Slowing Rates Of Return At Jiangxi Ganneng (SZSE:000899) Leave Little Room For Excitement
Slowing Rates Of Return At Jiangxi Ganneng (SZSE:000899) Leave Little Room For Excitement
Did you know there are some financial metrics that can provide clues of a potential multi-bagger? Ideally, a business will show two trends; firstly a growing return on capital employed (ROCE) and secondly, an increasing 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. Having said that, from a first glance at Jiangxi Ganneng (SZSE:000899) we aren't jumping out of our chairs at how returns are trending, but let's have a deeper look.
你知道有一些财务指标可以为潜在的多袋人提供线索吗?理想情况下,企业将呈现出两种趋势;首先是增长 返回 论资本使用率(ROCE),其次是增加 金额 所用资本的比例。如果你看到这一点,这通常意味着它是一家拥有良好商业模式和大量盈利再投资机会的公司。话虽如此,乍一看江西赣能(SZSE: 000899),我们并不是对回报的趋势不屑一顾,但让我们更深入地了解一下。
Return On Capital Employed (ROCE): What Is It?
资本使用回报率(ROCE):这是什么?
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 Jiangxi Ganneng:
如果你以前没有与ROCE合作过,它会衡量公司从其业务中使用的资本中产生的 “回报”(税前利润)。分析师使用这个公式来计算江西赣能:
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)
0.036 = CN¥415m ÷ (CN¥13b - CN¥1.8b) (Based on the trailing twelve months to September 2023).
0.036 = CN¥4.15m ≤(CN¥13b-CN¥1.8b) (基于截至2023年9月的过去十二个月)。
Therefore, Jiangxi Ganneng has an ROCE of 3.6%. Ultimately, that's a low return and it under-performs the Renewable Energy industry average of 5.6%.
因此,江西赣能的投资回报率为3.6%。归根结底,这是一个低回报,其表现低于可再生能源行业5.6%的平均水平。
Check out our latest analysis for Jiangxi Ganneng
查看我们对江西甘能的最新分析
![roce](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20231124/0-9bf222fa690ae34ad26548ba0928504b-0-5d98bdc9c37593fea9340bed17713e0e.png/big)
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're interested in investigating Jiangxi Ganneng's past further, check out this free graph of past earnings, revenue and cash flow.
虽然过去并不能代表未来,但了解一家公司的历史表现可能会有所帮助,这就是我们上面有这张图表的原因。如果你有兴趣进一步调查江西赣能的过去,请查看这张过去收益、收入和现金流的免费图表。
How Are Returns Trending?
退货趋势如何?
There are better returns on capital out there than what we're seeing at Jiangxi Ganneng. The company has employed 110% more capital in the last five years, and the returns on that capital have remained stable at 3.6%. This poor ROCE doesn't inspire confidence right now, and with the increase in capital employed, it's evident that the business isn't deploying the funds into high return investments.
那里的资本回报比我们在江西赣能看到的要好。在过去五年中,该公司雇用的资本增加了110%,该资本的回报率一直稳定在3.6%。这种糟糕的投资回报率目前并不能激发信心,随着所用资本的增加,很明显,该企业没有将资金部署到高回报的投资中。
One more thing to note, even though ROCE has remained relatively flat over the last five years, the reduction in current liabilities to 13% of total assets, is good to see from a business owner's perspective. This can eliminate some of the risks inherent in the operations because the business has less outstanding obligations to their suppliers and or short-term creditors than they did previously.
还有一件事需要注意,尽管投资回报率在过去五年中一直保持相对平稳,但从企业主的角度来看,流动负债减少到总资产的13%还是不错的。这可以消除运营中固有的某些风险,因为企业对供应商和/或短期债权人的未清债务比以前少。
The Bottom Line On Jiangxi Ganneng's ROCE
江西赣能投资回报率的底线
Long story short, while Jiangxi Ganneng has been reinvesting its capital, the returns that it's generating haven't increased. Yet to long term shareholders the stock has gifted them an incredible 115% return in the last five years, so the market appears to be rosy about its future. Ultimately, if the underlying trends persist, we wouldn't hold our breath on it being a multi-bagger going forward.
长话短说,尽管江西赣能一直在进行资本再投资,但其产生的回报并未增加。然而,对于长期股东来说,该股在过去五年中为他们带来了令人难以置信的115%的回报,因此市场似乎对其未来持乐观态度。归根结底,如果潜在的趋势持续下去,我们就不会屏住呼吸了,因为它是未来的 “多管齐下”。
Jiangxi Ganneng does have some risks though, and we've spotted 2 warning signs for Jiangxi Ganneng that you might be interested in.
不过,江西赣能确实存在一些风险,我们已经发现了两个你可能会感兴趣的江西赣能的警告信号。
While Jiangxi Ganneng may not currently earn the highest returns, we've compiled a list of companies that currently earn more than 25% return on equity. Check out this free list here.
尽管江西甘能目前可能无法获得最高的回报,但我们编制了一份目前股本回报率超过25%的公司名单。在这里查看这份免费清单。
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Simply Wall St 的这篇文章本质上是笼统的。我们仅使用公正的方法提供基于历史数据和分析师预测的评论,我们的文章并非旨在提供财务建议。它不构成买入或卖出任何股票的建议,也没有考虑到您的目标或财务状况。我们的目标是为您提供由基本数据驱动的长期重点分析。请注意,我们的分析可能不会考虑最新的价格敏感型公司公告或定性材料。华尔街只是没有持有上述任何股票的头寸。