Zhejiang Jiecang Linear Motion TechnologyLtd (SHSE:603583) Is Reinvesting At Lower Rates Of Return
Zhejiang Jiecang Linear Motion TechnologyLtd (SHSE:603583) Is Reinvesting At Lower Rates Of Return
If you're not sure where to start when looking for the next multi-bagger, there are a few key trends you should keep an eye out for. In a perfect world, we'd like to see a company investing more capital into its business and ideally the returns earned from that capital are also increasing. Ultimately, this demonstrates that it's a business that is reinvesting profits at increasing rates of return. In light of that, when we looked at Zhejiang Jiecang Linear Motion TechnologyLtd (SHSE:603583) and its ROCE trend, we weren't exactly thrilled.
如果你在寻找下一款多功能装袋机时不确定从哪里开始,那么你应该留意一些关键趋势。在一个完美的世界中,我们希望看到一家公司向其业务投资更多的资本,理想情况下,从这些资本中获得的回报也在增加。归根结底,这表明这是一家以更高的回报率对利润进行再投资的企业。有鉴于此,当我们查看浙江捷昌线性传动技术有限公司(SHSE: 603583)及其ROCE趋势时,我们并不感到非常兴奋。
What Is Return On Capital Employed (ROCE)?
什么是资本使用回报率(ROCE)?
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 Zhejiang Jiecang Linear Motion TechnologyLtd:
如果你以前没有与ROCE合作过,它可以衡量一家公司从其业务中使用的资本中产生的 “回报”(税前利润)。分析师使用以下公式为浙江捷昌线性传动科技有限公司计算得出:
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)
0.046 = CN¥217m ÷ (CN¥6.6b - CN¥2.0b) (Based on the trailing twelve months to September 2023).
0.046 = 2.17亿元人民币 ¼(CN¥66B-CN¥2.0b) (基于截至2023年9月的过去十二个月)。
Thus, Zhejiang Jiecang Linear Motion TechnologyLtd has an ROCE of 4.6%. On its own that's a low return on capital but it's in line with the industry's average returns of 5.0%.
因此,浙江捷昌线性传动科技有限公司的投资回报率为4.6%。这本身就是很低的资本回报率,但与该行业5.0%的平均回报率一致。
View our latest analysis for Zhejiang Jiecang Linear Motion TechnologyLtd
查看我们对浙江捷昌线性运动科技有限公司的最新分析

Above you can see how the current ROCE for Zhejiang Jiecang Linear Motion TechnologyLtd 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 Zhejiang Jiecang Linear Motion TechnologyLtd here for free.
在上方你可以看到浙江捷昌线性传动科技有限公司当前的投资回报率与其之前的资本回报率相比如何,但从过去你能看出来只有很多。如果你愿意,你可以在这里免费查看报道浙江捷昌线性传动科技有限公司的分析师的预测。
What The Trend Of ROCE Can Tell Us
ROCE 的趋势能告诉我们什么
The trend of ROCE doesn't look fantastic because it's fallen from 17% five years ago, while the business's capital employed increased by 213%. Usually this isn't ideal, but given Zhejiang Jiecang Linear Motion TechnologyLtd conducted a capital raising before their most recent earnings announcement, that would've likely contributed, at least partially, to the increased capital employed figure. The funds raised likely haven't been put to work yet so it's worth watching what happens in the future with Zhejiang Jiecang Linear Motion TechnologyLtd's earnings and if they change as a result from the capital raise.
ROCE的趋势看起来并不理想,因为它已从五年前的17%下降,而该企业的资本使用量增长了213%。通常这并不理想,但鉴于浙江捷昌线性传动科技有限公司在最新财报公布之前进行了融资,这可能至少部分地促进了资本使用人数的增加。筹集的资金可能尚未投入使用,因此值得关注的是,浙江捷康线性传动科技有限公司的收益将来会发生什么,以及这些收益是否会因融资而发生变化。
On a side note, Zhejiang Jiecang Linear Motion TechnologyLtd's current liabilities have increased over the last five years to 30% of total assets, effectively distorting the ROCE to some degree. Without this increase, it's likely that ROCE would be even lower than 4.6%. While the ratio isn't currently too high, it's worth keeping an eye on this because if it gets particularly high, the business could then face some new elements of risk.
顺便说一句,浙江捷昌线性传动科技有限公司的流动负债在过去五年中已增加到总资产的30%,这在一定程度上实际上扭曲了投资回报率。如果没有这种增长,投资回报率很可能会低于4.6%。尽管该比率目前还不算太高,但值得密切关注,因为如果比率特别高,则企业可能会面临一些新的风险因素。
The Key Takeaway
关键要点
Bringing it all together, while we're somewhat encouraged by Zhejiang Jiecang Linear Motion TechnologyLtd's reinvestment in its own business, we're aware that returns are shrinking. And with the stock having returned a mere 39% in the last five years to shareholders, you could argue that they're aware of these lackluster trends. So if you're looking for a multi-bagger, the underlying trends indicate you may have better chances elsewhere.
综上所述,尽管浙江捷昌线性传动科技有限公司对自有业务的再投资令我们有些鼓舞,但我们意识到回报正在萎缩。而且,在过去五年中,该股向股东的回报率仅为39%,你可以说他们意识到这些乏善可陈的趋势。因此,如果你正在寻找一款多功能游戏,那么潜在的趋势表明你在其他地方可能有更好的机会。
Like most companies, Zhejiang Jiecang Linear Motion TechnologyLtd does come with some risks, and we've found 2 warning signs that you should be aware of.
像大多数公司一样,浙江捷昌线性传动科技有限公司确实存在一些风险,我们发现了两个警告信号,你应该注意。
While Zhejiang Jiecang Linear Motion TechnologyLtd 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.
尽管浙江捷昌线性传动科技有限公司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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