Jade Bird Fire (SZSE:002960) Is Reinvesting At Lower Rates Of Return
Jade Bird Fire (SZSE:002960) Is Reinvesting At Lower Rates Of Return
If we want to find a potential multi-bagger, often there are underlying trends that can provide clues. Typically, we'll want to notice a trend of growing return on capital employed (ROCE) and alongside that, an expanding base 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. However, after briefly looking over the numbers, we don't think Jade Bird Fire (SZSE:002960) has the makings of a multi-bagger going forward, but let's have a look at why that may be.
如果我们想找到潜在的多袋装袋机，通常有一些潜在的趋势可以提供线索。通常，我们希望注意到增长的趋势 返回 在资本使用率（ROCE）方面，除此之外，还在扩大 基础 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。但是，在简短地查看了这些数字之后，我们认为Jade Bird Fire（SZSE:002960）在未来不具备多装袋机的风格，但让我们来看看为什么会这样。
Return On Capital Employed (ROCE): What Is It?
资本使用回报率（ROCE）：这是什么？
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. To calculate this metric for Jade Bird Fire, this is the formula:
为了澄清一下你是否不确定，ROCE是评估公司从投资于其业务的资本中获得多少税前收入（按百分比计算）的指标。要计算 Jade Bird Fire 的这个指标，公式如下：
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）
0.11 = CN¥734m ÷ (CN¥8.2b - CN¥1.6b) (Based on the trailing twelve months to September 2023).
0.11 = 7.34亿元人民币 ÷（82亿元人民币-16亿元人民币） （基于截至2023年9月的过去十二个月）。
Therefore, Jade Bird Fire has an ROCE of 11%. On its own, that's a standard return, however it's much better than the 5.0% generated by the Electronic industry.
因此，Jade Bird Fire 的 ROCE 为 11%。就其本身而言，这是标准回报，但要比电子行业产生的5.0％好得多。
View our latest analysis for Jade Bird Fire
查看我们对 Jade Bird Fire 的最新分析
In the above chart we have measured Jade Bird Fire's prior ROCE against its prior performance, but the future is arguably more important. If you're interested, you can view the analysts predictions in our free report on analyst forecasts for the company.
在上图中，我们将Jade Bird Fire先前的投资回报率与之前的表现进行了对比，但可以说，未来更为重要。如果您有兴趣，可以在我们关于公司分析师预测的免费报告中查看分析师的预测。
What The Trend Of ROCE Can Tell Us
ROCE 的趋势能告诉我们什么
Unfortunately, the trend isn't great with ROCE falling from 29% five years ago, while capital employed has grown 375%. 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. The funds raised likely haven't been put to work yet so it's worth watching what happens in the future with Jade Bird Fire's earnings and if they change as a result from the capital raise. Also, we found that by looking at the company's latest EBIT, the figure is within 10% of the previous year's EBIT so you can basically assign the ROCE drop primarily to that capital raise.
不幸的是，这种趋势并不乐观，投资回报率从五年前的29％下降了，而资本利用率增长了375％。但是，动用资本的增加在一定程度上可能归因于最近的融资是在其最新报告期之前完成的，因此在考虑投资回报率下降时请记住这一点。筹集的资金可能尚未投入使用，因此值得关注的是 Jade Bird Fire 的收益未来会发生什么，以及这些收益是否会因筹集资金而发生变化。此外，我们还发现，通过查看该公司最新的息税前利润，该数字在去年息税前利润的10％以内，因此您基本上可以将投资回报率下降主要归因于该次融资。
On a side note, Jade Bird Fire has done well to pay down its current liabilities to 19% of total assets. So we could link some of this to the decrease in ROCE. Effectively this means their suppliers or short-term creditors are funding less of the business, which reduces some elements of risk. Some would claim this reduces the business' efficiency at generating ROCE since it is now funding more of the operations with its own money.
顺便说一句，Jade Bird Fire在将其流动负债偿还至总资产的19％方面做得很好。因此，我们可以将其中一些与投资回报率的下降联系起来。实际上，这意味着他们的供应商或短期债权人减少了对企业的融资，从而降低了某些风险因素。有人会声称这降低了企业产生投资回报率的效率，因为该公司现在正在用自己的资金为更多的业务提供资金。
Our Take On Jade Bird Fire's ROCE
我们对 Jade Bird Fire 的 ROCE 的看法
To conclude, we've found that Jade Bird Fire is reinvesting in the business, but returns have been falling. Additionally, the stock's total return to shareholders over the last three years has been flat, which isn't too surprising. Therefore based on the analysis done in this article, we don't think Jade Bird Fire has the makings of a multi-bagger.
总而言之，我们发现Jade Bird Fire正在对该业务进行再投资，但回报率一直在下降。此外，该股在过去三年中的股东总回报率一直持平，这并不奇怪。因此，根据本文的分析，我们认为Jade Bird Fire不具备多袋装机的风格。
On a final note, we've found 2 warning signs for Jade Bird Fire that we think you should be aware of.
最后，我们发现了 2 个 Jade Bird Fire 的警告信号，我们认为你应该注意这些信号。
While Jade Bird Fire 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Jade Bird Fire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。在这里查看这个免费清单。
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