Slowing Rates Of Return At Jiangsu Xinquan Automotive TrimLtd (SHSE:603179) Leave Little Room For Excitement
Slowing Rates Of Return At Jiangsu Xinquan Automotive TrimLtd (SHSE:603179) Leave Little Room For Excitement
0.14 = CN¥994m ÷ (CN¥14b - CN¥7.0b) What are the early trends we should look for to identify a stock that could multiply in value over the long term? Typically, we'll want to notice a trend of growing return on capital employed (ROCE) and alongside that, an expanding base 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. With that in mind, the ROCE of Jiangsu Xinquan Automotive TrimLtd (SHSE:603179) looks decent, right now, so lets see what the trend of returns can tell us.
尋找能夠長期開多的股票時，需要注意什麼早期趨勢？通常情況下，我們希望注意增長資本運營回報率（ROCE）的趨勢，以及資本運營不斷擴大的基礎。基本上這意味着，公司擁有盈利的倡議，可以持續投資，這是複利機器的特徵。考慮到這一點，江蘇鑫泉汽車內飾股份有限公司（SHSE:603179）目前的ROCE看起來不錯，讓我們看看回報的趨勢能告訴我們什麼。
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. The formula for this calculation on Jiangsu Xinquan Automotive TrimLtd is:
如果您不確定，ROCE是衡量公司在其業務中投資的資本所賺取的稅前收入百分比指標。 Jiangsu Xinquan Automotive TrimLtd的計算公式爲：
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。
0.14 = CN¥994m ÷ (CN¥14b - CN¥7.0b) (Based on the trailing twelve months to March 2024).
0.14 = CN¥99400萬 ÷ (CN¥140億 - CN¥7.0b)（基於截至2024年3月的過去12個月） 。
So, Jiangsu Xinquan Automotive TrimLtd has an ROCE of 14%. In absolute terms, that's a satisfactory return, but compared to the Auto Components industry average of 6.9% it's much better.
因此，江蘇鑫泉汽車內飾股份有限公司的ROCE爲14％。在絕對意義上，這是一個令人滿意的回報，但與汽車元件行業平均水平6.9％相比，它表現得更好。
Above you can see how the current ROCE for Jiangsu Xinquan Automotive TrimLtd compares to its prior returns on capital, but there's only so much you can tell from the past. If you'd like, you can check out the forecasts from the analysts covering Jiangsu Xinquan Automotive TrimLtd for free.
上面您可以看到江蘇鑫泉汽車內飾股份有限公司當前ROCE與其之前資本回報的比較情況，但從過去看到的信息有限。如果您願意，可以免費查看覆蓋江蘇鑫泉汽車內飾股份有限公司的分析師的預測。
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 the returns on capital are good, they haven't moved much. The company has consistently earned 14% for the last five years, and the capital employed within the business has risen 238% in that time. Since 14% is a moderate ROCE though, it's good to see a business can continue to reinvest at these decent rates of return. Stable returns in this ballpark can be unexciting, but if they can be maintained over the long run, they often provide nice rewards to shareholders.
儘管資本利潤率不錯，但變動不大。公司在過去五年中一直保持14％的資本回報率，業務中所使用的資本增長了238％。儘管14％的ROCE是一個適度的回報率，但看到企業能夠以這樣相當的回報率持續再投資是好的。在這一水平上穩定的回報雖然不會激動人心，但如果能夠長期維持，它們往往會爲股東提供不錯的回報。
On a side note, Jiangsu Xinquan Automotive TrimLtd's current liabilities are still rather high at 50% 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. Ideally we'd like to see this reduce as that would mean fewer obligations bearing risks.
另外要注意的是，江蘇鑫泉汽車內飾股份有限公司的流動負債仍然相當高，佔總資產的50％。這可能帶來一些風險，因爲公司基本上是在與供應商或其他類型的短期債權人相當大的依賴關係下運營的。理想情況下，我們希望看到這種情況得到改善，因爲這意味着承擔的風險較少。
Our Take On Jiangsu Xinquan Automotive TrimLtd's ROCE
我們對江蘇鑫泉汽車內飾股份有限公司的ROCE的看法
The main thing to remember is that Jiangsu Xinquan Automotive TrimLtd has proven its ability to continually reinvest at respectable rates of return. And the stock has done incredibly well with a 489% return over the last five years, so long term investors are no doubt ecstatic with that result. So while investors seem to be recognizing these promising trends, we still believe the stock deserves further research.
最重要的是，江蘇鑫泉汽車內飾股份有限公司已經證明了其能夠以可觀的回報率持續再投資。而且該股在過去五年中表現非常出色，回報率高達489％，因此，長期投資者毫無疑問會對這個結果感到狂熱。因此，儘管投資者似乎認識到了這些有前途的趨勢，但我們仍然認爲該股值得進一步研究。
If you want to know some of the risks facing Jiangsu Xinquan Automotive TrimLtd we've found 2 warning signs (1 is a bit unpleasant!) that you should be aware of before investing here.
如果您想了解江蘇鑫泉汽車內飾股份有限公司面臨的一些風險，我們已經發現了2個警告信號（其中1個有點不愉快！），在此之前您應該了解這些風險。
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.
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。
