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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

投资者可能会关注江苏瑞泰新能源物料(SZSE:301238)的资本回报
Simply Wall St ·  11/25 15:59

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.

如果我们想找到一个潜在的多倍收益股,通常会有一些潜在的趋势可以提供线索。首先,我们希望确定一个不断增长的资本回报率(ROCE),然后再加上一个不断增加的资本投入基础。基本上,这意味着公司有盈利的项目可以继续进行再投资,这是一个复合增长机器的特征。 然而,在调查了江苏瑞泰新能源物料(SZSE:301238)后,我们认为它当前的趋势不符合多倍收益股的标准。

Understanding Return On Capital Employed (ROCE)

上面您可以看到蒙托克可再生能源现行ROCE与之前资本回报的比较,但过去只能知道这么多。如果您感兴趣,可以查看我们免费的蒙托克可再生能源分析师报告,了解分析师的预测。

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:

如果你之前没有接触过ROCE,它衡量的是公司从其业务中投入资本所产生的“回报”(税前利润)。分析师使用这个公式来计算江苏瑞泰新能源物料的ROCE:

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

资本利用率 = 利息和税前利润(EBIT) ÷ (总资产 - 流动负债)

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

0.024 = CN¥19700万 ÷ (CN¥99亿 - CN¥1.7b) (基于截至2024年9月的过去12个月)。

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,江苏瑞泰新能源物料的ROCE为2.4%。绝对值而言,这是一项较低的回报,且还低于电气行业的平均水平5.8%。

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SZSE:301238 Return on Capital Employed November 25th 2024
SZSE:301238 资本回报率 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.

历史表现是研究股票的一个很好的起点,因此您可以看到江苏锐泰新能源物料的ROCE与其过去回报的对比。如果您想查看江苏锐泰新能源物料在其他指标上的历史表现,您可以查看这张免费的图表,其中展示了江苏锐泰新能源物料过去的收益、营业收入和现金流。

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

我们可以从江苏锐泰新能源物料的ROCE趋势中得出什么结论?

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.

就江苏锐泰新能源物料的历史ROCE变动而言,趋势并不理想。更具体来说,ROCE在过去五年内下降了16%。考虑到该业务正在使用更多资本,而营业收入却在下滑,这有点令人担忧。如果这种情况继续下去,您可能会面临一个试图进行再投资以实现增长,但实际上却在失去市场份额的公司,因为销售并没有增加。

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.

相关的是,江苏锐泰新能源物料已将其当前负债降至总资产的17%。这部分可以解释ROCE下降的原因。此外,这可以减少业务的一些风险,因为现在公司的供应商或短期债权人为其运营提供的资金减少了。由于该业务基本上是用自己的资金来资助更多的运营,您可以说这使得业务在产生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.

从上述分析来看,我们发现江苏锐泰新能源物料的资本回报和销售下降相当令人担忧,同时该业务使用的资本比五年前更多。但投资者必须期望某种改善,因为在过去一年中,这只股票交出了7.2%的可观回报。无论如何,我们对基本面并不感到太舒服,因此我们暂时会避开这只股票。

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.

江苏瑞泰新能源物料确实存在一些风险,我们注意到3个警告信号(还有1个可能是严重的),我们认为你应该知道。

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.

虽然江苏瑞泰新能源物料的收益并不是最高的,但请查看这份免费的公司名单,这些公司在权益回报率方面表现优异,并且资产负债表稳健。

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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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