China Southern Power Grid Energy Storage (SHSE:600995) Could Be Struggling To Allocate Capital
China Southern Power Grid Energy Storage (SHSE:600995) Could Be Struggling To Allocate Capital
Did you know there are some financial metrics that can provide clues of a potential multi-bagger? Firstly, we'd want to identify a growing return on capital employed (ROCE) and then alongside that, an ever-increasing base of capital employed. Ultimately, this demonstrates that it's a business that is reinvesting profits at increasing rates of return. In light of that, when we looked at China Southern Power Grid Energy Storage (SHSE:600995) and its ROCE trend, we weren't exactly thrilled.
你知道有一些財務指標可以爲潛在的多袋裝袋者提供線索嗎?首先,我們想找一個正在成長的 返回 關於已用資本(ROCE),然後除此之外,還不斷增加 基礎 所用資本的比例。歸根結底,這表明這是一家以不斷提高的回報率對利潤進行再投資的企業。有鑑於此,當我們研究中國南方電網儲能(SHSE: 600995)及其投資回報率趨勢時,我們並不十分興奮。
What Is Return On Capital Employed (ROCE)?
什麼是資本使用回報率(ROCE)?
For those who don't know, ROCE is a measure of a company's yearly pre-tax profit (its return), relative to the capital employed in the business. Analysts use this formula to calculate it for China Southern Power Grid Energy Storage:
對於那些不知道的人來說,ROCE是衡量公司年度稅前利潤(其回報率)的指標,相對於該業務使用的資本。分析師使用這個公式來計算南方電網儲能量:
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)
0.057 = CN¥2.2b ÷ (CN¥44b - CN¥4.4b) (Based on the trailing twelve months to September 2023).
0.057 = 22億元人民幣 ÷(44億元人民幣-4.4億元人民幣) (基於截至2023年9月的過去十二個月)。
Thus, China Southern Power Grid Energy Storage has an ROCE of 5.7%. On its own that's a low return on capital but it's in line with the industry's average returns of 6.2%.
因此,中國南方電網儲能的投資回報率爲5.7%。這本身就是很低的資本回報率,但與該行業6.2%的平均回報率一致。
See our latest analysis for China Southern Power Grid Energy Storage
查看我們對中國南方電網儲能的最新分析
![roce](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240119/0-9d66446f66a3c39f9c27992810f77e6b-0-5205bd57e796a4395e0f0957efa9e196.png/big)
Above you can see how the current ROCE for China Southern Power Grid Energy Storage 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 China Southern Power Grid Energy Storage here for free.
上面你可以看到中國南方電網儲能當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分析師對中國南方電網儲能的預測。
So How Is China Southern Power Grid Energy Storage's ROCE Trending?
那麼,南方電網儲能的投資回報率趨勢如何?
We weren't thrilled with the trend because China Southern Power Grid Energy Storage's ROCE has reduced by 64% over the last five years, while the business employed 1,509% more capital. That being said, China Southern Power Grid Energy Storage raised some capital prior to their latest results being released, so that could partly explain the increase in capital employed. The funds raised likely haven't been put to work yet so it's worth watching what happens in the future with China Southern Power Grid Energy Storage's earnings and if they change as a result from the capital raise.
我們對這一趨勢並不感到興奮,因爲中國南方電網儲能的投資回報率在過去五年中下降了64%,而該業務使用的資本增加了1,509%。話雖如此,中國南方電網儲能在最新業績公佈之前籌集了一些資金,因此這可以部分解釋動用資本的增加。籌集的資金可能尚未投入使用,因此值得關注的是,未來南方電網儲能的收益會發生什麼,以及這些收益是否會因籌集資金而發生變化。
The Key Takeaway
關鍵要點
We're a bit apprehensive about China Southern Power Grid Energy Storage because despite more capital being deployed in the business, returns on that capital and sales have both fallen. In spite of that, the stock has delivered a 37% return to shareholders who held over the last five years. Regardless, we don't like the trends as they are and if they persist, we think you might find better investments elsewhere.
我們對中國南方電網儲能有點擔心,因爲儘管在業務中部署了更多資金,但資本回報率和銷售額都下降了。儘管如此,該股爲在過去五年中持股的股東帶來了37%的回報。無論如何,我們不喜歡當前的趨勢,如果趨勢持續下去,我們認爲您可能會在其他地方找到更好的投資。
China Southern Power Grid Energy Storage could be trading at an attractive price in other respects, so you might find our free intrinsic value estimation on our platform quite valuable.
中國南方電網儲能在其他方面可能以誘人的價格進行交易,因此您可能會發現我們在我們平台上的免費內在價值估算非常有價值。
If you want to search for solid companies with great earnings, check out this free list of companies with good balance sheets and impressive returns on equity.
如果你想尋找收益豐厚的穩健公司,可以免費查看這份資產負債表良好且股本回報率可觀的公司名單。
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.
對這篇文章有反饋嗎?對內容感到擔憂?直接聯繫我們。 或者,給編輯團隊 (at) simplywallst.com 發送電子郵件。
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。