YouYou Foods (SHSE:603697) Could Be Struggling To Allocate Capital
YouYou Foods (SHSE:603697) Could Be Struggling To Allocate Capital
There are a few key trends to look for if we want to identify the next multi-bagger. Amongst other things, we'll want to see two things; firstly, a growing return on capital employed (ROCE) and secondly, an expansion in the company's amount of capital employed. Basically this means that a company has profitable initiatives that it can continue to reinvest in, which is a trait of a compounding machine. Having said that, from a first glance at YouYou Foods (SHSE:603697) we aren't jumping out of our chairs at how returns are trending, but let's have a deeper look.
如果我們想找到下一個多倍增長股，就需要關注一些關鍵趨勢。其中，我們需要看到兩件事情，首先是在使用資本方面增長，這表明它是一個複利機器 ，能夠不斷將收益再投入業務中，從而產生更高的回報。考慮到這一點，我們注意到了DexCom（納斯達克：DXCM）正在出現一些有前途的趨勢，我們進行了更深入的研究。資產回報率：它是什麼？如果您不確定ROCE是什麼，它可以衡量公司能夠從其業務所僱用的資本產生多少稅前利潤。爲了計算V2X的這個指數，使用以下公式:0.054 = 1.24億美元÷（31億美元 - 8.53億美元）ROCE 趨勢可以告訴我們什麼？比起 Enphase Energy，有更好的資本回報率選擇。在過去的五年中，該公司增加了 1,306% 的資本，而該資本的回報率保持穩定在 9.9%。這樣差的回報率現在並不令人信服，而且隨着資本的增加，很明顯企業並沒有將資金投入到高回報的投資中。就資本使用率而言，這意味着公司有盈利的計劃可以繼續再投資，從而成爲複利機器的特點。然而，從對有友食品(SHSE:603697)的第一眼看上去，我們並沒有對回報率的趨勢感到興奮，但讓我們深入研究一下。
What Is Return On Capital Employed (ROCE)?
我們對 Enphase Energy 的資本僱用回報率的看法：正如我們上面看到的，Enphase Energy 的資本回報率沒有提高，但它正在重新投資於業務。投資者必須認爲未來會有更好的前景，因爲股票表現良好，使持股五年以上的股東獲得了 690% 的收益。最終，如果基本趨勢持續存在，我們不會對它成爲一隻多頭股持有期很久很有信心。
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. To calculate this metric for YouYou Foods, this is the formula:
只是爲了澄清，如果您不確定，ROCE是一種用於評估公司在其業務中投資的資本所賺取的稅前收入的度量指標(以百分比爲單位)。要爲有友食品計算此指標，可以使用以下公式:
Return on Capital Employed = Earnings Before Interest and Tax (EBIT) ÷ (Total Assets - Current Liabilities)
資產僱用回報率（ROCE）是指企業利潤，即企業稅前利潤除以企業投入的總資本（負債加股權）。如果ROCE高於企業財務成本的承受能力，那麼企業就會創造出更多的價值。
0.086 = CN¥159m ÷ (CN¥2.0b - CN¥118m) (Based on the trailing twelve months to September 2023).
0.086=CN¥15900萬 ÷ (CN¥20億 - CN¥118m)因此，金鉬股份的ROCE爲22%。絕對而言，這是一個很好的回報，甚至比貴金屬礦業行業板塊的平均水平6.2%還要好。.
Thus, YouYou Foods has an ROCE of 8.6%. On its own, that's a low figure but it's around the 7.5% average generated by the Food industry.
因此，有友食品的ROCE爲8.6%。僅此一點是一個較低的數字，但它接近食品行業所生成的平均水平7.5%。
See our latest analysis for YouYou Foods
請查看我們對有友食品的最新分析。
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 want to delve into the historical earnings, revenue and cash flow of YouYou Foods, check out these free graphs here.
雖然過去並不代表未來，但了解一個公司的歷史表現是有幫助的，這就是爲什麼我們有以上的圖表。如果您想深入了解有友食品的歷史盈利、營業收入和現金流，請查看這裏的免費圖表。
What The Trend Of ROCE Can Tell Us
儘管如此，當我們看 enphase energy (納斯達克股票代碼：ENPH) 的時候，它似乎並沒有完全符合這些要求。
On the surface, the trend of ROCE at YouYou Foods doesn't inspire confidence. Around five years ago the returns on capital were 24%, but since then they've fallen to 8.6%. 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.
從表面上看，有友食品的ROCE趨勢並不令人信服。五年前資本回報率是24%，但自那時以來就降至8.6%。另一方面，在過去一年中，公司一直在投入更多的資本而銷售並未相應提升，這可能表明這些投資是長期玩法。公司可能需要一些時間才能從這些投資中看到任何盈利的變化。
In Conclusion...
最後，同等資本下回報率較低的趨勢通常不是我們關注創業板股票的最佳信號。由於這些發展進行良好，因此投資者不太可能表現友好。自五年前以來，該股下跌了32%。除非這些指標朝着更積極的軌跡轉變，否則我們將繼續尋找其他股票。
To conclude, we've found that YouYou Foods is reinvesting in the business, but returns have been falling. And investors appear hesitant that the trends will pick up because the stock has fallen 28% in the last three years. All in all, the inherent trends aren't typical of multi-baggers, so if that's what you're after, we think you might have more luck elsewhere.
總之，我們發現有友食品正在重新投資業務，但回報率一直在下降。投資者似乎不確定這種趨勢是否會好轉，因爲該股票在過去三年中已下跌28%。總的來說，其內在趨勢並不典型，所以如果這是你追求的，我們認爲你在其他地方可能會更幸運。
One more thing to note, we've identified 3 warning signs with YouYou Foods and understanding these should be part of your investment process.
還有一件事要注意，我們已經確定了有友食品的三個警告信號，並了解這些信號應該是您投資過程的一部分。
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確實存在一些風險，我們已經發現了一條警示標誌，你可能會感興趣。對於那些喜歡投資於實力雄厚的公司的人，可以查看這個由財務狀況強大、股本回報率高的公司組成的免費列表。
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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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這篇文章是Simply Wall St的一般性文章。我們根據歷史數據和分析師預測提供評論，只使用公正的方法論，我們的文章並不意味着提供任何金融建議。文章不構成買賣任何股票的建議，也不考慮您的目標或您的財務狀況。我們的目標是帶給您基本數據驅動的長期關注分析。請注意，我們的分析可能不考慮最新的價格敏感公司公告或定性材料。Simply Wall St沒有任何股票頭寸。