The Returns At China Three Gorges Renewables (Group)Ltd (SHSE:600905) Aren't Growing
The Returns At China Three Gorges Renewables (Group)Ltd (SHSE:600905) Aren't Growing
There are a few key trends to look for if we want to identify the next multi-bagger. Amongst other things, we'll want to see two things; firstly, a growing return on capital employed (ROCE) and secondly, an expansion in the company's 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. Having said that, from a first glance at China Three Gorges Renewables (Group)Ltd (SHSE:600905) we aren't jumping out of our chairs at how returns are trending, but let's have a deeper look.
如果我们想确定下一个多功能装袋机，有一些关键趋势需要关注。除其他外，我们希望看到两件事；首先，成长 返回 论资本使用率（ROCE），其次是公司的扩张 金额 已动用资本的百分比。如果你看到这一点，那通常意味着它是一家拥有良好商业模式和大量有利可图的再投资机会的公司。话虽如此，乍一看中国三峡可再生能源（集团）有限公司（SHSE: 600905），我们并不是对回报趋势不屑一顾，但让我们更深入地了解一下。
Understanding Return On Capital Employed (ROCE)
了解资本使用回报率 (ROCE)
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 China Three Gorges Renewables (Group)Ltd, this is the formula:
对于那些不确定ROCE是什么的人来说，它衡量的是公司从业务中使用的资本中可以产生的税前利润额。要计算中国三峡可再生能源（集团）有限公司的这个指标，公式如下：
Return on Capital Employed = Earnings Before Interest and Tax (EBIT) ÷ (Total Assets - Current Liabilities)
已动用资本回报率 = 息税前收益 (EBIT) ¥（总资产-流动负债）
0.051 = CN¥12b ÷ (CN¥284b - CN¥42b) (Based on the trailing twelve months to September 2023).
0.051 = CN¥12b ≤（CN¥284b-CN¥42b） （基于截至2023年9月的过去十二个月）。
Therefore, China Three Gorges Renewables (Group)Ltd has an ROCE of 5.1%. In absolute terms, that's a low return but it's around the Renewable Energy industry average of 5.6%.
因此，中国三峡可再生能源（集团）有限公司的投资回报率为5.1％。从绝对值来看，这是一个很低的回报，但约为可再生能源行业的平均水平，为5.6％。
Check out our latest analysis for China Three Gorges Renewables (Group)Ltd
查看我们对中国三峡新能源（集团）有限公司的最新分析
In the above chart we have measured China Three Gorges Renewables (Group)Ltd'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 report on analyst forecasts for the company.
在上面的图表中，我们对中国三峡可再生能源（集团）有限公司之前的投资回报率与之前的表现进行了对比，但可以说，未来更为重要。如果你有兴趣，可以在我们关于公司分析师预测的免费报告中查看分析师的预测。
The Trend Of ROCE
ROCE 的趋势
The returns on capital haven't changed much for China Three Gorges Renewables (Group)Ltd in recent years. Over the past five years, ROCE has remained relatively flat at around 5.1% and the business has deployed 249% more capital into its operations. 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.
近年来，中国三峡可再生能源（集团）有限公司的资本回报率变化不大。在过去五年中，投资回报率一直相对持平，约为5.1％，该业务在运营中部署的资本增加了249％。鉴于该公司增加了资本使用量，看来已经进行的投资根本无法提供较高的资本回报率。
The Bottom Line On China Three Gorges Renewables (Group)Ltd's ROCE
中国三峡可再生能源（集团）有限公司 ROCE 的底线
Long story short, while China Three Gorges Renewables (Group)Ltd has been reinvesting its capital, the returns that it's generating haven't increased. And investors appear hesitant that the trends will pick up because the stock has fallen 16% in the last year. All in all, the inherent trends aren't typical of multi-baggers, so if that's what you're after, we think you might have more luck elsewhere.
长话短说，尽管中国三峡可再生能源（集团）有限公司一直在对其资本进行再投资，但其产生的回报并未增加。投资者似乎对趋势是否会回升犹豫不决，因为该股去年下跌了16％。总而言之，固有的趋势并不是多袋装的典型特征，因此，如果这是你所追求的，我们认为你在其他地方可能会有更多的运气。
If you'd like to know more about China Three Gorges Renewables (Group)Ltd, we've spotted 3 warning signs, and 1 of them is potentially serious.
如果你想进一步了解中国三峡可再生能源（集团）有限公司，我们发现了3个警告信号，其中一个可能很严重。
While China Three Gorges Renewables (Group)Ltd 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.
尽管中国三峡可再生能源（集团）有限公司目前可能无法获得最高的回报，但我们编制了一份目前股本回报率超过25％的公司名单。在这里查看这个免费清单。
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