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These Return Metrics Don't Make North Huajin Chemical IndustriesLtd (SZSE:000059) Look Too Strong

These Return Metrics Don't Make North Huajin Chemical IndustriesLtd (SZSE:000059) Look Too Strong

这些回报指标并没有让华金化工(深交所:000059)看起来太强劲
Simply Wall St ·  2024/10/16 11:08

If we're looking to avoid a business that is in decline, what are the trends that can warn us ahead of time? When we see a declining return on capital employed (ROCE) in conjunction with a declining base of capital employed, that's often how a mature business shows signs of aging. This reveals that the company isn't compounding shareholder wealth because returns are falling and its net asset base is shrinking. Having said that, after a brief look, North Huajin Chemical IndustriesLtd (SZSE:000059) we aren't filled with optimism, but let's investigate further.

如果我们想要避免一家正在走下坡路的业务,有什么趋势可以提前警告我们呢?当我们看到资本利用率(ROCE)下降,同时资本使用基数也在下降时,这通常是一家成熟业务显示衰老迹象的方式。这表明公司并未扩大股东财富,因为回报正在下降,净资产基数也在减少。话虽如此,在简要查看后,我们对华锦化工股份有限公司(SZSE:000059)并不充满乐观,但让我们进一步调查。

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. The formula for this calculation on North Huajin Chemical IndustriesLtd is:

对于那些不确定ROCE是什么的人,ROCE衡量公司能从其业务中使用的资本获得多少税前利润。这个计算公式是基于华锦化工股份有限公司的:

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。

0.0067 = CN¥160m ÷ (CN¥28b - CN¥4.2b) (Based on the trailing twelve months to June 2024).

0.0067 = 1.6亿元人民币 ÷ (280亿人民币 - 42亿人民币)(基于2024年6月的过去十二个月)。

Thus, North Huajin Chemical IndustriesLtd has an ROCE of 0.7%. In absolute terms, that's a low return and it also under-performs the Chemicals industry average of 5.5%.

因此,华锦化工股份有限公司的ROCE为0.7%。从绝对值来看,这是一个较低的回报,也低于化学品行业的平均水平5.5%。

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SZSE:000059 Return on Capital Employed October 16th 2024
SZSE:000059 2024年10月16日的资本利用率

In the above chart we have measured North Huajin Chemical IndustriesLtd'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 North Huajin Chemical IndustriesLtd .

在上面的图表中,我们已经测量了华金北化学工业有限公司以前的资本回报率与以前的业绩,但未来可能更重要。如果您想了解分析师对未来的预测,请查看我们为华金北化学工业有限公司提供的免费分析师报告。

So How Is North Huajin Chemical IndustriesLtd's ROCE Trending?

华金北化学工业有限公司的资本回报率趋势如何?

We are a bit worried about the trend of returns on capital at North Huajin Chemical IndustriesLtd. Unfortunately the returns on capital have diminished from the 7.9% that they were earning five years ago. On top of that, it's worth noting that the amount of capital employed within the business has remained relatively steady. Since returns are falling and the business has the same amount of assets employed, this can suggest it's a mature business that hasn't had much growth in the last five years. If these trends continue, we wouldn't expect North Huajin Chemical IndustriesLtd to turn into a multi-bagger.

我们对华金北化学工业有限公司资本回报率的趋势有些担忧。不幸的是,资本回报率从五年前的7.9%下降了。此外,值得注意的是,企业所使用的资本数量保持相对稳定。由于回报率下降且企业使用的资产数量相同,这可能表明这是一家在过去五年中未实现太多增长的成熟企业。如果这些趋势持续下去,我们不指望华金北化学工业有限公司会成为多倍赢家。

Our Take On North Huajin Chemical IndustriesLtd's ROCE

我们对华金北化学工业有限公司的资本回报率看法

In summary, it's unfortunate that North Huajin Chemical IndustriesLtd is generating lower returns from the same amount of capital. Investors haven't taken kindly to these developments, since the stock has declined 14% from where it was five years ago. That being the case, unless the underlying trends revert to a more positive trajectory, we'd consider looking elsewhere.

总的来说,令人遗憾的是,华金北化学工业有限公司从相同数量的资本中获得的回报较低。投资者对这些发展并不买账,因为股价自五年前下跌了14%。鉴于此情况,除非基本趋势恢复到更为积极的轨迹,否则我们会考虑寻找其他地方。

If you want to continue researching North Huajin Chemical IndustriesLtd, you might be interested to know about the 1 warning sign that our analysis has discovered.

如果您希望继续研究华金北化学工业有限公司,您可能会想知道我们的分析发现的一个警示信号。

For those who like to invest in solid companies, check out this free list of companies with solid balance sheets and high returns on equity.

Hao Tian International Construction Investment Group确实存在一些风险,我们已经发现了一条警示标志,你可能会感兴趣。对于那些喜欢投资于实力雄厚的公司的人,可以查看这个由财务状况强大、股本回报率高的公司组成的免费列表。

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.

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