Guangdong Yussen Energy Technology (SZSE:002986) Is Reinvesting At Lower Rates Of Return
Guangdong Yussen Energy Technology (SZSE:002986) Is Reinvesting At Lower Rates Of Return
What trends should we look for it we want to identify stocks that can multiply in value over the long term? In a perfect world, we'd like to see a company investing more capital into its business and ideally the returns earned from that capital are also increasing. If you see this, it typically means it's a company with a great business model and plenty of profitable reinvestment opportunities. However, after briefly looking over the numbers, we don't think Guangdong Yussen Energy Technology (SZSE:002986) has the makings of a multi-bagger going forward, but let's have a look at why that may be.
如果我们想找到那些能够在长期内成倍增值的股票，我们应该寻找哪些趋势？在完美的世界中，我们想看到一家公司向其业务投入更多的资本，理想情况下，从这些资本中获得的回报也在增加。如果您看到了这一点，通常意味着这是一家拥有出色业务模式和丰富盈利再投资机会的公司。然而，在简要查看了一些数据后，我们认为广东宇森能源科技股份有限公司（SZSE：002986）未来不具有成倍增值的因素，但让我们看看为什么会是这样。
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. Analysts use this formula to calculate it for Guangdong Yussen Energy Technology:
对于那些不确定什么是ROCE的人来说，它衡量的是一家公司从其业务中投入使用的资本所能产生的税前利润数量。分析师使用此公式来计算广东宇森能源科技的ROCE:
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。
0.094 = CN¥489m ÷ (CN¥6.9b - CN¥1.7b) (Based on the trailing twelve months to March 2024).
0.094 = CN¥ 48900万 ÷ （CN¥ 69亿- CN¥ 1.7b）（基于截至2024年3月的过去12个月）。
Thus, Guangdong Yussen Energy Technology has an ROCE of 9.4%. In absolute terms, that's a low return, but it's much better than the Chemicals industry average of 5.5%.
因此，广东宇森能源科技的ROCE为9.4％。就绝对数而言，这是一项低回报，但它比化学品行业平均水平的5.5％要好得多
Historical performance is a great place to start when researching a stock so above you can see the gauge for Guangdong Yussen Energy Technology's ROCE against it's prior returns. If you're interested in investigating Guangdong Yussen Energy Technology's past further, check out this free graph covering Guangdong Yussen Energy Technology's past earnings, revenue and cash flow.
历史业绩是研究股票的良好起点，因此您可以看到广东宇森能源科技的ROCE与其之前的回报的指标。如果您有兴趣进一步调查广东宇森能源科技的过去，请查看此免费图表，以涵盖广东宇森能源科技过去的收益，营业收入和现金流量技术。
What Can We Tell From Guangdong Yussen Energy Technology's ROCE Trend?
从广东宇森能源科技的ROCE趋势中我们能看出什么？
The trend of ROCE doesn't look fantastic because it's fallen from 25% five years ago, while the business's capital employed increased by 496%. Usually this isn't ideal, but given Guangdong Yussen Energy Technology conducted a capital raising before their most recent earnings announcement, that would've likely contributed, at least partially, to the increased capital employed figure. The funds raised likely haven't been put to work yet so it's worth watching what happens in the future with Guangdong Yussen Energy Technology's earnings and if they change as a result from the capital raise. Additionally, we found that Guangdong Yussen Energy Technology's most recent EBIT figure is around the same as the prior year, so we'd attribute the drop in ROCE mostly to the capital raise.
ROCE的趋势看起来不是太好，因为它从5年前的25％下降，而企业的资本投入增加了496％。通常这不是理想情况，但鉴于广东宇森能源科技在最近发布的盈利公告之前进行了资本增加，这可能部分地导致了增加的资本投入数字。筹集的资金可能尚未投入使用，因此值得关注广东宇森能源科技未来的盈利情况以及由资本增加所引起的变化。此外，我们发现广东宇森能源科技最近的EBIt数字与前一年大致相同，因此我们将ROCE的下降主要归因于资本增加。
In Conclusion...
最后，同等资本下回报率较低的趋势通常不是我们关注创业板股票的最佳信号。由于这些发展进行良好，因此投资者不太可能表现友好。自五年前以来，该股下跌了32%。除非这些指标朝着更积极的轨迹转变，否则我们将继续寻找其他股票。
Bringing it all together, while we're somewhat encouraged by Guangdong Yussen Energy Technology's reinvestment in its own business, we're aware that returns are shrinking. And in the last three years, the stock has given away 27% so the market doesn't look too hopeful on these trends strengthening any time soon. 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.
综上所述，尽管我们对广东宇森能源科技在自己的业务中的再投资感到有些鼓舞，但我们也意识到回报正在缩小。在过去的三年中，该股已经下跌了27％，因此市场对这些趋势很快就会变得更为强劲的前景并不看好。无论如何，这支股票都没有上述倍增因素，因此，如果这就是您所寻找的，我们认为您在其他地方的运气会更好。
Since virtually every company faces some risks, it's worth knowing what they are, and we've spotted 3 warning signs for Guangdong Yussen Energy Technology (of which 1 shouldn't be ignored!) that you should know about.
由于几乎每家公司都面临着一些风险，因此了解它们是值得的。我们发现广东宇森能源科技的状况存在着3个警告信号（其中1个不应被忽视！），您应该知道。
While Guangdong Yussen Energy Technology 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.
虽然广东宇森能源科技目前的回报率不是最高的，但我们已经编制了一份目前获得超过25％ROE回报率的公司名单，请查看此免费名单。
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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。