Returns On Capital At Shaanxi Jinye Science Technology and Education GroupLtd (SZSE:000812) Have Stalled
Returns On Capital At Shaanxi Jinye Science Technology and Education GroupLtd (SZSE:000812) Have Stalled
If we want to find a potential multi-bagger, often there are underlying trends that can provide clues. Firstly, we'll want to see a proven return on capital employed (ROCE) that is increasing, and secondly, an expanding base of capital employed. This shows us that it's a compounding machine, able to continually reinvest its earnings back into the business and generate higher returns. Having said that, from a first glance at Shaanxi Jinye Science Technology and Education GroupLtd (SZSE:000812) we aren't jumping out of our chairs at how returns are trending, but let's have a deeper look.
如果我们想要找到一个潜在的多管齐下的人，往往有潜在的趋势可以提供线索。首先，我们希望看到一个经过验证的退货关于已使用资本(ROCE)的增长，其次是扩张基地已动用资本的比例。这向我们表明，它是一台复合机器，能够不断地将其收益再投资于企业，并产生更高的回报。话虽如此，从第一眼看陕西金业科技教育集团有限公司(SZSE：000812)我们不会因为回报率的趋势而从椅子上跳起来，但让我们更深入地看看。
Return On Capital Employed (ROCE): What Is It?
资本回报率(ROCE)：它是什么？
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. To calculate this metric for Shaanxi Jinye Science Technology and Education GroupLtd, this is the formula:
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。要计算陕西金业科技教育集团有限公司的这一指标，公式如下：
Return on Capital Employed = Earnings Before Interest and Tax (EBIT) ÷ (Total Assets - Current Liabilities)
已动用资本回报率=息税前收益(EBIT)？(总资产-流动负债)
0.06 = CN¥138m ÷ (CN¥4.1b - CN¥1.8b) (Based on the trailing twelve months to June 2023).
0.06=CN元1.38亿？(CN元41亿-CN元18亿)(根据截至2023年6月的往绩12个月计算)。
Therefore, Shaanxi Jinye Science Technology and Education GroupLtd has an ROCE of 6.0%. On its own, that's a low figure but it's around the 5.3% average generated by the Commercial Services industry.
所以呢，陕西金业科技教育集团有限公司的净资产收益率为6.0%。就其本身而言，这是一个很低的数字，但它大约是商业服务行业5.3%的平均增长率。
Check out our latest analysis for Shaanxi Jinye Science Technology and Education GroupLtd
查看我们对陕西金业科技教育集团有限公司的最新分析
While the past is not representative of the future, it can be helpful to know how a company has performed historically, which is why we have this chart above. If you're interested in investigating Shaanxi Jinye Science Technology and Education GroupLtd's past further, check out this free graph of past earnings, revenue and cash flow.
虽然过去并不代表未来，但了解一家公司历史上的表现是有帮助的，这就是为什么我们有上面的图表。如果你有兴趣进一步调查陕西金业科技教育集团有限公司的过去，请查看以下内容免费过去收益、收入和现金流的图表。
How Are Returns Trending?
回报趋势如何？
In terms of Shaanxi Jinye Science Technology and Education GroupLtd's historical ROCE trend, it doesn't exactly demand attention. The company has employed 43% more capital in the last five years, and the returns on that capital have remained stable at 6.0%. This poor ROCE doesn't inspire confidence right now, and with the increase in capital employed, it's evident that the business isn't deploying the funds into high return investments.
就陕西金业科技教育集团有限公司的历史ROCE趋势而言，它并不完全需要关注。该公司在过去五年中增聘了43%的资本，这些资本的回报率一直稳定在6.0%。这种糟糕的ROCE目前并没有激发人们的信心，而且随着所用资本的增加，很明显，该公司没有将资金用于高回报投资。
On another note, while the change in ROCE trend might not scream for attention, it's interesting that the current liabilities have actually gone up over the last five years. This is intriguing because if current liabilities hadn't increased to 44% of total assets, this reported ROCE would probably be less than6.0% because total capital employed would be higher.The 6.0% ROCE could be even lower if current liabilities weren't 44% of total assets, because the the formula would show a larger base of total capital employed. Additionally, this high level of current liabilities isn't ideal because it means the company's suppliers (or short-term creditors) are effectively funding a large portion of the business.
另一方面，虽然ROCE趋势的变化可能不会引起人们的注意，但有趣的是，目前的负债实际上在过去五年里有所上升。这很耐人寻味，因为如果流动负债没有增加到总资产的44%，这个报告的净资产收益率可能会低于6.0%，因为使用的总资本会更高。如果流动负债不是总资产的44%，净资产收益率可能会更低，因为公式将显示总使用资本的基数更大。此外，这种高水平的流动负债并不理想，因为这意味着该公司的供应商(或短期债权人)实际上正在为很大一部分业务提供资金。
The Bottom Line On Shaanxi Jinye Science Technology and Education GroupLtd's ROCE
陕西金业科技教育集团有限公司上市的底线
As we've seen above, Shaanxi Jinye Science Technology and Education GroupLtd's returns on capital haven't increased but it is reinvesting in the business. Although the market must be expecting these trends to improve because the stock has gained 68% over the last five years. But if the trajectory of these underlying trends continue, we think the likelihood of it being a multi-bagger from here isn't high.
正如我们上面所看到的，陕西金业科技教育集团有限公司的资本回报率并没有增加，但它正在对业务进行再投资。尽管市场肯定预计这些趋势会改善，因为该股在过去五年中上涨了68%。但如果这些潜在趋势的轨迹继续下去，我们认为从现在开始出现多管齐下的可能性并不高。
One more thing, we've spotted 1 warning sign facing Shaanxi Jinye Science Technology and Education GroupLtd that you might find interesting.
还有一件事，我们发现了1个警告标志面对你可能会感兴趣的陕西金业科技教育集团有限公司。
While Shaanxi Jinye Science Technology and Education GroupLtd isn't earning the highest return, check out this free list of companies that are earning high returns on equity with solid balance sheets.
虽然陕西金业科技教育集团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。
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