Power Construction Corporation of China's (SHSE:601669) Returns Have Hit A Wall
Power Construction Corporation of China's (SHSE:601669) Returns Have Hit A Wall
If we want to find a potential multi-bagger, often there are underlying trends that can provide clues. Typically, we'll want to notice a trend of growing return on capital employed (ROCE) and alongside that, an expanding base 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. Having said that, from a first glance at Power Construction Corporation of China (SHSE:601669) we aren't jumping out of our chairs at how returns are trending, but let's have a deeper look.
如果我們想找到潛在的多袋裝袋機,通常有一些潛在的趨勢可以提供線索。通常,我們希望注意到增長的趨勢 返回 在資本使用率(ROCE)方面,除此之外,還在擴大 基礎 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。話雖如此,乍一看中國電力建設集團公司(SHSE: 601669),我們並不是對回報的趨勢不屑一顧,但讓我們更深入地了解一下。
Understanding Return On Capital Employed (ROCE)
了解資本使用回報率 (ROCE)
For those that aren't sure what ROCE is, it measures the amount of pre-tax profits a company can generate from the capital employed in its business. Analysts use this formula to calculate it for Power Construction Corporation of China:
對於那些不確定ROCE是什麼的人,它衡量的是公司從其業務中使用的資本中可以產生的稅前利潤金額。分析師使用這個公式來計算中國電力建設集團的計算公式:
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)
0.047 = CN¥30b ÷ (CN¥1.2t - CN¥552b) (Based on the trailing twelve months to September 2023).
0.047 = 30億元人民幣 ÷(1.2噸人民幣-552億元人民幣) (基於截至2023年9月的過去十二個月)。
So, Power Construction Corporation of China has an ROCE of 4.7%. In absolute terms, that's a low return and it also under-performs the Construction industry average of 6.8%.
因此,中國電力建設集團的投資回報率爲4.7%。從絕對值來看,回報率很低,也低於建築業6.8%的平均水平。
View our latest analysis for Power Construction Corporation of China
查看我們對中國電力建設集團公司的最新分析
![roce](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240115/0-ae0c06a1a80ad5d12ca24ddacf714d62-0-b7d6ade42f722ac998181975513c7e64.png/big)
Above you can see how the current ROCE for Power Construction Corporation of China compares to its prior returns on capital, but there's only so much you can tell from the past. If you'd like, you can check out the forecasts from the analysts covering Power Construction Corporation of China here for free.
上面你可以看到中國電力建設集團目前的投資回報率與其先前的資本回報率相比如何,但從過去可以看出來的只有那麼多。如果你願意,可以在這裏免費查看報道中國電力建設集團的分析師的預測。
So How Is Power Construction Corporation of China's ROCE Trending?
那麼,中國電力建設集團的投資回報率如何走勢呢?
In terms of Power Construction Corporation of China's historical ROCE trend, it doesn't exactly demand attention. Over the past five years, ROCE has remained relatively flat at around 4.7% and the business has deployed 85% more capital into its operations. 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.
就中國電力建設集團的歷史投資回報率走勢而言,這並不完全值得關注。在過去的五年中,投資回報率一直相對持平,約爲4.7%,該業務在運營中投入的資金增加了85%。鑑於該公司增加了動用資本金額,看來已經進行的投資根本無法提供很高的資本回報率。
On a side note, Power Construction Corporation of China's current liabilities are still rather high at 46% of total assets. This effectively means that suppliers (or short-term creditors) are funding a large portion of the business, so just be aware that this can introduce some elements of risk. Ideally we'd like to see this reduce as that would mean fewer obligations bearing risks.
順便說一句,中國電力建設集團的流動負債仍然相當高,佔總資產的46%。這實際上意味着供應商(或短期債權人)正在爲業務的很大一部分提供資金,因此請注意,這可能會帶來一些風險因素。理想情況下,我們希望看到這種情況減少,因爲這將意味着減少承擔風險的債務。
The Bottom Line On Power Construction Corporation of China's ROCE
中國電力建設集團公司底線
In summary, Power Construction Corporation of China has simply been reinvesting capital and generating the same low rate of return as before. And investors may be recognizing these trends since the stock has only returned a total of 1.4% to shareholders over the last five years. As a result, if you're hunting for a multi-bagger, we think you'd have more luck elsewhere.
總而言之,中國電力建設集團只是在進行資本再投資,併產生了與以前一樣低的回報率。投資者可能會意識到這些趨勢,因爲該股在過去五年中總共只給股東帶來了1.4%的回報。因此,如果你正在尋找一臺多袋裝機,我們認爲你在其他地方會有更多的運氣。
Power Construction Corporation of China does have some risks, we noticed 3 warning signs (and 1 which is significant) we think you should know about.
中國電力建設集團確實存在一些風險,我們注意到三個警告信號(其中一個是重大的),我們認爲你應該知道。
For those who like to invest in solid companies, check out this free list of companies with solid balance sheets and high returns on equity.
對於那些喜歡投資穩健公司的人,可以查看這份資產負債表穩健和股本回報率高的公司的免費清單。
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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。