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Huadian Liaoning Energy DevelopmentLtd (SHSE:600396) Shareholders Will Want The ROCE Trajectory To Continue

Huadian Liaoning Energy DevelopmentLtd (SHSE:600396) Shareholders Will Want The ROCE Trajectory To Continue

华电辽宁能源发展有限公司 (SHSE:600396) 的股东希望投资回报率的轨迹能够持续。
Simply Wall St ·  12/25 20:34

There are a few key trends to look for if we want to identify the next multi-bagger. 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. So when we looked at Huadian Liaoning Energy DevelopmentLtd (SHSE:600396) and its trend of ROCE, we really liked what we saw.

如果我们想要找出下一个多倍回报的股票,有几个关键趋势值得关注。一个常见的方法是寻找那些在资本使用回报率(ROCE)上有所增长,同时使用的资本量也在增加的公司。如果能看到这种情况,这通常意味着这是一家拥有优秀商业模式和丰富盈利再投资机会的公司。因此,当我们审视华电辽宁能源开发有限公司(SHSE:600396)及其ROCE趋势时,我们非常喜欢我们看到的。

What Is Return On Capital Employed (ROCE)?

什么是资本回报率(ROCE)?

Just to clarify if you're unsure, ROCE is a metric for evaluating how much pre-tax income (in percentage terms) a company earns on the capital invested in its business. Analysts use this formula to calculate it for Huadian Liaoning Energy DevelopmentLtd:

为了澄清如果你不确定,ROCE是评估公司在其业务中投资的资本所产生的税前收入(以百分比表示)的一种指标。分析师使用这个公式来计算华电辽宁能源开发有限公司的ROCE:

Return on Capital Employed = Earnings Before Interest and Tax (EBIT) ÷ (Total Assets - Current Liabilities)

资本利用率 = 利息和税前利润(EBIT) ÷ (总资产 - 流动负债)

0.051 = CN¥380m ÷ (CN¥14b - CN¥6.3b) (Based on the trailing twelve months to September 2024).

0.051 = CN¥38000万 ÷ (CN¥140亿 - CN¥6.3b)(基于截至2024年9月的过去12个月数据)。

Thus, Huadian Liaoning Energy DevelopmentLtd has an ROCE of 5.1%. Even though it's in line with the industry average of 4.9%, it's still a low return by itself.

因此,华电辽宁能源开发有限公司的ROCE为5.1%。虽然这与行业平均水平4.9%相符,但就其自身而言,仍然是一个较低的回报。

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SHSE:600396 Return on Capital Employed December 26th 2024
SHSE:600396 资本使用回报率 2024年12月26日

Historical performance is a great place to start when researching a stock so above you can see the gauge for Huadian Liaoning Energy DevelopmentLtd's ROCE against it's prior returns. If you want to delve into the historical earnings , check out these free graphs detailing revenue and cash flow performance of Huadian Liaoning Energy DevelopmentLtd.

研究一只股票时,查看历史表现是一个很好的起点,因此在上面你可以看到华电辽宁能源开发有限公司的资本回报率(ROCE)与其以往回报的对比。如果你想深入了解历史收益,查看这些免费图表以了解华电辽宁能源开发有限公司的营业收入和现金流表现。

What Can We Tell From Huadian Liaoning Energy DevelopmentLtd's ROCE Trend?

我们能从华电辽宁能源开发有限公司的资本回报率(ROCE)趋势中得出什么结论?

Huadian Liaoning Energy DevelopmentLtd has broken into the black (profitability) and we're sure it's a sight for sore eyes. While the business was unprofitable in the past, it's now turned things around and is earning 5.1% on its capital. Interestingly, the capital employed by the business has remained relatively flat, so these higher returns are either from prior investments paying off or increased efficiencies. That being said, while an increase in efficiency is no doubt appealing, it'd be helpful to know if the company does have any investment plans going forward. So if you're looking for high growth, you'll want to see a business's capital employed also increasing.

华电辽宁能源开发有限公司已经打入盈利状态,我们很高兴看到这样的变化。虽然该业务在过去是亏损的,但现在已经扭转局面,其资本回报率为5.1%。有趣的是,企业所使用的资本保持相对平稳,因此这些更高的回报要么是由于之前投资的回报,要么是效率的提高。话虽如此,虽然效率的提高无疑是吸引人的,但了解公司是否有未来的投资计划会更有帮助。因此,如果你在寻找高增长,你会希望看到企业的使用资本也在增加。

In another part of our analysis, we noticed that the company's ratio of current liabilities to total assets decreased to 46%, which broadly means the business is relying less on its suppliers or short-term creditors to fund its operations. This tells us that Huadian Liaoning Energy DevelopmentLtd has grown its returns without a reliance on increasing their current liabilities, which we're very happy with. However, current liabilities are still at a pretty high level, so just be aware that this can bring with it some risks.

在我们分析的另一部分中,我们注意到该公司的流动负债与总资产的比率下降至46%,这大体上意味着公司对供应商或短期债权人的依赖程度降低,以资助其运营。这告诉我们华电辽宁能源开发有限公司在没有依赖增加流动负债的情况下增长了回报,令我们非常满意。然而,流动负债仍然处于较高水平,因此请注意,这可能会带来一些风险。

In Conclusion...

结论...

To sum it up, Huadian Liaoning Energy DevelopmentLtd is collecting higher returns from the same amount of capital, and that's impressive. Since the stock has returned a solid 46% to shareholders over the last five years, it's fair to say investors are beginning to recognize these changes. In light of that, we think it's worth looking further into this stock because if Huadian Liaoning Energy DevelopmentLtd can keep these trends up, it could have a bright future ahead.

总而言之,华电辽宁能源开发有限公司在相同资本量上收获了更高的回报,这令人印象深刻。由于这只股票在过去五年中为股东带来了46%的稳定回报,可以公平地说投资者开始认识到这些变化。在此背景下,我们认为值得进一步关注这只股票,因为如果华电辽宁能源开发有限公司能够保持这些趋势,它将拥有辉煌的未来。

Before jumping to any conclusions though, we need to know what value we're getting for the current share price. That's where you can check out our FREE intrinsic value estimation for 600396 that compares the share price and estimated value.

在得出任何结论之前,我们需要知道当前股价的价值。你可以查看我们为600396提供的免费内在价值估算,它比较了股价和估计价值。

While Huadian Liaoning Energy DevelopmentLtd isn't earning the highest return, check out this free list of companies that are earning high returns on equity with solid balance sheets.

虽然华电辽宁能源开发有限公司的收益并不是最高的,但可以查看这个免费的公司列表,这些公司在股本回报率方面表现良好,资产负债表稳健。

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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.

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