The Returns On Capital At XTC New Energy Materials(Xiamen)Ltd (SHSE:688778) Don't Inspire Confidence
The Returns On Capital At XTC New Energy Materials(Xiamen)Ltd (SHSE:688778) Don't Inspire Confidence
There are a few key trends to look for if we want to identify the next multi-bagger. 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. Put simply, these types of businesses are compounding machines, meaning they are continually reinvesting their earnings at ever-higher rates of return. Having said that, from a first glance at XTC New Energy Materials(Xiamen)Ltd (SHSE:688778) we aren't jumping out of our chairs at how returns are trending, but let's have a deeper look.
想找到下一個多倍榜樣，需要注意以下關鍵趨勢。一種常見的方法是嘗試找到一個開多的公司。看到這種情況，通常意味着這是一家擁有出色的業務模式和大量盈利再投資機會的公司。因此，當我們簡要查看納斯達克nova（NASDAQ:NVMI）的資本回報率趨勢時，我們對我們看到的感到非常高興。返回以上你可以看到，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。從資本運作角度來看，這些類型的企業是不斷複利的機器，這意味着它們在不斷地以更高的回報率 reinvest 自己的收益。然而，從 XTC 新能源材料（廈門）有限公司的財務報表上來看，我們並不看好它的回報率的趨勢，但是讓我們更深入地研究一下。
Return On Capital Employed (ROCE): What Is It?
資本僱用回報率（ROCE）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. To calculate this metric for XTC New Energy Materials(Xiamen)Ltd, this is the formula:
只是爲了澄清，如果您不確定，ROCE 是一種用於評價公司在其業務投資的資本上賺取多少稅前收入（以百分比表示）的指標。 爲了計算這個指標，XTC 新能源材料（廈門）有限公司的公式如下：
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。
0.05 = CN¥492m ÷ (CN¥14b - CN¥4.6b) (Based on the trailing twelve months to March 2024).
0.05 = 人民幣4.92億元 ÷ （人民幣140億元 - 人民幣46億元）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, XTC New Energy Materials(Xiamen)Ltd has an ROCE of 5.0%. On its own, that's a low figure but it's around the 6.0% average generated by the Electrical industry.
因此，XTC 新能源材料（廈門）有限公司的 ROCE 爲 5.0%。該公司單獨看，這個數字較低，但它與電氣業平均水平 6.0% 相當。
In the above chart we have measured XTC New Energy Materials(Xiamen)Ltd'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 XTC New Energy Materials(Xiamen)Ltd .
在上圖中，我們根據 XTC 新能源材料（廈門）有限公司的歷史 ROCE 對其歷史表現進行了衡量，但未來可能更爲重要。如果您想了解分析師對未來的預測，可以查看我們爲 XTC 新能源材料（廈門）有限公司準備的免費分析師報告。
What Does the ROCE Trend For XTC New Energy Materials(Xiamen)Ltd Tell Us?
XTC 新能源材料（廈門）有限公司的 ROCE 趨勢告訴我們什麼？
When we looked at the ROCE trend at XTC New Energy Materials(Xiamen)Ltd, we didn't gain much confidence. Over the last five years, returns on capital have decreased to 5.0% from 14% five years ago. 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.
在我們研究 XTC 新能源材料（廈門）有限公司的 ROCE 趨勢時，我們沒有獲得太多信心。過去五年間，資本回報率已經從五年前的 14% 降至 5.0%。而且考慮到收入下降，同時使用更多的資本，我們必須謹慎。如果這繼續下去，您可能會看到一家企業正在嘗試通過不斷投資以實現增長，但實際上由於銷售額未增加，而在失去市場份額。
On a side note, XTC New Energy Materials(Xiamen)Ltd has done well to pay down its current liabilities to 32% 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.
順便說一句，XTC 新能源材料（廈門）有限公司已經成功地償還了其流動負債，使其佔總資產的32％。這在一定程度上可以解釋爲什麼 ROCE 下降了。實際上，這意味着它們的供應商或短期債權人爲企業提供的資金較少，降低了某些風險因素。由於企業基本上是用自己的資金更多地運營業務，您可以認爲這使得企業在產生 ROCE 方面不太有效率。
The Key Takeaway
重要提示
In summary, we're somewhat concerned by XTC New Energy Materials(Xiamen)Ltd's diminishing returns on increasing amounts of capital. Long term shareholders who've owned the stock over the last year have experienced a 29% 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.
總之，我們對 XTC 新能源材料（廈門）有限公司在不斷增加的資本時的效益下降感到有些擔憂。長揸該股的股東在過去一年中經歷了 29% 的貶值，因此市場似乎也不喜歡這些趨勢。除非這些指標向更積極的軌跡轉變，否則我們將尋找其他機會。
If you'd like to know about the risks facing XTC New Energy Materials(Xiamen)Ltd, we've discovered 2 warning signs that you should be aware of.
如果你想了解廈門新特超硬材料股份有限公司面臨的風險，我們已經發現了兩個警告信號，你應該注意。
While XTC New Energy Materials(Xiamen)Ltd 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 XTC 新能源材料（廈門）有限公司目前的 ROCE 可能不是最高的，但我們已編制了一份目前獲得超過 25% ROE 的公司的清單。在此免費查看此清單。
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