Some Investors May Be Worried About Ming Yang Smart Energy Group's (SHSE:601615) Returns On Capital
Some Investors May Be Worried About Ming Yang Smart Energy Group's (SHSE:601615) Returns On Capital
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. However, after briefly looking over the numbers, we don't think Ming Yang Smart Energy Group (SHSE:601615) has the makings of a multi-bagger going forward, but let's have a look at why that may be.
如何寻找能带来多倍收益的股票,我们应该寻找哪些业务趋势?首先,我们要确定资本雇用回报率(ROCE)的增长,并在此基础上不断增加资本雇用。简而言之,这些类型的企业是复合机器,意味着它们不断以越来越高的收益率重新投资其收益。但是,简要审视数字后,我们认为明阳智能(SHSE:601615)未来不具备成为多倍收益者的条件,但让我们看看原因。
Return On Capital Employed (ROCE): What Is It?
资本雇用回报率(ROCE)是什么?
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 Ming Yang Smart Energy Group:
对于不知道ROCE是什么的人,它衡量公司从业务资本中产生的税前利润数量。分析师使用此公式计算明阳智能:
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。
0.021 = CN¥1.0b ÷ (CN¥85b - CN¥36b) (Based on the trailing twelve months to March 2024).
0.021 = CN¥ 10亿 ÷ (CN¥ 850亿 - CN¥ 36亿) (基于过去12个月截至2024年3月)。
Thus, Ming Yang Smart Energy Group has an ROCE of 2.1%. In absolute terms, that's a low return and it also under-performs the Electrical industry average of 6.0%.
因此,明阳智能的ROCE为2.1%。就绝对值而言,这是一个较低的回报,而且它还表现不如电力行业的平均水平6.0%。
![big](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240814/0-82b73f1575e2707b2f6ab10ad89b0faa-0-bbaef7f5fc41d02ee8ed9eb3b2268245.png/big)
In the above chart we have measured Ming Yang Smart Energy Group'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 Ming Yang Smart Energy Group .
在上面的图表中,我们衡量了明洋智能的过去ROCE与其过去表现的趋势,但未来可能更加重要。如果您有兴趣,您可以查看我们为明阳智能发布的免费分析师报告中的分析师预测。
What Can We Tell From Ming Yang Smart Energy Group's ROCE Trend?
我们从明阳智能的ROCE趋势中能学到什么?
When we looked at the ROCE trend at Ming Yang Smart Energy Group, we didn't gain much confidence. To be more specific, ROCE has fallen from 4.4% over the last five years. Although, given both revenue and the amount of assets employed in the business have increased, it could suggest the company is investing in growth, and the extra capital has led to a short-term reduction in ROCE. And if the increased capital generates additional returns, the business, and thus shareholders, will benefit in the long run.
当我们察看明阳智能的ROCE趋势时,我们并没有获得太多信心。更具体地说,ROCE在过去五年中已从4.4%下降。尽管营业收入和企业资产增加了,但这可能意味着公司正在投资于增长,而额外的资本导致了短期ROCE的降低。如果增加的资本产生额外的回报,则企业及其股东将在长期获益。
On a separate but related note, it's important to know that Ming Yang Smart Energy Group has a current liabilities to total assets ratio of 42%, which we'd consider pretty high. This effectively means that suppliers (or short-term creditors) are funding a large portion of the business, so just be aware that this can introduce some elements of risk. While it's not necessarily a bad thing, it can be beneficial if this ratio is lower.
另外一点需要注意的是,明阳智能的流动负债占总资产的比率为42%,我们认为这相当高。这实际上意味着供应商(或短期债权人)资助了业务的大部分,因此请注意这可能会引入一些风险。尽管这不一定是坏事,但如果这个比率较低,那将是有益的。
What We Can Learn From Ming Yang Smart Energy Group's ROCE
即使短期内资本回报率下降,我们认为明阳智能营业收入和资本雇用率都在增长是有希望的趋势。 尽管如此,这些趋势似乎没有影响ROCE,因为该股票的总回报在过去5年中基本保持不变。因此,我们认为这股票值得进一步研究,因为这些趋势看上去鼓舞人心。
Even though returns on capital have fallen in the short term, we find it promising that revenue and capital employed have both increased for Ming Yang Smart Energy Group. These trends don't appear to have influenced returns though, because the total return from the stock has been mostly flat over the last five years. So we think it'd be worthwhile to look further into this stock given the trends look encouraging.
就像大多数公司一样,明阳智能也存在一些风险,我们发现有两个警示问题需要注意。
Like most companies, Ming Yang Smart Energy Group does come with some risks, and we've found 2 warning signs that you should be aware of.
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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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