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.
如果我們想確定下一個多功能裝袋機，有一些關鍵趨勢需要關注。除其他外，我們希望看到兩件事；首先，成長 返回 論資本使用率（ROCE），其次是公司的擴張 金額 已動用資本的百分比。如果你看到這一點，那通常意味着它是一家擁有良好商業模式和大量有利可圖的再投資機會的公司。話雖如此，乍一看中國三峽可再生能源（集團）有限公司（SHSE: 600905），我們並不是對回報趨勢不屑一顧，但讓我們更深入地了解一下。
Understanding Return On Capital Employed (ROCE)
了解資本使用回報率 (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:
對於那些不確定ROCE是什麼的人來說，它衡量的是公司從業務中使用的資本中可以產生的稅前利潤額。要計算中國三峽可再生能源（集團）有限公司的這個指標，公式如下：
Return on Capital Employed = Earnings Before Interest and Tax (EBIT) ÷ (Total Assets - Current Liabilities)
已動用資本回報率 = 息稅前收益 (EBIT) ¥（總資產-流動負債）
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） （基於截至2023年9月的過去十二個月）。
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，中國三峽可再生能源（集團）有限公司的投資回報率爲5.1％。從絕對值來看，這是一個很低的回報，但約爲可再生能源行業的平均水平，爲5.6％。
Check out our latest analysis for China Three Gorges Renewables (Group)Ltd
查看我們對中國三峽新能源（集團）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.
在上面的圖表中，我們對中國三峽可再生能源（集團）有限公司之前的投資回報率與之前的表現進行了對比，但可以說，未來更爲重要。如果你有興趣，可以在我們關於公司分析師預測的免費報告中查看分析師的預測。
The Trend Of ROCE
ROCE 的趨勢
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.
近年來，中國三峽可再生能源（集團）有限公司的資本回報率變化不大。在過去五年中，投資回報率一直相對持平，約爲5.1％，該業務在運營中部署的資本增加了249％。鑑於該公司增加了資本使用量，看來已經進行的投資根本無法提供較高的資本回報率。
The Bottom Line On China Three Gorges Renewables (Group)Ltd's ROCE
中國三峽可再生能源（集團）有限公司 ROCE 的底線
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.
長話短說，儘管中國三峽可再生能源（集團）有限公司一直在對其資本進行再投資，但其產生的回報並未增加。投資者似乎對趨勢是否會回升猶豫不決，因爲該股去年下跌了16％。總而言之，固有的趨勢並不是多袋裝的典型特徵，因此，如果這是你所追求的，我們認爲你在其他地方可能會有更多的運氣。
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.
如果你想進一步了解中國三峽可再生能源（集團）有限公司，我們發現了3個警告信號，其中一個可能很嚴重。
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.
儘管中國三峽可再生能源（集團）有限公司目前可能無法獲得最高的回報，但我們編制了一份目前股本回報率超過25％的公司名單。在這裏查看這個免費清單。
Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team (at) simplywallst.com.
This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.
對這篇文章有反饋嗎？對內容感到擔憂？直接聯繫我們。 或者，給編輯團隊 (at) simplywallst.com 發送電子郵件。
Simply Wall St的這篇文章本質上是籠統的。我們僅使用公正的方法根據歷史數據和分析師的預測提供評論，我們的文章無意作爲財務建議。它不構成買入或賣出任何股票的建議，也沒有考慮到您的目標或財務狀況。我們的目標是爲您提供由基本數據驅動的長期重點分析。請注意，我們的分析可能不考慮最新的價格敏感型公司公告或定性材料。簡而言之，華爾街沒有持有任何上述股票的頭寸。