Returns On Capital Signal Difficult Times Ahead For GuiZhou QianYuan Power (SZSE:002039)
Returns On Capital Signal Difficult Times Ahead For GuiZhou QianYuan Power (SZSE:002039)
When we're researching a company, it's sometimes hard to find the warning signs, but there are some financial metrics that can help spot trouble early. Businesses in decline often have two underlying trends, firstly, a declining return on capital employed (ROCE) and a declining base of capital employed. This indicates the company is producing less profit from its investments and its total assets are decreasing. And from a first read, things don't look too good at GuiZhou QianYuan Power (SZSE:002039), so let's see why.
当我们研究一家公司时,有时很难找到警告信号,但是有一些财务指标可以帮助及早发现问题。衰落的企业通常有两个潜在的趋势,第一,衰退 返回 论资本使用率(ROCE)和下降情况 基础 所用资本的百分比。这表明该公司的投资利润减少了,其总资产正在减少。从第一读起,事情看起来不太好 贵州乾元电力 (SZSE: 002039),所以让我们看看为什么。
What Is Return On Capital Employed (ROCE)?
什么是资本使用回报率(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 GuiZhou QianYuan Power is:
对于那些不知道的人来说,投资回报率是衡量公司年度税前利润(其回报率)相对于企业所用资本的衡量标准。贵州乾元电力的计算公式为:
Return on Capital Employed = Earnings Before Interest and Tax (EBIT) ÷ (Total Assets - Current Liabilities)
使用资本回报率 = 利息和税前收益 (EBIT) ÷(总资产-流动负债)
0.048 = CN¥695m ÷ (CN¥16b - CN¥2.0b) (Based on the trailing twelve months to June 2023).
0.048 = 6.95 亿元人民币 ≤(CN¥16B-CN¥2.0b) (基于截至 2023 年 6 月的过去十二个月)。
Therefore, GuiZhou QianYuan Power has an ROCE of 4.8%. Even though it's in line with the industry average of 5.4%, it's still a low return by itself.
因此, 贵州乾元电力的投资回报率为4.8%。 尽管它与5.4%的行业平均水平一致,但它本身的回报率仍然很低。
Check out our latest analysis for GuiZhou QianYuan Power
查看我们对贵州乾元电力的最新分析
![roce](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20231101/0-36d9ba198fda83407e49cd1d97d0a6da-0-d3c593250678227c29ccac2196cd084f.png/big)
Above you can see how the current ROCE for GuiZhou QianYuan Power compares to its prior returns on capital, but there's only so much you can tell from the past. If you're interested, you can view the analysts predictions in our free report on analyst forecasts for the company.
在上方你可以看到贵州乾元电力目前的投资回报率与其之前的资本回报率相比如何,但从过去可以看出来只有这么多。如果你有兴趣,可以在我们的网站上查看分析师的预测 免费的 分析师对公司的预测报告。
The Trend Of ROCE
ROCE 的趋势
There is reason to be cautious about GuiZhou QianYuan Power, given the returns are trending downwards. Unfortunately the returns on capital have diminished from the 9.8% that they were earning five years ago. Meanwhile, capital employed in the business has stayed roughly the flat over the period. Since returns are falling and the business has the same amount of assets employed, this can suggest it's a mature business that hasn't had much growth in the last five years. If these trends continue, we wouldn't expect GuiZhou QianYuan Power to turn into a multi-bagger.
鉴于回报率呈下降趋势,有理由对贵州乾元电力持谨慎态度。不幸的是,资本回报率已从五年前的9.8%下降。同时,在此期间,该业务的使用资本基本保持不变。由于回报率下降且该企业使用的资产数量相同,这可能表明它是一家成熟的企业,在过去五年中增长幅度不大。如果这些趋势持续下去,我们预计贵州乾元电力不会变成多装袋机。
The Bottom Line On GuiZhou QianYuan Power's ROCE
贵州乾元电力投资回报率的底线
In the end, the trend of lower returns on the same amount of capital isn't typically an indication that we're looking at a growth stock. But investors must be expecting an improvement of sorts because over the last five yearsthe stock has delivered a respectable 71% return. In any case, the current underlying trends don't bode well for long term performance so unless they reverse, we'd start looking elsewhere.
归根结底,相同数量资本回报率下降的趋势通常并不表示我们正在研究成长股。但是投资者一定会期待某种程度的改善,因为在过去的五年中,该股的回报率可观为71%。无论如何,当前的基本趋势对于长期表现来说并不是一个好兆头,因此,除非它们逆转,否则我们将开始将目光投向其他地方。
One more thing: We've identified 3 warning signs with GuiZhou QianYuan Power (at least 1 which doesn't sit too well with us) , and understanding these would certainly be useful.
还有一件事:我们已经确定了 3 个警告标志 有了贵州乾元电力(至少 1 个,这对我们来说不太合适),了解这些肯定会很有用。
While GuiZhou QianYuan Power 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.
尽管贵州乾元电力目前可能无法获得最高的回报,但我们编制了一份目前股本回报率超过25%的公司名单。看看这个 免费的 在这里列出。
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