Kunshan Kinglai Hygienic MaterialsLtd (SZSE:300260) Might Have The Makings Of A Multi-Bagger
Kunshan Kinglai Hygienic MaterialsLtd (SZSE:300260) Might Have The Makings Of A Multi-Bagger
What are the early trends we should look for to identify a stock that could multiply in value over the long term? 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. If you see this, it typically means it's a company with a great business model and plenty of profitable reinvestment opportunities. With that in mind, we've noticed some promising trends at Kunshan Kinglai Hygienic MaterialsLtd (SZSE:300260) so let's look a bit deeper.
怎樣發現一隻潛力大、長期上漲的股票？一種常見方法是尋找回報率和資本僱用額都在增加的公司，通常意味着這是一家業務模式優秀且有大量盈利的再投資機會的公司。有鑑於此，我們注意到崑山市金來衛生材料股份有限公司（SZSE: 300260）出現了一些有希望的趨勢，讓我們進一步了解一下。
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. Analysts use this formula to calculate it for Kunshan Kinglai Hygienic MaterialsLtd:
如果你以前沒有接觸過資本僱用回報率（ROCE），那麼應該了解它是通過計算一個公司的營業利潤與其資本僱用額之比來衡量其「回報率」。分析師們使用這個公式來計算崑山市金來衛生材料股份有限公司的資本僱用回報率：
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。
0.13 = CN¥311m ÷ (CN¥4.5b - CN¥2.1b) (Based on the trailing twelve months to March 2024).
0.13 = CN¥31100萬 ÷ (CN¥45億 - CN¥2.1b)（基於截至2024年3月的過去12個月）。
Therefore, Kunshan Kinglai Hygienic MaterialsLtd has an ROCE of 13%. On its own, that's a standard return, however it's much better than the 5.6% generated by the Machinery industry.
因此，崑山市金來衛生材料股份有限公司的ROCE爲13%。單獨來看，這是一種標準的回報，但比機械行業的5.6%要好得多。
In the above chart we have measured Kunshan Kinglai Hygienic MaterialsLtd'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 Kunshan Kinglai Hygienic MaterialsLtd .
在上圖中，我們比較了崑山市金來衛生材料股份有限公司以前的ROCE與以前的表現，但未來可能更加重要。如果您想了解分析師的預測，請查看我們爲崑山市金來衛生材料股份有限公司提供的免費分析師報告。
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。
Kunshan Kinglai Hygienic MaterialsLtd is displaying some positive trends. The data shows that returns on capital have increased substantially over the last five years to 13%. The company is effectively making more money per dollar of capital used, and it's worth noting that the amount of capital has increased too, by 156%. The increasing returns on a growing amount of capital is common amongst multi-baggers and that's why we're impressed.
崑山市金來衛生材料股份有限公司呈現出一些積極的趨勢。數據顯示，資本回報率在過去五年中大幅增加至13%。該公司有效地利用資本獲取更多的利潤，而且值得注意的是，資本的使用量也增加了156%。不斷增長的資本回報率通常是多倍增長的共性，這也是我們對它印象深刻的原因。
On a separate but related note, it's important to know that Kunshan Kinglai Hygienic MaterialsLtd has a current liabilities to total assets ratio of 48%, which we'd consider pretty high. 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. Ideally we'd like to see this reduce as that would mean fewer obligations bearing risks.
在另一個相關的註明中，了解崑山市金來衛生材料股份有限公司的總負債與總資產的比率爲48%，這可能帶來一些風險，因爲該公司基本上是在其供應商或其他短期債權人方面具有較大的依賴性操作。理想情況下，我們希望看到這種比率降低，因爲這意味着承擔的風險更少。
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。
In summary, it's great to see that Kunshan Kinglai Hygienic MaterialsLtd can compound returns by consistently reinvesting capital at increasing rates of return, because these are some of the key ingredients of those highly sought after multi-baggers. Since the stock has returned a staggering 189% to shareholders over the last five years, it looks like investors are recognizing these changes. With that being said, we still think the promising fundamentals mean the company deserves some further due diligence.
總之，令人欣慰的是，崑山市金來衛生材料股份有限公司可以通過持續地以遞增的回報率再投資獲利，因爲這些是那些備受追捧的多倍增長的關鍵要素之一。由於庫存在過去五年中爲股東帶來了驚人的189%的回報，因此看起來投資者認識到了這些變化。話雖如此，我們仍然認爲，具有良好前景的公司應該進一步進行相關的盡職調查。
One final note, you should learn about the 2 warning signs we've spotted with Kunshan Kinglai Hygienic MaterialsLtd (including 1 which is concerning) .
最後提醒一下，您應該了解我們在崑山市金來衛生材料股份有限公司發現的2個警告信號（包括1個令人擔憂的信號）。
While Kunshan Kinglai Hygienic MaterialsLtd isn't earning the highest return, check out this free list of companies that are earning high returns on equity with solid balance sheets.
雖然崑山市金來衛生材料股份有限公司的回報率不是最高的，但它是一份具有堅實資產負債表的收益率高的公司清單。
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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。