Investors Could Be Concerned With Nuode New MaterialsLtd's (SHSE:600110) Returns On Capital
Investors Could Be Concerned With Nuode New MaterialsLtd's (SHSE:600110) Returns On Capital
If we want to find a stock that could multiply over the long term, what are the underlying trends we should look for? Amongst other things, we'll want to see two things; firstly, a growing return on capital employed (ROCE) and secondly, an expansion in the company's 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. Having said that, from a first glance at Nuode New MaterialsLtd (SHSE:600110) we aren't jumping out of our chairs at how returns are trending, but let's have a deeper look.
如果我们想要找到一只可以长期成倍增长的股票，我们应该寻找什么潜在趋势？在其他方面，我们希望看到两件事；第一，不断增长的退货一是关于已用资本(ROCE)，二是公司的金额已动用资本的比例。简而言之，这些类型的企业是复利机器，这意味着它们不断地以越来越高的回报率对收益进行再投资。话虽如此，从第一眼看诺德新材料有限公司(上海证券交易所：600110)我们不会因为回报率的趋势而从椅子上跳起来，但让我们更深入地看看。
Understanding Return On Capital Employed (ROCE)
了解资本回报率(ROCE)
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 Nuode New MaterialsLtd is:
如果您不确定，只需澄清一下，ROCE是一种评估公司投资于其业务的资本获得多少税前收入(按百分比计算)的指标。诺德新材料有限公司的计算公式为：
Return on Capital Employed = Earnings Before Interest and Tax (EBIT) ÷ (Total Assets - Current Liabilities)
已动用资本回报率=息税前收益(EBIT)？(总资产-流动负债)
0.038 = CN¥377m ÷ (CN¥14b - CN¥4.1b) (Based on the trailing twelve months to June 2023).
0.038=人民币3.77亿？(人民币14亿元-人民币41亿元)(根据截至2023年6月的往绩12个月计算)。
So, Nuode New MaterialsLtd has an ROCE of 3.8%. In absolute terms, that's a low return and it also under-performs the Electrical industry average of 6.3%.
所以,诺德新材料有限公司的净资产收益率为3.8%。按绝对值计算，这是一个较低的回报率，也低于6.3%的电气行业平均水平。
See our latest analysis for Nuode New MaterialsLtd
查看我们对诺德新材料有限公司的最新分析
Above you can see how the current ROCE for Nuode New MaterialsLtd compares to its prior returns on capital, but there's only so much you can tell from the past. If you'd like to see what analysts are forecasting going forward, you should check out our free report for Nuode New MaterialsLtd.
上面你可以看到诺德新材料有限公司目前的净资产收益率与其之前的资本回报率相比如何，但你只能从过去知道这么多。如果您想查看分析师对未来的预测，您应该查看我们的免费诺德新材料有限公司报告。
What Does the ROCE Trend For Nuode New MaterialsLtd Tell Us?
诺德新材料股份有限公司的ROCE趋势告诉我们什么？
Unfortunately, the trend isn't great with ROCE falling from 11% five years ago, while capital employed has grown 191%. Usually this isn't ideal, but given Nuode New MaterialsLtd conducted a capital raising before their most recent earnings announcement, that would've likely contributed, at least partially, to the increased capital employed figure. It's unlikely that all of the funds raised have been put to work yet, so as a consequence Nuode New MaterialsLtd might not have received a full period of earnings contribution from it.
不幸的是，这一趋势并不乐观，净资产收益率从五年前的11%下降，而已动用资本增长了191%。通常情况下，这并不理想，但考虑到诺德新材料有限公司在最近一次财报公布之前进行了一次融资，这可能至少在一定程度上推动了资本投入的增加。不太可能所有筹集的资金都已经投入使用，因此诺德新材料有限公司可能没有从该公司获得完整时期的收益贡献。
On a related note, Nuode New MaterialsLtd has decreased its current liabilities to 29% of total assets. So we could link some of this to the decrease in ROCE. 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.
与此相关的是，诺德新材料有限公司已将其流动负债降至总资产的29%。因此，我们可以将其中一些因素与净资产收益率的下降联系起来。更重要的是，这可以降低业务的某些方面的风险，因为现在该公司的供应商或短期债权人为其运营提供的资金减少了。一些人会说，这降低了企业产生净资产收益率的效率，因为它现在用自己的钱为更多的运营提供资金。
What We Can Learn From Nuode New MaterialsLtd's ROCE
我们可以从诺德新材料有限公司的ROCE中学到什么
Bringing it all together, while we're somewhat encouraged by Nuode New MaterialsLtd's reinvestment in its own business, we're aware that returns are shrinking. Although the market must be expecting these trends to improve because the stock has gained 56% over the last five years. But if the trajectory of these underlying trends continue, we think the likelihood of it being a multi-bagger from here isn't high.
综上所述，虽然诺德新材料有限公司对自己业务的再投资多少让我们感到鼓舞，但我们意识到回报正在缩水。尽管市场肯定预计这些趋势会改善，因为该股在过去五年中上涨了56%。但如果这些潜在趋势的轨迹继续下去，我们认为从现在开始出现多管齐下的可能性并不高。
If you'd like to know more about Nuode New MaterialsLtd, we've spotted 3 warning signs, and 1 of them is concerning.
如果你想了解更多关于诺德新材料有限公司，我们已经发现3个警示标志，其中1人与此有关。
While Nuode New 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.
虽然诺德新材料有限公司并没有获得最高的回报，但看看这个免费资产负债表稳健、股本回报率高的公司名单。
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