Huida Sanitary WareLtd's (SHSE:603385) Returns On Capital Tell Us There Is Reason To Feel Uneasy
Huida Sanitary WareLtd's (SHSE:603385) Returns On Capital Tell Us There Is Reason To Feel Uneasy
When it comes to investing, there are some useful financial metrics that can warn us when a business is potentially in trouble. More often than not, we'll see a declining return on capital employed (ROCE) and a declining amount of capital employed. Basically the company is earning less on its investments and it is also reducing its total assets. So after we looked into Huida Sanitary WareLtd (SHSE:603385), the trends above didn't look too great.
在投资方面，有一些有用的财务指标可以在企业可能遇到麻烦时向我们发出警告。通常，我们会看到下降 返回 论资本使用率（ROCE）和下降情况 金额 所用资本的比例。基本上，该公司的投资收入减少了，而且总资产也在减少。因此，在我们调查了惠达卫浴有限公司（SHSE: 603385）之后，上述趋势看起来并不太好。
What Is Return On Capital Employed (ROCE)?
什么是资本使用回报率（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. The formula for this calculation on Huida Sanitary WareLtd is:
对于那些不确定ROCE是什么的人，它衡量的是公司从其业务中使用的资本中可以产生的税前利润金额。惠达卫浴有限公司的计算公式为：
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）
0.039 = CN¥156m ÷ (CN¥5.8b - CN¥1.7b) (Based on the trailing twelve months to March 2024).
0.039 = 1.56亿元人民币 ÷（58亿元人民币-17亿元人民币） （基于截至2024年3月的过去十二个月）。
Therefore, Huida Sanitary WareLtd has an ROCE of 3.9%. Ultimately, that's a low return and it under-performs the Building industry average of 8.7%.
因此，惠达卫浴有限公司的投资回报率为3.9％。归根结底，这是一个低回报，其表现低于建筑行业8.7％的平均水平。
Historical performance is a great place to start when researching a stock so above you can see the gauge for Huida Sanitary WareLtd's ROCE against it's prior returns. If you're interested in investigating Huida Sanitary WareLtd's past further, check out this free graph covering Huida Sanitary WareLtd's past earnings, revenue and cash flow.
历史表现是研究股票的绝佳起点，因此在上方您可以看到汇达卫浴有限公司的投资回报率与先前的回报率对比的指标。如果你有兴趣进一步调查惠达卫浴有限公司的过去，请查看这张涵盖惠达卫浴有限公司过去的收益、收入和现金流的免费图表。
How Are Returns Trending?
退货趋势如何？
There is reason to be cautious about Huida Sanitary WareLtd, given the returns are trending downwards. To be more specific, the ROCE was 6.9% five years ago, but since then it has dropped noticeably. And on the capital employed front, the business is utilizing roughly the same amount of capital as it was back then. 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. So because these trends aren't typically conducive to creating a multi-bagger, we wouldn't hold our breath on Huida Sanitary WareLtd becoming one if things continue as they have.
鉴于回报率呈下降趋势，有理由对惠达卫浴有限公司持谨慎态度。更具体地说，五年前的投资回报率为6.9％，但此后已明显下降。在资本使用方面，该企业使用的资本量与当时大致相同。由于回报率下降且该企业的资产数量相同，这可能表明它是一家成熟的企业，在过去五年中没有太大的增长。因此，由于这些趋势通常不利于创造多袋机，因此，如果情况继续保持现状，我们就不会屏住呼吸希望惠达卫浴成为一体。
The Bottom Line
底线
In summary, it's unfortunate that Huida Sanitary WareLtd is generating lower returns from the same amount of capital. It should come as no surprise then that the stock has fallen 28% over the last five years, so it looks like investors are recognizing these changes. That being the case, unless the underlying trends revert to a more positive trajectory, we'd consider looking elsewhere.
总而言之，不幸的是，惠达卫浴有限公司从相同数量的资本中获得的回报较低。因此，该股在过去五年中下跌了28％也就不足为奇了，因此投资者似乎已经意识到了这些变化。既然如此，除非潜在趋势恢复到更积极的轨迹，否则我们会考虑将目光投向其他地方。
Huida Sanitary WareLtd does come with some risks though, we found 2 warning signs in our investment analysis, and 1 of those is a bit unpleasant...
但是，惠达卫浴确实存在一些风险，我们在投资分析中发现了两个警告信号，其中一个有点令人不快...
If you want to search for solid companies with great earnings, check out this free list of companies with good balance sheets and impressive returns on equity.
如果你想寻找收益丰厚的稳健公司，可以免费查看这份资产负债表良好且股本回报率可观的公司名单。
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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。
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