Returns Are Gaining Momentum At Sichuan Jiuzhou Electronic (SZSE:000801)
Returns Are Gaining Momentum At Sichuan Jiuzhou Electronic (SZSE:000801)
If you're looking for a multi-bagger, there's a few things to keep an eye out for. 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. Put simply, these types of businesses are compounding machines, meaning they are continually reinvesting their earnings at ever-higher rates of return. So when we looked at Sichuan Jiuzhou Electronic (SZSE:000801) and its trend of ROCE, we really liked what we saw.
如果你想找到一只倍增股,就要留意一些事情。其中一种普遍的方法是尝试找到一家资本回报率(ROCE)和使用的资本增长趋势并行增长的公司。简而言之,这些类型的企业是复合机器,意思是它们不断以不断增高的回报率再投资自己的收入。因此,当我们看Sichuan Jiuzhou Electronic(SZSE:000801)的ROCE趋势时,我们真的很喜欢我们看到的内容。
What Is Return On Capital Employed (ROCE)?
我们对 Enphase Energy 的资本雇用回报率的看法:正如我们上面看到的,Enphase Energy 的资本回报率没有提高,但它正在重新投资于业务。投资者必须认为未来会有更好的前景,因为股票表现良好,使持股五年以上的股东获得了 690% 的收益。最终,如果基本趋势持续存在,我们不会对它成为一只多头股持有期很久很有信心。
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. The formula for this calculation on Sichuan Jiuzhou Electronic is:
对于那些不知道ROCE是什么的人来说,它是一家公司每年的税前利润(回报)相对于企业资本使用的一种度量。在Sichuan Jiuzhou Electronic上进行这种计算的公式是:
Return on Capital Employed = Earnings Before Interest and Tax (EBIT) ÷ (Total Assets - Current Liabilities)
资产雇用回报率(ROCE)是指企业利润,即企业税前利润除以企业投入的总资本(负债加股权)。如果ROCE高于企业财务成本的承受能力,那么企业就会创造出更多的价值。
0.041 = CN¥149m ÷ (CN¥6.7b - CN¥3.1b) (Based on the trailing twelve months to March 2024).
0.041 = CN¥14900万 ÷ (CN¥67亿 - CN¥3.1b)(基于截至2024年3月的过去十二个月)。
Thus, Sichuan Jiuzhou Electronic has an ROCE of 4.1%. In absolute terms, that's a low return and it also under-performs the Consumer Durables industry average of 8.4%.
因此,四川九州电子的ROCE为4.1%。从绝对意义上来说,这是一个较低的回报,它也不及消费耐用品行业平均水平(8.4%)
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Above you can see how the current ROCE for Sichuan Jiuzhou Electronic 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 Sichuan Jiuzhou Electronic .
您可以看到Sichuan Jiuzhou Electronic的当前ROCE与其以前的资本回报率的比较情况,但从过去得不到太多信息。如果您感兴趣,您可以在我们的免费分析师报告中查看分析师的预测。
The Trend Of ROCE
当寻找下一个倍增器时,如果您不确定从哪里开始,请关注几个关键趋势。首先,我们希望看到一个经过验证的资本使用率。如果您看到这一点,通常意味着这是一家拥有出色业务模式和大量盈利再投资机会的公司。然而,调查蒙托克可再生能源公司(NASDAQ:MNTK)后,我们认为它的现行趋势不符合倍增器的模式。
We're glad to see that ROCE is heading in the right direction, even if it is still low at the moment. The data shows that returns on capital have increased substantially over the last five years to 4.1%. Basically the business is earning more per dollar of capital invested and in addition to that, 38% more capital is being employed now too. The increasing returns on a growing amount of capital is common amongst multi-baggers and that's why we're impressed.
我们很高兴看到ROCE正在朝着正确的方向发展,即使目前仍然很低。数据显示,在过去的五年中,资本回报率已经大幅提高至4.1%。基本上,该企业正在每美元投资的资本中赚取更多收益,并且还使用了38%更多的资本。在增长的资本数量上提高回报,在倍增股票中很普遍,这就是为什么我们印象深刻的原因。
On a separate but related note, it's important to know that Sichuan Jiuzhou Electronic has a current liabilities to total assets ratio of 46%, which we'd consider pretty high. This effectively means that suppliers (or short-term creditors) are funding a large portion of the business, so just be aware that this can introduce some elements of risk. While it's not necessarily a bad thing, it can be beneficial if this ratio is lower.
另外,需要知道的是,四川九州电子的流动负债与总资产比率为46%,我们认为这相当高。这实际上意味着,供应商(或短期债权人)正在资助业务的大部分资金,因此请注意,这可能会引入一些风险。虽然这不一定是件坏事,但如果比率较低,则可能是有益的。
Our Take On Sichuan Jiuzhou Electronic's ROCE
我们对四川九州电子的ROCE的看法
To sum it up, Sichuan Jiuzhou Electronic has proven it can reinvest in the business and generate higher returns on that capital employed, which is terrific. And with a respectable 89% awarded to those who held the stock over the last five years, you could argue that these developments are starting to get the attention they deserve. Therefore, we think it would be worth your time to check if these trends are going to continue.
总之,四川九州电子已经证明了它能够重新投资业务并在所使用的资本上产生更高的回报,这非常棒。而且,对于那些在过去五年中持有该股票的人,获得了尊重的89%,可以说这些发展逐渐得到了应有的关注。因此,我们认为检查这些趋势是否会继续并值得您花费时间。
If you want to continue researching Sichuan Jiuzhou Electronic, you might be interested to know about the 3 warning signs that our analysis has discovered.
如果您想继续研究四川九州电子,您可能会对我们的分析发现的3个警告标志感兴趣。
While Sichuan Jiuzhou Electronic isn't earning the highest return, check out this free list of companies that are earning high returns on equity with solid balance sheets.
虽然四川九州电子的回报并不是最高的,但是请查看这个获得高回报并拥有坚实资产负债表的公司的免费列表。
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这篇文章是Simply Wall St的一般性文章。我们根据历史数据和分析师预测提供评论,只使用公正的方法论,我们的文章并不意味着提供任何金融建议。文章不构成买卖任何股票的建议,也不考虑您的目标或您的财务状况。我们的目标是带给您基本数据驱动的长期关注分析。请注意,我们的分析可能不考虑最新的价格敏感公司公告或定性材料。Simply Wall St没有任何股票头寸。
Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team@simplywallst.com
对本文有反馈?对内容感到担忧?请直接与我们联系。或者,发送电子邮件至editorial-team@simplywallst.com。