Sichuan Mingxing Electric Power's (SHSE:600101) Returns On Capital Are Heading Higher
Sichuan Mingxing Electric Power's (SHSE:600101) Returns On Capital Are Heading Higher
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. Speaking of which, we noticed some great changes in Sichuan Mingxing Electric Power's (SHSE:600101) returns on capital, so let's have a look.
如果你不確定下一個多倍增長股票在哪裏開始尋找,你應該注意一些關鍵趨勢。首先,我們會想看到資本回報率(ROCE)已經得到驗證且持續增長,其次是資本回報率擴大的基礎。簡單地說,這些類型的業務是複合機器,也就是說,它們不斷地以越來越高的回報率再投資自己的利潤。接下來,我們來看一下四川明星電力(SHSE:600101)資本回報率的顯著變化。
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. The formula for this calculation on Sichuan Mingxing Electric Power is:
爲了澄清一下,如果您不確定,ROCE是一種衡量公司在其業務中所投資的資本收益率(以百分比形式計算)的指標。根據2024年6月的連續12個月,四川明星電力的ROCE計算公式爲:
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。
0.045 = CN¥143m ÷ (CN¥4.0b - CN¥844m) (Based on the trailing twelve months to June 2024).
0.045 = CN¥14300萬 ÷ (CN¥40億 - CN¥844m)(根據2024年6月的連續12個月計算)。
So, Sichuan Mingxing Electric Power has an ROCE of 4.5%. In absolute terms, that's a low return but it's around the Electric Utilities industry average of 5.2%.
因此,四川明星電力的ROCE爲4.5%。絕對型上來看,這是一個低迴報率,但它處於電力公用股行業平均水平的5.2%左右。
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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'd like to look at how Sichuan Mingxing Electric Power has performed in the past in other metrics, you can view this free graph of Sichuan Mingxing Electric Power's past earnings, revenue and cash flow.
雖然過去並不代表未來,但了解公司過去的表現情況可能會有所幫助,這也是我們提供此圖表的原因。如果您想查看四川明星電力過去在其他指標上的表現情況,可以查看這個免費圖表,了解四川明星電力過去的收益、營業收入和現金流。
What The Trend Of ROCE Can Tell Us
儘管如此,當我們看 enphase energy (納斯達克股票代碼:ENPH) 的時候,它似乎並沒有完全符合這些要求。
We're glad to see that ROCE is heading in the right direction, even if it is still low at the moment. The data shows that returns on capital have increased substantially over the last five years to 4.5%. The company is effectively making more money per dollar of capital used, and it's worth noting that the amount of capital has increased too, by 23%. This can indicate that there's plenty of opportunities to invest capital internally and at ever higher rates, a combination that's common among multi-baggers.
我們很高興看到ROCE在朝着正確的方向前進,即使目前仍然比較低。數據顯示,過去五年間資本回報率大幅增加至4.5%。該公司每使用一美元的資本,可以賺取更多的利潤。值得注意的是,資本的數量也增加了23%。這可以表明,在複合型投資中,資本內部和更高的回報率之間有很多投資機會的組合是很常見的。
The Bottom Line
還有一件事需要注意的是,我們已經確定了上海醫藥的2個警告信號,了解這些信號應該成爲你的投資過程的一部分。
A company that is growing its returns on capital and can consistently reinvest in itself is a highly sought after trait, and that's what Sichuan Mingxing Electric Power has. Since the stock has returned a solid 72% to shareholders over the last five years, it's fair to say investors are beginning to recognize these changes. With that being said, we still think the promising fundamentals mean the company deserves some further due diligence.
一個能夠提高資本回報率並能夠持續再投資的公司是一個非常受歡迎的特點,而這正是四川明星電力所具備的。由於該股票在過去五年中爲股東創造了穩健的72%回報,因此可以說投資者開始認識到這些變化。鑑於這一點,我們仍然認爲這家公司值得進一步的盡職調查。
Sichuan Mingxing Electric Power does come with some risks though, we found 2 warning signs in our investment analysis, and 1 of those is concerning...
雖然四川明星電力的回報率並不是最高的,但我們在投資分析中發現了2個風險警示,其中1個是令人擔憂的......
While Sichuan Mingxing Electric Power isn't earning the highest return, check out this free list of companies that are earning high returns on equity with solid balance sheets.
雖然四川明星電力的回報率不是最高的,但是可以查看這份免費的公司名單,這些公司在良好的資產負債表情況下獲得了高回報率。
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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.
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。