Some Investors May Be Worried About Jiangsu Xiuqiang Glasswork's (SZSE:300160) Returns On Capital
Some Investors May Be Worried About Jiangsu Xiuqiang Glasswork's (SZSE:300160) Returns On Capital
0.089 = CN¥221m ÷ (CN¥3.0b - CN¥535m) (Based on the trailing twelve months to March 2024).If you're looking for a multi-bagger, there's a few things to keep an eye out for. 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. Put simply, these types of businesses are compounding machines, meaning they are continually reinvesting their earnings at ever-higher rates of return. However, after briefly looking over the numbers, we don't think Jiangsu Xiuqiang Glasswork (SZSE:300160) has the makings of a multi-bagger going forward, but let's have a look at why that may be.
如果你正在尋找一個多包裹公司，有幾件事情要注意。 其中之一是，我們希望看到兩件事情。 首先是，投入資本要不斷增長。 基本上這意味着一家公司有盈利的項目，可以繼續投資，這是一個複合機器的特徵。然而，當我們看着松下醫療設備（SZSE：300633）時，它似乎沒有滿足所有這些條件。資產回報率：它是什麼？如果您不確定ROCE是什麼，它可以衡量公司能夠從其業務所僱用的資本產生多少稅前利潤。爲了計算V2X的這個指數，使用以下公式:0.054 = 1.24億美元÷（31億美元 - 8.53億美元）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。簡言之，這些類型的企業是複利機器，這意味着它們不斷地以越來越高的回報率重新投資其收益。然而，經過簡短的數字分析，我們不認爲江蘇秀強股份（SZSE:300160）具備成爲多倍化股票的潛力，但讓我們看看可能的原因。
Understanding Return On Capital Employed (ROCE)
上面您可以看到蒙托克可再生能源現行ROCE與之前資本回報的比較，但過去只能知道這麼多。如果您感興趣，可以查看我們免費的蒙托克可再生能源分析師報告，了解分析師的預測。
If you haven't worked with ROCE before, it measures the 'return' (pre-tax profit) a company generates from capital employed in its business. The formula for this calculation on Jiangsu Xiuqiang Glasswork is:
如果您之前沒有接觸過ROCE，它衡量公司從其業務中投入的資本所產生“回報”(稅前利潤)。對江蘇秀強股份的這種計算公式爲:
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。
0.089 = CN¥221m ÷ (CN¥3.0b - CN¥535m) (Based on the trailing twelve months to March 2024).
0.089 = CN¥22100萬 ÷ (CN¥30億 - CN¥535m)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。.
Therefore, Jiangsu Xiuqiang Glasswork has an ROCE of 8.9%. In absolute terms, that's a low return but it's around the Consumer Durables industry average of 8.4%.
因此，江蘇秀強股份的ROCE爲8.9%。就絕對值而言，這是一個較低的回報率，但它接近於消費耐用品行業的平均水平8.4%。
In the above chart we have measured Jiangsu Xiuqiang Glasswork's prior ROCE against its prior performance, but the future is arguably more important. If you're interested, you can view the analysts predictions in our free analyst report for Jiangsu Xiuqiang Glasswork .
在上圖中，我們測量了江蘇秀強股份先前的ROCE以及先前的表現，但未來可能更加重要。如果您感興趣，可以在我們免費的江蘇秀強股份分析師報告中查看分析師的預測。
The Trend Of ROCE
當尋找下一個倍增器時，如果您不確定從哪裏開始，請關注幾個關鍵趨勢。首先，我們希望看到一個經過驗證的資本使用率。如果您看到這一點，通常意味着這是一家擁有出色業務模式和大量盈利再投資機會的公司。然而，調查蒙托克可再生能源公司（NASDAQ：MNTK）後，我們認爲它的現行趨勢不符合倍增器的模式。
In terms of Jiangsu Xiuqiang Glasswork's historical ROCE movements, the trend isn't fantastic. Around five years ago the returns on capital were 11%, but since then they've fallen to 8.9%. Meanwhile, the business is utilizing more capital but this hasn't moved the needle much in terms of sales in the past 12 months, so this could reflect longer term investments. It may take some time before the company starts to see any change in earnings from these investments.
就江蘇秀強股份歷史上的ROCE變化而言，趨勢並不理想。五年前，資本回報率爲11%，但自那以後已降至8.9%。同時，企業正在利用更多的資本，但這在過去12個月內並沒有在銷售上產生多大的變化，因此，這可能反映了更長期的投資。在這些投資產生收益之前，公司可能需要一些時間。
On a related note, Jiangsu Xiuqiang Glasswork has decreased its current liabilities to 18% 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.
有關說明，江蘇秀強股份將其流動負債降至總資產的18%。這可能在一定程度上解釋了ROCE的下降。實際上，這意味着他們的供應商或短期債權人會爲業務提供更少的資金，從而減少某些風險因素。自企業基本上用自己的資金更多地資助其經營活動以來，您可以認爲這使得企業在產生ROCE方面變得不那麼有效率。
Our Take On Jiangsu Xiuqiang Glasswork's ROCE
我們對江蘇秀強股份的ROCE的看法
To conclude, we've found that Jiangsu Xiuqiang Glasswork is reinvesting in the business, but returns have been falling. Since the stock has gained an impressive 63% over the last five years, investors must think there's better things to come. However, unless these underlying trends turn more positive, we wouldn't get our hopes up too high.
總而言之，我們發現江蘇秀強股份在進行業務再投資，但回報率正在下降。由於該股在過去五年中取得了令人矚目的63%的漲幅，投資者必須認爲有更好的前景。但是，除非這些基本趨勢變得更加積極，否則我們不會對其報以過高期望。
On a separate note, we've found 1 warning sign for Jiangsu Xiuqiang Glasswork you'll probably want to know about.
另外，我們已經發現江蘇秀強股份的1個預警信號，您可能會想知道。
While Jiangsu Xiuqiang Glasswork 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.
雖然江蘇秀強股份當前的回報率可能不是最高的，但我們已經編制了一份目前獲得超過25%股本回報率的公司名單。請在此處查看免費清單。
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這篇文章是Simply Wall St的一般性文章。我們根據歷史數據和分析師預測提供評論，只使用公正的方法論，我們的文章並不意味着提供任何金融建議。文章不構成買賣任何股票的建議，也不考慮您的目標或您的財務狀況。我們的目標是帶給您基本數據驅動的長期關注分析。請注意，我們的分析可能不考慮最新的價格敏感公司公告或定性材料。Simply Wall St沒有任何股票頭寸。
