Some Investors May Be Worried About Crystal Clear Electronic MaterialLtd's (SZSE:300655) Returns On Capital
Some Investors May Be Worried About Crystal Clear Electronic MaterialLtd's (SZSE:300655) Returns On Capital
0.0084 = CN¥41m ÷ (CN¥5.3b - CN¥455m) There are a few key trends to look for if we want to identify the next multi-bagger. Typically, we'll want to notice a trend of growing return on capital employed (ROCE) and alongside that, an expanding base of capital employed. Ultimately, this demonstrates that it's a business that is reinvesting profits at increasing rates of return. Although, when we looked at Crystal Clear Electronic MaterialLtd (SZSE:300655), it didn't seem to tick all of these boxes.
如果我們想要找出下一個投資回報翻倍的標的，有幾個關鍵趨勢需要留意。通常，我們會希望注意到資本運用回報率（ROCE）不斷增長的趨勢，以及與此同時，資本運用基礎擴大的趨勢。最終，這表明這是一個正在以遞增的回報率再投資利潤的業務。儘管當我們看Crystal Clear Electronic MaterialLtd（SZSE:300655）時，似乎並沒有完全符合這些要點。
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。
If you haven't worked with ROCE before, it measures the 'return' (pre-tax profit) a company generates from capital employed in its business. To calculate this metric for Crystal Clear Electronic MaterialLtd, this is the formula:
如果您之前沒有接觸過ROCE，它衡量了公司從業務中資本運用所產生的『回報』（稅前利潤）。要爲Crystal Clear Electronic MaterialLtd計算這一指標，使用以下公式：
Return on Capital Employed = Earnings Before Interest and Tax (EBIT) ÷ (Total Assets - Current Liabilities)
資本利用率 = 利息和稅前利潤（EBIT） ÷ （總資產 - 流動負債）
0.0084 = CN¥41m ÷ (CN¥5.3b - CN¥455m) (Based on the trailing twelve months to September 2024).
0.0084 = 4100萬元人民幣 ÷ （53億人民幣 - 4.55 億元人民幣）（基於2024年9月的滾動十二個月）。
Thus, Crystal Clear Electronic MaterialLtd has an ROCE of 0.8%. Ultimately, that's a low return and it under-performs the Chemicals industry average of 5.6%.
因此，Crystal Clear Electronic MaterialLtd的ROCE爲0.8%。最終，這是一個較低的回報率，低於化學品行業平均水平5.6%。
In the above chart we have measured Crystal Clear Electronic MaterialLtd's prior ROCE against its prior performance, but the future is arguably more important. If you'd like, you can check out the forecasts from the analysts covering Crystal Clear Electronic MaterialLtd for free.
在上面的圖表中，我們已經衡量了Crystal Clear Electronic MaterialLtd以前的ROCE與其以前的表現，但未來可能更重要。如果您願意，您可以免費查看分析師對Crystal Clear Electronic MaterialLtd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。
The trend of ROCE doesn't look fantastic because it's fallen from 5.7% five years ago, while the business's capital employed increased by 403%. However, some of the increase in capital employed could be attributed to the recent capital raising that's been completed prior to their latest reporting period, so keep that in mind when looking at the ROCE decrease. Crystal Clear Electronic MaterialLtd probably hasn't received a full year of earnings yet from the new funds it raised, so these figures should be taken with a grain of salt.
ROCE的趨勢看起來並不太好，因爲五年前爲5.7%，而企業的資本僱用增加了403%。然而，資本僱用的增加部分原因可能是在最新報告期之前完成的最近的資本籌集，所以在看ROCE下降時請牢記這一點。Crystal Clear Electronic MaterialLtd可能尚未從其籌集的新資金中獲得完整的一年收益，因此這些數據應該帶有一定的保留態度。
On a related note, Crystal Clear Electronic MaterialLtd has decreased its current liabilities to 8.6% of total assets. That could partly explain why the ROCE has dropped. Effectively this means their suppliers or short-term creditors are funding less of the business, which reduces some elements of risk. Since the business is basically funding more of its operations with it's own money, you could argue this has made the business less efficient at generating ROCE.
值得一提的是，Crystal Clear Electronic MaterialLtd將其流動負債降至總資產的8.6%。這在一定程度上可以解釋爲何ROCE下降。實際上，這意味着他們的供應商或短期債權人爲企業提供資金量較少，從而減少了一些風險因素。由於企業基本上是用自己的資金更多地資助其業務，您可以認爲這使企業在生成ROCE方面不那麼高效。
Our Take On Crystal Clear Electronic MaterialLtd's ROCE
我們對Crystal Clear Electronic MaterialLtd的ROCE看法
In summary, Crystal Clear Electronic MaterialLtd is reinvesting funds back into the business for growth but unfortunately it looks like sales haven't increased much just yet. Investors must think there's better things to come because the stock has knocked it out of the park, delivering a 129% gain to shareholders who have held over the last five years. Ultimately, if the underlying trends persist, we wouldn't hold our breath on it being a multi-bagger going forward.
總之，Crystal Clear Electronic MaterialLtd正在將資金重新投入業務以實現增長，但不幸的是，銷售額似乎還沒有實現太大增長。投資者必須認爲未來會有更好的事情發生，因爲該股票表現出色，爲過去五年持有的股東帶來了129%的收益。最終，如果基本趨勢持續下去，我們不指望它會成爲未來的多倍賺家。
If you'd like to know more about Crystal Clear Electronic MaterialLtd, we've spotted 2 warning signs, and 1 of them can't be ignored.
如果您想了解更多關於Crystal Clear Electronic MaterialLtd的信息，我們已經發現了2個警告信號，其中1個是不容忽視的。
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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Simply Wall St的這篇文章是一般性質的。我們僅基於歷史數據和分析師預測提供評論，使用公正的方法，我們的文章並非意在提供財務建議。這並不構成買入或賣出任何股票的建議，並且不考慮您的目標或財務狀況。我們旨在爲您帶來基於基礎數據驅動的長期聚焦分析。請注意，我們的分析可能未考慮最新的價格敏感公司公告或定性材料。Simply Wall St對提及的任何股票都沒有持倉。
