We Like These Underlying Return On Capital Trends At Xinjiang Xintai Natural Gas (SHSE:603393)
We Like These Underlying Return On Capital Trends At Xinjiang Xintai Natural Gas (SHSE:603393)
Finding a business that has the potential to grow substantially is not easy, but it is possible if we look at a few key financial metrics. 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. Ultimately, this demonstrates that it's a business that is reinvesting profits at increasing rates of return. So when we looked at Xinjiang Xintai Natural Gas (SHSE:603393) and its trend of ROCE, we really liked what we saw.
尋找具有大幅增長潛力的企業並不容易，但如果我們看幾個關鍵的財務指標，這是可能的。除其他外，我們希望看到兩件事；首先，成長 返回 論資本使用率（ROCE），其次是公司的擴張 金額 所用資本的比例。歸根結底，這表明這是一家以更高的回報率對利潤進行再投資的企業。因此，當我們研究新疆信泰天然氣（SHSE: 603393）及其投資回報率走勢時，我們真的很喜歡我們所看到的。
Understanding Return On Capital Employed (ROCE)
了解資本使用回報率 (ROCE)
For those who don't know, ROCE is a measure of a company's yearly pre-tax profit (its return), relative to the capital employed in the business. The formula for this calculation on Xinjiang Xintai Natural Gas is:
對於那些不知道的人來說，ROCE是衡量公司年度稅前利潤（其回報率）的指標，相對於該業務使用的資本。新疆新泰天然氣的計算公式爲：
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）
0.16 = CN¥1.8b ÷ (CN¥14b - CN¥3.0b) (Based on the trailing twelve months to September 2023).
0.16 = 18億元人民幣 ÷（14億元人民幣-3.0億元人民幣） （基於截至2023年9月的過去十二個月）。
Therefore, Xinjiang Xintai Natural Gas has an ROCE of 16%. In absolute terms, that's a satisfactory return, but compared to the Gas Utilities industry average of 9.2% it's much better.
因此，新疆信泰天然氣的投資回報率爲16％。從絕對值來看，這是一個令人滿意的回報，但與天然氣公用事業行業平均水平的9.2％相比，回報要好得多。
Above you can see how the current ROCE for Xinjiang Xintai Natural Gas compares to its prior returns on capital, but there's only so much you can tell from the past. If you'd like to see what analysts are forecasting going forward, you should check out our free analyst report for Xinjiang Xintai Natural Gas .
上面你可以看到新疆信泰天然氣當前的投資回報率與其先前的資本回報率相比如何，但從過去可以看出來的只有那麼多。如果你想了解分析師對未來的預測，你應該查看我們關於新疆信泰天然氣的免費分析師報告。
What Can We Tell From Xinjiang Xintai Natural Gas' ROCE Trend?
我們可以從新疆信泰天然氣的ROCE趨勢中得出什麼？
We like the trends that we're seeing from Xinjiang Xintai Natural Gas. Over the last five years, returns on capital employed have risen substantially to 16%. The company is effectively making more money per dollar of capital used, and it's worth noting that the amount of capital has increased too, by 70%. This can indicate that there's plenty of opportunities to invest capital internally and at ever higher rates, a combination that's common among multi-baggers.
我們喜歡新疆信泰天然氣所看到的趨勢。在過去五年中，已動用資本回報率大幅上升至16％。實際上，該公司每使用1美元資本就能賺更多的錢，值得注意的是，資本金額也增加了70％。這可能表明，內部有很多機會以更高的利率進行資本投資，這種組合在多袋公司中很常見。
For the record though, there was a noticeable increase in the company's current liabilities over the period, so we would attribute some of the ROCE growth to that. Effectively this means that suppliers or short-term creditors are now funding 21% of the business, which is more than it was five years ago. It's worth keeping an eye on this because as the percentage of current liabilities to total assets increases, some aspects of risk also increase.
但是，記錄在案的是，該公司的流動負債在此期間顯著增加，因此我們將投資回報率的部分增長歸因於此。實際上，這意味着供應商或短期債權人現在正在爲該業務的21％提供資金，這比五年前還要多。值得關注這個問題，因爲隨着流動負債佔總資產的百分比的增加，風險的某些方面也會增加。
What We Can Learn From Xinjiang Xintai Natural Gas' ROCE
我們可以從新疆新泰天然氣的投資回報率中學到什麼
To sum it up, Xinjiang Xintai Natural Gas has proven it can reinvest in the business and generate higher returns on that capital employed, which is terrific. And a remarkable 129% total return over the last five years tells us that investors are expecting more good things to come in the future. So given the stock has proven it has promising trends, it's worth researching the company further to see if these trends are likely to persist.
總而言之，新疆信泰天然氣已經證明它可以對該業務進行再投資，並從所使用的資本中獲得更高的回報，這太棒了。過去五年中驚人的129％總回報率告訴我們，投資者預計未來還會有更多好事發生。因此，鑑於該股已證明其趨勢令人鼓舞，值得進一步研究該公司，看看這些趨勢是否可能持續下去。
If you want to continue researching Xinjiang Xintai Natural Gas, you might be interested to know about the 1 warning sign that our analysis has discovered.
如果你想繼續研究新疆信泰天然氣，你可能有興趣了解我們的分析發現的1個警告信號。
While Xinjiang Xintai Natural Gas 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.
儘管新疆信泰天然氣目前可能無法獲得最高的回報，但我們編制了一份目前股本回報率超過25％的公司名單。在這裏查看這個免費清單。
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