The Returns On Capital At Jiangsu Tongli Risheng Machinery (SHSE:605286) Don't Inspire Confidence
The Returns On Capital At Jiangsu Tongli Risheng Machinery (SHSE:605286) Don't Inspire Confidence
0.068 = CN¥143m ÷ (CN¥3.1b - CN¥989m) (Based on the trailing twelve months to June 2023).If you're looking for a multi-bagger, there's a few things to keep an eye out for. One common approach is to try and find a company with returns on capital employed (ROCE) that are increasing, in conjunction with a growing 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. In light of that, when we looked at Jiangsu Tongli Risheng Machinery (SHSE:605286) and its ROCE trend, we weren't exactly thrilled.
如果你正在尋找一款多功能裝袋機，有幾件事需要注意。一種常見的方法是嘗試找一家公司 回報 論資本使用率（ROCE）在增加的同時增長 金額 所用資本的百分比。簡而言之，這些類型的企業是複合機器，這意味着它們不斷以更高的回報率對收益進行再投資。有鑑於此，當我們看的時候 江蘇同力日盛機械 （上海證券交易所代碼：605286）及其投資回報率趨勢，我們並不感到非常興奮。
What Is Return On Capital Employed (ROCE)?
什麼是資本使用回報率（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. The formula for this calculation on Jiangsu Tongli Risheng Machinery is:
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）。江蘇同力日盛機械的計算公式爲：
Return on Capital Employed = Earnings Before Interest and Tax (EBIT) ÷ (Total Assets - Current Liabilities)
使用資本回報率 = 利息和稅前收益 (EBIT) ÷（總資產-流動負債）
0.068 = CN¥143m ÷ (CN¥3.1b - CN¥989m) (Based on the trailing twelve months to June 2023).
0.068 = 1.43億元人民幣 ε（31億元人民幣-9.89億元人民幣） （基於截至 2023 年 6 月的過去十二個月）。
Thus, Jiangsu Tongli Risheng Machinery has an ROCE of 6.8%. Even though it's in line with the industry average of 6.8%, it's still a low return by itself.
因此， 江蘇同力日盛機械的投資回報率爲6.8％。 儘管它與6.8％的行業平均水平一致，但其本身的回報率仍然很低。
View our latest analysis for Jiangsu Tongli Risheng Machinery
查看我們對江蘇同力日盛機械的最新分析
Historical performance is a great place to start when researching a stock so above you can see the gauge for Jiangsu Tongli Risheng Machinery's ROCE against it's prior returns. If you'd like to look at how Jiangsu Tongli Risheng Machinery has performed in the past in other metrics, you can view this free graph of past earnings, revenue and cash flow.
在研究股票時，歷史表現是一個不錯的起點，所以在上面你可以看到江蘇同力日盛機械的投資回報率與先前回報率的對比。如果你想看看江蘇同力日盛機械過去在其他指標中的表現，你可以查看這個 免費的 過去的收益、收入和現金流圖。
What Does the ROCE Trend For Jiangsu Tongli Risheng Machinery Tell Us?
江蘇同力日升機械的ROCE趨勢告訴我們什麼？
In terms of Jiangsu Tongli Risheng Machinery's historical ROCE movements, the trend isn't fantastic. Over the last five years, returns on capital have decreased to 6.8% from 31% five years ago. Meanwhile, the business is utilizing more capital but this hasn't moved the needle much in terms of sales in the past 12 months, so this could reflect longer term investments. It may take some time before the company starts to see any change in earnings from these investments.
就江蘇同力日盛機械的歷史投資回報率走勢而言，這種趨勢並不奇妙。在過去五年中，資本回報率已從五年前的31％降至6.8％。同時，該業務正在使用更多的資金，但在過去的12個月中，這在銷售方面並沒有取得太大的進展，因此這可能反映了長期投資。公司可能需要一段時間才能開始看到這些投資的收益發生任何變化。
On a side note, Jiangsu Tongli Risheng Machinery has done well to pay down its current liabilities to 32% of total assets. So we could link some of this to the decrease in ROCE. 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.
順便說一句，江蘇同利日盛機械在償還其流動負債至總資產的32％方面做得很好。因此，我們可以將其中一些與投資回報率的下降聯繫起來。更重要的是，這可以降低業務的某些方面的風險，因爲現在公司的供應商或短期債權人減少了爲其運營提供的資金。由於該企業基本上是用自己的資金爲更多的運營提供資金，因此你可以爭辯說，這降低了該企業產生投資回報率的效率。
The Bottom Line
底線
In summary, Jiangsu Tongli Risheng Machinery is reinvesting funds back into the business for growth but unfortunately it looks like sales haven't increased much just yet. And investors appear hesitant that the trends will pick up because the stock has fallen 39% in the last year. 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.
總而言之，江蘇同力日盛機械正在將資金再投資回該業務以實現增長，但不幸的是，銷售額似乎還沒有太大增長。投資者似乎對趨勢能否回升猶豫不決，因爲該股在去年下跌了39％。無論如何，這隻股票沒有上面討論的多袋裝箱的特徵，因此，如果你想要的是這樣的股票，我們認爲你在其他地方的運氣會更好。
Jiangsu Tongli Risheng Machinery does have some risks though, and we've spotted 2 warning signs for Jiangsu Tongli Risheng Machinery that you might be interested in.
但是，江蘇同力日盛機械確實存在一些風險，我們已經發現 江蘇同力日盛機械的2個警示標誌 你可能會感興趣的。
While Jiangsu Tongli Risheng Machinery isn't earning the highest return, check out this free list of companies that are earning high returns on equity with solid balance sheets.
雖然江蘇同力日升機械的回報率不高，但看看這個 免費的 資產負債表穩健且股本回報率高的公司名單。
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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根據歷史數據和分析師的預測提供評論，我們的文章無意作爲財務建議。 它不構成買入或賣出任何股票的建議，也沒有考慮您的目標或財務狀況。我們的目標是爲您提供由基本面數據驅動的長期重點分析。請注意，我們的分析可能不考慮最新的價格敏感公司公告或定性材料。簡而言之，華爾街在上述任何股票中都沒有頭寸。
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