Jiangsu Dingsheng New Materials Ltd (SHSE:603876) Has More To Do To Multiply In Value Going Forward
Jiangsu Dingsheng New Materials Ltd (SHSE:603876) Has More To Do To Multiply In Value Going Forward
There are a few key trends to look for if we want to identify the next multi-bagger. 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. This shows us that it's a compounding machine, able to continually reinvest its earnings back into the business and generate higher returns. So, when we ran our eye over Jiangsu Dingsheng New Materials Ltd's (SHSE:603876) trend of ROCE, we liked what we saw.
如果我们想确定下一款多袋机,有一些关键的趋势需要考虑。在一个完美的世界中,我们希望看到一家公司向其业务投入更多资本,理想情况下,从这些资本中获得的回报也在增加。这向我们表明,它是一台复合机器,能够持续将其收益再投资到业务中并产生更高的回报。因此,当我们关注江苏鼎盛新材料有限公司(SHSE: 603876)的ROCE趋势时,我们喜欢我们所看到的。
Understanding Return On Capital Employed (ROCE)
了解资本使用回报率 (ROCE)
For those who don't know, ROCE is a measure of a company's yearly pre-tax profit (its return), relative to the capital employed in the business. Analysts use this formula to calculate it for Jiangsu Dingsheng New Materials Ltd:
对于那些不知道的人来说,ROCE是衡量公司年度税前利润(其回报率)的指标,相对于该业务使用的资本。分析师使用这个公式来计算江苏鼎盛新材料有限公司的利润:
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¥1.0b ÷ (CN¥24b - CN¥15b) (Based on the trailing twelve months to September 2023).
0.11 = 1.0亿元人民币 ÷(24亿元人民币-15亿元人民币) (基于截至2023年9月的过去十二个月)。
Therefore, Jiangsu Dingsheng New Materials Ltd has an ROCE of 11%. In absolute terms, that's a satisfactory return, but compared to the Metals and Mining industry average of 6.6% it's much better.
因此,江苏鼎盛新材料有限公司的投资回报率为11%。从绝对值来看,这是一个令人满意的回报,但与金属和采矿业6.6%的平均水平相比,回报要好得多。
![roce](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240417/0-0bc1d0f4f3e0a250224aa63078a5cddf-0-66d852c074b7787eec232bac84b97b59.png/big)
Above you can see how the current ROCE for Jiangsu Dingsheng New Materials Ltd compares to its prior returns on capital, but there's only so much you can tell from the past. If you're interested, you can view the analysts predictions in our free analyst report for Jiangsu Dingsheng New Materials Ltd .
上面你可以看到江苏鼎盛新材料有限公司当前的投资回报率与其先前的资本回报率相比如何,但从过去可以看出来的只有那么多。如果您有兴趣,可以在我们为江苏鼎盛新材料有限公司提供的免费分析师报告中查看分析师的预测。
The Trend Of ROCE
ROCE 的趋势
While the current returns on capital are decent, they haven't changed much. The company has employed 112% more capital in the last five years, and the returns on that capital have remained stable at 11%. Since 11% is a moderate ROCE though, it's good to see a business can continue to reinvest at these decent rates of return. Stable returns in this ballpark can be unexciting, but if they can be maintained over the long run, they often provide nice rewards to shareholders.
尽管目前的资本回报率不错,但变化不大。在过去五年中,该公司雇用的资本增加了112%,该资本的回报率一直稳定在11%。但是,由于11%的投资回报率适中,因此很高兴看到企业能够继续以如此可观的回报率进行再投资。这个大概的稳定回报可能并不令人兴奋,但如果能够长期维持这些回报,它们通常会为股东提供丰厚的回报。
On another note, while the change in ROCE trend might not scream for attention, it's interesting that the current liabilities have actually gone up over the last five years. This is intriguing because if current liabilities hadn't increased to 61% of total assets, this reported ROCE would probably be less than11% because total capital employed would be higher.The 11% ROCE could be even lower if current liabilities weren't 61% of total assets, because the the formula would show a larger base of total capital employed. So with current liabilities at such high levels, this effectively means the likes of suppliers or short-term creditors are funding a meaningful part of the business, which in some instances can bring some risks.
另一方面,尽管投资回报率趋势的变化可能不会引起人们的关注,但有趣的是,在过去五年中,流动负债实际上一直在增加。这很有趣,因为如果流动负债没有增加到总资产的61%,则报告的投资回报率可能低于11%,因为所使用的总资本会更高。如果流动负债不占总资产的61%,则11%的投资回报率可能会更低,因为该公式将显示动用总资本的基数更大。因此,在流动负债处于如此高水平的情况下,这实际上意味着供应商或短期债权人等机构正在为业务的重要部分提供资金,这在某些情况下可能会带来一些风险。
What We Can Learn From Jiangsu Dingsheng New Materials Ltd's ROCE
我们可以从江苏鼎盛新材料有限公司的ROCE中学到什么
To sum it up, Jiangsu Dingsheng New Materials Ltd has simply been reinvesting capital steadily, at those decent rates of return. However, over the last five years, the stock hasn't provided much growth to shareholders in the way of total returns. That's why we think it'd be worthwhile to look further into this stock given the fundamentals are appealing.
总而言之,江苏鼎盛新材料有限公司只是在稳步进行资本再投资,回报率不错。但是,在过去的五年中,该股在总回报方面并没有为股东带来太大的增长。这就是为什么鉴于基本面很有吸引力,我们认为值得进一步研究这只股票。
One more thing, we've spotted 1 warning sign facing Jiangsu Dingsheng New Materials Ltd that you might find interesting.
还有一件事,我们发现了面向江苏鼎盛新材料有限公司的1个警告标志,你可能会觉得有趣。
While Jiangsu Dingsheng New Materials Ltd isn't earning the highest return, check out this free list of companies that are earning high returns on equity with solid balance sheets.
尽管江苏鼎盛新材料有限公司的回报率并不高,但请查看这份免费清单,列出了资产负债表稳健的股本回报率高的公司。
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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根据历史数据和分析师的预测提供评论,我们的文章无意作为财务建议。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,我们的分析可能不考虑最新的价格敏感型公司公告或定性材料。简而言之,华尔街没有持有任何上述股票的头寸。