Investors Could Be Concerned With Nanjing Railway New TechnologyLtd's (SZSE:301016) Returns On Capital
Investors Could Be Concerned With Nanjing Railway New TechnologyLtd's (SZSE:301016) Returns On Capital
What are the early trends we should look for to identify a stock that could multiply in value over the long term? Firstly, we'd want to identify a growing return on capital employed (ROCE) and then alongside that, an ever-increasing base of capital employed. This shows us that it's a compounding machine, able to continually reinvest its earnings back into the business and generate higher returns. In light of that, when we looked at Nanjing Railway New TechnologyLtd (SZSE:301016) and its ROCE trend, we weren't exactly thrilled.
我們在找尋能夠在長期內增值的股票時，需要遵循以下規律：首先要確認資本僱傭回報率（ROCE）在逐步提高，除此之外，資本僱傭基礎也必須不斷增加，表明企業擁有複利效應，能夠持續將自己的收益再次用於業務，實現更高的回報率。但是，當我們研究南京鐵路新技術股份有限公司（SZSE:301016）的ROCE趨勢時，並沒有太多激動人心的地方。
What Is Return On Capital Employed (ROCE)?
我們對 Enphase Energy 的資本僱用回報率的看法：正如我們上面看到的，Enphase Energy 的資本回報率沒有提高，但它正在重新投資於業務。投資者必須認爲未來會有更好的前景，因爲股票表現良好，使持股五年以上的股東獲得了 690% 的收益。最終，如果基本趨勢持續存在，我們不會對它成爲一隻多頭股持有期很久很有信心。
If you haven't worked with ROCE before, it measures the 'return' (pre-tax profit) a company generates from capital employed in its business. Analysts use this formula to calculate it for Nanjing Railway New TechnologyLtd:
如果你之前沒有使用過ROCE指標，它是用來衡量公司從投入資本中所獲得的營業利潤的，分析師會使用這個公式來計算南京鐵路新技術股份有限公司的ROCE指標：
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。
0.044 = CN¥45m ÷ (CN¥1.2b - CN¥167m) (Based on the trailing twelve months to March 2024).
0.044 = CN¥4500萬 ÷ (CN¥12億 - CN¥167m) (截至2024年3月的過去十二個月時間內）。
So, Nanjing Railway New TechnologyLtd has an ROCE of 4.4%. Ultimately, that's a low return and it under-performs the Machinery industry average of 5.6%.
所以，南京鐵路新技術股份有限公司的ROCE指標爲4.4%，它的回報率偏低，低於機械業平均水平5.6%。
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 want to delve into the historical earnings , check out these free graphs detailing revenue and cash flow performance of Nanjing Railway New TechnologyLtd.
儘管過去的表現不能代表未來的趨勢，但了解一個公司的歷史表現情況還是很有幫助的，這也是我們提供以上圖表的原因。如果你想查看歷史收入和現金流表現的免費圖表，可以了解南京鐵路新技術股份有限公司。
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。
On the surface, the trend of ROCE at Nanjing Railway New TechnologyLtd doesn't inspire confidence. Around five years ago the returns on capital were 29%, but since then they've fallen to 4.4%. 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.
就表面情況而言，南京鐵路新技術股份有限公司的ROCE趨勢並沒有給人們帶來信心。五年前，該公司的資本回報率爲29%，但之後卻下降到了4.4%。再加上收入下降但是使用了更多的資本，我們需要謹慎地看待。如果繼續這種趨勢，你可能面對的是一個試圖通過再次投資以實現增長的公司，但實際上卻在失去市場份額，因爲銷售額沒有增加。
On a side note, Nanjing Railway New TechnologyLtd has done well to pay down its current liabilities to 14% 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.
順便提一句，南京鐵路新技術股份有限公司已經成功地支付當前負債總額佔總資產比例的14%了，所以我們可以將部分原因歸結於ROCE的降低。這實際上意味着他們的供應商或短期債權人對公司的資金支持減少了，從而減少了某些風險。由於公司基本上將更多的業務運營資金來自自己的資金，因此你可以認爲這使得公司在產生ROCE方面的效率降低了。
Our Take On Nanjing Railway New TechnologyLtd's ROCE
我們對南京鐵路新技術股份有限公司的ROCE指標持謹慎態度。即便投入更多的業務資金，它的資本回報率和銷售額都下降了。長揸該公司股票的股東在過去三年中經歷了25%的貶值，所以市場似乎也不太喜歡這些趨勢。由於在這些領域的潛在趨勢並不太好，所以我們建議轉而尋找其他股票。
We're a bit apprehensive about Nanjing Railway New TechnologyLtd because despite more capital being deployed in the business, returns on that capital and sales have both fallen. Long term shareholders who've owned the stock over the last three years have experienced a 25% depreciation in their investment, so it appears the market might not like these trends either. With underlying trends that aren't great in these areas, we'd consider looking elsewhere.
如果你想了解有關南京鐵路新技術股份有限公司的更多信息，我們已經發現了3個警示信號，其中2個是重大警示。
If you'd like to know more about Nanjing Railway New TechnologyLtd, we've spotted 3 warning signs, and 2 of them are significant.
如果您想了解更多南京鐵路新技術有限公司的信息，我們已經發現了3個警告信號，其中有2個是重要的。
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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This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.
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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
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