Investors Could Be Concerned With Guangzhou Great Power Energy and Technology's (SZSE:300438) Returns On Capital
Investors Could Be Concerned With Guangzhou Great Power Energy and Technology's (SZSE:300438) Returns On Capital
If you're looking for a multi-bagger, there's a few things to keep an eye out for. One common approach is to try and find a company with returns on capital employed (ROCE) that are increasing, in conjunction with a growing 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. Although, when we looked at Guangzhou Great Power Energy and Technology (SZSE:300438), it didn't seem to tick all of these boxes.
如果你正在寻找一个多赚钱的公司，那么有几件事情需要关注。一种常见的方法是尝试找到一个ROCE增长的公司，同时资本投入也在增长。如果你看到这种情况，通常这意味着这是一个具有出色业务模式和丰富盈利再投资机会的公司。尽管在我们看了鹏辉能源（SZSE:300438）的情况时，它似乎并未达到所有标准。
What Is Return On Capital Employed (ROCE)?
我们对 Enphase Energy 的资本雇用回报率的看法：正如我们上面看到的，Enphase Energy 的资本回报率没有提高，但它正在重新投资于业务。投资者必须认为未来会有更好的前景，因为股票表现良好，使持股五年以上的股东获得了 690% 的收益。最终，如果基本趋势持续存在，我们不会对它成为一只多头股持有期很久很有信心。
For those who don't know, ROCE is a measure of a company's yearly pre-tax profit (its return), relative to the capital employed in the business. To calculate this metric for Guangzhou Great Power Energy and Technology, this is the formula:
对于那些不知道ROCE是什么的人，ROCE是一个衡量公司每年税前利润（即回报）相对于企业雇用的资本的指标。要计算鹏辉能源的这个指标，如下所示：
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。
0.016 = CN¥136m ÷ (CN¥16b - CN¥7.6b) (Based on the trailing twelve months to March 2024).
0.016 = CN¥1.36亿 ÷ （CN¥16十亿 - CN¥0.76亿)（基于截至2024年3月的最近12个月）。
Therefore, Guangzhou Great Power Energy and Technology has an ROCE of 1.6%. Ultimately, that's a low return and it under-performs the Electrical industry average of 6.0%.
因此，鹏辉能源的ROCE为1.6%。总的来说，这是一个较低的回报，并且低于电力行业的平均水平6.0%。
Above you can see how the current ROCE for Guangzhou Great Power Energy and Technology 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 Guangzhou Great Power Energy and Technology for free.
以上是鹏辉能源现在的ROCE如何与其过去的资本回报进行比较的情况，但从过去并不能得出太多的信息。如果您愿意，您可以免费查看覆盖鹏辉能源的分析师的预测。
What Can We Tell From Guangzhou Great Power Energy and Technology's ROCE Trend?
从鹏辉能源的ROCE趋势可以得出什么结论？
The trend of ROCE doesn't look fantastic because it's fallen from 7.8% five years ago, while the business's capital employed increased by 218%. Usually this isn't ideal, but given Guangzhou Great Power Energy and Technology conducted a capital raising before their most recent earnings announcement, that would've likely contributed, at least partially, to the increased capital employed figure. It's unlikely that all of the funds raised have been put to work yet, so as a consequence Guangzhou Great Power Energy and Technology might not have received a full period of earnings contribution from it.
ROCE的趋势看起来并不理想，因为它从五年前的7.8%下降了，而企业的资本投入增加了218%。通常情况下，这并不理想，但考虑到鹏辉能源在最近的盈利公告之前进行了股本募集，这可能至少部分地contributed增加了资本投入的数字。不太可能所有募集的资金都已经被投入使用，因此，鹏辉能源可能没有从中获得完整的收益贡献。
On a side note, Guangzhou Great Power Energy and Technology's current liabilities are still rather high at 48% of total assets. This can bring about some risks because the company is basically operating with a rather large reliance on its suppliers or other sorts of short-term creditors. While it's not necessarily a bad thing, it can be beneficial if this ratio is lower.
补充一下，鹏辉能源的流动负债仍然相当高，占总资产的48%。这可能带来一些风险，因为公司基本上在与其供应商或其他类型的短期债权人有相当大的依赖关系。虽然这不一定是件坏事，但如果这个比例较低，则可能会带来好处。
Our Take On Guangzhou Great Power Energy and Technology's ROCE
从以上分析可以看出，鹏辉能源的资本回报率和销售额有所下降，而企业所使用的资本比五年前还要多。但是投资者一定期望某种改善，因为在过去的五年里，该股票已经实现了可观的86%的回报。无论如何，当前的基础趋势对长期表现不利，因此，除非它们逆转，否则我们将开始寻找其他机会。
From the above analysis, we find it rather worrisome that returns on capital and sales for Guangzhou Great Power Energy and Technology have fallen, meanwhile the business is employing more capital than it was five years ago. But investors must be expecting an improvement of sorts because over the last five yearsthe stock has delivered a respectable 86% return. In any case, the current underlying trends don't bode well for long term performance so unless they reverse, we'd start looking elsewhere.
最后，我们发现鹏辉能源有1个警告标志，我们认为您应该注意。
On a final note, we've found 1 warning sign for Guangzhou Great Power Energy and Technology that we think you should be aware of.
For those who like to invest in solid companies, check out this free list of companies with solid balance sheets and high returns on equity.
Hao Tian International Construction Investment Group确实存在一些风险，我们已经发现了一条警示标志，你可能会感兴趣。对于那些喜欢投资于实力雄厚的公司的人，可以查看这个由财务状况强大、股本回报率高的公司组成的免费列表。
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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。