Nanjing Baose (SZSE:300402) May Have Issues Allocating Its Capital
Nanjing Baose (SZSE:300402) May Have Issues Allocating Its Capital
0.041 = CN¥65m ÷ (CN¥2.6b - CN¥998m) Finding a business that has the potential to grow substantially is not easy, but it is possible if we look at a few key financial metrics. Ideally, a business will show two trends; firstly a growing return on capital employed (ROCE) and secondly, an increasing 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. However, after investigating Nanjing Baose (SZSE:300402), we don't think it's current trends fit the mold of a multi-bagger.
尋找一個有潛力大幅增長的業務不是容易的事情，但是隻要我們關注幾個關鍵的財務指標，還是可以實現的。理想情況下，一個企業會呈現出兩個趨勢：首先是不斷增長的資本回報率（ROCE），其次是不斷增加的資本投入金額。簡單來說，這些類型的企業是複利機器，這意味着它們不斷地以越來越高的回報率重新投資其收益。然而，在調查寶色股份（SZSE：300402）後，我們認爲它目前的趨勢並不符合倍增公司的範例。
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。
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 Nanjing Baose, this is the formula:
如果您不確定，ROCE是一種用於評估企業在其業務中投資的資本上賺取多少稅前收入（以百分比爲單位）的指標。要爲寶色股份計算此指標，可以使用以下公式：
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。
0.041 = CN¥65m ÷ (CN¥2.6b - CN¥998m) (Based on the trailing twelve months to March 2024).
0.041 = CN¥6500萬 ÷ (CN¥26億 - CN¥998m)（基於截至2024年3月的過去12個月） 。
Thus, Nanjing Baose has an ROCE of 4.1%. Ultimately, that's a low return and it under-performs the Machinery industry average of 5.6%.
因此，寶色股份的ROCE爲4.1％。最終，這是一個低迴報率，表現低於機械行業平均水平的5.6％。
Historical performance is a great place to start when researching a stock so above you can see the gauge for Nanjing Baose's ROCE against it's prior returns. If you want to delve into the historical earnings , check out these free graphs detailing revenue and cash flow performance of Nanjing Baose.
歷史表現是研究股票的絕佳起點，所以在上面您可以看到寶色股份的ROCE挑戰其先前的回報的表現情況。如果您想深入研究歷史收益，可以查看這些免費的圖表，詳細說明寶色股份的營收和現金流表現。
How Are Returns Trending?
綜合上述，Cimpress非常有效地提高了其資本利用率所產生的回報。考慮到股票過去五年保持穩定，如果其他指標也不錯，則可能存在機會。因此，進一步研究這家公司並確定這些趨勢是否會持續是合理的。
We weren't thrilled with the trend because Nanjing Baose's ROCE has reduced by 37% over the last five years, while the business employed 143% more capital. Usually this isn't ideal, but given Nanjing Baose conducted a capital raising before their most recent earnings announcement, that would've likely contributed, at least partially, to the increased capital employed figure. The funds raised likely haven't been put to work yet so it's worth watching what happens in the future with Nanjing Baose's earnings and if they change as a result from the capital raise.
我們對此趨勢並不滿意，因爲過去五年中，寶色股份的ROCE下降了37％，而企業的資本投入增加了143％。通常情況下，這並不理想，但考慮到寶色股份在最近一次盈利公告之前進行了資本籌集，這可能至少部分地導致了增加的資本投入金額。籌集的資金可能還沒有得到利用，因此值得觀察寶色股份在未來的盈利情況以及是否因爲籌集資本而發生變化。
On a related note, Nanjing Baose has decreased its current liabilities to 39% of total assets. That could partly explain why the ROCE has dropped. What's more, this can reduce some aspects of risk to the business because now the company's suppliers or short-term creditors are funding less of its operations. Some would claim this reduces the business' efficiency at generating ROCE since it is now funding more of the operations with its own money.
在相關的事項上，寶色股份將其流動負債減少至總資產的39％。這可能在一定程度上解釋了ROCE下降的原因。此外，這可以降低企業的一些風險方面，因爲現在公司的供應商或短期債權人資助了更少的經營活動。有人會聲稱，這降低了企業通過自有資金資助更多經營活動時產生ROCE的效率。
What We Can Learn From Nanjing Baose's ROCE
我們可以從寶色股份的ROCE中得到什麼經驗教訓
Even though returns on capital have fallen in the short term, we find it promising that revenue and capital employed have both increased for Nanjing Baose. And the stock has followed suit returning a meaningful 44% to shareholders over the last five years. So while the underlying trends could already be accounted for by investors, we still think this stock is worth looking into further.
儘管短期內資本回報率下降，但我們認爲寶色股份的營收和資本投入均已增加是值得期待的。此外，該股票的回報率也隨之增長，爲股東帶來了有意義的44％的回報。因此，雖然潛在的趨勢可能已經被投資者計入，但我們仍然認爲這支股票值得進一步研究。
If you want to continue researching Nanjing Baose, you might be interested to know about the 2 warning signs that our analysis has discovered.
如果您想繼續研究寶色股份，您可能會對我們分析發現的2個警示標誌感興趣。
While Nanjing Baose isn't earning the highest return, check out this free list of companies that are earning high returns on equity with solid balance sheets.
雖然寶色股份的回報率不是最高的，但請查看這個自由列表，其中的公司在資產負債表上擁有一定的淨現金，並賺取高的股權回報率。
Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team (at) simplywallst.com.
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。
