The Returns On Capital At Fujian Kuncai Material Technology (SHSE:603826) Don't Inspire Confidence
The Returns On Capital At Fujian Kuncai Material Technology (SHSE:603826) Don't Inspire Confidence
If we want to find a stock that could multiply over the long term, what are the underlying trends we should look for? 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. 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 Fujian Kuncai Material Technology (SHSE:603826) has the makings of a multi-bagger going forward, but let's have a look at why that may be.
如果我們想找到一種可以長期成倍增長的股票，那麼我們應該尋找什麼基礎趨勢？除其他事項外，我們希望看到兩件事情; 首先，越來越多 返回 就用資本（ROCE），其次是在公司的擴張 量 所使用的資本。基本上，這意味著一個公司有盈利的舉措，它可以繼續進行再投資，這是一個複合機器的一個特點。但是，在簡要查看了數字之後，我們不認為 福建坤彩材料科技 （SHSET：603826）具有多重袋子的氣質，但是讓我們看看為什麼會這樣。
What Is Return On Capital Employed (ROCE)?
什麼是資本回報率（ROCE）？
Just to clarify if you're unsure, ROCE is a metric for evaluating how much pre-tax income (in percentage terms) a company earns on the capital invested in its business. The formula for this calculation on Fujian Kuncai Material Technology is:
只是為了澄清您是否不確定，ROCE 是評估公司從投資於其業務的資本中賺取多少稅前收入（以百分比計算）的指標。福建坤彩材料科技有限公司的計算公式為：
Return on Capital Employed = Earnings Before Interest and Tax (EBIT) ÷ (Total Assets - Current Liabilities)
所用資本報酬率 = 除利息及稅前盈利 ÷ (總資產-流動負債)
0.044 = CN¥119m ÷ (CN¥3.5b - CN¥771m) (Based on the trailing twelve months to September 2022).
0.044 = 人民幣 1.1 千萬日元 ÷（人民幣 3.5 萬日元-775 萬人民幣） (以截至 2022 年 9 月為止的最近十二個月計算)。
So, Fujian Kuncai Material Technology has an ROCE of 4.4%. In absolute terms, that's a low return and it also under-performs the Chemicals industry average of 8.9%.
所以， 福建昆彩材料科技有限公司擁有 4.4% 的 ROCE。 從絕對來說，這是一個低回報，它也低於化學工業平均 8.9％ 的表現。
View our latest analysis for Fujian Kuncai Material Technology
查看我們的最新分析福建坤彩材料科技有限公司
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 want to delve into the historical earnings, revenue and cash flow of Fujian Kuncai Material Technology, check out these free graphs here.
雖然過去並不代表未來，但了解公司在歷史上的表現可能會有所幫助，這就是為什麼我們在上面有這張圖表的原因。如果您想深入了解福建坤彩材料科技有限公司的歷史收益、收入和現金流，可以看看這些 自由 圖表在這裡。
What The Trend Of ROCE Can Tell Us
ROCE 的趨勢可以告訴我們什麼
Unfortunately, the trend isn't great with ROCE falling from 12% five years ago, while capital employed has grown 137%. That being said, Fujian Kuncai Material Technology raised some capital prior to their latest results being released, so that could partly explain the increase in capital employed. Fujian Kuncai Material Technology probably hasn't received a full year of earnings yet from the new funds it raised, so these figures should be taken with a grain of salt.
不幸的是，ROCE 從五年前的 12％ 下降，趨勢並不是很好，而就業資本增長了 137％。話雖如此，福建昆彩材料科技在最新業績發布之前籌集了一些資金，因此可以部分解釋就業資本的增加。福建昆彩材料科技有限公司可能還沒有從它籌集的新資金中獲得整整一年的收益，所以這些數字應該用一粒鹽來看。
On a side note, Fujian Kuncai Material Technology's current liabilities have increased over the last five years to 22% of total assets, effectively distorting the ROCE to some degree. Without this increase, it's likely that ROCE would be even lower than 4.4%. While the ratio isn't currently too high, it's worth keeping an eye on this because if it gets particularly high, the business could then face some new elements of risk.
另一方面，福建昆彩材料科技的流動負債在過去五年中增加到總資產的 22％，從而在某種程度上有效地扭曲了 ROCE。如果沒有這種增加，ROCE 可能甚至會低於 4.4％。雖然比率目前並不太高，但值得留意這一點，因為如果它變得特別高，企業可能會面臨風險的一些新元素。
The Bottom Line
底線
In summary, Fujian Kuncai Material Technology is reinvesting funds back into the business for growth but unfortunately it looks like sales haven't increased much just yet. Investors must think there's better things to come because the stock has knocked it out of the park, delivering a 441% gain to shareholders who have held over the last five years. Ultimately, if the underlying trends persist, we wouldn't hold our breath on it being a multi-bagger going forward.
總之，福建坤彩材料科技正在將資金重新投資到業務中以實現增長，但不幸的是，銷售額似乎還沒有增長太多。投資者必須認為會有更好的事情會發生，因為股票已將其從公園內淘汰，為過去五年中持有的股東帶來了 441％ 的收益。最終，如果潛在趨勢持續存在，我們將不會屏住呼吸，因為它是一個多袋子前進。
On a final note, we found 4 warning signs for Fujian Kuncai Material Technology (3 are concerning) you should be aware of.
最後，我們發現了 福建坤彩材料科技有限公司 4 個警告標誌 （3 是關於）你應該知道的。
While Fujian Kuncai Material Technology isn't earning the highest return, check out this free list of companies that are earning high returns on equity with solid balance sheets.
雖然福建坤彩材料科技沒有獲得最高回報，但看看這個 自由 正在與穩固的資產負債表賺取高回報的公司名單。
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This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.
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這篇文章由簡單牆聖是一般性質. 我們僅使用公正的方法，根據歷史數據和分析師預測提供評論，我們的文章並不打算作為財務建議。 它並不構成購買或出售任何股票的建議，也不會考慮您的目標或您的財務狀況。我們的目標是為您帶來由基本數據驅動的長期集中分析。請注意，我們的分析可能不會考慮最新的價格敏感公司公告或定性材料。簡易華街在提及的任何股票中都沒有倉位。
譯文內容由第三人軟體翻譯。