Returns On Capital At Canadian Solar (NASDAQ:CSIQ) Paint A Concerning Picture
Returns On Capital At Canadian Solar (NASDAQ:CSIQ) Paint A Concerning Picture
If you're looking for a multi-bagger, there's a few things to keep an eye out for. Firstly, we'll want to see a proven return on capital employed (ROCE) that is increasing, and secondly, an expanding 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 Canadian Solar (NASDAQ:CSIQ) and its ROCE trend, we weren't exactly thrilled.
如果你正在寻找长期收益的股票，需要注意以下几点。首先，我们需要看到资本回报率（ROCE）已经被证明在增长，并且其所使用的资本也在持续扩大。这基本上意味着公司拥有盈利的投资计划，可以继续投资，这是一个强大的复利机器的特征。因此，在我们审视阿特斯太阳能（纳斯达克：CSIQ）和其ROCE趋势时，并不是非常乐观。
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 Canadian Solar, this is the formula:
对于那些不确定ROCE是什么的人来说，它衡量的是公司从其业务所使用的资本中可以产生多少税前利润。针对阿特斯太阳能，计算该指标的公式为：
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。
0.059 = US$374m ÷ (US$12b - US$6.0b) (Based on the trailing twelve months to March 2024).
0.059=3.74亿美元÷（120亿美元-60亿美元）（基于截至2024年3月的过去12个月）。因此，阿特斯太阳能的ROCE为5.9%。总体来说，这是一个较低的回报率，低于半导体行业平均水平9.7%。
Therefore, Canadian Solar has an ROCE of 5.9%. Ultimately, that's a low return and it under-performs the Semiconductor industry average of 9.7%.
NasdaqGS:CSIQ Return on Capital Employed July 12th 2024
In the above chart we have measured Canadian Solar's prior ROCE against its prior performance, but the future is arguably more important. If you'd like to see what analysts are forecasting going forward, you should check out our free analyst report for Canadian Solar .
那么阿特斯太阳能的ROCE趋势如何？
So How Is Canadian Solar's ROCE Trending?
ROCE的趋势看起来并不是很好，因为其从五年前的16%下降到现在，而企业所使用的资本则增加了215%。尽管如此，阿特斯太阳能在其最新业绩公布前筹集了一些资本，这可能在一定程度上解释了资本投入的增加。筹集的资金可能还没有投入使用，因此值得关注阿特斯太阳能的未来收益以及其是否会因此而发生变化。
The trend of ROCE doesn't look fantastic because it's fallen from 16% five years ago, while the business's capital employed increased by 215%. That being said, Canadian Solar raised some capital prior to their latest results being released, so that could partly explain the increase in capital employed. The funds raised likely haven't been put to work yet so it's worth watching what happens in the future with Canadian Solar's earnings and if they change as a result from the capital raise.
此外，阿特斯太阳能已将其流动负债降至总资产49%。这可能在一定程度上解释了ROCE的下降。此外，这可能会减少公司面临的某些风险，因为现在公司的供应商或短期债权人为其运营提供了更少的资金。因为企业基本上是通过自有资金为其运营提供更多的资金，所以你可以认为这使得企业在产生ROCE方面的效率降低了。无论如何，它们仍然处于一个相当高的水平，因此我们希望它们能够进一步降低。
On a related note, Canadian Solar has decreased its current liabilities to 49% of total assets. That could partly explain why the ROCE has dropped. What's more, this can reduce some aspects of risk to the business because now the company's suppliers or short-term creditors are funding less of its operations. Since the business is basically funding more of its operations with it's own money, you could argue this has made the business less efficient at generating ROCE. Either way, they're still at a pretty high level, so we'd like to see them fall further if possible.
总体来说，虽然阿特斯太阳能正在为其成长投入资金，但不幸的是，其销售额似乎还没有显著增长。此外，投资者似乎对趋势的改善持怀疑态度，因为股票在过去五年中下降了16%。无论如何，股票没有上述的多倍增长特征，因此，如果你正在寻找这些特征，请选择其他股票。
Our Take On Canadian Solar's ROCE
关于阿特斯太阳能的ROCE，我们的看法是
In summary, Canadian Solar is reinvesting funds back into the business for growth but unfortunately it looks like sales haven't increased much just yet. And investors appear hesitant that the trends will pick up because the stock has fallen 16% in the last five 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.
归纳而言，阿特斯太阳能正在为其成长投资，但不幸的是，目前公司的销售额并没有显著增长。投资者似乎对其未来趋势不太乐观，因为该股票在过去五年中下跌了16%。总之，股票并没有以上述多倍增长特征，因此，如果你正在寻找这些特征，请选择其他股票。
Canadian Solar does have some risks, we noticed 3 warning signs (and 2 which are significant) we think you should know about.
我们注意到阿特斯太阳能存在一些风险，包括3个警告信号（和2个重要信号），我们认为你应该知道。
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。
Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team (at) simplywallst.com.
This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.
对本文有反馈？关注内容？请直接与我们联系。或者，发送电子邮件至editorial-team@simplywallst.com。
这篇文章是Simply Wall St的一般性文章。我们根据历史数据和分析师预测提供评论，只使用公正的方法论，我们的文章并不意味着提供任何金融建议。文章不构成买卖任何股票的建议，也不考虑您的目标或您的财务状况。我们的目标是带给您基本数据驱动的长期关注分析。请注意，我们的分析可能不考虑最新的价格敏感公司公告或定性材料。Simply Wall St没有任何股票头寸。
Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team@simplywallst.com
对本文有反馈？ 对内容感到担忧？ 请直接与我们联系。 或者，发送电子邮件至editorial-team@simplywallst.com。