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Henan Huaying Agricultural Development (SZSE:002321) Has Some Difficulty Using Its Capital Effectively

Henan Huaying Agricultural Development (SZSE:002321) Has Some Difficulty Using Its Capital Effectively

河南华英农业发展(深交所代码:002321)在有效使用资金方面存在一些困难
Simply Wall St ·  2023/05/31 19:11

What financial metrics can indicate to us that a company is maturing or even in decline? 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. 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, Henan Huaying Agricultural Development (SZSE:002321) we aren't filled with optimism, but let's investigate further.

哪些财务指标可以向我们表明一家公司正在成熟,甚至在衰落?当我们看到经济衰退时退货在资本使用(ROCE)下降的情况下基地对于已动用的资本,这往往是成熟企业显示出老化迹象的原因。这样的趋势最终意味着企业正在减少投资,投资的收益也会减少。话虽如此,在简短地看了一眼之后,河南华营农业发展(SZSE:002321)我们并不乐观,但让我们进一步调查。

Return On Capital Employed (ROCE): What Is It?

资本回报率(ROCE):它是什么?

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. To calculate this metric for Henan Huaying Agricultural Development, this is the formula:

对于那些不确定ROCE是什么的人,它衡量的是一家公司可以从其业务中使用的资本产生的税前利润。要计算河南华英农业发展的这一指标,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)

0.023 = CN¥57m ÷ (CN¥3.5b - CN¥984m) (Based on the trailing twelve months to March 2023).

0.023=人民币5700万?(人民币35亿元-人民币9.84亿元)(根据截至2023年3月的往绩12个月计算)

So, Henan Huaying Agricultural Development has an ROCE of 2.3%. Ultimately, that's a low return and it under-performs the Food industry average of 6.8%.

所以,河南华英农业发展的净资产收益率为2.3%。归根结底,这是一个低回报率,表现低于食品行业6.8%的平均水平。

Check out our latest analysis for Henan Huaying Agricultural Development

查看我们对河南华英农业发展的最新分析

roce
SZSE:002321 Return on Capital Employed May 31st 2023
深圳证交所:2023年5月31日资本回报率002321

While the past is not representative of the future, it can be helpful to know how a company has performed historically, which is why we have this chart above. If you're interested in investigating Henan Huaying Agricultural Development's past further, check out this free graph of past earnings, revenue and cash flow.

虽然过去并不代表未来,但了解一家公司历史上的表现是有帮助的,这就是为什么我们有上面的图表。如果您有兴趣进一步调查河南华英农业发展有限公司的过去,请查看以下内容免费过去收益、收入和现金流的图表。

So How Is Henan Huaying Agricultural Development's ROCE Trending?

那么,河南华英农业发展的ROCE走势如何?

We are a bit anxious about the trends of ROCE at Henan Huaying Agricultural Development. To be more specific, today's ROCE was 8.3% five years ago but has since fallen to 2.3%. In addition to that, Henan Huaying Agricultural Development is now employing 30% less capital than it was five years ago. The fact that both are shrinking is an indication that the business is going through some tough times. If these underlying trends continue, we wouldn't be too optimistic going forward.

我们对河南华英农业发展的ROCE走势有点担忧。更具体地说,今天的ROCE在五年前是8.3%,但后来降到了2.3%。除此之外,河南华英农业发展现在雇佣的资本比五年前减少了30%。这两家公司都在收缩,这一事实表明,该公司正在经历一段艰难时期。如果这些潜在趋势继续下去,我们对未来不会太乐观。

On a side note, Henan Huaying Agricultural Development has done well to pay down its current liabilities to 28% of total assets. So we could link some of this to the decrease in ROCE. Effectively this means their suppliers or short-term creditors are funding less of the business, which reduces some elements of risk. Since the business is basically funding more of its operations with it's own money, you could argue this has made the business less efficient at generating ROCE.

另外,河南华英农业发展有限公司在偿还当前负债至总资产的28%方面做得很好。因此,我们可以将其中一些因素与净资产收益率的下降联系起来。实际上,这意味着它们的供应商或短期债权人减少了对业务的融资,这降低了一些风险因素。由于企业基本上是用自有资金为更多的运营提供资金,你可以说这降低了企业产生净资产收益率的效率。

The Key Takeaway

关键的外卖

To see Henan Huaying Agricultural Development 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 61% from where it was five years ago. With underlying trends that aren't great in these areas, we'd consider looking elsewhere.

看到河南华英农业发展在减少业务资本的同时收益不断减少,这令人担忧。投资者对这些动态并不看好,因为该公司股价较五年前下跌了61%。鉴于这些领域的潜在趋势不是很好,我们会考虑将目光投向其他地方。

Henan Huaying Agricultural Development does have some risks though, and we've spotted 2 warning signs for Henan Huaying Agricultural Development that you might be interested in.

不过,河南华英农业发展确实存在一些风险,我们已经发现河南华英农业发展的2个警示信号你可能会感兴趣的。

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.

对于那些喜欢投资于稳固的公司,看看这个免费资产负债表稳健、股本回报率高的公司名单。

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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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本文由Simply Wall St.撰写,具有概括性。我们仅使用不偏不倚的方法提供基于历史数据和分析师预测的评论,我们的文章并不打算作为财务建议。它不构成买卖任何股票的建议,也没有考虑你的目标或你的财务状况。我们的目标是为您带来由基本面数据驱动的长期重点分析。请注意,我们的分析可能不会将最新的对价格敏感的公司公告或定性材料考虑在内。Simply Wall St.对上述任何一只股票都没有持仓。

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