Juewei Food's (SHSE:603517) Returns On Capital Not Reflecting Well On The Business
Juewei Food's (SHSE:603517) Returns On Capital Not Reflecting Well On The Business
What trends should we look for it we want to identify stocks that can multiply in value over the long term? One common approach is to try and find a company with returns on capital employed (ROCE) that are increasing, in conjunction with a growing amount of capital employed. This shows us that it's a compounding machine, able to continually reinvest its earnings back into the business and generate higher returns. However, after briefly looking over the numbers, we don't think Juewei Food (SHSE:603517) has the makings of a multi-bagger going forward, but let's have a look at why that may be.
我们应该寻找哪些趋势?我们想确定可以长期价值成倍增长的股票?一种常见的方法是尝试找一家公司 回报 论资本使用率(ROCE)在增加的同时增长 金额 所用资本的比例。这向我们表明,它是一台复合机器,能够持续将其收益再投资到业务中并产生更高的回报。但是,在简短地查看了这些数字之后,我们认为Juewei Food(SHSE: 603517)在未来不具备多袋装机的优势,但让我们来看看为什么会这样。
Return On Capital Employed (ROCE): What Is It?
资本使用回报率(ROCE):这是什么?
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. Analysts use this formula to calculate it for Juewei Food:
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。分析师使用这个公式来计算觉味食品的金额:
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)
0.10 = CN¥760m ÷ (CN¥9.4b - CN¥2.2b) (Based on the trailing twelve months to March 2024).
0.10 = 7.6亿元人民币 ÷(94亿元人民币-22亿元人民币) (基于截至2024年3月的过去十二个月)。
Thus, Juewei Food has an ROCE of 10%. In absolute terms, that's a satisfactory return, but compared to the Food industry average of 7.6% it's much better.
因此,爵味食品的投资回报率为10%。从绝对值来看,这是一个令人满意的回报,但与食品行业的平均水平7.6%相比,回报要好得多。
![roce](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240521/0-6de7eb5011a2b9883573054b58875104-0-441edb475ee5ec81d2a7e71e98a91930.png/big)
In the above chart we have measured Juewei Food's prior ROCE against its prior performance, but the future is arguably more important. If you're interested, you can view the analysts predictions in our free analyst report for Juewei Food .
在上图中,我们将觉味食品之前的投资回报率与之前的表现进行了对比,但可以说,未来更为重要。如果您有兴趣,可以在我们的Juewei Food免费分析师报告中查看分析师的预测。
So How Is Juewei Food's ROCE Trending?
那么 Juewei Food 的 ROCE 趋势如何呢?
In terms of Juewei Food's historical ROCE movements, the trend isn't fantastic. Around five years ago the returns on capital were 20%, but since then they've fallen to 10%. On the other hand, the company has been employing more capital without a corresponding improvement in sales in the last year, which could suggest these investments are longer term plays. It may take some time before the company starts to see any change in earnings from these investments.
就Juewei Food的历史ROCE走势而言,这一趋势并不理想。大约五年前,资本回报率为20%,但此后已降至10%。另一方面,该公司在去年一直在使用更多资本,但销售额没有相应改善,这可能表明这些投资是长期投资。公司可能需要一段时间才能开始看到这些投资的收益发生任何变化。
Our Take On Juewei Food's ROCE
我们对 Juewei Food ROCE 的看法
In summary, Juewei Food is reinvesting funds back into the business for growth but unfortunately it looks like sales haven't increased much just yet. Since the stock has declined 32% over the last five years, investors may not be too optimistic on this trend improving either. On the whole, we aren't too inspired by the underlying trends and we think there may be better chances of finding a multi-bagger elsewhere.
总而言之,Juewei Food正在将资金再投资到该业务中以实现增长,但不幸的是,销售额似乎还没有太大增长。由于该股在过去五年中下跌了32%,因此投资者对这一趋势的改善可能也不太乐观。总的来说,我们对潜在趋势的启发不大,我们认为在其他地方找到多袋装机的可能性更大。
If you'd like to know about the risks facing Juewei Food, we've discovered 1 warning sign that you should be aware of.
如果你想了解觉味食品面临的风险,我们发现了一个你应该注意的警告信号。
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.
对于那些喜欢投资稳健公司的人,可以查看这份资产负债表稳健和股本回报率高的公司的免费清单。
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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。