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Returns On Capital Are Showing Encouraging Signs At Sichuan Jiuzhou Electronic (SZSE:000801)

Returns On Capital Are Showing Encouraging Signs At Sichuan Jiuzhou Electronic (SZSE:000801)

四川九洲電子(深交所:000801)的資本回報率顯示出令人鼓舞的跡象
Simply Wall St ·  2023/10/27 20:20

There are a few key trends to look for if we want to identify the next multi-bagger. Amongst other things, we'll want to see two things; firstly, a growing return on capital employed (ROCE) and secondly, an expansion in the company's amount 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. So when we looked at Sichuan Jiuzhou Electronic (SZSE:000801) and its trend of ROCE, we really liked what we saw.

如果我們想要識別下一個多袋子,有幾個關鍵趨勢需要尋找。在其他方面,我們希望看到兩件事;第一,不斷增長的退貨一是關於已用資本(ROCE),二是公司的金額已動用資本的比例。簡而言之,這些類型的企業是複利機器,這意味著它們不斷地以越來越高的回報率對收益進行再投資。所以當我們看著四川九洲電子(SZSE:000801)和它的ROCE趨勢,我們真的很喜歡我們看到的。

What Is Return On Capital Employed (ROCE)?

什麼是資本回報率(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 Sichuan Jiuzhou Electronic is:

對於那些不確定ROCE是什麼的人,它衡量的是一家公司可以從其業務中使用的資本產生的稅前利潤。四川九洲電子的這一計算公式為:

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)

0.065 = CN¥221m ÷ (CN¥6.3b - CN¥2.9b) (Based on the trailing twelve months to September 2023).

0.065=CN元2.21億?(CN元63億-CN元29億)(根據截至2023年9月的往績12個月計算)

So, Sichuan Jiuzhou Electronic has an ROCE of 6.5%. On its own, that's a low figure but it's around the 8.0% average generated by the Consumer Durables industry.

所以,四川九洲電子ROCE為6.5%。就其本身而言,這是一個很低的數位,但它大約是耐用消費品行業8.0%的平均增長率。

See our latest analysis for Sichuan Jiuzhou Electronic

查看我們對四川九洲電子的最新分析

roce
SZSE:000801 Return on Capital Employed October 28th 2023
深圳證交所:2023年10月28日資本回報率000801

In the above chart we have measured Sichuan Jiuzhou Electronic'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 report on analyst forecasts for the company.

在上面的圖表中,我們衡量了四川九洲電子之前的淨資產收益率和之前的表現,但可以說,未來更重要。如果您感興趣,您可以在我們的免費分析師對該公司的預測報告.

What The Trend Of ROCE Can Tell Us

ROCE的走勢告訴我們什麼

We're glad to see that ROCE is heading in the right direction, even if it is still low at the moment. The numbers show that in the last five years, the returns generated on capital employed have grown considerably to 6.5%. The amount of capital employed has increased too, by 33%. The increasing returns on a growing amount of capital is common amongst multi-baggers and that's why we're impressed.

我們很高興看到ROCE正朝著正確的方向前進,儘管目前仍處於低位。數位顯示,在過去五年中,資本回報率大幅增長至6.5%。所使用的資本額也增加了33%。越來越多的資本帶來越來越多的回報,這在多頭投資者中很常見,這就是為什麼我們對此印象深刻。

Another thing to note, Sichuan Jiuzhou Electronic has a high ratio of current liabilities to total assets of 46%. This can bring about some risks because the company is basically operating with a rather large reliance on its suppliers or other sorts of short-term creditors. Ideally we'd like to see this reduce as that would mean fewer obligations bearing risks.

另外需要注意的是,四川九洲電子的流動負債與總資產之比很高,達到46%。這可能會帶來一些風險,因為該公司基本上是在相當大程度上依賴其供應商或其他類型的短期債權人運營的。理想情況下,我們希望看到這一比例降低,因為這將意味著承擔風險的債務更少。

The Bottom Line

底線

All in all, it's terrific to see that Sichuan Jiuzhou Electronic is reaping the rewards from prior investments and is growing its capital base. And with the stock having performed exceptionally well over the last five years, these patterns are being accounted for by investors. With that being said, we still think the promising fundamentals mean the company deserves some further due diligence.

總而言之,看到四川九洲電子從之前的投資中獲得回報,並正在擴大資本基礎,這是一件很棒的事情。隨著該股在過去五年中表現異常出色,這些模式得到了投資者的考慮。話雖如此,我們仍然認為,前景看好的基本面意味著該公司值得進行進一步的盡職調查。

If you'd like to know about the risks facing Sichuan Jiuzhou Electronic, we've discovered 2 warning signs that you should be aware of.

如果你想了解四川九洲電子面臨的風險,我們發現2個個警告標誌這一點你應該知道.

While Sichuan Jiuzhou Electronic may not currently earn the highest returns, we've compiled a list of companies that currently earn more than 25% return on equity. Check out this free list here.

雖然四川九洲電子目前的回報率可能不是最高的,但我們已經編制了一份目前股本回報率超過25%的公司名單。看看這個免費在這裡列出。

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.

對這篇文章有什麼反饋嗎?擔心內容嗎? 保持聯繫直接與我們聯繫.或者,也可以給編輯組發電子郵件,地址是暗示Wallst.com。
本文由Simply Wall St.撰寫,具有概括性.我們僅使用不偏不倚的方法提供基於歷史數據和分析師預測的評論,我們的文章並不打算作為財務建議.它不構成買賣任何股票的建議,也沒有考慮你的目標或你的財務狀況.我們的目標是為您帶來由基本面數據驅動的長期重點分析.請注意,我們的分析可能不會將最新的對價格敏感的公司公告或定性材料考慮在內.Simply Wall St.對上述任何一隻股票都沒有持倉.

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