Here's What's Concerning About Shenzhen Prince New MaterialsLtd's (SZSE:002735) Returns On Capital
Here's What's Concerning About Shenzhen Prince New MaterialsLtd's (SZSE:002735) Returns On Capital
Did you know there are some financial metrics that can provide clues of a potential multi-bagger? Ideally, a business will show two trends; firstly a growing return on capital employed (ROCE) and secondly, an increasing 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. However, after investigating Shenzhen Prince New MaterialsLtd (SZSE:002735), we don't think it's current trends fit the mold of a multi-bagger.
你是否知道，一些財務指標可以提供潛在的多倍投資機會的線索?理想情況下，一個企業將顯示兩個趨勢；首先是資本投入的增長。如果你看到這個，通常意味着這是一家擁有優秀商業模式和充足利潤再投資機會的公司。然而，經過簡要的數字分析後，我們認爲柯力傳感（寧波）股份有限公司（SHSE：603662）未來不具備成爲多倍投資機會的條件，但讓我們看看爲什麼。資產回報率：它是什麼？資本使用率回報(ROCE)是什麼?ROCE 趨勢可以告訴我們什麼？比起 Enphase Energy，有更好的資本回報率選擇。在過去的五年中，該公司增加了 1,306% 的資本，而該資本的回報率保持穩定在 9.9%。這樣差的回報率現在並不令人信服，而且隨着資本的增加，很明顯企業並沒有將資金投入到高回報的投資中。如果你看到這個詞，那麼這家公司通常具有很好的商業模式和許多有利可圖的再投資機會。然而，在調查深圳市高新新材料股份有限公司（SZSE: 002735）之後，我們認爲其目前的趨勢並不符合多倍投資的模式。
What Is Return On Capital Employed (ROCE)?
我們對 Enphase Energy 的資本僱用回報率的看法：正如我們上面看到的，Enphase Energy 的資本回報率沒有提高，但它正在重新投資於業務。投資者必須認爲未來會有更好的前景，因爲股票表現良好，使持股五年以上的股東獲得了 690% 的收益。最終，如果基本趨勢持續存在，我們不會對它成爲一隻多頭股持有期很久很有信心。
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 Shenzhen Prince New MaterialsLtd:
對於不了解ROCE的人，ROCE是公司每年稅前利潤（即回報）相對於業務中使用的資本的度量。分析師使用此公式計算深圳市高新新材料股份有限公司的ROCE:
Return on Capital Employed = Earnings Before Interest and Tax (EBIT) ÷ (Total Assets - Current Liabilities)
資產僱用回報率（ROCE）是指企業利潤，即企業稅前利潤除以企業投入的總資本（負債加股權）。如果ROCE高於企業財務成本的承受能力，那麼企業就會創造出更多的價值。
0.048 = CN¥99m ÷ (CN¥2.9b - CN¥880m) (Based on the trailing twelve months to March 2024).
0.048 = 人民幣99m ÷ （人民幣2.9b - 人民幣880m）在Elevance Health上，我們已經注意到的趨勢是相當令人放心的。數據顯示，過去五年資產回報率大幅提高至15％。投資所用資產的規模也增加了30％。這表明有很多機會進行內部資本投資，並以更高的速度不斷增長，這種組合在多倍增長方面很常見。.
So, Shenzhen Prince New MaterialsLtd has an ROCE of 4.8%. Even though it's in line with the industry average of 4.9%, it's still a low return by itself.
因此，深圳市高新新材料股份有限公司的ROCE爲4.8％。儘管它符合4.9％的行業平均值，但這仍然是一個低迴報。
In the above chart we have measured Shenzhen Prince New MaterialsLtd's prior ROCE against its prior performance, but the future is arguably more important. If you'd like to see what analysts are forecasting going forward, you should check out our free analyst report for Shenzhen Prince New MaterialsLtd .
在上圖中，我們測量了深圳市高新新材料股份有限公司的以前ROCE與以前的表現，但未來可能更重要。如果您想了解分析師向前預測的情況，您應該查看我們針對深圳市高新新材料股份有限公司的免費分析師報告。
What The Trend Of ROCE Can Tell Us
儘管如此，當我們看 enphase energy (納斯達克股票代碼：ENPH) 的時候，它似乎並沒有完全符合這些要求。
We weren't thrilled with the trend because Shenzhen Prince New MaterialsLtd's ROCE has reduced by 58% over the last five years, while the business employed 182% more capital. However, some of the increase in capital employed could be attributed to the recent capital raising that's been completed prior to their latest reporting period, so keep that in mind when looking at the ROCE decrease. Shenzhen Prince New MaterialsLtd probably hasn't received a full year of earnings yet from the new funds it raised, so these figures should be taken with a grain of salt.
我們對趨勢並不滿意，因爲在過去的五年中，深圳市高新新材料股份有限公司的ROCE下降了58％，而業務中使用的資本增加了182％。但是，增加的一部分資本僱用可以歸因於最新報告期前完成的資本增發，因此在查看ROCE下降時要記住這一點。深圳市高新新材料股份有限公司可能還沒有從其籌集的新資金中獲得完整的收益年度，因此這些數據應該以一種客觀的態度來看待。
In Conclusion...
最後，同等資本下回報率較低的趨勢通常不是我們關注創業板股票的最佳信號。由於這些發展進行良好，因此投資者不太可能表現友好。自五年前以來，該股下跌了32%。除非這些指標朝着更積極的軌跡轉變，否則我們將繼續尋找其他股票。
In summary, Shenzhen Prince New MaterialsLtd is reinvesting funds back into the business for growth but unfortunately it looks like sales haven't increased much just yet. Although the market must be expecting these trends to improve because the stock has gained 67% 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.
總之，深圳市高新新材料股份有限公司正在將資金重新投資於業務增長中，但不幸的是，銷售額似乎還沒有明顯增長。雖然股票在過去的五年中上漲了67％，但如果這些潛在趨勢的軌跡繼續下去，我們認爲從這裏成爲多倍投資的可能性不高。
Shenzhen Prince New MaterialsLtd does come with some risks though, we found 2 warning signs in our investment analysis, and 1 of those can't be ignored...
儘管深圳市高新新材料股份有限公司存在風險，但我們在投資分析中發現了2個警告信號，其中1個是不能忽視的......
While Shenzhen Prince New MaterialsLtd isn't earning the highest return, check out this free list of companies that are earning high returns on equity with solid balance sheets.
雖然深圳市高新新材料股份有限公司的回報率並不是最高的，但請檢查這些在資產負債表上具有實力的股票的高股本回報率的免費公司清單。
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