Investors Could Be Concerned With Jiangnan Yifan MotorLtd's (SZSE:301023) Returns On Capital
Investors Could Be Concerned With Jiangnan Yifan MotorLtd's (SZSE:301023) Returns On Capital
If we want to find a potential multi-bagger, often there are underlying trends that can provide clues. 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. 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 Jiangnan Yifan MotorLtd (SZSE:301023), it didn't seem to tick all of these boxes.
如果我們想找到潛在的多袋裝袋機,通常有一些潛在的趨勢可以提供線索。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 所用資本的比例。如果你看到這一點,這通常意味着它是一家擁有良好商業模式和大量盈利再投資機會的公司。但是,當我們查看江南一帆汽車有限公司(深圳證券交易所代碼:301023)時,它似乎並沒有勾選所有這些方框。
Return On Capital Employed (ROCE): What Is It?
資本使用回報率(ROCE):這是什麼?
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. The formula for this calculation on Jiangnan Yifan MotorLtd is:
爲了澄清一下你是否不確定,ROCE是評估公司從投資於其業務的資本中獲得多少稅前收入(按百分比計算)的指標。江南一帆汽車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)
0.056 = CN¥45m ÷ (CN¥871m - CN¥69m) (Based on the trailing twelve months to September 2023).
0.056 = 4500萬元人民幣 ÷(8.71億元人民幣-6900萬元人民幣) (基於截至2023年9月的過去十二個月)。
Therefore, Jiangnan Yifan MotorLtd has an ROCE of 5.6%. Even though it's in line with the industry average of 6.3%, it's still a low return by itself.
因此,江南億帆汽車有限公司的投資回報率爲5.6%。儘管它與6.3%的行業平均水平一致,但其本身的回報率仍然很低。
View our latest analysis for Jiangnan Yifan MotorLtd
查看我們對江南一帆汽車有限公司的最新分析
![roce](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240124/0-87c0e98e9906ebf8d49c730cf228dad3-0-d81f2170e7789fc1cca19cc1587bb0be.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 Jiangnan Yifan MotorLtd has performed in the past in other metrics, you can view this free graph of past earnings, revenue and cash flow.
雖然過去並不能代表未來,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。如果你想在其他指標中查看江南一帆汽車有限公司過去的表現,你可以查看這張過去收益、收入和現金流的免費圖表。
How Are Returns Trending?
退貨趨勢如何?
When we looked at the ROCE trend at Jiangnan Yifan MotorLtd, we didn't gain much confidence. Around five years ago the returns on capital were 39%, but since then they've fallen to 5.6%. And considering revenue has dropped while employing more capital, we'd be cautious. If this were to continue, you might be looking at a company that is trying to reinvest for growth but is actually losing market share since sales haven't increased.
當我們查看江南一帆汽車有限公司的ROCE趨勢時,我們並沒有獲得太大的信心。大約五年前,資本回報率爲39%,但此後已降至5.6%。考慮到在僱用更多資本的同時收入有所下降,我們會謹慎行事。如果這種情況繼續下去,你可能會看到一家試圖進行再投資以促進增長,但由於銷售額沒有增加,實際上正在失去市場份額的公司。
On a side note, Jiangnan Yifan MotorLtd has done well to pay down its current liabilities to 7.9% 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. Some would claim this reduces the business' efficiency at generating ROCE since it is now funding more of the operations with its own money.
順便說一句,江南億帆汽車有限公司在償還其流動負債至總資產的7.9%方面表現良好。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。有人會聲稱這降低了企業產生投資回報的效率,因爲該公司現在正在用自己的資金爲更多的業務提供資金。
Our Take On Jiangnan Yifan MotorLtd's ROCE
我們對江南一帆汽車有限公司投資回報率的看法
We're a bit apprehensive about Jiangnan Yifan MotorLtd because despite more capital being deployed in the business, returns on that capital and sales have both fallen. Long term shareholders who've owned the stock over the last year have experienced a 30% depreciation in their investment, so it appears the market might not like these trends either. Unless there is a shift to a more positive trajectory in these metrics, we would look elsewhere.
我們對江南億帆汽車有限公司有點擔心,因爲儘管在業務中投入了更多資金,但資本回報率和銷售額都下降了。去年持有該股的長期股東的投資貶值了30%,因此看來市場可能也不喜歡這些趨勢。除非這些指標轉向更積極的軌跡,否則我們將把目光投向其他地方。
If you want to continue researching Jiangnan Yifan MotorLtd, you might be interested to know about the 2 warning signs that our analysis has discovered.
如果你想繼續研究江南一帆汽車有限公司,你可能有興趣了解我們的分析發現的兩個警告信號。
While Jiangnan Yifan MotorLtd 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.
儘管江南一帆汽車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%的公司名單。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。