EGing Photovoltaic TechnologyLtd's (SHSE:600537) Returns On Capital Are Heading Higher
EGing Photovoltaic TechnologyLtd's (SHSE:600537) Returns On Capital Are Heading Higher
Finding a business that has the potential to grow substantially is not easy, but it is possible if we look at a few key financial metrics. Amongst other things, we'll want to see two things; firstly, a growing return on capital employed (ROCE) and secondly, an expansion in the company's amount of capital employed. This shows us that it's a compounding machine, able to continually reinvest its earnings back into the business and generate higher returns. So when we looked at EGing Photovoltaic TechnologyLtd (SHSE:600537) and its trend of ROCE, we really liked what we saw.
寻找具有大幅增长潜力的企业并不容易,但如果我们看几个关键的财务指标,这是可能的。除其他外,我们希望看到两件事;首先,成长 返回 论资本使用率(ROCE),其次是公司的扩张 金额 的已动用资本。这向我们表明,它是一台复合机器,能够持续将其收益再投资于业务并产生更高的回报。因此,当我们查看eGing Povator TechnologyLtd(SHSE: 600537)及其ROCE趋势时,我们真的很喜欢我们所看到的。
Return On Capital Employed (ROCE): What Is It?
资本使用回报率(ROCE):这是什么?
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. To calculate this metric for EGing Photovoltaic TechnologyLtd, this is the formula:
如果您不确定,可以澄清一下,ROCE是评估公司从投资于其业务的资本中获得多少税前收入(按百分比计算)的指标。要计算eGing光伏科技有限公司的这个指标,公式如下:
Return on Capital Employed = Earnings Before Interest and Tax (EBIT) ÷ (Total Assets - Current Liabilities)
已动用资本回报率 = 息税前收益 (EBIT) ¥(总资产-流动负债)
0.11 = CN¥514m ÷ (CN¥13b - CN¥7.9b) (Based on the trailing twelve months to September 2023).
0.11 = CN¥514m ≤(CN¥13b-CN¥7.9b) (基于截至2023年9月的过去十二个月)。
So, EGing Photovoltaic TechnologyLtd has an ROCE of 11%. In absolute terms, that's a satisfactory return, but compared to the Semiconductor industry average of 4.2% it's much better.
因此,eGing光伏科技有限公司的投资回报率为11%。从绝对值来看,这是一个令人满意的回报,但与半导体行业平均水平的4.2%相比,要好得多。
Check out our latest analysis for EGing Photovoltaic TechnologyLtd
看看我们对eGing光伏科技有限公司的最新分析
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 EGing Photovoltaic TechnologyLtd has performed in the past in other metrics, you can view this free graph of past earnings, revenue and cash flow.
虽然过去不能代表未来,但了解一家公司的历史表现可能会有所帮助,这就是我们上面有这张图表的原因。如果你想看看eGing Plava TechnologyLtd过去在其他指标上的表现,你可以查看这张免费的过去收益、收入和现金流图表。
How Are Returns Trending?
退货趋势如何?
EGing Photovoltaic TechnologyLtd has broken into the black (profitability) and we're sure it's a sight for sore eyes. The company now earns 11% on its capital, because five years ago it was incurring losses. While returns have increased, the amount of capital employed by EGing Photovoltaic TechnologyLtd has remained flat over the period. 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. After all, a company can only become a long term multi-bagger if it continually reinvests in itself at high rates of return.
eGing Povato TechnologyLtd已经陷入亏损(盈利能力),我们确信这是一个好看的景象。该公司现在的资本收入为11%,因为五年前它蒙受了损失。尽管回报率有所增加,但在此期间,eGing Polvatogy TechnologyLtd使用的资本金额一直保持不变。话虽如此,尽管提高效率无疑很有吸引力,但了解该公司未来是否有任何投资计划会很有帮助。毕竟,一家公司只有不断以高回报率进行自我再投资,才能成为长期的多元化企业。
On a side note, we noticed that the improvement in ROCE appears to be partly fueled by an increase in current liabilities. The current liabilities has increased to 63% of total assets, so the business is now more funded by the likes of its suppliers or short-term creditors. Given it's pretty high ratio, we'd remind investors that having current liabilities at those levels can bring about some risks in certain businesses.
顺便说一句,我们注意到,投资回报率的改善似乎在一定程度上是由流动负债的增加推动的。流动负债已增加到总资产的63%,因此该企业现在更多地由供应商或短期债权人等机构提供资金。鉴于该比率相当高,我们要提醒投资者,将流动负债保持在这些水平可能会给某些企业带来一些风险。
What We Can Learn From EGing Photovoltaic TechnologyLtd's ROCE
我们可以从eGing光伏科技有限公司的ROCE中学到什么
As discussed above, EGing Photovoltaic TechnologyLtd appears to be getting more proficient at generating returns since capital employed has remained flat but earnings (before interest and tax) are up. And investors seem to expect more of this going forward, since the stock has rewarded shareholders with a 78% return over the last five years. With that being said, we still think the promising fundamentals mean the company deserves some further due diligence.
如上所述,eGing Polvate TechnologyLtd似乎越来越擅长创造回报,因为资本使用量保持不变,但收益(扣除利息和税前)却有所增加。投资者似乎对未来的期望更高,因为该股在过去五年中为股东带来了78%的回报。话虽如此,我们仍然认为良好的基本面意味着该公司值得进一步的尽职调查。
If you'd like to know about the risks facing EGing Photovoltaic TechnologyLtd, we've discovered 1 warning sign that you should be aware of.
如果你想知道eGing Polvatogy TechnologyLtd面临的风险,我们发现了1个你应该注意的警告信号。
While EGing Photovoltaic TechnologyLtd 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.
尽管eGing Pava TechnologyLtd目前可能无法获得最高的回报,但我们编制了一份目前股本回报率超过25%的公司名单。在这里查看这个免费清单。
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Simply Wall St的这篇文章本质上是笼统的。我们仅使用公正的方法根据历史数据和分析师的预测提供评论,我们的文章无意作为财务建议。它不构成买入或卖出任何股票的建议,也没有考虑到您的目标或财务状况。我们的目标是为您提供由基本数据驱动的长期重点分析。请注意,我们的分析可能不考虑最新的价格敏感型公司公告或定性材料。简而言之,华尔街没有持有任何上述股票的头寸。