Here's What To Make Of TCL Zhonghuan Renewable Energy TechnologyLtd's (SZSE:002129) Decelerating Rates Of Return
Here's What To Make Of TCL Zhonghuan Renewable Energy TechnologyLtd's (SZSE:002129) Decelerating Rates Of Return
There are a few key trends to look for if we want to identify the next multi-bagger. 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. Put simply, these types of businesses are compounding machines, meaning they are continually reinvesting their earnings at ever-higher rates of return. Although, when we looked at TCL Zhonghuan Renewable Energy TechnologyLtd (SZSE:002129), it didn't seem to tick all of these boxes.
如果我们想找出下一个大赢家,有一些关键趋势需要关注。一个常见的方法是寻找一个资本雇用回报率(ROCE)不断增长,并且资本雇用量也在增长的公司。简而言之,这些类型的企业是复利机器,这意味着它们不断以越来越高的回报率重新投资他们的收益。然而,当我们看 TCL 中环可再生能源科技股份有限公司(SZSE:002129)时,并不是所有条件都符合。
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. To calculate this metric for TCL Zhonghuan Renewable Energy TechnologyLtd, this is the formula:
对于那些不确定 ROCE 是什么的人,它衡量了一家公司能从其业务中使用的资本中产生多少税前利润。要计算 TCL 中环可再生能源科技股份有限公司的这一指标,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。
0.034 = CN¥3.5b ÷ (CN¥125b - CN¥22b) (Based on the trailing twelve months to March 2024).
0.034 = 3500000000 人民币 ÷ (125000000000 人民币 - 22000000000)(基于截至2024年3月的过去十二个月)。
So, TCL Zhonghuan Renewable Energy TechnologyLtd has an ROCE of 3.4%. In absolute terms, that's a low return and it also under-performs the Semiconductor industry average of 4.6%.
因此,TCL 中环可再生能源科技股份有限公司的 ROCE 为3.4%。从绝对角度来看,这是一个低回报,而且它也低于半导体行业平均水平的4.6%。
![1724461213272](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240824/42822067-0-2679e22d82ea64bce9cc59c3541ab8df.webp/bigjpg)
In the above chart we have measured TCL Zhonghuan Renewable Energy TechnologyLtd's prior ROCE against its prior performance, but the future is arguably more important. If you'd like to see what analysts are forecasting going forward, you should check out our free analyst report for TCL Zhonghuan Renewable Energy TechnologyLtd .
在上面的图表中,我们对TCL中环可再生能源科技有限公司过去的ROCE进行了测量,但未来的情况可能更重要。如果您想了解分析师对其未来的预测情况,可以查看我们免费的TCL中环可再生能源科技有限公司分析师报告。
The Trend Of ROCE
当寻找下一个倍增器时,如果您不确定从哪里开始,请关注几个关键趋势。首先,我们希望看到一个经过验证的资本使用率。如果您看到这一点,通常意味着这是一家拥有出色业务模式和大量盈利再投资机会的公司。然而,调查蒙托克可再生能源公司(NASDAQ:MNTK)后,我们认为它的现行趋势不符合倍增器的模式。
There are better returns on capital out there than what we're seeing at TCL Zhonghuan Renewable Energy TechnologyLtd. The company has employed 277% more capital in the last five years, and the returns on that capital have remained stable at 3.4%. Given the company has increased the amount of capital employed, it appears the investments that have been made simply don't provide a high return on capital.
在TCL中环可再生能源科技有限公司,有更好的资本回报率。在过去的五年中,该公司投入的资本增加了277%,而资本回报率保持在3.4%的稳定水平。考虑到该公司增加了投入的资本量,看起来所进行的投资并未带来高回报率。
On a side note, TCL Zhonghuan Renewable Energy TechnologyLtd has done well to reduce current liabilities to 18% 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.
另外,TCL中环可再生能源科技有限公司在过去的五年中成功将流动负债降至总资产的18%。这可以消除一部分运营中的风险,因为该业务与供应商和/或短期债权人的未付义务相比以前更少。
The Bottom Line On TCL Zhonghuan Renewable Energy TechnologyLtd's ROCE
TCL中环可再生能源科技有限公司ROCE的底线
In summary, TCL Zhonghuan Renewable Energy TechnologyLtd has simply been reinvesting capital and generating the same low rate of return as before. Since the stock has declined 11% over the last five years, investors may not be too optimistic on this trend improving either. In any case, the stock doesn't have these traits of a multi-bagger discussed above, so if that's what you're looking for, we think you'd have more luck elsewhere.
总之,TCL中环可再生能源科技有限公司只是在再投资资本,并且产生了与以前相同的低回报率。由于该股票在过去的五年中下跌了11%,投资者对这种趋势改善可能并不太乐观。无论如何,该股票没有上述多倍市值的特征,所以如果您正在寻找这样的股票,我们认为您在其他地方可能会更幸运。
One final note, you should learn about the 4 warning signs we've spotted with TCL Zhonghuan Renewable Energy TechnologyLtd (including 2 which are potentially serious) .
最后需要注意的是,您应该了解我们发现的TCL中环可再生能源科技有限公司的4个警示信号(其中2个可能非常严重)。
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.
如果您想寻找财务状况良好、回报卓越的实力强企业,可以免费查看以下公司列表。
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