Slowing Rates Of Return At Wintime Energy GroupLtd (SHSE:600157) Leave Little Room For Excitement
Slowing Rates Of Return At Wintime Energy GroupLtd (SHSE:600157) Leave Little Room For Excitement
If we want to find a stock that could multiply over the long term, what are the underlying trends we should look for? Ideally, a business will show two trends; firstly a growing return on capital employed (ROCE) and secondly, an increasing 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. In light of that, when we looked at Wintime Energy GroupLtd (SHSE:600157) and its ROCE trend, we weren't exactly thrilled.
如果我們想尋找一隻股票,在長期內能夠增值,我們應該尋找什麼樣的基本趨勢呢?理想情況下,一家企業將展現兩種趨勢;首先是資本的增長。基本上這意味着一個公司擁有可以繼續投資的盈利倡議,這是複合機器的特質。鑑於此,我們看到的伊克賽爾服務 (NASDAQ:EXLS) 的趨勢非常有前途,所以讓我們來看一下。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。資產使用率。這基本上意味着公司有盈利的倡議,可以繼續投資,這是一個複合機器的特點。因此,當我們看到永泰能源集團有限公司(SHSE:600157)及其ROCE趨勢時,我們並不是很滿意。
What Is Return On Capital Employed (ROCE)?
我們對 Enphase Energy 的資本僱用回報率的看法:正如我們上面看到的,Enphase Energy 的資本回報率沒有提高,但它正在重新投資於業務。投資者必須認爲未來會有更好的前景,因爲股票表現良好,使持股五年以上的股東獲得了 690% 的收益。最終,如果基本趨勢持續存在,我們不會對它成爲一隻多頭股持有期很久很有信心。
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 Wintime Energy GroupLtd:
對於那些不確定ROCE是什麼的人,它衡量的是公司在其業務中使用的所有資本中可以產生的稅前利潤金額。分析師使用此公式計算永泰能源集團有限公司的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。
0.066 = CN¥5.7b ÷ (CN¥107b - CN¥20b) (Based on the trailing twelve months to March 2024).
0.066 = CN¥57億 ÷ (CN¥1070億 - CN¥20億) 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。.
Thus, Wintime Energy GroupLtd has an ROCE of 6.6%. In absolute terms, that's a low return but it's around the Renewable Energy industry average of 5.9%.
因此,永泰能源集團有限公司的ROCE爲6.6%。從絕對數值來看,這是一個低迴報,但接近可再生能源行業平均5.9%。
![roce](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240623/0-3f28ee2a4a5709705d6e05fff4c3714a-0-008fec63f01b1779b085e7353004432d.png/big)
Above you can see how the current ROCE for Wintime Energy GroupLtd compares to its prior returns on capital, but there's only so much you can tell from the past. If you're interested, you can view the analysts predictions in our free analyst report for Wintime Energy GroupLtd .
上面你可以看到永泰能源集團有限公司當前ROCE與其以往資本回報率的比較,但是從過去只能得出有限的結論。如果你感興趣,可以查看我們的永泰能源集團有限公司免費分析師報告。
The Trend Of ROCE
當尋找下一個倍增器時,如果您不確定從哪裏開始,請關注幾個關鍵趨勢。首先,我們希望看到一個經過驗證的資本使用率。如果您看到這一點,通常意味着這是一家擁有出色業務模式和大量盈利再投資機會的公司。然而,調查蒙托克可再生能源公司(NASDAQ:MNTK)後,我們認爲它的現行趨勢不符合倍增器的模式。
The returns on capital haven't changed much for Wintime Energy GroupLtd in recent years. The company has consistently earned 6.6% for the last five years, and the capital employed within the business has risen 41% in that time. This poor ROCE doesn't inspire confidence right now, and with the increase in capital employed, it's evident that the business isn't deploying the funds into high return investments.
近年來,永泰能源集團有限公司的資本回報率並沒有多大變化。在過去的五年中,該公司一直穩定賺取6.6%,而業務中使用的資本在同一時間內增長了41%。這種低ROCE目前並沒有激發信心,而且隨着資本使用量的增加,很明顯該企業並沒有將資金投入高回報的投資中。
On a side note, Wintime Energy GroupLtd has done well to reduce current liabilities to 19% of total assets over the last five years. This can eliminate some of the risks inherent in the operations because the business has less outstanding obligations to their suppliers and or short-term creditors than they did previously.
順便說一句,過去五年來,永泰能源集團有限公司已經成功將流動負債降低到總資產的19%以下。這可以消除操作中存在的一些風險,因爲企業對供應商或短期債權人的未償還義務比以前更少。
The Key Takeaway
重要提示
Long story short, while Wintime Energy GroupLtd 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 29% in the last five years. All in all, the inherent trends aren't typical of multi-baggers, so if that's what you're after, we think you might have more luck elsewhere.
長話短說,雖然永泰能源集團有限公司一直在再投資資本,但其所產生的回報並沒有增加。投資者似乎不確定趨勢會加速發展,因爲股票在過去五年中下降了29%。總之,內在的趨勢並不是多倍者的典型,因此如果您需要的話,我們認爲您可能在其他方面更有運氣。
If you're still interested in Wintime Energy GroupLtd it's worth checking out our FREE intrinsic value approximation for 600157 to see if it's trading at an attractive price in other respects.
如果您仍然對永泰能源集團有限公司感興趣,可以查看我們免費的600157內在價值近似值,以確定其在其他方面是否以有吸引力的價格交易。
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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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。
Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team@simplywallst.com
對本文有反饋?關於內容有所顧慮?直接和我們聯繫。或者,也可以發送電子郵件至editorial-team@simplywallst.com