Xinyaqiang Silicon ChemistryLtd (SHSE:603155) Is Reinvesting At Lower Rates Of Return
Xinyaqiang Silicon ChemistryLtd (SHSE:603155) Is Reinvesting At Lower Rates Of Return
What trends should we look for it we want to identify stocks that can multiply in value over the long term? Firstly, we'll want to see a proven return on capital employed (ROCE) that is increasing, and secondly, an expanding base of capital employed. Basically this means that a company has profitable initiatives that it can continue to reinvest in, which is a trait of a compounding machine. However, after briefly looking over the numbers, we don't think Xinyaqiang Silicon ChemistryLtd (SHSE:603155) has the makings of a multi-bagger going forward, but let's have a look at why that may be.
我們應該尋找哪些趨勢？我們想確定可以長期價值成倍增長的股票？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。基本上，這意味着公司擁有可以繼續進行再投資的盈利計劃，這是複合機器的特徵。但是，在簡短地查看了這些數字之後，我們認爲新亞強硅化工有限公司（上海證券交易所股票代碼：603155）未來不具備多袋裝機的實力，但讓我們來看看爲什麼會這樣。
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 Xinyaqiang Silicon ChemistryLtd 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）。新亞強硅化工有限公司的計算公式爲：
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）
0.054 = CN¥128m ÷ (CN¥2.5b - CN¥188m) (Based on the trailing twelve months to September 2023).
0.054 = 1.28億元人民幣 ÷（2.5億元人民幣-1.88億元人民幣） （基於截至2023年9月的過去十二個月）。
Thus, Xinyaqiang Silicon ChemistryLtd has an ROCE of 5.4%. On its own, that's a low figure but it's around the 6.1% average generated by the Chemicals industry.
因此，新亞強硅化工有限公司的投資回報率爲5.4％。就其本身而言，這是一個很低的數字，但大約是化工行業平均水平的6.1％。
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'd like to look at how Xinyaqiang Silicon ChemistryLtd has performed in the past in other metrics, you can view this free graph of Xinyaqiang Silicon ChemistryLtd's past earnings, revenue and cash flow.
雖然過去並不能代表未來，但了解一家公司的歷史表現可能會有所幫助，這就是我們上面有這張圖表的原因。如果你想查看新亞強硅化工有限公司過去在其他指標中的表現，你可以查看這張免費圖表，顯示新亞強硅化工有限公司過去的收益、收入和現金流。
What Does the ROCE Trend For Xinyaqiang Silicon ChemistryLtd Tell Us?
新亞強硅化工有限公司的投資回報率趨勢告訴我們什麼？
When we looked at the ROCE trend at Xinyaqiang Silicon ChemistryLtd, we didn't gain much confidence. Over the last five years, returns on capital have decreased to 5.4% from 43% five years ago. Given the business is employing more capital while revenue has slipped, this is a bit concerning. This could mean that the business is losing its competitive advantage or market share, because while more money is being put into ventures, it's actually producing a lower return - "less bang for their buck" per se.
當我們查看新亞強硅化工有限公司的投資回報率走勢時，我們並沒有獲得太大的信心。在過去五年中，資本回報率從五年前的43％降至5.4％。鑑於該企業在收入下滑的情況下僱用了更多的資本，這有點令人擔憂。這可能意味着該企業正在失去其競爭優勢或市場份額，因爲儘管向風險投資投入了更多資金，但實際上產生的回報卻較低——本身 “性價比更低”。
On a side note, Xinyaqiang Silicon ChemistryLtd has done well to pay down its current liabilities to 7.4% of total assets. That could partly explain why the ROCE has dropped. Effectively this means their suppliers or short-term creditors are funding less of the business, which reduces some elements of risk. 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，新亞強硅化工有限公司在償還其流動負債至總資產的7.4％方面表現良好。這可以部分解釋投資回報率下降的原因。實際上，這意味着他們的供應商或短期債權人減少了對企業的融資，從而降低了某些風險因素。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 Key Takeaway
關鍵要點
We're a bit apprehensive about Xinyaqiang Silicon ChemistryLtd because despite more capital being deployed in the business, returns on that capital and sales have both fallen. It should come as no surprise then that the stock has fallen 24% over the last three years, so it looks like investors are recognizing these changes. Unless there is a shift to a more positive trajectory in these metrics, we would look elsewhere.
我們對新亞強硅化工有限公司有點擔心，因爲儘管向該業務投入了更多資金，但該資本的回報率和銷售額都下降了。因此，該股在過去三年中下跌了24％也就不足爲奇了，因此投資者似乎已經意識到了這些變化。除非這些指標轉向更積極的軌跡，否則我們將把目光投向其他地方。
If you'd like to know about the risks facing Xinyaqiang Silicon ChemistryLtd, we've discovered 1 warning sign that you should be aware of.
如果你想了解新亞強硅化工有限公司面臨的風險，我們發現了一個你應該注意的警告信號。
For those who like to invest in solid companies, check out this free list of companies with solid balance sheets and high returns on equity.
對於那些喜歡投資穩健公司的人，可以查看這份資產負債表穩健和股本回報率高的公司的免費清單。
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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。