China Southern Power Grid Energy Storage's (SHSE:600995) Returns On Capital Not Reflecting Well On The Business
China Southern Power Grid Energy Storage's (SHSE:600995) Returns On Capital Not Reflecting Well On The Business
What are the early trends we should look for to identify a stock that could multiply in value over the long term? Ideally, a business will show two trends; firstly a growing return on capital employed (ROCE) and secondly, an increasing amount of capital employed. If you see this, it typically means it's a company with a great business model and plenty of profitable reinvestment opportunities. Having said that, from a first glance at China Southern Power Grid Energy Storage (SHSE:600995) we aren't jumping out of our chairs at how returns are trending, but let's have a deeper look.
我们应该看什么早期趋势来判断一只长期能够翻倍的股票呢？业务应该会呈现两个趋势，首先是资本雇用率增长；这体现了企业以越来越高的回报率将利润再投资于业务。因此，纳斯达克g-iii服装集团的资本雇用率回报率（ROCE）目前看起来不错，让我们看看回报率的趋势能告诉我们什么。资产回报率：它是什么？资本使用率回报(ROCE)是什么?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。如果您看到这一点，通常意味着这是一家拥有出色商业模式和丰富有利的再投资机会的公司。然而，就中国南方能源化工储能（SHSE：600995）而言，从我们第一次瞥见的角度来看，我们并没有因为回报率的趋势而兴奋不已，但让我们更深入地看一看。
Understanding Return On Capital Employed (ROCE)
上面您可以看到蒙托克可再生能源现行ROCE与之前资本回报的比较，但过去只能知道这么多。如果您感兴趣，可以查看我们免费的蒙托克可再生能源分析师报告，了解分析师的预测。
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. To calculate this metric for China Southern Power Grid Energy Storage, this is the formula:
对于那些不确定ROCE是什么的人来说，它衡量了一家公司从其业务中使用的资本中能够产生多少税前利润。要为中国南方能源化工储能计算这个指标，使用以下公式：
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。
0.042 = CN¥1.8b ÷ (CN¥46b - CN¥2.2b) (Based on the trailing twelve months to March 2024).
因此，中国南方能源化工储能的ROCE为4.2％。最终，这是一种低回报，并且表现低于电力公用股业平均水平5.2％。在Elevance Health上，我们已经注意到的趋势是相当令人放心的。数据显示，过去五年资产回报率大幅提高至15％。投资所用资产的规模也增加了30％。这表明有很多机会进行内部资本投资，并以更高的速度不断增长，这种组合在多倍增长方面很常见。.
So, China Southern Power Grid Energy Storage has an ROCE of 4.2%. Ultimately, that's a low return and it under-performs the Electric Utilities industry average of 5.2%.
以上是中国南方能源化工储能的当前ROCE与其以往资本回报的比较。但仅从过去的情况判断还是很有限的。如果您想了解分析师们对未来的预测，您应该查看我们免费的分析师报告，了解中国南方能源化工储能的情况。
Above you can see how the current ROCE for China Southern Power Grid Energy Storage 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 China Southern Power Grid Energy Storage .
您可以看到中国南方能源化工储能目前的ROCE与其以往资本回报的比较情况，但过去的情况所能说明的仅有限。如果您想了解分析师们对未来的预测，您应该查看我们免费的分析师报告，了解中国南方能源化工储能的情况。
How Are Returns Trending?
综合上述，Cimpress非常有效地提高了其资本利用率所产生的回报。考虑到股票过去五年保持稳定，如果其他指标也不错，则可能存在机会。因此，进一步研究这家公司并确定这些趋势是否会持续是合理的。
On the surface, the trend of ROCE at China Southern Power Grid Energy Storage doesn't inspire confidence. Around five years ago the returns on capital were 14%, but since then they've fallen to 4.2%. 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.
表面上看，中国南方能源化工储能的ROCE趋势并不令人信服。约五年前，资本回报率为14％，但自那以后已降至4.2％。考虑到业务正在投入更多的资本，而营业收入却有所下降，这有点令人担忧。如果这种情况继续下去，您可能会看到一家正在为创业板而努力再投资但实际上正在失去市场份额的公司，因为销售额并未增加。
On a related note, China Southern Power Grid Energy Storage has decreased its current liabilities to 4.8% of total assets. So we could link some of this to the decrease in ROCE. Effectively this means their suppliers or short-term creditors are funding less of the business, which reduces some elements of risk. Some would claim this reduces the business' efficiency at generating ROCE since it is now funding more of the operations with its own money.
有关联的是，中国南方能源化工储能将其流动负债减少到总资产的4.8％。因此，我们可以将这部分与ROCE的降低联系起来。实际上，这意味着他们的供应商或短期债权人为业务提供了更少的资金，从而减少了某些风险。有人会声称，这降低了该公司用自己的资金资助更多运营而生成ROCE的效率。
The Bottom Line On China Southern Power Grid Energy Storage's ROCE
中国南方能源化工储能的ROCE底线
We're a bit apprehensive about China Southern Power Grid Energy Storage because despite more capital being deployed in the business, returns on that capital and sales have both fallen. Yet despite these concerning fundamentals, the stock has performed strongly with a 45% return over the last five years, so investors appear very optimistic. Regardless, we don't feel too comfortable with the fundamentals so we'd be steering clear of this stock for now.
尽管业务投入了更多资本，回报率和销售额都有所下降，但我们对中国南方能源化工储能有些担忧。但尽管这些基本面令人担忧，股票在过去五年中表现强劲，回报率达45％，因此投资者似乎非常乐观。无论如何，我们对基本面感到不太舒服，因此我们现在会远离这支股票。
If you want to know some of the risks facing China Southern Power Grid Energy Storage we've found 2 warning signs (1 is a bit concerning!) that you should be aware of before investing here.
如果您想了解中国南方能源化工储能面临的一些风险，我们已经发现了2个警告信号（其中1个有点令人担忧！），在此之前，您应该意识到这些风险。
While China Southern Power Grid Energy Storage isn't earning the highest return, check out this free list of companies that are earning high returns on equity with solid balance sheets.
尽管中国南方能源化工储能并未获得最高的回报率，但请查看此免费公司列表，这些公司在资产负债表方面获得了高回报率
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