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Zhongjie (Jiangsu) TechnologyLtd's (SZSE:301072) Returns On Capital Not Reflecting Well On The Business
Zhongjie (Jiangsu) TechnologyLtd's (SZSE:301072) Returns On Capital Not Reflecting Well On The Business
If we want to find a stock that could multiply over the long term, what are the underlying trends we should look for? 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 Zhongjie (Jiangsu) TechnologyLtd (SZSE:301072) has the makings of a multi-bagger going forward, but let's have a look at why that may be.
Understanding Return On Capital Employed (ROCE)
For those that aren't sure what ROCE is, it measures the amount of pre-tax profits a company can generate from the capital employed in its business. The formula for this calculation on Zhongjie (Jiangsu) TechnologyLtd is:
Return on Capital Employed = Earnings Before Interest and Tax (EBIT) ÷ (Total Assets - Current Liabilities)
0.026 = CN¥20m ÷ (CN¥983m - CN¥198m) (Based on the trailing twelve months to June 2022).
So, Zhongjie (Jiangsu) TechnologyLtd has an ROCE of 2.6%. In absolute terms, that's a low return and it also under-performs the Auto Components industry average of 4.9%.
See our latest analysis for Zhongjie (Jiangsu) TechnologyLtd
SZSE:301072 Return on Capital Employed September 29th 2022Historical performance is a great place to start when researching a stock so above you can see the gauge for Zhongjie (Jiangsu) TechnologyLtd's ROCE against it's prior returns. If you'd like to look at how Zhongjie (Jiangsu) TechnologyLtd has performed in the past in other metrics, you can view this free graph of past earnings, revenue and cash flow.
What Can We Tell From Zhongjie (Jiangsu) TechnologyLtd's ROCE Trend?
On the surface, the trend of ROCE at Zhongjie (Jiangsu) TechnologyLtd doesn't inspire confidence. To be more specific, ROCE has fallen from 15% over the last four years. However it looks like Zhongjie (Jiangsu) TechnologyLtd might be reinvesting for long term growth because while capital employed has increased, the company's sales haven't changed much in the last 12 months. It's worth keeping an eye on the company's earnings from here on to see if these investments do end up contributing to the bottom line.
On a side note, Zhongjie (Jiangsu) TechnologyLtd has done well to pay down its current liabilities to 20% 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. 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.
Our Take On Zhongjie (Jiangsu) TechnologyLtd's ROCE
Bringing it all together, while we're somewhat encouraged by Zhongjie (Jiangsu) TechnologyLtd's reinvestment in its own business, we're aware that returns are shrinking. Unsurprisingly then, the total return to shareholders over the last year has been flat. In any case, the stock doesn't have these traits of a multi-bagger discussed above, so if that's what you're looking for, we think you'd have more luck elsewhere.
If you want to know some of the risks facing Zhongjie (Jiangsu) TechnologyLtd we've found 3 warning signs (2 can't be ignored!) that you should be aware of before investing here.
While Zhongjie (Jiangsu) TechnologyLtd isn't earning the highest return, check out this free list of companies that are earning high returns on equity with solid balance sheets.
Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team (at) simplywallst.com.
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.
如果我们想要找到一只可以长期成倍增长的股票,我们应该寻找什么潜在趋势?首先,我们想要确定一个不断增长的退货在已使用资本(ROCE)上,然后在此基础上,不断增加基地已动用资本的比例。如果你看到这个,通常意味着它是一家拥有出色商业模式和大量有利可图的再投资机会的公司。然而,在简单地看了一下数字之后,我们认为中捷(江苏)科技有限公司(SZSE:301072)具备了未来实现多个袋子的条件,但让我们来看看为什么会这样。
了解资本回报率(ROCE)
对于那些不确定ROCE是什么的人,它衡量的是一家公司可以从其业务中使用的资本产生的税前利润。中捷(江苏)科技有限公司的计算公式为:
已动用资本回报率=息税前收益(EBIT)?(总资产-流动负债)
0.026=2000万元?(9.83亿元-1.98亿元)(根据截至2022年6月的往绩12个月计算).
所以,中捷(江苏)科技有限公司的净资产收益率为2.6%。按绝对值计算,这是一个较低的回报率,也低于4.9%的汽车零部件行业平均水平。
查看我们对中捷(江苏)科技有限公司的最新分析
深圳证交所:2022年9月29日资本回报率301072在研究一只股票时,历史表现是一个很好的起点,因为在历史表现上方,你可以看到中杰(江苏)科技有限公司的ROCE相对于其先前回报的衡量标准。如果你想看看中捷(江苏)科技有限公司过去在其他指标上的表现,你可以查看以下内容免费过去收益、收入和现金流的图表。
从中捷(江苏)科技有限公司的ROCE趋势中我们可以看出什么?
从表面上看,中捷(江苏)科技有限公司的ROCE趋势并没有激发人们的信心。更具体地说,ROCE在过去四年中从15%下降。然而,看起来中杰(江苏)科技有限公司可能是为了长期增长而进行再投资,因为尽管已动用的资本有所增加,但该公司的销售额在过去12个月里没有太大变化。从现在开始,值得密切关注该公司的收益,看看这些投资最终是否真的为利润做出了贡献。
另外,中捷(江苏)科技有限公司在偿还当前负债至总资产的20%方面做得很好。因此,我们可以将其中一些因素与净资产收益率的下降联系起来。实际上,这意味着它们的供应商或短期债权人减少了对业务的融资,这降低了一些风险因素。由于企业基本上是用自有资金为更多的运营提供资金,你可以说这降低了企业产生净资产收益率的效率。
我们对中捷(江苏)科技有限公司ROCE的看法
综上所述,尽管中捷(江苏)科技有限公司对自己业务的再投资多少让我们感到鼓舞,但我们意识到回报正在缩水。因此,去年股东的总回报率持平也就不足为奇了。无论如何,这只股票不具备上面讨论的多袋子股票的这些特征,所以如果这就是你正在寻找的,我们认为你在其他地方会有更多的运气。
如果你想知道中捷(江苏)科技有限公司面临的一些风险,我们找到了3个警示标志(2不可忽视!)在这里投资之前你应该意识到这一点。
虽然中捷(江苏)科技有限公司并没有获得最高的回报,但看看这个免费资产负债表稳健、股本回报率高的公司名单。
对这篇文章有什么反馈吗?担心内容吗? 保持联系直接与我们联系。或者,也可以给编辑组发电子邮件,地址是implywallst.com。
本文由Simply Wall St.撰写,具有概括性。我们仅使用不偏不倚的方法提供基于历史数据和分析师预测的评论,我们的文章并不打算作为财务建议。它不构成买卖任何股票的建议,也没有考虑你的目标或你的财务状况。我们的目标是为您带来由基本面数据驱动的长期重点分析。请注意,我们的分析可能不会将最新的对价格敏感的公司公告或定性材料考虑在内。Simply Wall St.对上述任何一只股票都没有持仓。
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moomoo是Moomoo Technologies Inc.公司提供的金融信息和交易应用程序。
在美国,moomoo上的投资产品和服务由Moomoo Financial Inc.提供,一家受美国证券交易委员会(SEC)监管的持牌主体。 Moomoo Financial Inc.是金融业监管局(FINRA)和证券投资者保护公司(SIPC)的成员。
在新加坡,moomoo上的投资产品和服务是通过Moomoo Financial Singapore Pte. Ltd.提供,该公司受新加坡金融管理局(MAS)监管(牌照号码︰CMS101000) ,持有资本市场服务牌照 (CMS) ,持有财务顾问豁免(Exempt Financial Adviser)资质。本内容未经新加坡金融管理局的审查。
在澳大利亚,moomoo上的金融产品和服务是通过Futu Securities (Australia) Ltd提供,该公司是受澳大利亚证券和投资委员会(ASIC)监管的澳大利亚金融服务许可机构(AFSL No. 224663)。请阅读并理解我们的《金融服务指南》、《条款与条件》、《隐私政策》和其他披露文件,这些文件可在我们的网站 https://www.moomoo.com/au中获取。
在加拿大,通过moomoo应用提供的仅限订单执行的券商服务由Moomoo Financial Canada Inc.提供,并受加拿大投资监管机构(CIRO)监管。
在马来西亚,moomoo上的投资产品和服务是通过Moomoo Securities Malaysia Sdn. Bhd. 提供,该公司受马来西亚证券监督委员会(SC)监管(牌照号码︰eCMSL/A0397/2024) ,持有资本市场服务牌照 (CMSL) 。本内容未经马来西亚证券监督委员会的审查。
Moomoo Technologies Inc., Moomoo Financial Inc., Moomoo Financial Singapore Pte. Ltd., Futu Securities (Australia) Ltd, Moomoo Financial Canada Inc.,和Moomoo Securities Malaysia Sdn. Bhd.是关联公司。
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