We Like These Underlying Return On Capital Trends At XJ Electric (SZSE:000400)
We Like These Underlying Return On Capital Trends At XJ Electric (SZSE:000400)
If we want to find a stock that could multiply over the long term, what are the underlying trends we should look for? 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. Basically this means that a company has profitable initiatives that it can continue to reinvest in, which is a trait of a compounding machine. Speaking of which, we noticed some great changes in XJ Electric's (SZSE:000400) returns on capital, so let's have a look.
如果我們想要找到一隻能夠長期成倍增長的股票,我們應該尋找哪些潛在的趨勢呢? 一種常見的方法是尋找回報資本僱用率(ROCE)不斷上升並且資本僱用量在增長的公司。這基本上意味着一家公司有着盈利的業務,並且能夠持續的再次投資,這是一個複利機器的特徵。說起來,我們注意到XJ電氣(SZSE:000400)的回報資本率有一些很大的變化,讓我們來看看。
Return On Capital Employed (ROCE): What Is It?
資本僱用回報率(ROCE)是什麼?
If you haven't worked with ROCE before, it measures the 'return' (pre-tax profit) a company generates from capital employed in its business. The formula for this calculation on XJ Electric is:
如果您之前沒有使用過ROCE,它是用來衡量一家公司從其業務所僱用的資本所產生的“回報”(稅前利潤)的。在XJ電氣的這種計算公式上:
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。
0.096 = CN¥1.2b ÷ (CN¥22b - CN¥10b) (Based on the trailing twelve months to March 2024).
0.096 = CN¥12億 ÷ (CN¥220億 - CN¥10b)(基於截至2024年3月的過去十二個月)。
So, XJ Electric has an ROCE of 9.6%. On its own that's a low return, but compared to the average of 6.0% generated by the Electrical industry, it's much better.
因此,XJ電氣的ROCE爲9.6%。 單獨的話這是一個低迴報,但與電氣行業平均6.0%相比,它要好得多。
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In the above chart we have measured XJ Electric'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 XJ Electric .
在上圖中,我們已經對比了XJ電氣以前的ROCE與以前的表現,但未來或許更重要。如果您想查看分析師預測的未來表現,您應該查看我們免費的XJ電氣分析師報告。
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。
While in absolute terms it isn't a high ROCE, it's promising to see that it has been moving in the right direction. The numbers show that in the last five years, the returns generated on capital employed have grown considerably to 9.6%. Basically the business is earning more per dollar of capital invested and in addition to that, 46% more capital is being employed now too. This can indicate that there's plenty of opportunities to invest capital internally and at ever higher rates, a combination that's common among multi-baggers.
雖然絕對值來看ROCE並不高,但看到它一直在往正確的方向上發展是有希望的。數據表明,在過去的五年中,資本僱用所產生的回報大幅增長至9.6%。基本上,這意味着該公司每投資一美元,就可以獲得更多的回報,此外現在也正在使用46%更多的資本僱用。這可以表明,有大量的機會可以以更高的利率內部投資資本,這是多倍市值股票的常見組合。
On a side note, XJ Electric's current liabilities are still rather high at 45% of total assets. This can bring about some risks because the company is basically operating with a rather large reliance on its suppliers or other sorts of short-term creditors. While it's not necessarily a bad thing, it can be beneficial if this ratio is lower.
另外,XJ電氣的流動負債仍然很高,佔總資產的45%。這可能會帶來一些風險,因爲該公司基本上是在相當大程度上依賴供應商或其他短期債權人的情況下運營。雖然這不一定是一件壞事,但如果這個比例更低,則可能會有好處。
Our Take On XJ Electric's ROCE
我們對XJ電氣的ROCE看法
To sum it up, XJ Electric has proven it can reinvest in the business and generate higher returns on that capital employed, which is terrific. And with the stock having performed exceptionally well over the last five years, these patterns are being accounted for by investors. With that being said, we still think the promising fundamentals mean the company deserves some further due diligence.
總之,XJ電氣已經證明了它可以重新投資業務並在這些資本僱用下獲得更高的回報,這是非常出色的。隨着股票在過去五年中表現exceptionally well,這些模式正在被投資者納入考慮。話雖如此,我們仍然認爲這些有前途的基本面意味着該公司值得進一步的盡職調查。
Like most companies, XJ Electric does come with some risks, and we've found 1 warning sign that you should be aware of.
像大多數公司一樣,XJ電氣也存在一些風險,我們發現了一項警告跡象,您應該注意一下。
While XJ Electric isn't earning the highest return, check out this free list of companies that are earning high returns on equity with solid balance sheets.
雖然XJ電氣的回報率不是最高的,但是請查看此免費列表,該列表列出了在固質資產方面具有高回報率和堅實資產負債表的公司。
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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.
對本文有任何反饋?對內容有任何疑慮?請直接與我們聯繫。或者,發送電子郵件至editorial-team@simplywallst.com。
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
對本文有任何反饋?對內容有任何疑慮?請直接與我們聯繫。或者,發送電子郵件至editorial-team@simplywallst.com。