Here's What's Concerning About Guizhou Panjiang Refined CoalLtd's (SHSE:600395) Returns On Capital
Here's What's Concerning About Guizhou Panjiang Refined CoalLtd's (SHSE:600395) Returns On Capital
0.025 = CN¥669m ÷ (CN¥37b - CN¥9.9b) To find a multi-bagger stock, what are the underlying trends we should look for in a business? Firstly, we'd want to identify a growing return on capital employed (ROCE) and then alongside that, an ever-increasing base of capital employed. Put simply, these types of businesses are compounding machines, meaning they are continually reinvesting their earnings at ever-higher rates of return. Having said that, from a first glance at Guizhou Panjiang Refined CoalLtd (SHSE:600395) we aren't jumping out of our chairs at how returns are trending, but let's have a deeper look.
要找到一股多倍股，我们应该在业务中寻找哪些基本趋势呢？首先，我们希望确定资本雇用回报率(ROCE)的增长，然后再沿着这个方向，寻找不断增长的资本雇用基础。简而言之，这些类型的企业是复合机器，也就是说，它们不断地将其收益以更高的回报率不断地再投资。也要说一句，从对贵州攀钢精煤股份有限公司(SHSE:600395)的第一次浏览中，我们并没有看到回报率趋势有多大的进步，但让我们深入一些。
Understanding Return On Capital Employed (ROCE)
上面您可以看到蒙托克可再生能源现行ROCE与之前资本回报的比较，但过去只能知道这么多。如果您感兴趣，可以查看我们免费的蒙托克可再生能源分析师报告，了解分析师的预测。
Just to clarify if you're unsure, ROCE is a metric for evaluating how much pre-tax income (in percentage terms) a company earns on the capital invested in its business. Analysts use this formula to calculate it for Guizhou Panjiang Refined CoalLtd:
如果您不确定，ROCE是评估公司在其业务中投资的资本所赚取的税前收入(百分比)的指标。分析师使用此公式计算贵州攀钢精煤股份有限公司的ROCE:
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。
0.025 = CN¥669m ÷ (CN¥37b - CN¥9.9b) (Based on the trailing twelve months to March 2024).
0.025=CN¥66900万/(CN¥370亿-CN¥9.9b)(基于2024年3月的过去12个月)。
Therefore, Guizhou Panjiang Refined CoalLtd has an ROCE of 2.5%. In absolute terms, that's a low return and it also under-performs the Oil and Gas industry average of 11%.
因此，贵州攀钢精煤股份有限公司的ROCE为2.5%。就绝对值而言，这是一个低回报，也低于石油和天然气行业的平均值11%。
Above you can see how the current ROCE for Guizhou Panjiang Refined CoalLtd 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 Guizhou Panjiang Refined CoalLtd for free.
你可以看到贵州攀钢精煤股份有限公司目前的ROCE如何与以往的资本回报率进行比较，但过去只能告诉你这么多。如果您愿意，您可以免费查看分析师对贵州攀钢精煤股份有限公司的预测。
What Can We Tell From Guizhou Panjiang Refined CoalLtd's ROCE Trend?
我们可以从贵州攀钢精煤股份有限公司的ROCE趋势中得到什么信息？
On the surface, the trend of ROCE at Guizhou Panjiang Refined CoalLtd doesn't inspire confidence. Around five years ago the returns on capital were 11%, but since then they've fallen to 2.5%. And considering revenue has dropped while employing more capital, we'd be cautious. This could mean that the business is losing its competitive advantage or market share, because while more money is being put into ventures, it's actually producing a lower return - "less bang for their buck" per se.
表面上，贵州攀钢精煤股份有限公司的资本回报率趋势并没有给人以信心。大约五年前，资本回报率为11%，但自那以后，已经下降到2.5%。考虑到营业收入下降而资本雇用增加，我们应该谨慎。这可能意味着企业正在失去其竞争优势或市场份额，因为虽然将更多资金投入到企业中，但实际上所获得的回报更低——也就是说，“花得不划算”。
In Conclusion...
最后，同等资本下回报率较低的趋势通常不是我们关注创业板股票的最佳信号。由于这些发展进行良好，因此投资者不太可能表现友好。自五年前以来，该股下跌了32%。除非这些指标朝着更积极的轨迹转变，否则我们将继续寻找其他股票。
In summary, we're somewhat concerned by Guizhou Panjiang Refined CoalLtd's diminishing returns on increasing amounts of capital. However the stock has delivered a 41% return to shareholders over the last five years, so investors might be expecting the trends to turn around. In any case, the current underlying trends don't bode well for long term performance so unless they reverse, we'd start looking elsewhere.
总之，我们对贵州攀钢精煤股份有限公司在增加的资本上收益不断降低比较担忧。然而，在过去的五年中，该股票为股东带来了41%的回报，因此投资者可能希望趋势会扭转。无论如何，目前的基本趋势对长期业绩并不利，所以除非它们逆转，否则我们将开始寻找其他投资领域。
If you want to know some of the risks facing Guizhou Panjiang Refined CoalLtd we've found 4 warning signs (3 are concerning!) that you should be aware of before investing here.
如果您想知道贵州攀钢精煤股份有限公司面临的一些风险，我们已经发现了4个警告信号(其中3个令人担忧!)，您在进行投资之前应该注意这些问题。
While Guizhou Panjiang Refined CoalLtd isn't earning the highest return, check out this free list of companies that are earning high returns on equity with solid balance sheets.
虽然贵州攀钢精煤股份有限公司的回报并不是最高的，但是请查看这个免费的公司列表，这些公司以实力平衡表赚取高额回报。
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.
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。
这篇文章是Simply Wall St的一般性文章。我们根据历史数据和分析师预测提供评论，只使用公正的方法论，我们的文章并不意味着提供任何金融建议。文章不构成买卖任何股票的建议，也不考虑您的目标或您的财务状况。我们的目标是带给您基本数据驱动的长期关注分析。请注意，我们的分析可能不考虑最新的价格敏感公司公告或定性材料。Simply Wall St没有任何股票头寸。
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。