Shanghai Datun Energy Resources (SHSE:600508) Is Reinvesting At Lower Rates Of Return
Shanghai Datun Energy Resources (SHSE:600508) 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'd want to identify a growing return on capital employed (ROCE) and then alongside that, an ever-increasing 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. In light of that, when we looked at Shanghai Datun Energy Resources (SHSE:600508) and its ROCE trend, we weren't exactly thrilled.
寻找具有大幅增长潜力的企业并不容易,但如果我们看几个关键的财务指标,这是可能的。首先,我们想找一个正在成长的 返回 关于已用资本(ROCE),然后除此之外,还不断增加 基础 所用资本的比例。基本上,这意味着公司拥有可以继续进行再投资的盈利计划,这是复合机器的特征。有鉴于此,当我们查看上海大屯能源资源(SHSE: 600508)及其投资回报率趋势时,我们并不十分兴奋。
Return On Capital Employed (ROCE): What Is It?
资本使用回报率(ROCE):这是什么?
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. To calculate this metric for Shanghai Datun Energy Resources, this is the formula:
为了澄清一下你是否不确定,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。要计算上海大屯能源资源的这一指标,公式如下:
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)
0.094 = CN¥1.5b ÷ (CN¥20b - CN¥3.7b) (Based on the trailing twelve months to September 2023).
0.094 = 15亿元人民币 ÷(20亿元人民币-37亿元人民币) (基于截至2023年9月的过去十二个月)。
So, Shanghai Datun Energy Resources has an ROCE of 9.4%. On its own, that's a low figure but it's around the 12% average generated by the Oil and Gas industry.
因此,上海大屯能源资源的投资回报率为9.4%。就其本身而言,这是一个很低的数字,但约为石油和天然气行业平均水平的12%。
![roce](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240223/0-fb84a2479e96aa5cd2f08288697895ab-0-c7e1b6e191c83d0ae26079ea238997ab.png/big)
Above you can see how the current ROCE for Shanghai Datun Energy Resources compares to its prior returns on capital, but there's only so much you can tell from the past. If you'd like to see what analysts are forecasting going forward, you should check out our free analyst report for Shanghai Datun Energy Resources .
上面你可以看到上海大屯能源当前的投资回报率与其先前的资本回报率相比如何,但从过去可以看出来的只有那么多。如果你想了解分析师对未来的预测,你应该查看我们的上海大屯能源资源免费分析师报告。
What Does the ROCE Trend For Shanghai Datun Energy Resources Tell Us?
上海大屯能源资源的投资回报率趋势告诉我们什么?
On the surface, the trend of ROCE at Shanghai Datun Energy Resources doesn't inspire confidence. Over the last five years, returns on capital have decreased to 9.4% from 15% five years ago. Given the business is employing more capital while revenue has slipped, this is a bit concerning. If this were to continue, you might be looking at a company that is trying to reinvest for growth but is actually losing market share since sales haven't increased.
从表面上看,上海大屯能源资源的投资回报率趋势并不能激发信心。在过去五年中,资本回报率从五年前的15%下降到9.4%。鉴于该企业在收入下滑的情况下雇用了更多的资本,这有点令人担忧。如果这种情况继续下去,你可能会看到一家试图进行再投资以促进增长,但由于销售额没有增加,实际上正在失去市场份额的公司。
The Key Takeaway
关键要点
From the above analysis, we find it rather worrisome that returns on capital and sales for Shanghai Datun Energy Resources have fallen, meanwhile the business is employing more capital than it was five years ago. However the stock has delivered a 76% return to shareholders over the last five years, so investors might be expecting the trends to turn around. In any case, the current underlying trends don't bode well for long term performance so unless they reverse, we'd start looking elsewhere.
从上述分析来看,我们发现相当令人担忧的是,上海大屯能源资源的资本回报率和销售回报率有所下降,同时该业务雇用的资金比五年前还要多。但是,该股在过去五年中为股东带来了76%的回报,因此投资者可能会预期趋势会好转。无论如何,当前的潜在趋势对长期表现来说并不是一个好兆头,因此,除非趋势逆转,否则我们将开始将目光投向其他地方。
On a separate note, we've found 2 warning signs for Shanghai Datun Energy Resources you'll probably want to know about.
另一方面,我们发现了你可能想知道的上海大屯能源资源的两个警告标志。
While Shanghai Datun Energy Resources 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.
尽管上海大屯能源资源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。在这里查看这个免费清单。
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