Investors Should Be Encouraged By Anhui Hengyuan Coal Industry and Electricity PowerLtd's (SHSE:600971) Returns On Capital
Investors Should Be Encouraged By Anhui Hengyuan Coal Industry and Electricity PowerLtd's (SHSE:600971) Returns On Capital
There are a few key trends to look for if we want to identify the next multi-bagger. 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. And in light of that, the trends we're seeing at Anhui Hengyuan Coal Industry and Electricity PowerLtd's (SHSE:600971) look very promising so lets take a 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。首先，我們想找一個正在成長的 返回 關於已用資本（ROCE），然後除此之外，還不斷增加 基礎 所用資本的比例。簡而言之，這些類型的企業是複合機器，這意味着他們不斷以更高的回報率對收益進行再投資。有鑑於此，我們在安徽恒源煤業電力有限公司（SHSE: 600971）看到的趨勢看起來非常有希望，所以讓我們來看看吧。
What Is Return On Capital Employed (ROCE)?
什麼是資本使用回報率（ROCE）？
Just to clarify if you're unsure, ROCE is a metric for evaluating how much pre-tax income (in percentage terms) a company earns on the capital invested in its business. The formula for this calculation on Anhui Hengyuan Coal Industry and Electricity PowerLtd is:
爲了澄清一下你是否不確定，ROCE是評估公司從投資於其業務的資本中獲得多少稅前收入（按百分比計算）的指標。安徽恒源煤業電力有限公司的計算公式爲：
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）
0.20 = CN¥2.9b ÷ (CN¥21b - CN¥6.3b) (Based on the trailing twelve months to September 2023).
0.20 = 29億元人民幣 ÷（21億元人民幣-6.3億元人民幣） （基於截至2023年9月的過去十二個月）。
Thus, Anhui Hengyuan Coal Industry and Electricity PowerLtd has an ROCE of 20%. In absolute terms that's a great return and it's even better than the Oil and Gas industry average of 12%.
因此，安徽恒源煤業電力有限公司的投資回報率爲20％。從絕對值來看，這是一個不錯的回報，甚至比石油和天然氣行業平均水平的12％還要好。
Above you can see how the current ROCE for Anhui Hengyuan Coal Industry and Electricity PowerLtd 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 report for Anhui Hengyuan Coal Industry and Electricity PowerLtd.
上面你可以看到安徽恒源煤業電力有限公司當前的投資回報率與其先前的資本回報率相比如何，但從過去可以看出來的只有那麼多。如果你想了解分析師對未來的預測，你應該查看我們爲安徽恒源煤業電力有限公司提供的免費報告。
So How Is Anhui Hengyuan Coal Industry and Electricity PowerLtd's ROCE Trending?
那麼，安徽恒源煤業電力有限公司的投資回報率走勢如何？
We like the trends that we're seeing from Anhui Hengyuan Coal Industry and Electricity PowerLtd. The numbers show that in the last five years, the returns generated on capital employed have grown considerably to 20%. The company is effectively making more money per dollar of capital used, and it's worth noting that the amount of capital has increased too, by 46%. This can indicate that there's plenty of opportunities to invest capital internally and at ever higher rates, a combination that's common among multi-baggers.
我們喜歡安徽恒源煤業電力有限公司所看到的趨勢。數字顯示，在過去五年中，所用資本的回報率已大幅增長至20％。實際上，該公司每使用1美元資本就能賺更多的錢，值得注意的是，資本金額也增加了46％。這可能表明，內部有很多機會以更高的利率進行資本投資，這種組合在多袋公司中很常見。
The Key Takeaway
關鍵要點
In summary, it's great to see that Anhui Hengyuan Coal Industry and Electricity PowerLtd can compound returns by consistently reinvesting capital at increasing rates of return, because these are some of the key ingredients of those highly sought after multi-baggers. Since the stock has returned a staggering 201% to shareholders over the last five years, it looks like investors are recognizing these changes. With that being said, we still think the promising fundamentals mean the company deserves some further due diligence.
總而言之，很高興看到安徽恒源煤業電力有限公司能夠通過持續不斷地以更高的回報率進行資本再投資來複合回報，因爲這些是那些備受追捧的多袋裝機的一些關鍵要素。由於該股在過去五年中向股東回報了驚人的201％，因此投資者似乎已經意識到了這些變化。話雖如此，我們仍然認爲前景良好的基本面意味着公司值得進一步的盡職調查。
If you want to continue researching Anhui Hengyuan Coal Industry and Electricity PowerLtd, you might be interested to know about the 1 warning sign that our analysis has discovered.
如果你想繼續研究安徽恒源煤業電力有限公司，你可能有興趣了解我們的分析發現的1個警告信號。
If you'd like to see other companies earning high returns, check out our free list of companies earning high returns with solid balance sheets here.
如果您想看到其他公司獲得高回報，請在此處查看我們的免費高回報且資產負債表穩健的公司名單。
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