Here's What's Concerning About Daqo New Energy's (NYSE:DQ) Returns On Capital
Here's What's Concerning About Daqo New Energy's (NYSE:DQ) 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. Ultimately, this demonstrates that it's a business that is reinvesting profits at increasing rates of return. Although, when we looked at Daqo New Energy (NYSE:DQ), it didn't seem to tick all of these boxes.
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。最終，這證明這是一家正在以遞增的回報率再投資利潤的企業。儘管當我們看Daqo New Energy（紐交所：DQ）時，似乎沒有完全符合這些要求。
Return On Capital Employed (ROCE): What Is It?
資本僱用回報率（ROCE）是什麼？
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. The formula for this calculation on Daqo New Energy is:
對於那些不確定ROCE是什麼的人，它衡量公司利用其業務中所投入的資本所能產生的稅前利潤金額。Daqo New Energy的計算公式是：
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。
0.054 = US$350m ÷ (US$7.2b - US$720m) (Based on the trailing twelve months to March 2024).
0.054 = 3.5億美元÷（72億美元-7.2億美元）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。.
So, Daqo New Energy has an ROCE of 5.4%. In absolute terms, that's a low return and it also under-performs the Semiconductor industry average of 9.7%.
因此，Daqo New Energy的ROCE爲5.4%。絕對而言，這是一個較低的回報率，也低於半導體行業的平均水平9.7%。
In the above chart we have measured Daqo New Energy'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 Daqo New Energy .
我們能從Daqo New Energy的ROCE趨勢中得出什麼結論？
What Can We Tell From Daqo New Energy's ROCE Trend?
就Daqo New Energy的歷史ROCE變動而言，這趨勢並不好。大約五年前，資本回報率爲6.9%，但自那時以來，它們下降到了5.4%。考慮到營收下滑而增加了更多資本，我們應該保持謹慎。如果這種情況繼續下去，您可能會看到一家試圖進行再投資來實現增長，但實際上正在失去市場份額的公司，因爲銷售並未增加。
In terms of Daqo New Energy's historical ROCE movements, the trend isn't fantastic. Around five years ago the returns on capital were 6.9%, but since then they've fallen to 5.4%. 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.
從上面的分析中，我們發現Daqo New Energy的資本回報率和銷售額下降，同時企業正在比五年前使用更多資本。但投資者必須期望某種改善，因爲在過去的五年中，股票交付了可觀的83%的回報率。在任何情況下，目前的基本趨勢對於長期的表現並不樂觀，因此除非逆轉，否則我們會開始在其他地方尋找投資機會。
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。
From the above analysis, we find it rather worrisome that returns on capital and sales for Daqo New Energy have fallen, meanwhile the business is employing more capital than it was five years ago. But investors must be expecting an improvement of sorts because over the last five yearsthe stock has delivered a respectable 83% return. In any case, the current underlying trends don't bode well for long term performance so unless they reverse, we'd start looking elsewhere.
如果您想繼續研究Daqo New Energy，您可能會對我們分析發現的2個警告信號感興趣。
If you want to continue researching Daqo New Energy, you might be interested to know about the 2 warning signs that our analysis has discovered.
開多博新能源業務涉及所有板塊的經營，numberOfWarnings警告生效，警告警告您進行調查。
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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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。
Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team@simplywallst.com
對本文有反饋？關於內容有所顧慮？直接和我們聯繫。或者發送電子郵件至editorial-team@simplywallst.com。