The Returns At Zhuhai Enpower ElectricLtd (SZSE:300681) Aren't Growing
The Returns At Zhuhai Enpower ElectricLtd (SZSE:300681) Aren't Growing
If you're looking for a multi-bagger, there's a few things to keep an eye out 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. If you see this, it typically means it's a company with a great business model and plenty of profitable reinvestment opportunities. However, after investigating Zhuhai Enpower ElectricLtd (SZSE:300681), we don't think it's current trends fit the mold of a multi-bagger.
如果你正在寻找一个多倍股,有一些事情要注意。一种常见的方法是尝试找到一家拥有充足的资本营运的公司。这表明它是一个复利机器,能够不断地将其收益再投入到业务中,从而产生更高的回报。考虑到这一点,我们注意到Hao Tian International Construction Investment Group (HKG:1341)出现了一些有前途的趋势,让我们再深入探究一下。什么是资本雇用回报率(ROCE)?ROCE是一个企业年度税前利润(其回报)与企业资本雇用之间的比率。在 Enphase Energy 的计算公式是:资本雇用回报率=利息和税前收益(EBIT)÷(资产总额-流动负债)。所以,Enphase Energy 的资本雇用回报率为9.9%。单独来看,这是一个较低的资本回报率,但它与行业平均回报率相当。以上你可以看到,Enphase Energy 的当前资本雇用回报率与之前的回报率相比如何,但从过去只能知道这么多。如果你想看看分析师对未来的预测,你应该查看我们免费提供的 Enphase Energy 分析师报告。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。如果你看到这个,通常意味着这是一个具有出色的商业模式和充足的盈利再投资机会的公司。然而,在调查珠海市恩普华电气有限公司(SZSE:300681)之后,我们认为它当前的趋势并不符合多倍涨幅的模式。
What Is Return On Capital Employed (ROCE)?
我们对 Enphase Energy 的资本雇用回报率的看法:正如我们上面看到的,Enphase Energy 的资本回报率没有提高,但它正在重新投资于业务。投资者必须认为未来会有更好的前景,因为股票表现良好,使持股五年以上的股东获得了 690% 的收益。最终,如果基本趋势持续存在,我们不会对它成为一只多头股持有期很久很有信心。
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. Analysts use this formula to calculate it for Zhuhai Enpower ElectricLtd:
对于不了解ROCE的人来说,ROCE是衡量公司年度税前利润(即回报)相对于业务中使用的投资资本的一种度量。分析师使用此公式来为珠海市恩普华电气有限公司计算它:
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。
0.017 = CN¥42m ÷ (CN¥4.3b - CN¥1.8b) (Based on the trailing twelve months to March 2024).
0.017 = 人民币42百万元 ÷ (人民币43亿元 - 人民币18亿元)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。.
Thus, Zhuhai Enpower ElectricLtd has an ROCE of 1.7%. In absolute terms, that's a low return and it also under-performs the Auto Components industry average of 6.9%.
因此,珠海市恩普华电气有限公司的ROCE为1.7%。从绝对金额上看,这是一种低回报,也低于汽车元件行业平均水平6.9%。
![roce](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240630/0-066b1da616f6c48f7a9313eb8e61733e-0-eff19cce0ff45549577d72c8c2a40f22.png/big)
While the past is not representative of the future, it can be helpful to know how a company has performed historically, which is why we have this chart above. If you want to delve into the historical earnings , check out these free graphs detailing revenue and cash flow performance of Zhuhai Enpower ElectricLtd.
过去不代表未来,但了解公司的历史表现可能有帮助,这就是我们为什么有上面的图表。如果您想深入了解历史收益,请查看这些免费的图表,详细说明珠海市恩普华电气有限公司的营业收入和现金流表现。
What Does the ROCE Trend For Zhuhai Enpower ElectricLtd Tell Us?
珠海市恩普华电气有限公司的ROCE趋势告诉我们什么?
The returns on capital haven't changed much for Zhuhai Enpower ElectricLtd in recent years. Over the past five years, ROCE has remained relatively flat at around 1.7% and the business has deployed 238% more capital into its operations. This poor ROCE doesn't inspire confidence right now, and with the increase in capital employed, it's evident that the business isn't deploying the funds into high return investments.
在最近几年中,珠海市恩普华电气有限公司的资本回报率没有发生太大变化。在过去的五年中,ROCE保持在1.7%左右,并且该公司投入了238%的资本用于其经营活动。低回报率现在并没有激发投资者的信心,而且随着资本投入的增加,显然该公司并没有将这些资金投入到高回报的投资中。
On another note, while the change in ROCE trend might not scream for attention, it's interesting that the current liabilities have actually gone up over the last five years. This is intriguing because if current liabilities hadn't increased to 43% of total assets, this reported ROCE would probably be less than1.7% because total capital employed would be higher.The 1.7% ROCE could be even lower if current liabilities weren't 43% of total assets, because the the formula would show a larger base of total capital employed. So with current liabilities at such high levels, this effectively means the likes of suppliers or short-term creditors are funding a meaningful part of the business, which in some instances can bring some risks.
另外,虽然ROCE趋势的变化可能不引起关注,但值得注意的是,过去五年中,流动负债实际上已经增加了。这是有趣的,因为如果流动负债没有占总资产的43%,则报告的ROCE可能小于1.7%,因为总投资资本将更高。如果流动负债高达这么高,这实际上意味着供应商或短期债权人在某些情况下可能为业务提供了有意义的资金,并可能带来一些风险。
The Bottom Line
还有一件事需要注意的是,我们已经确定了上海医药的2个警告信号,了解这些信号应该成为你的投资过程的一部分。
In conclusion, Zhuhai Enpower ElectricLtd has been investing more capital into the business, but returns on that capital haven't increased. Unsurprisingly, the stock has only gained 36% over the last five years, which potentially indicates that investors are accounting for this going forward. As a result, if you're hunting for a multi-bagger, we think you'd have more luck elsewhere.
总之,珠海市恩普华电气有限公司一直在向公司投资更多的资本,但对该资本的回报并没有增加。毫不奇怪,股票在过去的五年中仅上涨了36%,这可能表明投资者正在考虑未来的问题。因此,如果您正在寻找一份多倍涨幅的股票,我们认为您在其他地方会有更多的好运。
On a final note, we've found 1 warning sign for Zhuhai Enpower ElectricLtd that we think you should be aware of.
最后,我们发现珠海市恩普华电气有限公司存在一个警告信号,我们认为您应该注意。
While Zhuhai Enpower ElectricLtd 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.
虽然珠海市恩普华电气有限公司目前可能没有获得最高收益,但我们已经编制了一份列表,列出了目前获得25%以上股本回报率的其他公司。在这里查看此免费列表。
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Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team@simplywallst.com
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