Returns On Capital At China Power International Development (HKG:2380) Have Hit The Brakes
Returns On Capital At China Power International Development (HKG:2380) Have Hit The Brakes
If we want to find a stock that could multiply over the long term, what are the underlying trends we should look for? In a perfect world, we'd like to see a company investing more capital into its business and ideally the returns earned from that capital are also increasing. This shows us that it's a compounding machine, able to continually reinvest its earnings back into the business and generate higher returns. Having said that, from a first glance at China Power International Development (HKG:2380) we aren't jumping out of our chairs at how returns are trending, but let's have a deeper look.
如果我们想找到一只能够在长期内翻倍的股票,那么我们应该关注哪些基本趋势?在完美世界中,我们希望看到一家企业向其业务投入更多资金,并理想情况下,从这些资本中获得的回报也在增加。这向我们表明这是一个复合机器,能够不断将收益再投资于业务,并产生更高的回报。话虽如此,从中国电力国际发展(HKG:2380)的初步观察来看,我们并没有对回报的趋势感到兴奋,但我们来深入看看。
Return On Capital Employed (ROCE): What Is It?
资本利用率(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. The formula for this calculation on China Power International Development is:
如果您以前没有使用过资本回报率(ROCE),它衡量的是公司在其业务中使用资本所产生的“回报”(税前利润)。中国电力国际发展的计算公式为:
Return on Capital Employed = Earnings Before Interest and Tax (EBIT) ÷ (Total Assets - Current Liabilities)
资本利用率 = 利息和税前利润(EBIT) ÷ (总资产 - 流动负债)
0.05 = CN¥12b ÷ (CN¥326b - CN¥87b) (Based on the trailing twelve months to June 2024).
0.05 = CN¥120亿 ÷ (CN¥3260亿 - CN¥87亿)(基于截止到2024年6月的过去十二个月数据)。
So, China Power International Development has an ROCE of 5.0%. In absolute terms, that's a low return and it also under-performs the Renewable Energy industry average of 6.9%.
因此,中国电力国际发展的资本回报率为5.0%。从绝对值来看,这个回报很低,且也低于可再生能源行业的平均水平6.9%。

Above you can see how the current ROCE for China Power International Development compares to its prior returns on capital, but there's only so much you can tell from the past. If you'd like to see what analysts are forecasting going forward, you should check out our free analyst report for China Power International Development .
以上是中国电力国际发展当前的资本回报率(ROCE)与其过去的资本回报比较,但从过去你只能了解到有限的信息。 如果你想了解分析师对未来的预测,应该查看我们关于中国电力国际发展的免费分析师报告。
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。
In terms of China Power International Development's historical ROCE trend, it doesn't exactly demand attention. The company has employed 141% more capital in the last five years, and the returns on that capital have remained stable at 5.0%. 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.
关于中国电力国际发展的历史ROCE趋势,它并不特别引人关注。 过去五年,该公司使用的资本增加了141%,而该资本的回报率保持在5.0%。 鉴于公司增加了所使用的资本,似乎所进行的投资并没有提供高额的资本回报。
The Bottom Line On China Power International Development's ROCE
中国电力国际发展的ROCE底线
In summary, China Power International Development has simply been reinvesting capital and generating the same low rate of return as before. Yet to long term shareholders the stock has gifted them an incredible 141% return in the last five years, so the market appears to be rosy about its future. But if the trajectory of these underlying trends continue, we think the likelihood of it being a multi-bagger from here isn't high.
总的来说,中国电力国际发展只是不断再投资,并产生与以前相同的低回报率。 然而,对于长期股东而言,该股票在过去五年中为他们带来了令人难以置信的141%的回报,因此市场对其未来的前景似乎非常乐观。 但如果这些潜在趋势的轨迹持续下去,我们认为它成为多倍盈利股票的可能性并不高。
If you'd like to know more about China Power International Development, we've spotted 2 warning signs, and 1 of them makes us a bit uncomfortable.
如果你想了解更多关于中国电力国际发展的信息,我们发现了2个警告信号,其中1个让我们感到有点不安。
While China Power International Development may not currently earn the highest returns, we've compiled a list of companies that currently earn more than 25% return on equity. Check out this free list here.
虽然中国电力国际发展目前可能没有获得最高的回报,但我们整理了一份目前获得超过25%股本回报的公司名单。 点击这里查看这个免费名单。
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