Ganzhou Tengyuan Cobalt New Material (SZSE:301219) Will Want To Turn Around Its Return Trends
Ganzhou Tengyuan Cobalt New Material (SZSE:301219) Will Want To Turn Around Its Return Trends
0.096 = CN¥841m ÷ (CN¥10.0b - CN¥1.2b) Finding a business that has the potential to grow substantially is not easy, but it is possible if we look at a few key financial metrics. Firstly, we'd want to identify a growing return on capital employed (ROCE) and then alongside that, an ever-increasing base 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. Although, when we looked at Ganzhou Tengyuan Cobalt New Material (SZSE:301219), it didn't seem to tick all of these boxes.
发现一个有潜力大幅增长的业务并不容易，但是如果我们看一些关键的财务指标，这是可能的。首先，我们希望找到一个不断增长的资本使用效率（ROCE），然后在此基础上，一个日益增长的资本基数。简而言之，这些类型的企业是复利机器，意味着它们不断以越来越高的回报率进行再投资。尽管当我们看了赣州腾远钴新材料（SZSE:301219）时，并没有似乎符合所有这些条件。
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 Ganzhou Tengyuan Cobalt New Material is:
对于那些不了解的人，ROCE是一个公司每年税前利润（其回报）相对于业务资本的度量。在赣州腾远钴新材料上进行这个计算的公式是：
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。
0.096 = CN¥841m ÷ (CN¥10.0b - CN¥1.2b) (Based on the trailing twelve months to June 2024).
0.096 = 84100万元 除以（100亿 - 12亿）（基于2024年6月止的过去十二个月）。
Thus, Ganzhou Tengyuan Cobalt New Material has an ROCE of 9.6%. On its own that's a low return, but compared to the average of 5.5% generated by the Chemicals industry, it's much better.
因此，赣州腾远钴新材料的ROCE为9.6%。单独看来这是一个较低的回报率，但与化学品行业平均5.5%相比，它要好得多。
In the above chart we have measured Ganzhou Tengyuan Cobalt New Material'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 analyst report for Ganzhou Tengyuan Cobalt New Material .
在上述图表中，我们已经测量了赣州腾远钴新材料的先前ROCE与其先前业绩，但未来可能更为重要。如果您感兴趣，可以查看我们为赣州腾远钴新材料免费分析师报告中的分析师预测。
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。
When we looked at the ROCE trend at Ganzhou Tengyuan Cobalt New Material, we didn't gain much confidence. To be more specific, ROCE has fallen from 15% over the last five years. Although, given both revenue and the amount of assets employed in the business have increased, it could suggest the company is investing in growth, and the extra capital has led to a short-term reduction in ROCE. And if the increased capital generates additional returns, the business, and thus shareholders, will benefit in the long run.
当我们看赣州腾远钴新材料的ROCE趋势时，我们并没有获得太多信心。更具体地说，过去五年中ROCE已从15%下降。尽管营业收入和业务中使用的资产数量均增加，这可能表明公司正在投资增长，而额外的资本导致了短期ROCE的下降。如果增加的资本带来额外的回报，业务及股东最终将受益长期。
On a side note, Ganzhou Tengyuan Cobalt New Material has done well to pay down its current liabilities to 12% of total assets. That could partly explain why the ROCE has dropped. 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.
顺便提一句，赣州腾远钴新材料已经成功将其流动负债降至总资产的12%。这可能在一定程度上解释了为什么ROCE有所下降。实际上，这意味着他们的供应商或短期债权人为公司提供资金的比例较少，从而减少了某些风险因素。一些人可能会声称这降低了企业用于运营的自有资金比例，降低了其产生ROCE的效率。
Our Take On Ganzhou Tengyuan Cobalt New Material's ROCE
关于赣州腾远钴业新材料的ROCE，我们认为虽然其利润降低，但销售增长并且公司在其业务中进行再投资是值得鼓励的。此外，股价在过去一年中上涨了13%，似乎投资者对未来持乐观态度。因此，如果这些增长趋势继续下去，我们对这支股票的未来保持乐观。
While returns have fallen for Ganzhou Tengyuan Cobalt New Material in recent times, we're encouraged to see that sales are growing and that the business is reinvesting in its operations. These trends are starting to be recognized by investors since the stock has delivered a 3.1% gain to shareholders who've held over the last year. Therefore we'd recommend looking further into this stock to confirm if it has the makings of a good investment.
虽然赣州腾远钴新材料的回报近期有所下降，但我们很高兴看到销售额在增长，业务正在进行再投资。这些趋势开始受到投资者的认可，因为股票已为过去一年持有的股东提供了3.1%的收益。因此，我们建议进一步研究这只股票，以确认其是否具备成为一个好投资的潜质。
If you want to continue researching Ganzhou Tengyuan Cobalt New Material, you might be interested to know about the 1 warning sign that our analysis has discovered.
如果您希望继续研究赣州腾元钴新材料，您可能会对我们的分析发现的1个警示标志感兴趣。
While Ganzhou Tengyuan Cobalt New Material isn't earning the highest return, check out this free list of companies that are earning high returns on equity with solid balance sheets.
虽然赣州腾元钴新材料并非获得最高收益，但请查看这份免费的公司名单，这些公司具有良好的资产负债表，获得了高回报率。
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