China Southern Power Grid Energy Efficiency & Clean Energy's (SZSE:003035) Returns Have Hit A Wall
China Southern Power Grid Energy Efficiency & Clean Energy's (SZSE:003035) Returns Have Hit A Wall
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. Basically this means that a company has profitable initiatives that it can continue to reinvest in, which is a trait of a compounding machine. Having said that, from a first glance at China Southern Power Grid Energy Efficiency & Clean Energy (SZSE:003035) we aren't jumping out of our chairs at how returns are trending, but let's have a deeper look.
要找到一個潛力大的業務不容易，但只要我們查看一些關鍵的財務指標是可能的。除其他因素外，我們想看到兩件事; 首先，資本僱用的增長。這向我們表明它是一個複利機器，能夠不斷將其收益重新投資於業務，併產生更高的回報。因此，當我們觀察易大宗控股（HKG:1733）ROCE的趨勢時，我們真的很喜歡我們看到的。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。基本上這意味着一家公司有盈利的舉措，可以持續重新投資，這是增值機器的特徵。但是，從對中國南方電網能源效率與清潔能源（SZSE:003035）的第一眼瞥之後，我們並不認爲回報趨勢如何，但讓我們深入了解一下。
Return On Capital Employed (ROCE): What Is It?
資本僱用回報率（ROCE）是什麼？
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. The formula for this calculation on China Southern Power Grid Energy Efficiency & Clean Energy is:
對於不確定ROCE是什麼的人來說，它衡量一家公司從其業務中所使用的資本所能生成的稅前利潤的量。在中國南方電網能源效率與清潔能源上進行此計算的公式是：
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。
0.06 = CN¥816m ÷ (CN¥17b - CN¥3.4b) (Based on the trailing twelve months to June 2023).
因此，中國南方電網能效與清潔能源的ROCE爲6.0％。在絕對值上，這是一個低迴報率，但它接近商業服務行業平均水平5.5％。(基於截至2023年6月的過去十二個月).
Therefore, China Southern Power Grid Energy Efficiency & Clean Energy has an ROCE of 6.0%. In absolute terms, that's a low return but it's around the Commercial Services industry average of 5.5%.
因此，中國南方電網能源效率與清潔能源的ROCE爲6.0%。絕對來說，這是一個較低的回報，但它接近5.5%的商業服務行業平均水平。
Above you can see how the current ROCE for China Southern Power Grid Energy Efficiency & Clean Energy 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 Efficiency & Clean Energy for free.
您可以看到中國南方電網能源效率與清潔能源在當前ROCE方面與其過去的資本回報相比如何，但您所能從過去了解的信息太少了。如果您願意，可以免費查看涵蓋中國南方電網能源效率與清潔能源的分析師的預測。
What Does the ROCE Trend For China Southern Power Grid Energy Efficiency & Clean Energy Tell Us?
中國南方電網能源效率與清潔能源的ROCE趨勢告訴我們什麼？
In terms of China Southern Power Grid Energy Efficiency & Clean Energy's historical ROCE trend, it doesn't exactly demand attention. The company has consistently earned 6.0% for the last five years, and the capital employed within the business has risen 267% in that time. 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.
就中國南方電網能源效率與清潔能源的歷史ROCE趨勢而言，並沒有引起太多關注。這家公司在過去五年裏一直賺取6.0%的收益，業務中所使用的資本在這段時間內增長了267%。考慮到公司已增加了所使用的資本，似乎已經進行的投資簡單地沒有爲資本提供高回報。
On a side note, China Southern Power Grid Energy Efficiency & Clean Energy has done well to reduce current liabilities to 20% of total assets over the last five years. Effectively suppliers now fund less of the business, which can lower some elements of risk.
另一方面，中國南方電網能源效率與清潔能源在過去五年中成功地將流動負債減少到總資產的20%以下。這有效地降低了供應商對業務的資助，可以降低某些風險因素。
The Bottom Line On China Southern Power Grid Energy Efficiency & Clean Energy's ROCE
關於中國南方電網能源效率與清潔能源的ROCE，總的來說，雖然它一直在重新投資其資本，但所生成的回報並沒有增加。而且，在過去三年中，股票下跌了54%，投資者似乎不願意看到趨勢反彈。無論如何，股票沒有上述的大漲特漲特徵，所以如果您想要這樣的投資，我們認爲您能夠在別處找到更多的運氣。
Long story short, while China Southern Power Grid Energy Efficiency & Clean Energy has been reinvesting its capital, the returns that it's generating haven't increased. And investors appear hesitant that the trends will pick up because the stock has fallen 54% in the last three years. In any case, the stock doesn't have these traits of a multi-bagger discussed above, so if that's what you're looking for, we think you'd have more luck elsewhere.
簡而言之，雖然中國南方電網能源效率與清潔能源一直在重新投資其資本，但所生成的回報並沒有增加。而且，投資者似乎不太認爲趨勢會反彈，因爲股票在過去三年中下跌了54%。不管怎麼說，股票沒有上述的大漲特漲的特徵，所以如果您要找這樣的投資，我們認爲您會在別處有更多的好運。
China Southern Power Grid Energy Efficiency & Clean Energy does have some risks though, and we've spotted 1 warning sign for China Southern Power Grid Energy Efficiency & Clean Energy that you might be interested in.
中國南方電網能源效率與清潔能源確實存在一些風險，我們已經發現了一個關於中國南方電網能源效率與清潔能源的警告信號，您可能會感興趣。
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.
如果您想尋找財務狀況良好、回報卓越的實力強企業，可以免費查看以下公司列表。
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