Returns At China Power International Development (HKG:2380) Appear To Be Weighed Down
Returns At China Power International Development (HKG:2380) Appear To Be Weighed Down
There are a few key trends to look for if we want to identify the next multi-bagger. Ideally, a business will show two trends; firstly a growing return on capital employed (ROCE) and secondly, an increasing amount 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 China Power International Development (HKG:2380) and its ROCE trend, we weren't exactly thrilled.
如果我們要找出下一個多倍增長股，有幾個關鍵趨勢需要關注。理想情況下，一家企業將表現出兩個趨勢：首先是不斷增長的資本使用回報率（ROCE），其次是越來越多的資本使用。基本上，這意味着一家公司擁有可盈利的投資，可以持續再投資，這是一個複合機器的特性。鑑於此，當我們看中國電力國際發展（HKG：2380）及其ROCE趨勢時，並不是特別興奮。
What Is Return On Capital Employed (ROCE)?
我們對 Enphase Energy 的資本僱用回報率的看法：正如我們上面看到的，Enphase Energy 的資本回報率沒有提高，但它正在重新投資於業務。投資者必須認爲未來會有更好的前景，因爲股票表現良好，使持股五年以上的股東獲得了 690% 的收益。最終，如果基本趨勢持續存在，我們不會對它成爲一隻多頭股持有期很久很有信心。
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 China Power International Development:
只需澄清一下，如果您不確定，ROCE是評估企業在其業務中投入的資本所獲得的稅前收入（以百分比計）的指標。分析師使用此公式來爲中國電力國際發展計算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。
0.039 = CN¥8.9b ÷ (CN¥306b - CN¥75b) (Based on the trailing twelve months to December 2023).
0.039 = CN¥89億 ÷ （CN¥3060億 - CN¥75b）（截至2023年12月的過去十二個月）。
So, China Power International Development has an ROCE of 3.9%. Ultimately, that's a low return and it under-performs the Renewable Energy industry average of 7.0%.
因此，中國電力國際發展的ROCE爲3.9%。從根本上來說，這是一個較低的回報，並且低於可再生能源行業平均水平的7.0%。
In the above chart we have measured China Power International Development's prior ROCE against its prior performance, but the future is arguably more important. If you'd like, you can check out the forecasts from the analysts covering China Power International Development for free.
在上面的圖表中，我們對中國電力國際發展的先前ROCE進行了衡量，但未來可能更加重要。如果您想的話，可以免費查看覆蓋中國電力國際發展的分析師的預測。
The Trend Of ROCE
當尋找下一個倍增器時，如果您不確定從哪裏開始，請關注幾個關鍵趨勢。首先，我們希望看到一個經過驗證的資本使用率。如果您看到這一點，通常意味着這是一家擁有出色業務模式和大量盈利再投資機會的公司。然而，調查蒙托克可再生能源公司（NASDAQ：MNTK）後，我們認爲它的現行趨勢不符合倍增器的模式。
There are better returns on capital out there than what we're seeing at China Power International Development. The company has consistently earned 3.9% for the last five years, and the capital employed within the business has risen 142% in that time. Given the company has increased the amount of capital employed, it appears the investments that have been made simply don't provide a high return on capital.
比起中國電力國際發展，其他公司有更好的資本回報率。公司在過去五年中一直獲得3.9%的回報，在企業內使用的資本在此期間內增長了142%。考慮到公司已增加了資本使用量，投資似乎無法提供高回報率。
The Key Takeaway
重要提示
In conclusion, China Power International Development has been investing more capital into the business, but returns on that capital haven't increased. Yet to long term shareholders the stock has gifted them an incredible 143% return in the last five years, so the market appears to be rosy about its future. But if the trajectory of these underlying trends continue, we think the likelihood of it being a multi-bagger from here isn't high.
總之，中國電力國際發展一直在向業務中投入更多資本，但是對於這些資本的回報率並沒有增加。然而，迄今爲止，長期股東在最近五年中獲得了143%的不可思議回報，因此市場似乎充滿了前景。但是，如果這些潛在趨勢的軌跡繼續下去，我們認爲從這裏開始成爲多倍增長股的可能性不高。
Since virtually every company faces some risks, it's worth knowing what they are, and we've spotted 2 warning signs for China Power International Development (of which 1 is a bit unpleasant!) that you should know about.
既然幾乎所有公司都面臨一些風險，那麼了解它們是值得的，我們已經發現中國電力國際發展的2個警告信號（其中1個有點不愉快！）是您應該了解的。
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.
如果您想尋找財務狀況良好、回報卓越的實力強企業，可以免費查看以下公司列表。
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對本文有反饋？對內容感到擔憂？請直接與我們聯繫。或者，發送電子郵件至editorial-team (at) 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
對本文有反饋？對內容感到擔憂？請直接與我們聯繫。或者，發送電子郵件至editorial-team@simplywallst.com。