短期債權人減少了對企業的融資,從而降低了某些風險因素。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。請記住,40%仍然很高,因此這些風險仍然有些普遍。
What We Can Learn From Ningbo Jintian Copper (Group)'s ROCE
我們可以從寧波金田銅業(集團)的ROCE中學到什麼
In summary, Ningbo Jintian Copper (Group) is reinvesting funds back into the business for growth but unfortunately it looks like sales haven't increased much just yet. And investors appear hesitant that the trends will pick up because the stock has fallen 32% in the last three years. 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,寧波金田銅業(集團)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。投資者似乎對趨勢的回升猶豫不決,因爲該股在過去三年中下跌了32%。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。
If you'd like to know more about Ningbo Jintian Copper (Group), we've spotted 4 warning signs, and 1 of them is potentially serious.
如果您想進一步了解寧波金田銅業(集團),我們已經發現了4個警告標誌,其中一個可能很嚴重。
While Ningbo Jintian Copper (Group) isn't earning the highest return, check out this free list of companies that are earning high returns on equity with solid balance sheets.
儘管寧波金田銅業(集團)的回報率並不是最高的,但請查看這份免費的股票回報率高、資產負債表穩健的公司名單。
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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。