$CALM · Value Investing with Sven Carlin, Ph.D. · 2026-11-07
CALM 处境非常糟糕：从净利润为正转为亏损，营业利润和毛利润下降，一项报告数字仅为 403,000。禽流感影响较低意味着鸡蛋更多、价格大幅下降；过去的高价推动了反复的母鸡投资，可能延长低迷期。说话者不喜欢预制食品投资，并称当前回购（500 万，而股价高时更多）是个错误；他只会在市值更低时重新审视，用 2 亿年度周期乘以 10 至 15。
逐段跳播
Cal-Mein Foods，这家鸡蛋公司。过去一年股价大幅下跌，诸如此类。在上次分析中，我告诉你在 30 亿时叫醒我。有一条恰当的评论。谢谢你。
Cal-Mein Foods, the egg company. The stock has been significantly down over the past year and something like that. In the last analysis, I told you to wake me up at 3 billion .
There was an appropriate comment. Thank you for that.
这家公司每年生产 156 亿枚鸡蛋，不是它们，当然是鸡。不过，鸡蛋餐，它们正朝着生产餐食的方向发展。得益于高价格带来的正净利润，Cal-Mein Foods 开始亏损，营业收入和毛利润下降。
这个数字是 403,000。你们中有些人的薪水比这还高。这不是 4.03 亿，而只有 40.3 万。所以情况非常糟糕。
The company produces 15.6 billion eggs annually , not them, but chickens of course. But well, egg-based meals, they are moving towards producing meals. From a positive net income thanks to high prices, Cal-Mein Foods began losing money, and operating income and gross profit declined.
This number is 403,000. Some of you have higher salaries than that . This is not 403 million, but only 403 thousand. So the situation is very bad.
他们正在投资预制食品。我不知道我有多喜欢预制食品，因为情况很糟糕。
They are investing in prepared foods. I don't know how much I like the prepared food because the situation is bad.
禽流感今年的影响较小，意味着更多鸡蛋，因此价格大幅下跌。过去的高蛋价创造了大量投资，这意味着大量母鸡大量产蛋。但这是周期性投资。峰值越高，衰退越长。所以我仍在关注局势。
Bird flu had a low impact this year, meaning more eggs, and therefore a significant drop in their prices. High egg prices in the past created a lot of investment, which meant lots of hens laying eggs in abundance.
But this is a recurring investment. The higher the peak, the longer the recession. So I'm still monitoring the situation.
我在看资本用途。500 万用于回购，这不算什么。这是个错误。当股票高时，他们做了更多回购，所以我不喜欢这样。最好在公司基本面良好、股价低时回购，而不是在太高时回购。现在股票在这里，你在这里做了大量回购，现在却不做了。
I am looking at the uses of capital. 5 million in buybacks, that's nothing. This is a mistake. When the stock was high, they did more buybacks, so I don't like that . It is better to buy back when the stock is low on company fundamentals, not when it is too high.
Now that the stock is here, you made a lot of buybacks here, and now you don't.
因此，我基于每年 2 亿的周期性乘以 10 到 15 来考虑这些周期性公司，进行调整。当市值降到……我就回去睡觉。我现在转过身去。再叫醒我。我把它留在这里，以便我们监控它。
Therefore, I am making adjustments based on a periodicity of 200 million annually multiplied by 10 to 15 to consider these periodic companies. I'll go back to sleep when the market value drops to...
I'm turning my back now. Wake me up again. I'll leave it here so we can monitor it.
这个频道对 $CALM 的历次判断
Value Investing with Sven Carlin, Ph.D. 在这只股票上共 2 条判断，这里只列相邻的几条。