There Are Reasons To Feel Uneasy About Jiangxi Guoguang Commercial Chains' (SHSE:605188) Returns On Capital
There Are Reasons To Feel Uneasy About Jiangxi Guoguang Commercial Chains' (SHSE:605188) Returns On Capital
To find a multi-bagger stock, what are the underlying trends we should look for in a business? Firstly, we'd want to identify a growing return on capital employed (ROCE) and then alongside that, an ever-increasing 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 Jiangxi Guoguang Commercial Chains (SHSE:605188) has the makings of a multi-bagger going forward, but let's have a look at why that may be.
尋找多賺錢的股票，我們要在業務方面尋找哪些趨勢？首先，我們需要確認資本僱用回報率（ROCE）正在增長，同時僱用資本的基礎也在不斷擴大。如果您看到這種情況，通常意味着這是一傢俱有良好業務模式和豐富盈利再投資機會的公司。然而，經過簡短的數據概述後，我們認爲江西國光商貿連鎖有限公司（SHSE: 605188）未來不具備多賺錢的條件，但讓我們看看可能的原因。
What Is Return On Capital Employed (ROCE)?
我們對 Enphase Energy 的資本僱用回報率的看法：正如我們上面看到的，Enphase Energy 的資本回報率沒有提高，但它正在重新投資於業務。投資者必須認爲未來會有更好的前景，因爲股票表現良好，使持股五年以上的股東獲得了 690% 的收益。最終，如果基本趨勢持續存在，我們不會對它成爲一隻多頭股持有期很久很有信心。
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. The formula for this calculation on Jiangxi Guoguang Commercial Chains is:
ROCE是評估公司在其業務中投資的資本上賺取多少稅前收入（以百分比計算）的指標。此計算公式使用江西國光商貿連鎖有限公司的數據：
Return on Capital Employed = Earnings Before Interest and Tax (EBIT) ÷ (Total Assets - Current Liabilities)
資產僱用回報率（ROCE）是指企業利潤，即企業稅前利潤除以企業投入的總資本（負債加股權）。如果ROCE高於企業財務成本的承受能力，那麼企業就會創造出更多的價值。
0.016 = CN¥27m ÷ (CN¥2.7b - CN¥987m) (Based on the trailing twelve months to March 2024).
0.016 = CN¥2700萬 ÷ (CN¥27億 - CN¥987m) (基於過去12個月，截止到2024年3月）。
Therefore, Jiangxi Guoguang Commercial Chains has an ROCE of 1.6%. In absolute terms, that's a low return and it also under-performs the Consumer Retailing industry average of 6.4%.
因此，江西國光商貿連鎖有限公司的ROCE爲1.6%。從絕對值來看，這是一個相對較低的回報率，並且低於消費零售行業的平均水平6.4%。
Historical performance is a great place to start when researching a stock so above you can see the gauge for Jiangxi Guoguang Commercial Chains' ROCE against it's prior returns. If you want to delve into the historical earnings , check out these free graphs detailing revenue and cash flow performance of Jiangxi Guoguang Commercial Chains.
研究股票時，歷史表現是一個非常好的起點，因此您可以看到江西國光商貿連鎖有限公司的資本僱用回報率與以往回報率相比的表現。如果您想深入了解歷史收入，可以查看這些免費的圖表，詳細說明江西國光商貿連鎖有限公司的營收和現金流表現。
The Trend Of ROCE
當尋找下一個倍增器時，如果您不確定從哪裏開始，請關注幾個關鍵趨勢。首先，我們希望看到一個經過驗證的資本使用率。如果您看到這一點，通常意味着這是一家擁有出色業務模式和大量盈利再投資機會的公司。然而，調查蒙托克可再生能源公司（NASDAQ：MNTK）後，我們認爲它的現行趨勢不符合倍增器的模式。
On the surface, the trend of ROCE at Jiangxi Guoguang Commercial Chains doesn't inspire confidence. To be more specific, ROCE has fallen from 15% over the last five years. On the other hand, the company has been employing more capital without a corresponding improvement in sales in the last year, which could suggest these investments are longer term plays. It may take some time before the company starts to see any change in earnings from these investments.
表面上看，江西國光商貿連鎖有限公司的ROCE趨勢並沒有給人留下信心。更具體地說，ROCE在過去五年中從15%下降至目前的水平。而公司在過去一年中增加了更多的資本投入，卻沒有相應的銷售增長，這可能意味着這些投資是長期計劃。公司可能需要一些時間才能從這些投資中看到收益的變化。
On a related note, Jiangxi Guoguang Commercial Chains has decreased its current liabilities to 36% 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.
相關的是，江西國光商貿連鎖有限公司將其流動負債降至總資產的36%。因此，我們可能可以將這部分原因歸咎於其ROCE降低。這實際上意味着他們的供應商或短期債權人爲企業提供的資金較少，從而降低了一些風險因素。有人會認爲這降低了企業以自有資金開展運營的效率，因爲它現在正在用自己的資金承擔更多的操作成本。
The Key Takeaway
重要提示
In summary, Jiangxi Guoguang Commercial Chains is reinvesting funds back into the business for growth but unfortunately it looks like sales haven't increased much just yet. And investors may be recognizing these trends since the stock has only returned a total of 6.4% to shareholders over the last three years. As a result, if you're hunting for a multi-bagger, we think you'd have more luck elsewhere.
總的來說，國光連鎖正在將所有基金類型重新投資到業務中以實現增長，但不幸的是，銷售額似乎還沒有增加。投資者可能會注意到這些趨勢，因爲股票在過去三年中僅爲股東帶來了6.4%的總回報。因此，如果你正在尋找一種多倍投資的機會，我們認爲你在其他地方可能會更加幸運。
One final note, you should learn about the 4 warning signs we've spotted with Jiangxi Guoguang Commercial Chains (including 1 which is a bit unpleasant) .
最後需要注意的是，您應該了解我們在江西國光商貿連鎖有限公司中發現的4個警告信號（其中一個有點不愉快）。
While Jiangxi Guoguang Commercial Chains isn't earning the highest return, check out this free list of companies that are earning high returns on equity with solid balance sheets.
雖然江西國光商貿連鎖有限公司的回報率不是最高的，但請查看此免費公司列表，這些公司具有良好的資產負債表，且回報率較高。
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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.
對本文有任何反饋？對內容有任何疑慮？請直接與我們聯繫。或者，發送電子郵件至editorial-team@simplywallst.com。
這篇文章是Simply Wall St的一般性文章。我們根據歷史數據和分析師預測提供評論，只使用公正的方法論，我們的文章並不意味着提供任何金融建議。文章不構成買賣任何股票的建議，也不考慮您的目標或您的財務狀況。我們的目標是帶給您基本數據驅動的長期關注分析。請注意，我們的分析可能不考慮最新的價格敏感公司公告或定性材料。Simply Wall St沒有任何股票頭寸。
Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team@simplywallst.com
對本文有任何反饋？對內容有任何疑慮？請直接與我們聯繫。或者，發送電子郵件至editorial-team@simplywallst.com。