Returns At Inner Mongolia Yitai CoalLtd (SHSE:900948) Are On The Way Up
Returns At Inner Mongolia Yitai CoalLtd (SHSE:900948) Are On The Way Up
To find a multi-bagger stock, what are the underlying trends we should look for in a business? One common approach is to try and find a company with returns on capital employed (ROCE) that are increasing, in conjunction with a growing 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. So when we looked at Inner Mongolia Yitai CoalLtd (SHSE:900948) and its trend of ROCE, we really liked what we saw.
尋找倍增股，我們應該查看業務中的潛在趨勢。一種常用的方法是尋找資本雄厚的公司。這表明它是一個複利機器，能夠持續地將盈利再投資到業務中併產生更高的回報。基於此，當我們查看建業地產（SZSE:000719）及其ROCE趨勢時，並不十分令人興奮。什麼是資本僱用回報率（ROCE）？ROCE是一個企業年度稅前利潤（其回報）與企業資本僱用之間的比率。在 Enphase Energy 的計算公式是：資本僱用回報率=利息和稅前收益（EBIT）÷（資產總額-流動負債）。所以，Enphase Energy 的資本僱用回報率爲9.9%。單獨來看，這是一個較低的資本回報率，但它與行業平均回報率相當。以上你可以看到，Enphase Energy 的當前資本僱用回報率與之前的回報率相比如何，但從過去只能知道這麼多。如果你想看看分析師對未來的預測，你應該查看我們免費提供的 Enphase Energy 分析師報告。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。如果您看到這句話，通常意味着這是一家擁有出色商業模式和充足盈利再投資機會的公司。因此，當我們看到內蒙古伊泰煤炭股份有限公司（SHSE：900948）及其ROCE趨勢時，我們非常喜歡看到的內容。
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。
For those that aren't sure what ROCE is, it measures the amount of pre-tax profits a company can generate from the capital employed in its business. To calculate this metric for Inner Mongolia Yitai CoalLtd, this is the formula:
對於那些不確定ROCE是什麼的人，它衡量了公司可以從其業務中使用的資本獲得的稅前利潤金額。爲了計算內蒙古伊泰煤炭股份有限公司的這個指標，這是公式：
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。
0.14 = CN¥10b ÷ (CN¥89b - CN¥14b) (Based on the trailing twelve months to March 2024).
0.14 = CN¥10b ÷ (CN¥89b - CN¥14b)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, Inner Mongolia Yitai CoalLtd has an ROCE of 14%. On its own, that's a standard return, however it's much better than the 11% generated by the Oil and Gas industry.
因此，內蒙古伊泰煤炭股份有限公司的ROCE爲14%。單獨來看，這是一種標準回報，但比燃氣行業產生的11%要好得多。
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're interested in investigating Inner Mongolia Yitai CoalLtd's past further, check out this free graph covering Inner Mongolia Yitai CoalLtd's 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有所幫助，這就是爲什麼我們有上面的這張圖表。如果您有興趣進一步調查內蒙古伊泰煤炭股份有限公司的過去，請查看這份涵蓋內蒙古伊泰煤炭股份有限公司過去的收益，營業收入和現金流的免費圖表。
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。
Inner Mongolia Yitai CoalLtd's ROCE growth is quite impressive. Looking at the data, we can see that even though capital employed in the business has remained relatively flat, the ROCE generated has risen by 41% over the last five years. So our take on this is that the business has increased efficiencies to generate these higher returns, all the while not needing to make any additional investments. It's worth looking deeper into this though because while it's great that the business is more efficient, it might also mean that going forward the areas to invest internally for the organic growth are lacking.
內蒙古伊泰煤炭股份有限公司的ROCE增長相當令人印象深刻。從數據上看，雖然公司投入的資本相對平穩，但在過去五年中，所創造的ROCE增長了41%。因此，我們的觀點是，公司提高了效率，以創造更高的回報率，同時不需要進行任何額外的投資。雖然公司更高效是很好的，但還值得更深入地研究，因爲這可能意味着在內部投資於有機增長的領域上缺乏。
The Bottom Line
還有一件事需要注意的是，我們已經確定了上海醫藥的2個警告信號，了解這些信號應該成爲你的投資過程的一部分。
To sum it up, Inner Mongolia Yitai CoalLtd is collecting higher returns from the same amount of capital, and that's impressive. And with the stock having performed exceptionally well over the last five years, these patterns are being accounted for by investors. Therefore, we think it would be worth your time to check if these trends are going to continue.
總之，內蒙古伊泰煤炭股份有限公司從同樣數量的資本中收取更高的回報率，這是令人印象深刻的。由於股票在過去五年表現異常出色，這些模式正受到投資者的重視。因此，我們認爲值得您花時間檢查這些趨勢是否會繼續。
One final note, you should learn about the 2 warning signs we've spotted with Inner Mongolia Yitai CoalLtd (including 1 which makes us a bit uncomfortable) .
最後需要注意的是，您應該學習一下我們發現的內蒙古伊泰煤炭股份有限公司的2個警告信號（包括我們有點不舒服的1個信號） 。
For those who like to invest in solid companies, check out this free list of companies with solid balance sheets and high returns on equity.
Hao Tian International Construction Investment Group確實存在一些風險，我們已經發現了一條警示標誌，你可能會感興趣。對於那些喜歡投資於實力雄厚的公司的人，可以查看這個由財務狀況強大、股本回報率高的公司組成的免費列表。
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