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Investors Could Be Concerned With Jiangsu Ruitai New Energy Materials' (SZSE:301238) Returns On Capital

Investors Could Be Concerned With Jiangsu Ruitai New Energy Materials' (SZSE:301238) Returns On Capital

投資者可能會關注江蘇瑞泰新能源物料(SZSE:301238)的資本回報。
Simply Wall St ·  11/25 02:59

If we want to find a potential multi-bagger, often there are underlying trends that can provide clues. Firstly, we'd want to identify a growing return on capital employed (ROCE) and then alongside that, an ever-increasing base of capital employed. Basically this means that a company has profitable initiatives that it can continue to reinvest in, which is a trait of a compounding machine. However, after investigating Jiangsu Ruitai New Energy Materials (SZSE:301238), we don't think it's current trends fit the mold of a multi-bagger.

如果我們想找到一個潛在的多倍收益股,通常會有一些潛在的趨勢可以提供線索。首先,我們希望確定一個不斷增長的資本回報率(ROCE),然後再加上一個不斷增加的資本投入基礎。基本上,這意味着公司有盈利的項目可以繼續進行再投資,這是一個複合增長機器的特徵。 然而,在調查了江蘇瑞泰新能源物料(SZSE:301238)後,我們認爲它當前的趨勢不符合多倍收益股的標準。

Understanding Return On Capital Employed (ROCE)

上面您可以看到蒙托克可再生能源現行ROCE與之前資本回報的比較,但過去只能知道這麼多。如果您感興趣,可以查看我們免費的蒙托克可再生能源分析師報告,了解分析師的預測。

If you haven't worked with ROCE before, it measures the 'return' (pre-tax profit) a company generates from capital employed in its business. Analysts use this formula to calculate it for Jiangsu Ruitai New Energy Materials:

如果你之前沒有接觸過ROCE,它衡量的是公司從其業務中投入資本所產生的「回報」(稅前利潤)。分析師使用這個公式來計算江蘇瑞泰新能源物料的ROCE:

Return on Capital Employed = Earnings Before Interest and Tax (EBIT) ÷ (Total Assets - Current Liabilities)

資本利用率 = 利息和稅前利潤(EBIT) ÷ (總資產 - 流動負債)

0.024 = CN¥197m ÷ (CN¥9.9b - CN¥1.7b) (Based on the trailing twelve months to September 2024).

0.024 = CN¥19700萬 ÷ (CN¥99億 - CN¥1.7b) (基於截至2024年9月的過去12個月)。

Therefore, Jiangsu Ruitai New Energy Materials has an ROCE of 2.4%. In absolute terms, that's a low return and it also under-performs the Electrical industry average of 5.8%.

因此,江蘇瑞泰新能源物料的ROCE爲2.4%。絕對值而言,這是一項較低的回報,且還低於電氣行業的平均水平5.8%。

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SZSE:301238 Return on Capital Employed November 25th 2024
SZSE:301238 資本回報率 2024年11月25日

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一個很好的起點,因此您可以看到江蘇銳泰新能源物料的ROCE與其過去回報的對比。如果您想查看江蘇銳泰新能源物料在其他指標上的歷史表現,您可以查看這張免費的圖表,其中展示了江蘇銳泰新能源物料過去的收益、營業收入和現金流。

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

我們可以從江蘇銳泰新能源物料的ROCE趨勢中得出什麼結論?

In terms of Jiangsu Ruitai New Energy Materials' historical ROCE movements, the trend isn't fantastic. To be more specific, ROCE has fallen from 16% over the last five years. Given the business is employing more capital while revenue has slipped, this is a bit concerning. If this were to continue, you might be looking at a company that is trying to reinvest for growth but is actually losing market share since sales haven't increased.

就江蘇銳泰新能源物料的歷史ROCE變動而言,趨勢並不理想。更具體來說,ROCE在過去五年內下降了16%。考慮到該業務正在使用更多資本,而營業收入卻在下滑,這有點令人擔憂。如果這種情況繼續下去,您可能會面臨一個試圖進行再投資以實現增長,但實際上卻在失去市場份額的公司,因爲銷售並沒有增加。

On a related note, Jiangsu Ruitai New Energy Materials has decreased its current liabilities to 17% of total assets. That could partly explain why the ROCE has dropped. What's more, this can reduce some aspects of risk to the business because now the company's suppliers or short-term creditors are funding less of its operations. Since the business is basically funding more of its operations with it's own money, you could argue this has made the business less efficient at generating ROCE.

相關的是,江蘇銳泰新能源物料已將其當前負債降至總資產的17%。這部分可以解釋ROCE下降的原因。此外,這可以減少業務的一些風險,因爲現在公司的供應商或短期債權人爲其運營提供的資金減少了。由於該業務基本上是用自己的資金來資助更多的運營,您可以說這使得業務在產生ROCE方面的效率降低。

The Key Takeaway

重要提示

From the above analysis, we find it rather worrisome that returns on capital and sales for Jiangsu Ruitai New Energy Materials have fallen, meanwhile the business is employing more capital than it was five years ago. But investors must be expecting an improvement of sorts because over the last yearthe stock has delivered a respectable 7.2% return. Regardless, we don't feel too comfortable with the fundamentals so we'd be steering clear of this stock for now.

從上述分析來看,我們發現江蘇銳泰新能源物料的資本回報和銷售下降相當令人擔憂,同時該業務使用的資本比五年前更多。但投資者必須期望某種改善,因爲在過去一年中,這隻股票交出了7.2%的可觀回報。無論如何,我們對基本面並不感到太舒服,因此我們暫時會避開這隻股票。

Jiangsu Ruitai New Energy Materials does have some risks, we noticed 3 warning signs (and 1 which is potentially serious) we think you should know about.

江蘇瑞泰新能源物料確實存在一些風險,我們注意到3個警告信號(還有1個可能是嚴重的),我們認爲你應該知道。

While Jiangsu Ruitai New Energy Materials isn't earning the highest return, check out this free list of companies that are earning high returns on equity with solid balance sheets.

雖然江蘇瑞泰新能源物料的收益並不是最高的,但請查看這份免費的公司名單,這些公司在權益回報率方面表現優異,並且資產負債表穩健。

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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.

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Simply Wall St的這篇文章是一般性質的。我們僅基於歷史數據和分析師預測提供評論,使用公正的方法,我們的文章並非意在提供財務建議。這並不構成買入或賣出任何股票的建議,並且不考慮您的目標或財務狀況。我們旨在爲您帶來基於基礎數據驅動的長期聚焦分析。請注意,我們的分析可能未考慮最新的價格敏感公司公告或定性材料。Simply Wall St對提及的任何股票都沒有持倉。

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