Returns On Capital Are Showing Encouraging Signs At Shanghai Jin Jiang Online Network Service (SHSE:600650)
Returns On Capital Are Showing Encouraging Signs At Shanghai Jin Jiang Online Network Service (SHSE:600650)
What trends should we look for it we want to identify stocks that can 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. Basically this means that a company has profitable initiatives that it can continue to reinvest in, which is a trait of a compounding machine. So when we looked at Shanghai Jin Jiang Online Network Service (SHSE:600650) and its trend of ROCE, we really liked what we saw.
如果我們想要找到能夠長期增值的股票,我們應該關注哪些趨勢?首先,我們要找出一個不斷增長的資本使用回報率(ROCE),並且與此同時,還要有不斷增加的資本使用基礎。基本上這意味着公司有利潤的倡議,可以繼續投資,這是一個複利機器的特徵。所以當我們研究錦在線(SHSE:600650)及其ROCE的趨勢時,我們確實喜歡我們所看到的。
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 Shanghai Jin Jiang Online Network Service is:
如果您之前沒有接觸過ROCE,它衡量了一家公司從業務中的資本使用所獲得的「回報」(稅前利潤)。在錦在線上海NetworkService的計算公式是:
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。
0.00036 = CN¥1.6m ÷ (CN¥5.1b - CN¥565m) (Based on the trailing twelve months to March 2024).
0.00036 = CN¥160萬 ÷ (CN¥51億 - CN¥565m)(根據截至2024年3月的過去十二個月)。
Thus, Shanghai Jin Jiang Online Network Service has an ROCE of 0.04%. In absolute terms, that's a low return and it also under-performs the Specialty Retail industry average of 4.5%.
因此,錦在線上海NetworkService的ROCE爲0.04%。從絕對值上來說,這是一個較低的回報率,也低於專業零售行業平均水平4.5%。
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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'd like to look at how Shanghai Jin Jiang Online Network Service has performed in the past in other metrics, you can view this free graph of Shanghai Jin Jiang Online Network Service's past earnings, revenue and cash flow.
儘管過去不能代表未來,但了解一家公司的歷史表現對我們很有幫助,這也是我們提供這個圖表的原因。如果您想了解上海錦江在線網絡服務在過去的其他指標上的表現情況,可以查看這個免費的關於上海錦江在線網絡服務過去盈利、營業收入和現金流的圖表。
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。
Shareholders will be relieved that Shanghai Jin Jiang Online Network Service has broken into profitability. The company was generating losses five years ago, but has managed to turn it around and as we saw earlier is now earning 0.04%, which is always encouraging. Interestingly, the capital employed by the business has remained relatively flat, so these higher returns are either from prior investments paying off or increased efficiencies. With no noticeable increase in capital employed, it's worth knowing what the company plans on doing going forward in regards to reinvesting and growing the business. After all, a company can only become a long term multi-bagger if it continually reinvests in itself at high rates of return.
股東們會感到欣慰的是,上海錦江在線網絡服務已經實現了盈利。公司在五年前還在虧損,但成功扭虧爲盈,正如我們前面所見的,現在實現了0.04%的盈利率,這總是鼓舞人心的。有趣的是,該公司的資本投入保持相對平穩,所以這些更高的回報要麼來自之前的投資回報,要麼來自增加的效率。在資本投入沒有明顯增加的情況下,知道公司在未來打算如何進行再投資和業務增長是很重要的。畢竟,只有在高回報率下不斷重投資,一家公司才能成爲長期增值的多倍股。
The Key Takeaway
重要提示
To bring it all together, Shanghai Jin Jiang Online Network Service has done well to increase the returns it's generating from its capital employed. Investors may not be impressed by the favorable underlying trends yet because over the last five years the stock has only returned 9.2% to shareholders. So with that in mind, we think the stock deserves further research.
綜上所述,上海錦江在線網絡服務在提高資本投入回報率方面做得很好。投資者可能對這些良好的潛在趨勢還沒有留下深刻印象,因爲在過去的五年裏,該股票僅對股東回報了9.2%。因此,考慮到這一點,我們認爲這隻股票值得進一步研究。
One final note, you should learn about the 4 warning signs we've spotted with Shanghai Jin Jiang Online Network Service (including 2 which are a bit concerning) .
最後,請您了解我們發現的關於上海錦江在線網絡服務的4個警示信號(其中2個有些令人擔憂)。
While Shanghai Jin Jiang Online Network Service isn't earning the highest return, check out this free list of companies that are earning high returns on equity with solid balance sheets.
儘管上海錦江在線網絡服務並沒有獲得最高的回報,但請查看這個免費的公司列表,這些公司在股東權益上獲得了高回報,並擁有穩健的資產負債表。
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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。