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EGing Photovoltaic TechnologyLtd's (SHSE:600537) Returns On Capital Are Heading Higher

EGing Photovoltaic TechnologyLtd's (SHSE:600537) Returns On Capital Are Heading Higher

eGing 光伏技術有限公司(SHSE: 600537)的資本回報率正在上升
Simply Wall St ·  2023/11/10 07:21

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.

尋找具有大幅增長潛力的企業並不容易,但如果我們看幾個關鍵的財務指標,這是可能的。除其他外,我們希望看到兩件事;首先,成長 返回 論資本使用率(ROCE),其次是公司的擴張 金額 所用資本的比例。這向我們表明,它是一臺複合機器,能夠持續將其收益再投資到業務中併產生更高的回報。因此,當我們研究eGing Polvatival TechnologyLtd(上海證券交易所代碼:600537)及其投資回報率趨勢時,我們真的很喜歡我們所看到的。

Return On Capital Employed (ROCE): What Is It?

資本使用回報率(ROCE):這是什麼?

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:

爲了澄清一下你是否不確定,ROCE是評估公司從投資於其業務的資本中獲得多少稅前收入(按百分比計算)的指標。要計算eGing光伏科技有限公司的這個指標,公式如下:

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

已動用資本回報率 = 息稅前收益 (EBIT) ¥(總資產-流動負債)

0.11 = CN¥514m ÷ (CN¥13b - CN¥7.9b) (Based on the trailing twelve months to September 2023).

0.11 = 5.14億元人民幣 ÷(13億元人民幣-7.9億元人民幣) (基於截至2023年9月的過去十二個月)

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光伏技術有限公司的投資回報率爲11%。從絕對值來看,這是一個令人滿意的回報,但與半導體行業平均水平的4.2%相比,回報要好得多。

Check out our latest analysis for EGing Photovoltaic TechnologyLtd

查看我們對eGing光伏技術有限公司的最新分析

roce
SHSE:600537 Return on Capital Employed November 9th 2023
SHSE: 600537 2023 年 11 月 9 日動用資本回報率

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.

雖然過去並不能代表未來,但了解一家公司的歷史表現可能會有所幫助,這就是我們上面有這張圖表的原因。如果你想在其他指標中查看eGing Polvatic TechnologyLtd過去的表現,你可以查看這張過去收益、收入和現金流的免費圖表。

How Are Returns Trending?

退貨趨勢如何?

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 Polvatov TechnologyLtd已經陷入虧損(盈利能力),我們確信這是一個好看的景象。該公司現在的資本收入爲11%,因爲五年前它遭受了損失。儘管回報率有所增加,但eGing PolvatoTechnologyLtd所使用的資本金額在此期間一直保持平穩。話雖如此,儘管效率的提高無疑很有吸引力,但了解該公司未來是否有任何投資計劃會很有幫助。畢竟,一家公司只有持續以高回報率對自己進行再投資,才能成爲長期的多口袋企業。

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.

順便說一句,我們注意到,投資回報率的改善似乎部分是由流動負債的增加推動的。流動負債已增加到總資產的63%,因此該業務現在更多地由供應商或短期債權人等機構提供資金。鑑於其比率相當高,我們要提醒投資者,將流動負債保持在這些水平可能會給某些企業帶來一些風險。

What We Can Learn From EGing Photovoltaic TechnologyLtd's ROCE

我們可以從eGing光伏技術有限公司的投資回報率中學到什麼

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 Polvatival TechnologyLtd似乎越來越擅長創造回報,因爲資本利用率保持平穩,但收益(不計利息和稅收)有所增加。投資者似乎對未來有更多期望,因爲該股在過去五年中爲股東提供了78%的回報。話雖如此,我們仍然認爲前景良好的基本面意味着公司值得進一步的盡職調查。

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.

如果你想了解eGing Polvatov TechnologyLtd面臨的風險,我們發現了一個你應該注意的警告信號。

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.

儘管eGing Polvator TechnologyLtd目前可能無法獲得最高的回報,但我們編制了一份目前股本回報率超過25%的公司名單。在這裏查看這個免費清單。

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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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Simply Wall St的這篇文章本質上是籠統的。我們僅使用公正的方法根據歷史數據和分析師的預測提供評論,我們的文章無意作爲財務建議。它不構成買入或賣出任何股票的建議,也沒有考慮到您的目標或財務狀況。我們的目標是爲您提供由基本數據驅動的長期重點分析。請注意,我們的分析可能不考慮最新的價格敏感型公司公告或定性材料。簡而言之,華爾街沒有持有任何上述股票的頭寸。

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