China Southern Power Grid Energy Efficiency & Clean Energy's (SZSE:003035) Returns Have Hit A Wall
China Southern Power Grid Energy Efficiency & Clean Energy's (SZSE:003035) Returns Have Hit A Wall
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. 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. Having said that, from a first glance at China Southern Power Grid Energy Efficiency & Clean Energy (SZSE:003035) we aren't jumping out of our chairs at how returns are trending, but let's have a deeper look.
要找到一个潜力大的业务不容易，但只要我们查看一些关键的财务指标是可能的。除其他因素外，我们想看到两件事; 首先，资本雇用的增长。这向我们表明它是一个复利机器，能够不断将其收益重新投资于业务，并产生更高的回报。因此，当我们观察易大宗控股（HKG:1733）ROCE的趋势时，我们真的很喜欢我们看到的。资产回报率：它是什么？如果您不确定ROCE是什么，它可以衡量公司能够从其业务所雇用的资本产生多少税前利润。为了计算V2X的这个指数，使用以下公式:0.054 = 1.24亿美元÷（31亿美元 - 8.53亿美元）ROCE 趋势可以告诉我们什么？比起 Enphase Energy，有更好的资本回报率选择。在过去的五年中，该公司增加了 1,306% 的资本，而该资本的回报率保持稳定在 9.9%。这样差的回报率现在并不令人信服，而且随着资本的增加，很明显企业并没有将资金投入到高回报的投资中。该指标反映了公司盈利计划，以及公司可以继续投资盈利的能力，从而成为复利机器。但是看一眼中国南方电网能源效率与清洁能源（SZSE:003035），我们并不认为它的回报趋势具有吸引力，不过我们还是要深入研究一下。
Return On Capital Employed (ROCE): What Is It?
资本雇用回报率（ROCE）是什么？
For those that aren't sure what ROCE is, it measures the amount of pre-tax profits a company can generate from the capital employed in its business. The formula for this calculation on China Southern Power Grid Energy Efficiency & Clean Energy is:
ROCE 指的是公司经营资本所产生的税前利润，也就是投入资本能力的衡量。对于中国南方电网能源效率与清洁能源，我们的计算公式是：
Return on Capital Employed = Earnings Before Interest and Tax (EBIT) ÷ (Total Assets - Current Liabilities)
资产雇用回报率（ROCE）是指企业利润，即企业税前利润除以企业投入的总资本（负债加股权）。如果ROCE高于企业财务成本的承受能力，那么企业就会创造出更多的价值。
0.06 = CN¥816m ÷ (CN¥17b - CN¥3.4b) (Based on the trailing twelve months to June 2023).
0.06 = CN¥81600万 ÷ (CN¥170亿 - CN¥3.4b)(基于截至2023年6月的过去十二个月).
Therefore, China Southern Power Grid Energy Efficiency & Clean Energy has an ROCE of 6.0%. In absolute terms, that's a low return but it's around the Commercial Services industry average of 5.5%.
因此，中国南方电网能源效率与清洁能源的 ROCE 为 6.0%。虽然绝对回报不高，但它已经达到了商业服务行业的平均水平 5.5%。
Above you can see how the current ROCE for China Southern Power Grid Energy Efficiency & Clean Energy compares to its prior returns on capital, but there's only so much you can tell from the past. If you'd like, you can check out the forecasts from the analysts covering China Southern Power Grid Energy Efficiency & Clean Energy for free.
上面你可以看到中国南方电网能源效率与清洁能源目前的 ROCE 与其以往的资本回报相比，但是从过去只能得出有限的结论。如果您愿意，可以免费查看分析师对中国南方电网能源效率与清洁能源的预测。
What Does the ROCE Trend For China Southern Power Grid Energy Efficiency & Clean Energy Tell Us?
中国南方电网能源效率与清洁能源的 ROCE 趋势告诉我们什么？
In terms of China Southern Power Grid Energy Efficiency & Clean Energy's historical ROCE trend, it doesn't exactly demand attention. The company has consistently earned 6.0% for the last five years, and the capital employed within the business has risen 267% in that time. Given the company has increased the amount of capital employed, it appears the investments that have been made simply don't provide a high return on capital.
就中国南方电网能源效率与清洁能源的历史 ROCE 趋势而言，它并没有引起我们的注意。公司过去五年一直保持着 6.0% 的收益，而且公司的经营资本在这段时间内增长了 267%。鉴于公司已经增加了经营资本的数量，看起来所做的投资并不为资本提供高回报。
On a side note, China Southern Power Grid Energy Efficiency & Clean Energy has done well to reduce current liabilities to 20% of total assets over the last five years. Effectively suppliers now fund less of the business, which can lower some elements of risk.
顺便说一下，中国南方电网能源效率与清洁能源在过去五年内成功将流动负债降至总资产的 20%，这让供应商对企业的资助降低了一些，也可以降低一些风险。
The Bottom Line On China Southern Power Grid Energy Efficiency & Clean Energy's ROCE
总的来说，尽管中国南方电网能源效率与清洁能源一直在重新投资其资本，但其回报并没有增加。而且投资者似乎不太相信这种趋势会出现好转，因为该股票在过去三年中下跌了 54%。无论如何，该股票并没有上面所述的复利机器特征，因此如果您正在寻找这样的特征，我们认为您在其他地方会更加幸运。
Long story short, while China Southern Power Grid Energy Efficiency & Clean Energy has been reinvesting its capital, the returns that it's generating haven't increased. And investors appear hesitant that the trends will pick up because the stock has fallen 54% in the last three years. In any case, the stock doesn't have these traits of a multi-bagger discussed above, so if that's what you're looking for, we think you'd have more luck elsewhere.
简而言之，虽然中国南方电网能源效率与清洁能源一直在重新投资他的资本，但它实现的回报没有增加。而且投资者似乎不太相信这种趋势会发生好转，因为该股票在过去三年中下跌了 54%。总之，该股票没有上述复利机器的特征，所以如果您正在寻找这样的特征，我们认为您在其他地方会更有好运。
China Southern Power Grid Energy Efficiency & Clean Energy does have some risks though, and we've spotted 1 warning sign for China Southern Power Grid Energy Efficiency & Clean Energy that you might be interested in.
中国南方电网能源效率与清洁能源确实存在一些风险，我们已经发现为您展示了一个警告标志（warning sign for China Southern Power Grid Energy Efficiency & Clean Energy），希望对您有所帮助。
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.
如果您想寻找财务状况良好、回报卓越的实力强企业，可以免费查看以下公司列表。
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