Rastar Environmental Protection Materials (SZSE:300834) Will Want To Turn Around Its Return Trends
Rastar Environmental Protection Materials (SZSE:300834) Will Want To Turn Around Its Return Trends
Did you know there are some financial metrics that can provide clues of a potential 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 Rastar Environmental Protection Materials (SZSE:300834) we aren't jumping out of our chairs at how returns are trending, but let's have a deeper look.
你知道一些金融指標能夠提供一個潛在的多倍賺錢機會的線索嗎？一種常見的方法是試圖尋找一家公司，它具有能夠投入充足的利潤回流的優秀商業模式。當我們看到深圳市力合科創（SZSE：002243）及其股本回報率趨勢時，我們並不是完全滿意的。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。簡單來說，這些類型的企業就像複利機器，不斷以越來越高的回報率再投資他們的收益。然而，看看Rastar Environment Protection Materials(SZSE:300834)，從表現來看，我們並不認爲回報率表現很搶眼，但我們需要深入挖掘。
Return On Capital Employed (ROCE): What Is It?
資本僱用回報率（ROCE）是什麼？
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 Rastar Environmental Protection Materials:
針對這家公司，ROCE是一家公司年度稅前利潤（回報）相對於企業用資本，根據該公司計算公式，Rastar Environment Protection Materials的ROCE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。
0.0095 = CN¥28m ÷ (CN¥3.4b - CN¥432m) (Based on the trailing twelve months to March 2024).
0.0095=CN¥28m÷(CN¥3.4b-CN¥432m) 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, Rastar Environmental Protection Materials has an ROCE of 1.0%. In absolute terms, that's a low return and it also under-performs the Chemicals industry average of 5.5%.
因此，Rastar Envirovnmental Protection Materials的ROCE爲1.0%。絕對來講，這是一個較低的回報率，也低於化學品行業平均值5.5%。
Historical performance is a great place to start when researching a stock so above you can see the gauge for Rastar Environmental Protection Materials' ROCE against it's prior returns. If you're interested in investigating Rastar Environmental Protection Materials' past further, check out this free graph covering Rastar Environmental Protection Materials' past earnings, revenue and cash flow.
歷史表現是研究股票的好起點，你可以在上面看到Rastar Environment Protection Materials的ROCE相對於之前的回報率的表現情況。如果你有興趣進一步調查Rastar Environment Protection Materials的歷史記錄，可以查看這個免費圖形，包括Rastar Environment Protection Materials的歷史收益、收入和現金流。
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。
When we looked at the ROCE trend at Rastar Environmental Protection Materials, we didn't gain much confidence. Around five years ago the returns on capital were 16%, but since then they've fallen to 1.0%. However it looks like Rastar Environmental Protection Materials might be reinvesting for long term growth because while capital employed has increased, the company's sales haven't changed much in the last 12 months. It may take some time before the company starts to see any change in earnings from these investments.
在觀察了環保母基公司的ROCE趨勢後，我們沒有獲得太多信心。大約五年前，資本回報率爲16%，但自那以後，這一數字已經降至1.0%。然而，環保母基公司似乎正在重新投資以實現長期增長，因爲雖然資本投入已經增加，但公司的銷售額在過去12個月中沒有太大變化。這些投資帶來的收益可能需要一些時間才能體現出來。
On a side note, Rastar Environmental Protection Materials has done well to pay down its current liabilities to 13% of total assets. So we could link some of this to the decrease in ROCE. 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.
另一方面，Rastar Environment Protection Materials已經成功地支付了其流動負債佔總資產的13%。因此我們可以將這歸因於ROCE的下降。事實上，這意味着他們的供應商或短期債權人爲企業融資的比例正在減少，從而降低了一些風險因素。由於基本上是用自己的資金爲公司的經營活動籌資，你可以認爲這使得企業在產生ROCE方面的效率降低了。
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。
Bringing it all together, while we're somewhat encouraged by Rastar Environmental Protection Materials' reinvestment in its own business, we're aware that returns are shrinking. Additionally, the stock's total return to shareholders over the last year 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.
綜上所述，雖然我們對環保母基公司對其業務的重新投資感到有些鼓舞，但我們也意識到回報正在減少。此外，該股票去年對股東的總回報率基本持平，這並不太出乎意料。總的來說，這些趨勢並不像多袋股票的典型特徵，所以如果您想投資多袋股票，我們認爲您可能在其他地方更有好運。
Rastar Environmental Protection Materials does have some risks, we noticed 2 warning signs (and 1 which is a bit unpleasant) we think you should know about.
Rastar Environment Protection Materials確實有一些風險，我們注意到2個警示信號（和1個有點令人不快的）我們認爲你應該知道。
If you want to search for solid companies with great earnings, check out this free list of companies with good balance sheets and impressive returns on equity.
如果您想尋找財務狀況良好、回報卓越的實力強企業，可以免費查看以下公司列表。
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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。
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