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Returns On Capital Signal Tricky Times Ahead For Jade Bird Fire (SZSE:002960)

Returns On Capital Signal Tricky Times Ahead For Jade Bird Fire (SZSE:002960)

資本回報表明 Jade Bird Fire(深圳證券交易所:002960)未來的艱難時期
Simply Wall St ·  03/16 21:46

What trends should we look for it we want to identify stocks that can multiply in value over the long term? 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. 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 Jade Bird Fire (SZSE:002960) has the makings of a multi-bagger going forward, but let's have a look at why that may be.

我們應該尋找哪些趨勢?我們想確定可以長期價值成倍增長的股票?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。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,在簡短地查看了這些數字之後,我們認爲Jade Bird Fire(SZSE:002960)在未來不具備多裝袋機的風格,但讓我們來看看爲什麼會這樣。

What Is Return On Capital Employed (ROCE)?

什麼是資本使用回報率(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 Jade Bird Fire 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。在 Jade Bird Fire 上進行此計算的公式爲:

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)

0.11 = CN¥719m ÷ (CN¥8.2b - CN¥1.6b) (Based on the trailing twelve months to September 2023).

0.11 = 7.19億元人民幣 ÷(82億元人民幣-16億元人民幣) (基於截至2023年9月的過去十二個月)

Therefore, Jade Bird Fire has an ROCE of 11%. In absolute terms, that's a satisfactory return, but compared to the Electronic industry average of 5.3% it's much better.

因此,Jade Bird Fire 的 ROCE 爲 11%。從絕對值來看,這是一個令人滿意的回報,但與電子行業的平均水平5.3%相比,回報要好得多。

roce
SZSE:002960 Return on Capital Employed March 17th 2024
SZSE: 002960 2024 年 3 月 17 日動用資本回報率

Above you can see how the current ROCE for Jade Bird Fire 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 analyst report for Jade Bird Fire .

在上面你可以看到Jade Bird Fire當前的投資回報率與其先前的資本回報率相比如何,但從過去可以看出來的只有那麼多。如果你想了解分析師對未來的預測,你應該查看我們爲Jade Bird Fire提供的免費分析師報告。

How Are Returns Trending?

退貨趨勢如何?

The trend of ROCE doesn't look fantastic because it's fallen from 29% five years ago, while the business's capital employed increased by 375%. Usually this isn't ideal, but given Jade Bird Fire conducted a capital raising before their most recent earnings announcement, that would've likely contributed, at least partially, to the increased capital employed figure. The funds raised likely haven't been put to work yet so it's worth watching what happens in the future with Jade Bird Fire's earnings and if they change as a result from the capital raise. Additionally, we found that Jade Bird Fire's most recent EBIT figure is around the same as the prior year, so we'd attribute the drop in ROCE mostly to the capital raise.

投資回報率的趨勢看起來並不理想,因爲它從五年前的29%下降了,而該企業的使用資本增長了375%。通常,這並不理想,但鑑於Jade Bird Fire在發佈最新業績之前進行了融資,這可能至少部分地促進了已動用資本數字的增加。籌集的資金可能尚未投入使用,因此值得關注的是 Jade Bird Fire 的收益未來會發生什麼,以及這些收益是否會因籌集資金而發生變化。此外,我們發現Jade Bird Fire的最新息稅前利潤與去年大致相同,因此我們將投資回報率的下降主要歸因於籌集資金。

On a side note, Jade Bird Fire has done well to pay down its current liabilities to 19% 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. 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,Jade Bird Fire在將其流動負債償還至總資產的19%方面做得很好。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。有人會聲稱這降低了企業產生投資回報率的效率,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。

The Bottom Line On Jade Bird Fire's ROCE

Jade Bird Fire 的 ROCE 的底線

To conclude, we've found that Jade Bird Fire is reinvesting in the business, but returns have been falling. Additionally, the stock's total return to shareholders over the last three years has been flat, which isn't too surprising. All in all, the inherent trends aren't typical of multi-baggers, so if that's what you're after, we think you might have more luck elsewhere.

總而言之,我們發現Jade Bird Fire正在對該業務進行再投資,但回報率一直在下降。此外,該股在過去三年中的股東總回報率一直持平,這並不奇怪。總而言之,多裝袋機的固有趨勢並不常見,因此,如果您想要這樣做,我們認爲您在其他地方可能會有更多的運氣。

If you'd like to know about the risks facing Jade Bird Fire, we've discovered 2 warning signs that you should be aware of.

如果你想了解青鳥大火面臨的風險,我們發現了兩個你應該注意的警告信號。

While Jade Bird Fire 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Jade Bird Fire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。

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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。

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