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Jiangsu Ruitai New Energy Materials (SZSE:301238) May Have Issues Allocating Its Capital

Jiangsu Ruitai New Energy Materials (SZSE:301238) May Have Issues Allocating Its Capital

江蘇瑞泰新能源材料(深圳證券交易所代碼:301238)可能存在資金配置問題
Simply Wall St ·  03/08 11:05

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. Ultimately, this demonstrates that it's a business that is reinvesting profits at increasing rates of return. Although, when we looked at Jiangsu Ruitai New Energy Materials (SZSE:301238), it didn't seem to tick all of these boxes.

如果我們想找到潛在的多袋裝袋機,通常有一些潛在的趨勢可以提供線索。通常,我們希望注意到增長的趨勢 返回 在資本使用率(ROCE)方面,除此之外,還在擴大 基礎 所用資本的比例。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,當我們查看江蘇瑞泰新能源材料(SZSE: 301238)時,它似乎並沒有勾選所有這些方框。

Understanding Return On Capital Employed (ROCE)

了解資本使用回報率 (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. The formula for this calculation on Jiangsu Ruitai New Energy Materials is:

如果你以前沒有與ROCE合作過,它會衡量公司從其業務中使用的資本中產生的 “回報”(稅前利潤)。江蘇瑞泰新能源材料的計算公式爲:

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)

0.066 = CN¥540m ÷ (CN¥11b - CN¥2.6b) (Based on the trailing twelve months to September 2023).

0.066 = CN¥540m ≤(CN¥11b-CN¥2.6b) (基於截至2023年9月的過去十二個月)

So, Jiangsu Ruitai New Energy Materials has an ROCE of 6.6%. In absolute terms, that's a low return but it's around the Electrical industry average of 6.4%.

因此,江蘇瑞泰新能源材料的投資回報率爲6.6%。從絕對值來看,回報率很低,但約爲電氣行業的平均水平6.4%。

roce
SZSE:301238 Return on Capital Employed March 8th 2024
SZSE: 301238 2024 年 3 月 8 日動用資本回報率

Historical performance is a great place to start when researching a stock so above you can see the gauge for Jiangsu Ruitai New Energy Materials' ROCE against it's prior returns. If you'd like to look at how Jiangsu Ruitai New Energy Materials has performed in the past in other metrics, you can view this free graph of Jiangsu Ruitai New Energy Materials' past earnings, revenue and cash flow.

歷史表現是研究股票的絕佳起點,因此在上面你可以看到江蘇瑞泰新能源材料的投資回報率與先前回報的對比。如果你想看看江蘇瑞泰新能源材料過去在其他指標中的表現,你可以查看這張江蘇瑞泰新能源材料過去的收益、收入和現金流的免費圖表。

What Can We Tell From Jiangsu Ruitai New Energy Materials' ROCE Trend?

我們可以從江蘇瑞泰新能源材料的ROCE趨勢中得出什麼?

When we looked at the ROCE trend at Jiangsu Ruitai New Energy Materials, we didn't gain much confidence. Around five years ago the returns on capital were 14%, but since then they've fallen to 6.6%. And considering revenue has dropped while employing more capital, we'd be cautious. This could mean that the business is losing its competitive advantage or market share, because while more money is being put into ventures, it's actually producing a lower return - "less bang for their buck" per se.

當我們查看江蘇瑞泰新能源材料的投資回報率趨勢時,我們並沒有獲得太大的信心。大約五年前,資本回報率爲14%,但此後已降至6.6%。考慮到在僱用更多資本的同時收入有所下降,我們會謹慎行事。這可能意味着該企業正在失去其競爭優勢或市場份額,因爲儘管向風險投資投入了更多資金,但實際上產生的回報卻較低——本身 “性價比更低”。

On a related note, Jiangsu Ruitai New Energy Materials has decreased its current liabilities to 24% 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.

與此相關的是,江蘇瑞泰新能源材料已將其流動負債減少至總資產的24%。因此,我們可以將其中一些與投資回報率的下降聯繫起來。實際上,這意味着他們的供應商或短期債權人減少了對企業的融資,從而降低了某些風險因素。有人會聲稱這降低了企業產生投資回報的效率,因爲該公司現在正在用自己的資金爲更多的業務提供資金。

The Bottom Line

底線

In summary, we're somewhat concerned by Jiangsu Ruitai New Energy Materials' diminishing returns on increasing amounts of capital. It should come as no surprise then that the stock has fallen 41% over the last year, so it looks like investors are recognizing these changes. With underlying trends that aren't great in these areas, we'd consider looking elsewhere.

總而言之,我們對江蘇瑞泰新能源材料隨着資本的增加而產生的回報減少感到擔憂。因此,該股去年下跌了41%也就不足爲奇了,因此投資者似乎已經意識到了這些變化。由於這些領域的潛在趨勢並不理想,我們會考慮將目光投向其他地方。

One more thing, we've spotted 1 warning sign facing Jiangsu Ruitai New Energy Materials that you might find interesting.

還有一件事,我們發現了江蘇瑞泰新能源材料面臨的1個警告標誌,你可能會覺得很有趣。

For those who like to invest in solid companies, check out this free list of companies with solid balance sheets and high returns on equity.

對於那些喜歡投資穩健公司的人,可以查看這份資產負債表穩健和股本回報率高的公司的免費清單。

Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team (at) simplywallst.com.
This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.

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Simply Wall St的這篇文章本質上是籠統的。我們僅使用公正的方法根據歷史數據和分析師的預測提供評論,我們的文章無意作爲財務建議。它不構成買入或賣出任何股票的建議,也沒有考慮到您的目標或財務狀況。我們的目標是爲您提供由基本數據驅動的長期重點分析。請注意,我們的分析可能不考慮最新的價格敏感型公司公告或定性材料。簡而言之,華爾街沒有持有任何上述股票的頭寸。

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