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Some Investors May Be Worried About HyUnion HoldingLtd's (SZSE:002537) Returns On Capital

Some Investors May Be Worried About HyUnion HoldingLtd's (SZSE:002537) Returns On Capital

一些投资者可能会担心HyUnion HoldingLtd(深圳证券交易所:002537)的资本回报率
Simply Wall St ·  02/27 01:43

If you're looking at a mature business that's past the growth phase, what are some of the underlying trends that pop up? A business that's potentially in decline often shows two trends, a return on capital employed (ROCE) that's declining, and a base of capital employed that's also declining. Trends like this ultimately mean the business is reducing its investments and also earning less on what it has invested. Having said that, after a brief look, HyUnion HoldingLtd (SZSE:002537) we aren't filled with optimism, but let's investigate further.

如果你看的是已经过增长阶段的成熟企业,那么会出现哪些潜在的趋势?可能处于衰退状态的企业通常表现出两种趋势,一个 返回 关于资本使用率(ROCE)正在下降,而且 基础 使用的资本也在下降。这样的趋势最终意味着该企业正在减少投资,同时也减少了其投资的收益。话虽如此,简短地看了一下,HyUnion HoldingLtd(深圳证券交易所:002537)我们并不乐观,但让我们进一步调查一下。

Understanding Return On Capital Employed (ROCE)

了解资本使用回报率 (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 HyUnion HoldingLtd is:

为了澄清一下你是否不确定,ROCE是评估公司从投资于其业务的资本中获得多少税前收入(按百分比计算)的指标。HyUnion HoldingLtd 的计算公式为:

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)

0.024 = CN¥131m ÷ (CN¥9.3b - CN¥3.8b) (Based on the trailing twelve months to September 2023).

0.024 = 1.31亿元人民币 ÷(93亿元人民币-38亿元人民币) (基于截至2023年9月的过去十二个月)

Therefore, HyUnion HoldingLtd has an ROCE of 2.4%. In absolute terms, that's a low return and it also under-performs the Auto Components industry average of 5.8%.

因此,HyUnion HoldingLtd的投资回报率为2.4%。从绝对值来看,这是一个低回报,其表现也低于汽车零部件行业平均水平的5.8%。

roce
SZSE:002537 Return on Capital Employed February 27th 2024
SZSE: 002537 2024 年 2 月 27 日动用资本回报率

Historical performance is a great place to start when researching a stock so above you can see the gauge for HyUnion HoldingLtd's ROCE against it's prior returns. If you want to delve into the historical earnings , check out these free graphs detailing revenue and cash flow performance of HyUnion HoldingLtd.

历史表现是研究股票的绝佳起点,因此在上面你可以看到HyUnion HoldingLtd的投资回报率与先前回报的对比。如果你想深入研究历史收益,可以查看这些免费图表,详细说明HyUnion HoldingLtd的收入和现金流表现。

What Does the ROCE Trend For HyUnion HoldingLtd Tell Us?

HyUnion HoldingLtd的投资回报率趋势告诉我们什么?

We aren't too thrilled by the trend because ROCE has declined 60% over the last five years and despite the capital raising conducted before the latest reports, the business has -24% less capital employed.

我们对这一趋势并不感到兴奋,因为投资回报率在过去五年中下降了60%,尽管在最新报告发布之前进行了融资,但该业务的使用资本减少了-24%。

While on the subject, we noticed that the ratio of current liabilities to total assets has risen to 41%, which has impacted the ROCE. Without this increase, it's likely that ROCE would be even lower than 2.4%. What this means is that in reality, a rather large portion of the business is being funded by the likes of the company's suppliers or short-term creditors, which can bring some risks of its own.

在这个问题上,我们注意到流动负债占总资产的比率已上升至41%,这影响了投资回报率。如果没有这样的增长,投资回报率很可能会低于2.4%。这意味着,实际上,相当一部分业务是由公司的供应商或短期债权人等机构提供资金的,这本身可能会带来一些风险。

What We Can Learn From HyUnion HoldingLtd's ROCE

我们可以从HyUnion HoldingLtd的ROCE中学到什么

To see HyUnion HoldingLtd reducing the capital employed in the business in tandem with diminishing returns, is concerning. Investors haven't taken kindly to these developments, since the stock has declined 52% from where it was five years ago. With underlying trends that aren't great in these areas, we'd consider looking elsewhere.

看到HyUnion HoldingLtd减少该业务的资本同时减少回报,这令人担忧。投资者对这些事态发展并不友善,因为该股已比五年前下跌了52%。由于这些领域的潜在趋势并不理想,我们会考虑将目光投向其他地方。

If you'd like to know about the risks facing HyUnion HoldingLtd, we've discovered 1 warning sign that you should be aware of.

如果你想了解HyUnion HoldingLtd面临的风险,我们发现了一个你应该注意的警告信号。

While HyUnion HoldingLtd 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HyUnion HoldingLtd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%的公司清单。在这里查看这个免费清单。

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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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Simply Wall St的这篇文章本质上是笼统的。我们仅使用公正的方法根据历史数据和分析师的预测提供评论,我们的文章无意作为财务建议。它不构成买入或卖出任何股票的建议,也没有考虑到您的目标或财务状况。我们的目标是为您提供由基本数据驱动的长期重点分析。请注意,我们的分析可能不考虑最新的价格敏感型公司公告或定性材料。简而言之,华尔街没有持有任何上述股票的头寸。

声明:本内容仅用作提供资讯及教育之目的,不构成对任何特定投资或投资策略的推荐或认可。 更多信息
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