Ningbo Zhoushan Port (SHSE:601018) Is Reinvesting At Lower Rates Of Return
Ningbo Zhoushan Port (SHSE:601018) Is Reinvesting At Lower Rates Of Return
If you're not sure where to start when looking for the next multi-bagger, there are a few key trends you should 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. Put simply, these types of businesses are compounding machines, meaning they are continually reinvesting their earnings at ever-higher rates of return. However, after investigating Ningbo Zhoushan Port (SHSE:601018), we don't think it's current trends fit the mold of a multi-bagger.
如果您不确定如何寻找下一个潜力股，有几个关键趋势值得关注。首先，我们希望看到资本雇用回报率（ROCE）在逐渐增加，其次是不断扩大的资本雇用基础。简单地说，这些类型的企业是复利机器，意味着它们在不断地以越来越高的投资回报率再投资自己的收益。但是，经过对宁波港（SHSE:601018）的调查后，我们认为它目前的趋势并不符合潜力股的购买者。
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。
If you haven't worked with ROCE before, it measures the 'return' (pre-tax profit) a company generates from capital employed in its business. Analysts use this formula to calculate it for Ningbo Zhoushan Port:
如果您以前没有使用过ROCE，它衡量的是公司从投资其业务的资本中生成的‘回报率’（税前利润）。分析师使用此公式为宁波港计算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。
0.054 = CN¥5.0b ÷ (CN¥112b - CN¥20b) (Based on the trailing twelve months to March 2024).
0.054 = CN¥50亿 ÷ (CN¥1120亿 - CN¥20b)（基于截至2024年3月的过去十二个月）。
Therefore, Ningbo Zhoushan Port has an ROCE of 5.4%. Even though it's in line with the industry average of 5.3%, it's still a low return by itself.
因此，宁波港的ROCE为5.4％。尽管与行业平均水平的5.3％相符，但它仍然是一个较低的回报。
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 Ningbo Zhoushan Port.
虽然过去不代表未来，但了解一个公司的历史表现可能有所帮助，这就是为什么我们有上面这张图表。如果您想深入了解历史收益，请查看这些自由图表，详细介绍宁波港的营业收入和现金流表现。
What Does the ROCE Trend For Ningbo Zhoushan Port Tell Us?
宁波港的ROCE趋势告诉我们什么？
When we looked at the ROCE trend at Ningbo Zhoushan Port, we didn't gain much confidence. Around five years ago the returns on capital were 7.3%, but since then they've fallen to 5.4%. However it looks like Ningbo Zhoushan Port might be reinvesting for long term growth because while capital employed has increased, the company's sales haven't changed much in the last 12 months. It may take some time before the company starts to see any change in earnings from these investments.
当我们研究宁波港的ROCE趋势时，我们并没有得到很大的信心。大约五年前，资本回报率为7.3％，但自那以后就下降到5.4％。但是，看起来宁波港可能正在为长期增长进行再投资，因为虽然资本雇用已经增加，但公司的销售额在过去12个月中并没有太大变化。可能需要一些时间，才能看到这些投资带来的收益变化。
On a related note, Ningbo Zhoushan Port has decreased its current liabilities to 18% 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.
相关说明：宁波港将其流动负债减少到总资产的18％。这在一定程度上可以解释ROCE下降的原因。此外，这可以降低业务的某些风险，因为现在公司的供应商或短期债权人在资助其业务方面的比例较少。由于该企业基本上在使用自己的资金来资助更多的运营，因此可以说这使得该企业在产生ROCE方面的效率降低了。
What We Can Learn From Ningbo Zhoushan Port's ROCE
我们可以从宁波港的ROCE中学到什么？
To conclude, we've found that Ningbo Zhoushan Port is reinvesting in the business, but returns have been falling. Additionally, the stock's total return to shareholders over the last five years has been flat, which isn't too surprising. All in all, the inherent trends aren't typical of multi-baggers, so if that's what you're after, we think you might have more luck elsewhere.
总之，我们发现宁波港正在为企业进行再投资，但回报率有所下降。此外，该股票在过去五年中的总股票回报率基本持平，并不太令人惊讶。总体而言，内在的趋势并不符合多包购买的典型，因此，如果您正在寻找这样的股票，我们认为您可能在其他地方更有好运。
If you'd like to know about the risks facing Ningbo Zhoushan Port, we've discovered 1 warning sign that you should be aware of.
如果您想了解宁波港面临的风险，我们已经发现了一项警告信号，您应该注意。
While Ningbo Zhoushan Port isn't earning the highest return, check out this free list of companies that are earning high returns on equity with solid balance sheets.
尽管宁波港的回报率不是最高的，但请查看此免费公司列表，其中有具有扎实资产负债表的高回报率的公司。
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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
对本文有任何反馈？对内容有任何疑虑？请直接与我们联系。或者，发送电子邮件至editorial-team@simplywallst.com。