Returns On Capital Signal Tricky Times Ahead For Shandong Sinocera Functional Material (SZSE:300285)
Returns On Capital Signal Tricky Times Ahead For Shandong Sinocera Functional Material (SZSE:300285)
There are a few key trends to look for if we want to identify the next multi-bagger. One common approach is to try and find a company with returns on capital employed (ROCE) that are increasing, in conjunction with a growing amount of capital employed. Ultimately, this demonstrates that it's a business that is reinvesting profits at increasing rates of return. However, after briefly looking over the numbers, we don't think Shandong Sinocera Functional Material (SZSE:300285) has the makings of a multi-bagger going forward, but let's have a look at why that may be.
如果我們想確定下一個多功能裝袋機,有一些關鍵趨勢需要關注。一種常見的方法是嘗試找一家公司 回報 論資本使用率(ROCE)在增加的同時增長 金額 已動用資本的百分比。歸根結底,這表明這是一家以更高的回報率對利潤進行再投資的企業。但是,在簡要查看這些數字之後,我們認爲山東中瓷功能材料(SZSE:300285)不具備未來多袋機的特點,但讓我們來看看爲什麼會這樣。
Return On Capital Employed (ROCE): What Is It?
資本使用回報率(ROCE):這是什麼?
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 Shandong Sinocera Functional Material is:
如果您不確定,可以澄清一下,ROCE是評估公司從投資於其業務的資本中獲得多少稅前收入(按百分比計算)的指標。山東國瓷功能材料的計算公式爲:
Return on Capital Employed = Earnings Before Interest and Tax (EBIT) ÷ (Total Assets - Current Liabilities)
已動用資本回報率 = 息稅前收益 (EBIT) ¥(總資產-流動負債)
0.076 = CN¥551m ÷ (CN¥8.6b - CN¥1.3b) (Based on the trailing twelve months to September 2023).
0.076 = CN¥5.51m ≤(CN¥8.6b-CN¥1.3b) (基於截至2023年9月的過去十二個月)。
So, Shandong Sinocera Functional Material has an ROCE of 7.6%. On its own that's a low return, but compared to the average of 5.5% generated by the Chemicals industry, it's much better.
因此,山東國瓷功能材料的投資回報率爲7.6%。就其本身而言,回報率很低,但與化工行業的平均回報率5.5%相比,要好得多。
See our latest analysis for Shandong Sinocera Functional Material
查看我們對山東國瓷功能材料的最新分析
![roce](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20231205/0-592314809f644c66ca4614d0a18dc303-0-417df1bca9d93ead1121b9920ff61bce.png/big)
Above you can see how the current ROCE for Shandong Sinocera Functional Material 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 Shandong Sinocera Functional Material here for free.
在上方你可以看到山東國瓷功能材料目前的投資回報率與其之前的資本回報率相比如何,但從過去可以看出來只有很多。如果你願意,可以在這裏免費查看分析師對山東國瓷功能材料的預測。
So How Is Shandong Sinocera Functional Material's ROCE Trending?
那麼,山東國瓷功能材料的ROCE趨勢如何?
When we looked at the ROCE trend at Shandong Sinocera Functional Material, we didn't gain much confidence. Around five years ago the returns on capital were 12%, but since then they've fallen to 7.6%. Meanwhile, the business is utilizing more capital but this hasn't moved the needle much in terms of sales in the past 12 months, so this could reflect longer term investments. It's worth keeping an eye on the company's earnings from here on to see if these investments do end up contributing to the bottom line.
當我們查看山東國瓷功能材料的ROCE趨勢時,我們並沒有獲得太大的信心。大約五年前,資本回報率爲12%,但此後已降至7.6%。同時,該業務正在使用更多的資本,但在過去的12個月中,這並沒有給銷售帶來太大影響,因此這可能反映了長期投資。值得關注該公司的收益,看看這些投資最終能否爲利潤做出貢獻。
The Bottom Line
底線
In summary, Shandong Sinocera Functional Material 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 120% gain to shareholders who have held over the last five years. However, unless these underlying trends turn more positive, we wouldn't get our hopes up too high.
總而言之,山東中瓷功能材料正在將資金重新投資到業務中以實現增長,但不幸的是,銷售額似乎尚未有太大增長。投資者必須認爲會有更好的事情發生,因爲該股已將其淘汰,爲過去五年中持股的股東帶來了120%的收益。但是,除非這些潛在趨勢變得更加樂觀,否則我們的希望不會過高。
While Shandong Sinocera Functional Material doesn't shine too bright in this respect, it's still worth seeing if the company is trading at attractive prices. You can find that out with our FREE intrinsic value estimation on our platform.
儘管山東中瓷功能材料在這方面的表現並不太亮眼,但該公司的交易價格是否具有吸引力仍值得一看。您可以通過我們平台上的免費內在價值估算來找到答案。
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.
如果你想尋找收益豐厚的穩健公司,可以免費查看這份資產負債表良好且股本回報率可觀的公司名單。
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