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.
如果我們想找到長期可以增值的股票，應該注意哪些趨勢？在完美的世界中，我們希望看到一家公司將更多資本投入到業務中，並且理想情況下，從這些資本中賺取的回報也在增加。如果你看到這種情況，通常意味着這是一家擁有良好業務模式和充足盈利再投資機會的公司。然而，在簡要瀏覽了數據之後，我們認爲廣東科能電力科技股份有限公司（SZSE:002986）未來不具備成爲多倍增長股票的條件，但讓我們看一看原因。
Understanding Return On Capital Employed (ROCE)
上面您可以看到蒙托克可再生能源現行ROCE與之前資本回報的比較，但過去只能知道這麼多。如果您感興趣，可以查看我們免費的蒙托克可再生能源分析師報告，了解分析師的預測。
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:
對於那些不確定ROCE是什麼的人，它衡量的是一家公司從其業務中使用的資本中可以產生多少稅前利潤。分析師使用這個公式計算廣東科能電力科技股份有限公司的ROCE:
Return on Capital Employed = Earnings Before Interest and Tax (EBIT) ÷ (Total Assets - Current Liabilities)
資產僱用回報率（ROCE）是指企業利潤，即企業稅前利潤除以企業投入的總資本（負債加股權）。如果ROCE高於企業財務成本的承受能力，那麼企業就會創造出更多的價值。
0.094 = CN¥489m ÷ (CN¥6.9b - CN¥1.7b) (Based on the trailing twelve months to March 2024).
0.094 = CN¥ 48900萬 ÷ （CN¥ 69億- CN¥ 1.7b）（基於截至2024年3月的過去12個月）。
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，廣東科能電力科技股份有限公司的ROCE爲9.4%。就絕對值而言，這是一個低迴報，但比化學工業的平均水平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.
歷史業績是研究股票的好起點，因此您可以看到廣東科能電力科技股份有限公司的ROCE與其先前的回報相比的測量標準。如果您有興趣進一步調查廣東科能電力科技股份有限公司的過去，請查看這幅涵蓋廣東科能電力科技股份有限公司過去收益、營業收入和現金流的免費圖表。
What Can We Tell From Guangdong Yussen Energy Technology's ROCE Trend?
從廣東科能電力科技股份有限公司的ROCE趨勢中可以得出什麼？
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的趨勢並不太好看，因爲它從5年前的25%下降了，而企業的資本使用量增加了496%。通常這不是理想情況，但考慮到廣東科能電力科技股份有限公司在最近的盈利公告之前進行了一次資本籌集，這很可能已經在一定程度上促成了資本使用量的增加。籌集到的資金可能還沒有被投入使用，因此值得關注廣東科能電力科技股份有限公司未來的盈利狀況以及資本籌集的影響是否會改變。此外，我們發現廣東科能電力科技股份有限公司最近的EBIt數字與去年大致相同，因此我們將ROCE的下降歸因於資本籌集。
In Conclusion...
最後，同等資本下回報率較低的趨勢通常不是我們關注創業板股票的最佳信號。由於這些發展進行良好，因此投資者不太可能表現友好。自五年前以來，該股下跌了32%。除非這些指標朝着更積極的軌跡轉變，否則我們將繼續尋找其他股票。
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.
總之，雖然我們對廣東科能電力科技股份有限公司對自己業務的再投資感到有些鼓舞，但我們意識到回報正在收縮。在過去的三年中，該股票已經下跌了27%，所以市場對這些趨勢的加強似乎不太有希望。無論如何，該股票都沒有上述多倍增長股票的特點，因此如果您正在尋找這樣的股票，我們認爲你在別的地方會更加幸運。
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.
由於幾乎每家公司都會面臨一些風險，了解它們是值得的，我們已經發現廣東科能電力科技股份有限公司的3個警告信號（其中1個不應被忽視！），您應該知道。
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.
儘管廣東科能電力科技股份有限公司目前的回報率並不高，但我們已經編制了一份比其當前獲得超過25%股本回報的公司列表。在這裏查看這個免費名單。
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.
對本文有任何反饋？對內容有任何疑慮？請直接與我們聯繫。或者，發送電子郵件至editorial-team@simplywallst.com。
這篇文章是Simply Wall St的一般性文章。我們根據歷史數據和分析師預測提供評論，只使用公正的方法論，我們的文章並不意味着提供任何金融建議。文章不構成買賣任何股票的建議，也不考慮您的目標或您的財務狀況。我們的目標是帶給您基本數據驅動的長期關注分析。請注意，我們的分析可能不考慮最新的價格敏感公司公告或定性材料。Simply Wall St沒有任何股票頭寸。
Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team@simplywallst.com
對本文有任何反饋？對內容有任何疑慮？請直接與我們聯繫。或者，發送電子郵件至editorial-team@simplywallst.com。