Shanghai Electric Group (HKG:2727) Will Want To Turn Around Its Return Trends
Shanghai Electric Group (HKG:2727) Will Want To Turn Around Its Return Trends
If we want to find a stock that could multiply over the long term, what are the underlying trends we should look for? One common approach is to try and find a company with returns on capital employed (ROCE) that are increasing, in conjunction with a growing amount of capital employed. This shows us that it's a compounding machine, able to continually reinvest its earnings back into the business and generate higher returns. Although, when we looked at Shanghai Electric Group (HKG:2727), it didn't seem to tick all of these boxes.
如果我们想找到一只可以长期成倍增长的股票,我们应该寻找哪些潜在趋势?一种常见的方法是尝试找一家公司 回报 论资本使用率(ROCE)在增加的同时增长 金额 已动用资本的百分比。这向我们表明,它是一台复合机器,能够持续将其收益再投资于业务并产生更高的回报。但是,当我们查看上海电气集团(HKG: 2727)时,它似乎并没有满足所有这些条件。
What Is Return On Capital Employed (ROCE)?
什么是资本使用回报率(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. Analysts use this formula to calculate it for Shanghai Electric Group:
如果您不确定,可以澄清一下,ROCE是评估公司从投资于其业务的资本中获得多少税前收入(按百分比计算)的指标。分析师使用以下公式为上海电气集团计算:
Return on Capital Employed = Earnings Before Interest and Tax (EBIT) ÷ (Total Assets - Current Liabilities)
已动用资本回报率 = 息税前收益 (EBIT) ¥(总资产-流动负债)
0.0088 = CN¥1.0b ÷ (CN¥287b - CN¥168b) (Based on the trailing twelve months to September 2023).
0.0088 = CN¥1.0B ≤(CN¥287b-CN¥168b) (基于截至2023年9月的过去十二个月)。
So, Shanghai Electric Group has an ROCE of 0.9%. Ultimately, that's a low return and it under-performs the Electrical industry average of 5.7%.
因此,上海电气集团的投资回报率为0.9%。归根结底,这是一个低回报,其表现低于电气行业5.7%的平均水平。
See our latest analysis for Shanghai Electric Group
查看我们对上海电气集团的最新分析
![roce](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20231201/0-6be31a2f65866405e0aaa99a7506f3ce-0-c4a5c28e0e6a018346e0863468d0c8da.png/big)
In the above chart we have measured Shanghai Electric Group's prior ROCE against its prior performance, but the future is arguably more important. If you'd like, you can check out the forecasts from the analysts covering Shanghai Electric Group here for free.
在上面的图表中,我们对上海电气集团之前的投资回报率与之前的表现进行了比较,但可以说,未来更为重要。如果你愿意,可以在这里免费查看上海电气集团分析师的预测。
What Does the ROCE Trend For Shanghai Electric Group Tell Us?
上海电气集团的ROCE趋势告诉我们什么?
When we looked at the ROCE trend at Shanghai Electric Group, we didn't gain much confidence. Around five years ago the returns on capital were 3.2%, but since then they've fallen to 0.9%. 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 may take some time before the company starts to see any change in earnings from these investments.
当我们查看上海电气集团的投资回报率趋势时,我们并没有获得太大的信心。大约五年前,资本回报率为3.2%,但此后已降至0.9%。同时,该业务正在使用更多的资本,但在过去的12个月中,这并没有给销售带来太大影响,因此这可能反映了长期投资。公司可能需要一段时间才能开始看到这些投资的收益发生任何变化。
On a side note, Shanghai Electric Group's current liabilities are still rather high at 59% of total assets. This effectively means that suppliers (or short-term creditors) are funding a large portion of the business, so just be aware that this can introduce some elements of risk. While it's not necessarily a bad thing, it can be beneficial if this ratio is lower.
顺便说一句,上海电气集团的流动负债仍然相当高,占总资产的59%。这实际上意味着供应商(或短期债权人)正在为企业的很大一部分提供资金,因此请注意,这可能会带来一些风险因素。虽然这不一定是一件坏事,但如果这个比率较低,可能会有好处。
What We Can Learn From Shanghai Electric Group's ROCE
我们可以从上海电气集团的投资回报率中学到什么
Bringing it all together, while we're somewhat encouraged by Shanghai Electric Group's reinvestment in its own business, we're aware that returns are shrinking. Since the stock has declined 33% over the last five years, investors may not be too optimistic on this trend improving either. Therefore based on the analysis done in this article, we don't think Shanghai Electric Group has the makings of a multi-bagger.
综上所述,尽管上海电气集团对自身业务的再投资令我们有些鼓舞,但我们意识到回报正在萎缩。由于该股在过去五年中下跌了33%,因此投资者也可能对这种改善趋势不太乐观。因此,根据本文所做的分析,我们认为上海电气集团不具备多功能装袋机的特点。
While Shanghai Electric Group doesn't shine too bright in this respect, it's still worth seeing if the company is trading at attractive prices. You can find that out with our FREE intrinsic value estimation on our platform.
尽管上海电气集团在这方面表现不佳,但该公司的交易价格是否具有吸引力仍值得一看。您可以通过我们平台上的免费内在价值估算来找到答案。
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.
如果你想寻找收益丰厚的稳健公司,可以免费查看这份资产负债表良好且股本回报率可观的公司名单。
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Simply Wall St的这篇文章本质上是笼统的。我们仅使用公正的方法根据历史数据和分析师的预测提供评论,我们的文章无意作为财务建议。它不构成买入或卖出任何股票的建议,也没有考虑到您的目标或财务状况。我们的目标是为您提供由基本数据驱动的长期重点分析。请注意,我们的分析可能不考虑最新的价格敏感型公司公告或定性材料。简而言之,华尔街没有持有任何上述股票的头寸。