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
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.
如果我們想找到潛在的多袋裝貨商,通常有潛在的趨勢可以提供線索。首先,我們希望確定不斷增長的已動用資本回報率(ROCE),然後確定不斷增加的資本使用基礎。基本上,這意味着公司擁有可以繼續進行再投資的盈利計劃,這是複合機器的特徵。但是,在調查了江蘇瑞泰新能源材料(SZSE: 301238)之後,我們認爲目前的趨勢不符合多袋機的模式。
Understanding Return On Capital Employed (ROCE)
了解資本使用回報率 (ROCE)
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:
如果你以前沒有與ROCE合作過,它會衡量公司從其業務中使用的資本中產生的 「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材料的計算公式:
Return on Capital Employed = Earnings Before Interest and Tax (EBIT) ÷ (Total Assets - Current Liabilities)
已動用資本回報率 = 息稅前收益(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 = 19700萬元人民幣 ÷(99元人民幣-17億元人民幣)(基於截至2024年9月的過去十二個月)。
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,江蘇瑞泰新能源材料的投資回報率爲2.4%。從絕對值來看,這是一個低迴報,其表現也低於電氣行業5.8%的平均水平。
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絕佳起點,因此在上面你可以看到江蘇瑞泰新能源材料的投資回報率與先前回報的對比。如果你想看看江蘇瑞泰新能源材料過去在其他指標中的表現,你可以查看這張江蘇瑞泰新能源材料過去的收益、收入和現金流的免費圖表。
What Can We Tell From Jiangsu Ruitai New Energy Materials' ROCE Trend?
我們可以從江蘇瑞泰新能源材料的ROCE趨勢中得出什麼?
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.
就江蘇瑞泰新能源材料的歷史ROCE走勢而言,這一趨勢並不理想。更具體地說,投資回報率已從過去五年的16%下降。鑑於該企業在收入下滑的情況下僱用了更多的資本,這有點令人擔憂。如果這種情況繼續下去,你可能會看到一家試圖進行再投資以促進增長,但由於銷售額沒有增加,實際上正在失去市場份額的公司。
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.
與此相關的是,江蘇瑞泰新能源材料已將其流動負債減少至總資產的17%。這可以部分解釋投資回報率下降的原因。更重要的是,這可以降低業務風險的某些方面,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。由於該企業基本上是用自己的資金爲其運營提供更多資金,因此您可能會爭辯說,這降低了企業產生投資回報率的效率。
The Key Takeaway
關鍵要點
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,我們發現相當令人擔憂的是,江蘇瑞泰新能源材料的資本回報率和銷售回報率有所下降,同時該業務僱用的資本比五年前還多。但是投資者一定會期待某種程度的改善,因爲在過去的一年中,該股的回報率爲7.2%。無論如何,我們對基本面不太滿意,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.
江蘇瑞泰新能源材料確實存在一些風險,我們注意到三個警告信號(其中一個可能很嚴重),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.
儘管江蘇瑞泰新能源材料的回報率並不高,但請查看這份免費的股票回報率高、資產負債表穩健的公司名單。
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Simply Wall St 的這篇文章本質上是籠統的。我們僅使用公正的方法提供基於歷史數據和分析師預測的評論,我們的文章並非旨在提供財務建議。它不構成買入或賣出任何股票的建議,也沒有考慮到您的目標或財務狀況。我們的目標是爲您提供由基本數據驅動的長期重點分析。請注意,我們的分析可能不會考慮最新的價格敏感型公司公告或定性材料。華爾街只是沒有持有上述任何股票的頭寸。