Jiangxi Guoguang Commercial Chains (SHSE:605188) Is Reinvesting At Lower Rates Of Return
Jiangxi Guoguang Commercial Chains (SHSE:605188) Is Reinvesting At Lower Rates Of Return
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. Firstly, we'll want to see a proven return on capital employed (ROCE) that is increasing, and secondly, an expanding 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. Having said that, from a first glance at Jiangxi Guoguang Commercial Chains (SHSE:605188) we aren't jumping out of our chairs at how returns are trending, but let's have a deeper look.
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。首先，我們希望看到經過驗證的 返回 關於正在增加的資本使用率（ROCE），其次是擴大 基礎 所用資本的比例。如果你看到這一點，這通常意味着它是一家擁有良好商業模式和大量盈利再投資機會的公司。話雖如此，乍一看江西國光商業連鎖店（SHSE: 605188），我們並不是對回報的趨勢不屑一顧，但讓我們更深入地了解一下。
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. To calculate this metric for Jiangxi Guoguang Commercial Chains, this is the formula:
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。要計算江西國光商業連鎖店的這一指標，公式如下：
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）
0.0086 = CN¥15m ÷ (CN¥2.8b - CN¥1.0b) (Based on the trailing twelve months to September 2023).
0.0086 = 1500萬元人民幣 ÷（28億元人民幣-1.0億元人民幣） （基於截至2023年9月的過去十二個月）。
So, Jiangxi Guoguang Commercial Chains has an ROCE of 0.9%. In absolute terms, that's a low return and it also under-performs the Consumer Retailing industry average of 6.9%.
因此，江西國光商業連鎖店的投資回報率爲0.9％。從絕對值來看，這是一個低迴報，其表現也低於消費零售行業6.9％的平均水平。
Historical performance is a great place to start when researching a stock so above you can see the gauge for Jiangxi Guoguang Commercial Chains' ROCE against it's prior returns. If you want to delve into the historical earnings , check out these free graphs detailing revenue and cash flow performance of Jiangxi Guoguang Commercial Chains.
歷史表現是研究股票的絕佳起點，因此在上方您可以看到江西國光商業連鎖公司的投資回報率與先前回報對比的指標。如果您想深入研究歷史收益，請查看這些免費圖表，詳細說明江西國光商業連鎖店的收入和現金流表現。
The Trend Of ROCE
ROCE 的趨勢
On the surface, the trend of ROCE at Jiangxi Guoguang Commercial Chains doesn't inspire confidence. To be more specific, ROCE has fallen from 16% over the last five years. 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'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.
從表面上看，江西國光商業連鎖店的ROCE趨勢並不能激發信心。更具體地說，投資回報率已從過去五年的16％下降。同時，該業務正在使用更多的資本，但在過去的12個月中，這並沒有對銷售產生太大影響，因此這可能反映出長期投資。從現在起，值得關注公司的收益，看看這些投資最終是否確實爲利潤做出了貢獻。
On a side note, Jiangxi Guoguang Commercial Chains has done well to pay down its current liabilities to 36% of total assets. That could partly explain why the ROCE has dropped. 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，江西國光商業連鎖在償還其流動負債佔總資產的36％方面表現良好。這可以部分解釋投資回報率下降的原因。更重要的是，這可以降低業務風險的某些方面，因爲現在公司的供應商或短期債權人爲其運營提供的資金減少了。由於該企業基本上是用自己的資金爲其運營提供更多資金，因此你可以爭辯說，這降低了企業產生投資回報的效率。
The Bottom Line
底線
To conclude, we've found that Jiangxi Guoguang Commercial Chains is reinvesting in the business, but returns have been falling. And in the last three years, the stock has given away 14% so the market doesn't look too hopeful on these trends strengthening any time soon. All in all, the inherent trends aren't typical of multi-baggers, so if that's what you're after, we think you might have more luck elsewhere.
總而言之，我們發現江西國光商業連鎖店正在對該業務進行再投資，但回報率一直在下降。在過去的三年中，該股已經下跌了14％，因此市場對這些趨勢在短期內走強似乎並不抱太大希望。總而言之，多裝袋機的固有趨勢並不常見，因此，如果您想要這樣做，我們認爲您在其他地方可能會有更多的運氣。
Since virtually every company faces some risks, it's worth knowing what they are, and we've spotted 3 warning signs for Jiangxi Guoguang Commercial Chains (of which 1 can't be ignored!) that you should know about.
由於幾乎每家公司都面臨一些風險，因此值得了解它們是什麼，我們已經發現了江西國光商業連鎖店的3個警告信號（其中1個不容忽視！）你應該知道的。
If you want to search for solid companies with great earnings, check out this free list of companies with good balance sheets and impressive returns on equity.
如果你想尋找收益豐厚的穩健公司，可以免費查看這份資產負債表良好且股本回報率可觀的公司名單。
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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，也沒有考慮到您的目標或財務狀況。我們的目標是爲您提供由基本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型公司公告或定性材料。簡而言之，華爾街沒有持有任何上述股票的頭寸。
譯文內容由第三人軟體翻譯。