China Southern Power Grid Energy Storage's (SHSE:600995) Returns On Capital Not Reflecting Well On The Business
China Southern Power Grid Energy Storage's (SHSE:600995) Returns On Capital Not Reflecting Well On The Business
What are the early trends we should look for to identify a stock that could multiply in value over the long term? Ideally, a business will show two trends; firstly a growing return on capital employed (ROCE) and secondly, an increasing amount of capital employed. If you see this, it typically means it's a company with a great business model and plenty of profitable reinvestment opportunities. Having said that, from a first glance at China Southern Power Grid Energy Storage (SHSE:600995) we aren't jumping out of our chairs at how returns are trending, but let's have a deeper look.
我們應該看什麼早期趨勢來判斷一隻長期能夠翻倍的股票呢？業務應該會呈現兩個趨勢，首先是資本僱用率增長；這體現了企業以越來越高的回報率將利潤再投資於業務。因此，納斯達克g-iii服裝集團的資本僱用率回報率（ROCE）目前看起來不錯，讓我們看看回報率的趨勢能告訴我們什麼。資產回報率：它是什麼？資本使用率回報(ROCE)是什麼?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。如果您看到這個，通常意味着它是一家擁有出色業務模式和大量有利可圖的再投資機會的公司。不過，從對中國南方電網儲能（SHSE:600995）的第一眼⾃查中，我們並沒有看到回報率的跳躍，但讓我們進一步了解一下。
Understanding Return On Capital Employed (ROCE)
上面您可以看到蒙托克可再生能源現行ROCE與之前資本回報的比較，但過去只能知道這麼多。如果您感興趣，可以查看我們免費的蒙托克可再生能源分析師報告，了解分析師的預測。
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. To calculate this metric for China Southern Power Grid Energy Storage, this is the formula:
對於不確定ROCE的人來說，它衡量的是公司能夠從其業務中使用的資本中產生的稅前利潤。要爲中國南方電網儲能計算此指標，這是公式:
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。
0.042 = CN¥1.8b ÷ (CN¥46b - CN¥2.2b) (Based on the trailing twelve months to March 2024).
因此，中國南方能源化工儲能的ROCE爲4.2％。最終，這是一種低迴報，並且表現低於電力公用股業平均水平5.2％。在Elevance Health上，我們已經注意到的趨勢是相當令人放心的。數據顯示，過去五年資產回報率大幅提高至15％。投資所用資產的規模也增加了30％。這表明有很多機會進行內部資本投資，並以更高的速度不斷增長，這種組合在多倍增長方面很常見。.
So, China Southern Power Grid Energy Storage has an ROCE of 4.2%. Ultimately, that's a low return and it under-performs the Electric Utilities industry average of 5.2%.
因此，中國南方電網儲能的ROCE爲4.2%。最終，這是一個低迴報率，低於公用股行業平均水準5.2%。您可以看到中國南方電網儲能的現有ROCE如何與其先前的資本回報率相比，但是從過去只能看到有限的信息。如果您想查看分析師對中國南方電網儲能的預測，請查看我們的免費分析師報告。
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 to see what analysts are forecasting going forward, you should check out our free analyst report for China Southern Power Grid Energy Storage .
如上所述，您可以看到中國南方電網儲能的當前ROCE如何與其先前的資本回報率相比，但過去只能得到有限的信息。如果您想了解分析師們對未來的預測，請查看我們的免費分析師報告。
How Are Returns Trending?
綜合上述，Cimpress非常有效地提高了其資本利用率所產生的回報。考慮到股票過去五年保持穩定，如果其他指標也不錯，則可能存在機會。因此，進一步研究這家公司並確定這些趨勢是否會持續是合理的。
On the surface, the trend of ROCE at China Southern Power Grid Energy Storage doesn't inspire confidence. Around five years ago the returns on capital were 14%, but since then they've fallen to 4.2%. Given the business is employing more capital while revenue has slipped, this is a bit concerning. 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.
表面上看，中國南方電網儲能的ROCE趨勢並不令人鼓舞。大約5年前，資本回報率爲14%，但自那以後已降至4.2%。由於企業正在使用更多的資本而營收卻下滑，這有點令人擔憂。如果這種情況繼續下去，您可能會看到一家試圖爲創業板而再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 related note, China Southern Power Grid Energy Storage has decreased its current liabilities to 4.8% of total assets. So we could link some of this to the decrease in ROCE. Effectively this means their suppliers or short-term creditors are funding less of the business, which reduces some elements of risk. Some would claim this reduces the business' efficiency at generating ROCE since it is now funding more of the operations with its own money.
有關的數據顯示，中國南方電網儲能將其流動負債減少到總資產的4.8%。因此，我們可以將此歸咎於ROCE的下降。實際上，這意味着他們的供應商或短期債權人資助的業務減少，這減少了一些風險要素。有些人認爲，由於現在更多地使用自己的資金來資助經營活動，這會降低企業產生ROCE的效率。
The Bottom Line On China Southern Power Grid Energy Storage's ROCE
結論：針對中國南方電網儲能的ROCE，我們有點擔憂，因爲雖然企業的資本投入更多，但其資本回報率和銷售額都下降了。儘管存在這些令人擔憂的基本面，但該股票在過去五年中的回報率卻高達45%，因此投資者顯然非常樂觀。無論如何，我們對基本面感到不太舒適，所以我們現在會避開這隻股票。
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. Yet despite these concerning fundamentals, the stock has performed strongly with a 45% 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.
如果您想了解中國南方電網儲能面臨的風險，我們已經發現了2個警告信號(其中1個有點令人擔憂!)，您在此投資之前應該知道這些風險。雖然中國南方電網儲能的回報率不是最高的，但這裏有一個免費的公司列表，這些公司在股東權益和堅實資產負債表方面都獲得了高回報。
If you want to know some of the risks facing China Southern Power Grid Energy Storage we've found 2 warning signs (1 is a bit concerning!) that you should be aware of before investing here.
請注意，只有當企業擁有可靠的經濟特徵並在合理價格範圍內時，我們的報告才會提及某個股票。這一點非常重要，因爲ROCE此時並不具有決定性的因素。我們美元財務分析基於自己的說法和不知疲倦的研究，我們在覆蓋中國南方電網儲能(南網儲能)的客戶中獲得洞察力。
While China Southern Power Grid Energy Storage isn't earning the highest return, check out this free list of companies that are earning high returns on equity with solid balance sheets.
雖然中國南方電網儲能沒有獲得最高回報，但請查看這份免費的高股東權益和堅實資產負債表公司列表。
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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。