Guangdong No.2 Hydropower Engineering Company (SZSE:002060) Could Be Struggling To Allocate Capital
Guangdong No.2 Hydropower Engineering Company (SZSE:002060) Could Be Struggling To Allocate Capital
What are the early trends we should look for to identify a stock that could multiply in value over the long term? 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. Basically this means that a company has profitable initiatives that it can continue to reinvest in, which is a trait of a compounding machine. However, after investigating Guangdong No.2 Hydropower Engineering Company (SZSE:002060), we don't think it's current trends fit the mold of a multi-bagger.
我們尋找股票長期價值翻番的早期趨勢,需要看到兩個方面:首先是不斷增加的資本僱用回報率(ROCE),其次是資本僱用行業板塊的不斷擴張。這最終證明了這是一個能夠以逐步增加的投資回報率重新投資利潤的企業。考慮到這一點,我們對V2X(紐交所:VVX)的回報趨勢不是很滿意,但讓我們更深入地了解一下。資產回報率:它是什麼?如果您不確定ROCE是什麼,它可以衡量公司能夠從其業務所僱用的資本產生多少稅前利潤。爲了計算V2X的這個指數,使用以下公式:0.054 = 1.24億美元÷(31億美元 - 8.53億美元)ROCE 趨勢可以告訴我們什麼?比起 Enphase Energy,有更好的資本回報率選擇。在過去的五年中,該公司增加了 1,306% 的資本,而該資本的回報率保持穩定在 9.9%。這樣差的回報率現在並不令人信服,而且隨着資本的增加,很明顯企業並沒有將資金投入到高回報的投資中。總的來說,這意味着公司有盈利的計劃可以繼續投資,這是一種複利機器的特徵。然而,經過研究廣東二建集團股份有限公司(SZSE:002060),我們認爲它現在的趨勢並不符合多賺錢機器的模式。
Return On Capital Employed (ROCE): What Is It?
資本僱用回報率(ROCE)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. Analysts use this formula to calculate it for Guangdong No.2 Hydropower Engineering Company:
只是爲了澄清,如果您不確定,ROCE是用來評估公司在其業務中投資的資本上賺取多少稅前收入(以百分比形式)的指標。分析師使用以下公式爲廣東二建集團股份有限公司計算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。
0.032 = CN¥1.1b ÷ (CN¥117b - CN¥82b) (Based on the trailing twelve months to September 2023).
0.032 = CN¥11億 ÷ (CN¥1170億 - CN¥82b)因此,金鉬股份的ROCE爲22%。絕對而言,這是一個很好的回報,甚至比貴金屬礦業行業板塊的平均水平6.2%還要好。.
So, Guangdong No.2 Hydropower Engineering Company has an ROCE of 3.2%. In absolute terms, that's a low return and it also under-performs the Construction industry average of 6.8%.
所以,廣東二建集團股份有限公司的ROCE爲3.2%。從絕對意義上講,這是一個較低的回報率,並且也低於建造業行業板塊平均水平6.8%。
View our latest analysis for Guangdong No.2 Hydropower Engineering Company
查看我們對廣東二建集團股份有限公司的最新分析
![roce](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20231123/0-ec9edc430390919cc52f5436ca9a7d71-0-aeb5d199422f3119c866594f85638203.png/big)
In the above chart we have measured Guangdong No.2 Hydropower Engineering Company'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 Guangdong No.2 Hydropower Engineering Company here for free.
在上圖中,我們使用廣東二建集團股份有限公司的以往ROCE性能來衡量它的以往表現,但未來可能更重要。如果您願意,您可以免費在此處查看分析師對廣東二建集團股份有限公司的預測。
So How Is Guangdong No.2 Hydropower Engineering Company's ROCE Trending?
那麼,廣東二建集團股份有限公司的ROCE趨勢如何?
In terms of Guangdong No.2 Hydropower Engineering Company's historical ROCE movements, the trend isn't fantastic. To be more specific, ROCE has fallen from 6.4% over the last five years. And considering revenue has dropped while employing more capital, we'd be cautious. If this were to continue, you might be looking at a company that is trying to reinvest for growth but is actually losing market share since sales haven't increased.
就廣東二建集團股份有限公司的歷史ROCE趨勢而言,這種趨勢並不太好。具體而言,ROCE已從過去五年的6.4%下降。考慮到營業收入下降而資本投入增加,我們應該謹慎。如果這種情況繼續下去,您可能正在尋找一家試圖爲成長投資但實際上正在失去市場份額的公司,因爲銷售額沒有增加。
On a side note, Guangdong No.2 Hydropower Engineering Company's current liabilities have increased over the last five years to 70% of total assets, effectively distorting the ROCE to some degree. Without this increase, it's likely that ROCE would be even lower than 3.2%. And with current liabilities at these levels, suppliers or short-term creditors are effectively funding a large part of the business, which can introduce some risks.
順便說一句,廣東二建集團股份有限公司的流動負債在過去五年中已上升到總資產的70%,在某種程度上扭曲了ROCE。如果沒有這種增長,ROCE很可能比3.2%更低。而且,由於當前負債水平已達到這些水平,供應商或短期債權人有效地爲企業提供資金,這可能會引入一些風險。
The Key Takeaway
重要提示
We're a bit apprehensive about Guangdong No.2 Hydropower Engineering Company because despite more capital being deployed in the business, returns on that capital and sales have both fallen. Yet despite these concerning fundamentals, the stock has performed strongly with a 94% return over the last five years, so investors appear very optimistic. Regardless, we don't feel too comfortable with the fundamentals so we'd be steering clear of this stock for now.
儘管更多的資本被投入到業務中,但廣東二建集團股份有限公司的資本回報率和銷售額均下降,我們對此有點擔憂。然而,儘管存在這些令人擔憂的基本面,但這只是針對某些股票的看好。無論如何,目前我們不太滿意這些基本面,因此現在會避開這支股票。
Since virtually every company faces some risks, it's worth knowing what they are, and we've spotted 4 warning signs for Guangdong No.2 Hydropower Engineering Company (of which 3 shouldn't be ignored!) that you should know about.
由於幾乎每家公司都面臨一些風險,因此值得知道它們是什麼,我們已經發現廣東二建集團股份有限公司有4個警告信號(其中3個不應被忽視!),您應該了解一下。
While Guangdong No.2 Hydropower Engineering Company 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.
儘管廣東二建集團股份有限公司目前的回報率不是最高的,但我們已經編制了一份目前收益率超過25%的公司列表。在此處查看此免費列表。
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.
對本文有反饋?關於內容有所顧慮?直接和我們聯繫。或電郵 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。