Returns On Capital At Far East Smarter Energy (SHSE:600869) Have Hit The Brakes
Returns On Capital At Far East Smarter Energy (SHSE:600869) Have Hit The Brakes
To find a multi-bagger stock, what are the underlying trends we should look for in a business? Typically, we'll want to notice a trend of growing return on capital employed (ROCE) and alongside that, an expanding base 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 Far East Smarter Energy (SHSE:600869) we aren't jumping out of our chairs at how returns are trending, but let's have a deeper look.
要找到一支多倍股，我们应该在一个业务中看到什么样的趋势？典型情况下，我们希望注意有逐渐增长的资本回报率(ROCE)趋势，并伴随着越来越多的资本投入基础。这基本上意味着公司有盈利倡议，可以继续投资，这是一个复合机器的特点。话虽如此，第一眼看远东智能能源(SHSE:600869)，我们对回报率的趋势并不十分满意，但让我们深入研究一下。
Return On Capital Employed (ROCE): What Is It?
资本雇用回报率（ROCE）是什么？
If you haven't worked with ROCE before, it measures the 'return' (pre-tax profit) a company generates from capital employed in its business. To calculate this metric for Far East Smarter Energy, this is the formula:
如果您以前没有使用过ROCE，那么它是一种衡量政府资本投入到业务中的回报率(税前利润)的方式。要计算远东智能能源的这一指标，可以使用以下公式：
Return on Capital Employed = Earnings Before Interest and Tax (EBIT) ÷ (Total Assets - Current Liabilities)
资产雇用回报率（ROCE）是指企业利润，即企业税前利润除以企业投入的总资本（负债加股权）。如果ROCE高于企业财务成本的承受能力，那么企业就会创造出更多的价值。
0.08 = CN¥515m ÷ (CN¥21b - CN¥15b) (Based on the trailing twelve months to March 2024).
0.08 = CN¥51500万 ÷ (CN¥210亿 - CN¥15b) (基于截至2024年3月的最近12个月)。
So, Far East Smarter Energy has an ROCE of 8.0%. In absolute terms, that's a low return, but it's much better than the Electrical industry average of 6.0%.
因此，远东智能能源的ROCE为8.0%。从绝对值上看，这是一个低回报率，但它比电气行业的平均水平6.0%要好得多。
In the above chart we have measured Far East Smarter Energy's prior ROCE against its prior performance, but the future is arguably more important. If you're interested, you can view the analysts predictions in our free analyst report for Far East Smarter Energy .
在上面的图表中，我们已经将远东智能能源之前的ROCE与其之前的表现进行了比较，但未来可能更为重要。如果您感兴趣，可以在我们的远东智能能源免费分析师报告中查看分析师的预测。
What The Trend Of ROCE Can Tell Us
尽管如此，当我们看 enphase energy (纳斯达克股票代码：ENPH) 的时候，它似乎并没有完全符合这些要求。
Over the past five years, Far East Smarter Energy's ROCE and capital employed have both remained mostly flat. It's not uncommon to see this when looking at a mature and stable business that isn't re-investing its earnings because it has likely passed that phase of the business cycle. So don't be surprised if Far East Smarter Energy doesn't end up being a multi-bagger in a few years time.
在过去的五年中，远东智能能源的ROCE和资本投入基本保持不变。当观察一个成熟和稳定的企业没有再投资其利润，因为它已经过了这个业务周期的阶段，这是很常见的。因此，如果远东智能能源在未来几年内没有成为多倍股，也不要感到惊讶。
Another point to note, we noticed the company has increased current liabilities over the last five years. This is intriguing because if current liabilities hadn't increased to 69% of total assets, this reported ROCE would probably be less than8.0% because total capital employed would be higher.The 8.0% ROCE could be even lower if current liabilities weren't 69% of total assets, because the the formula would show a larger base of total capital employed. Additionally, this high level of current liabilities isn't ideal because it means the company's suppliers (or short-term creditors) are effectively funding a large portion of the business.
还有一点要注意，我们发现公司在过去五年中增加了流动负债。这是令人感兴趣的，因为如果流动负债没有增加到总资产的69%，报告的ROCE可能会低于8.0%，因为资本总额会更高。如果流动负债不占总资产的69%，则8.0%的ROCE可能会更低，因为公式将显示更大的总资本。此外，这种高水平的流动负债并不理想，因为这意味着公司的供应商(或短期债权人)实际上资助了公司的大部分业务。
What We Can Learn From Far East Smarter Energy's ROCE
我们可以从远东智能能源的ROCE中了解到什么?
In a nutshell, Far East Smarter Energy has been trudging along with the same returns from the same amount of capital over the last five years. Since the stock has declined 20% over the last five years, investors may not be too optimistic on this trend improving either. 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.
简而言之，远东智能能源在过去五年中一直以相同数量的资本获得相同的回报。由于股票在过去五年中下跌了20%，投资者对这种趋势的改善可能并不太乐观。总的来说，这些内在趋势并不是多倍股所典型的，因此如果您想要多倍股，我们认为您可能会在其他地方获得更多的运气。
One final note, you should learn about the 5 warning signs we've spotted with Far East Smarter Energy (including 1 which doesn't sit too well with us) .
最后，您应该了解我们发现的远东智能能源5个警告信号之一(包括1个对我们来说不太好的信号)。
While Far East Smarter Energy isn't earning the highest return, check out this free list of companies that are earning high returns on equity with solid balance sheets.
虽然远东智能能源的回报率并不是最高的，但请查看这个免费公司列表，这些公司的股权回报率高，财务状况坚实。
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Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team@simplywallst.com
对本文有任何反馈？对内容有任何疑虑？请直接与我们联系。或者，发送电子邮件至editorial-team@simplywallst.com。