Servyou Software Group (SHSE:603171) Might Be Having Difficulty Using Its Capital Effectively
Servyou Software Group (SHSE:603171) Might Be Having Difficulty Using Its Capital Effectively
There are a few key trends to look for if we want to identify the next multi-bagger. Ideally, a business will show two trends; firstly a growing return on capital employed (ROCE) and secondly, an increasing amount of capital employed. If you see this, it typically means it's a company with a great business model and plenty of profitable reinvestment opportunities. However, after briefly looking over the numbers, we don't think Servyou Software Group (SHSE:603171) has the makings of a multi-bagger going forward, but let's have a look at why that may be.
如果我們想確定下一個多功能裝袋機,有一些關鍵趨勢需要關注。理想情況下,企業將表現出兩種趨勢;首先是增長 返回 論資本使用率(ROCE),其次是增加 金額 所用資本的比例。如果你看到這一點,這通常意味着它是一家擁有良好商業模式和大量盈利再投資機會的公司。但是,在簡短地查看了這些數字之後,我們認爲Servyou軟件集團(SHSE: 603171)在未來不具備多裝袋機的實力,但讓我們來看看爲什麼會這樣。
What Is Return On Capital Employed (ROCE)?
什麼是資本使用回報率(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. To calculate this metric for Servyou Software Group, this is the formula:
對於那些不確定ROCE是什麼的人,它衡量的是公司從其業務中使用的資本中可以產生的稅前利潤金額。要計算Servyou軟件集團的此指標,公式如下:
Return on Capital Employed = Earnings Before Interest and Tax (EBIT) ÷ (Total Assets - Current Liabilities)
已動用資本回報率 = 息稅前收益 (EBIT) ¥(總資產-流動負債)
0.027 = CN¥68m ÷ (CN¥3.8b - CN¥1.2b) (Based on the trailing twelve months to September 2023).
0.027 = 6800萬元人民幣 ÷(38億元人民幣-12億元人民幣) (基於截至2023年9月的過去十二個月)。
Therefore, Servyou Software Group has an ROCE of 2.7%. Even though it's in line with the industry average of 2.7%, it's still a low return by itself.
因此,Servyou軟件集團的投資回報率爲2.7%。儘管它與2.7%的行業平均水平一致,但其本身的回報率仍然很低。
![roce](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240311/0-1d3f5825c4b7697c7d5c1dc169c83c02-0-383ec0ffe494a4a775d96b068bdae58b.png/big)
In the above chart we have measured Servyou Software Group's prior ROCE against its prior performance, but the future is arguably more important. If you'd like, you can check out the forecasts from the analysts covering Servyou Software Group for free.
在上圖中,我們將Servyou軟件集團先前的投資回報率與之前的表現進行了比較,但可以說,未來更爲重要。如果你願意,你可以免費查看報道Servyou軟件集團的分析師的預測。
What Does the ROCE Trend For Servyou Software Group Tell Us?
Servyou軟件集團的投資回報率趨勢告訴我們什麼?
On the surface, the trend of ROCE at Servyou Software Group doesn't inspire confidence. To be more specific, ROCE has fallen from 16% over the last five years. However it looks like Servyou Software Group might be reinvesting for long term growth because while capital employed has increased, the company's sales haven't changed much in the last 12 months. It may take some time before the company starts to see any change in earnings from these investments.
從表面上看,Servyou軟件集團的ROCE趨勢並不能激發信心。更具體地說,投資回報率已從過去五年的16%下降。但是,看來Servyou Software Group可能正在進行再投資以實現長期增長,因爲儘管動用資本有所增加,但該公司的銷售額在過去12個月中沒有太大變化。公司可能需要一段時間才能開始看到這些投資的收益發生任何變化。
On a side note, Servyou Software Group has done well to pay down its current liabilities to 33% of total assets. That could partly explain why the ROCE has dropped. What's more, this can reduce some aspects of risk to the business because now the company's suppliers or short-term creditors are funding less of its operations. Some would claim this reduces the business' efficiency at generating ROCE since it is now funding more of the operations with its own money.
順便說一句,Servyou軟件集團在將其流動負債償還至總資產的33%方面做得很好。這可以部分解釋投資回報率下降的原因。更重要的是,這可以降低業務風險的某些方面,因爲現在公司的供應商或短期債權人爲其運營提供的資金減少了。有人會聲稱這降低了企業產生投資回報的效率,因爲該公司現在正在用自己的資金爲更多的業務提供資金。
In Conclusion...
總之...
In summary, Servyou Software Group is reinvesting funds back into the business for growth but unfortunately it looks like sales haven't increased much just yet. And in the last year, the stock has given away 30% so the market doesn't look too hopeful on these trends strengthening any time soon. 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.
總而言之,Servyou Software Group正在將資金再投資到該業務中以實現增長,但不幸的是,銷售額似乎還沒有太大增長。而在去年,該股已經下跌了30%,因此市場對這些趨勢在短期內走強似乎並不抱太大希望。總而言之,多裝袋機的固有趨勢並不常見,因此,如果您想要這樣做,我們認爲您在其他地方可能會有更多的運氣。
On a final note, we found 3 warning signs for Servyou Software Group (1 can't be ignored) you should be aware of.
最後,我們發現了 Servyou Software Group 的 3 個警告信號(1 個不容忽視),你應該注意。
While Servyou Software Group isn't earning the highest return, check out this free list of companies that are earning high returns on equity with solid balance sheets.
儘管Servyou Software Group的回報率並不高,但請查看這份免費清單,列出了資產負債表穩健的股本回報率高的公司。
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Simply Wall St的這篇文章本質上是籠統的。我們僅使用公正的方法根據歷史數據和分析師的預測提供評論,我們的文章無意作爲財務建議。它不構成買入或賣出任何股票的建議,也沒有考慮到您的目標或財務狀況。我們的目標是爲您提供由基本數據驅動的長期重點分析。請注意,我們的分析可能不考慮最新的價格敏感型公司公告或定性材料。簡而言之,華爾街沒有持有任何上述股票的頭寸。