Should You Be Worried About China Enterprise Company Limited's (SHSE:600675) 2.1% Return On Equity?
Should You Be Worried About China Enterprise Company Limited's (SHSE:600675) 2.1% Return On Equity?
Many investors are still learning about the various metrics that can be useful when analysing a stock. This article is for those who would like to learn about Return On Equity (ROE). We'll use ROE to examine China Enterprise Company Limited (SHSE:600675), by way of a worked example.
许多投资者仍在学习在分析股票时可能有用的各种指标。这篇文章是为那些想了解股本回报率(ROE)的人准备的。我们将使用净资产收益率来检验中国企业有限公司(上交所代码：600675)，作为一个实例。
ROE or return on equity is a useful tool to assess how effectively a company can generate returns on the investment it received from its shareholders. Put another way, it reveals the company's success at turning shareholder investments into profits.
净资产收益率，即股本回报率，是评估一家公司从股东那里获得投资回报的有效程度的有用工具。换句话说，它揭示了该公司成功地将股东投资转化为利润。
Check out our latest analysis for China Enterprise
查看我们对中国企业的最新分析
How To Calculate Return On Equity?
如何计算股本回报率？
ROE can be calculated by using the formula:
可使用以下公式计算净资产收益率：
Return on Equity = Net Profit (from continuing operations) ÷ Shareholders' Equity
股本回报率=(持续经营的)净利润？股东权益
So, based on the above formula, the ROE for China Enterprise is:
因此，根据上述公式，中国企业的净资产收益率为：
2.1% = CN¥354m ÷ CN¥17b (Based on the trailing twelve months to June 2023).
2.1%=3.54亿元×170亿元(以截至2023年6月的12个月为基础)。
The 'return' refers to a company's earnings over the last year. That means that for every CN¥1 worth of shareholders' equity, the company generated CN¥0.02 in profit.
“回报”指的是一家公司过去一年的收益。这意味着，股东权益每增加1元，公司就会产生0.02元的利润。
Does China Enterprise Have A Good Return On Equity?
中国企业的股本回报率好吗？
One simple way to determine if a company has a good return on equity is to compare it to the average for its industry. Importantly, this is far from a perfect measure, because companies differ significantly within the same industry classification. As shown in the graphic below, China Enterprise has a lower ROE than the average (5.7%) in the Real Estate industry classification.
确定一家公司是否拥有良好的股本回报率的一个简单方法是将其与所在行业的平均水平进行比较。重要的是，这远远不是一个完美的衡量标准，因为在同一行业分类中，公司的差异很大。如下图所示，中国企业的净资产收益率低于房地产行业分类的平均水平(5.7%)。
Unfortunately, that's sub-optimal. That being said, a low ROE is not always a bad thing, especially if the company has low leverage as this still leaves room for improvement if the company were to take on more debt. When a company has low ROE but high debt levels, we would be cautious as the risk involved is too high. You can see the 3 risks we have identified for China Enterprise by visiting our risks dashboard for free on our platform here.
不幸的是，这并不是最优的。话虽如此，低ROE并不总是一件坏事，特别是如果公司的杠杆率较低，因为如果公司承担更多债务，这仍有改进的空间。当一家公司的净资产收益率低但债务水平高时，我们会谨慎行事，因为涉及的风险太高。您可以通过访问我们为中国企业确定的3个风险风险控制面板在我们的平台上是免费的。
The Importance Of Debt To Return On Equity
债务对股本回报率的重要性
Companies usually need to invest money to grow their profits. That cash can come from retained earnings, issuing new shares (equity), or debt. In the case of the first and second options, the ROE will reflect this use of cash, for growth. In the latter case, the debt required for growth will boost returns, but will not impact the shareholders' equity. In this manner the use of debt will boost ROE, even though the core economics of the business stay the same.
公司通常需要投入资金来增加利润。这些现金可以来自留存收益、发行新股(股权)或债务。在第一种和第二种选择的情况下，净资产收益率将反映现金用于增长的这种情况。在后一种情况下，增长所需的债务将提高回报，但不会影响股东权益。在这种情况下，债务的使用将提高净资产收益率，即使企业的核心经济保持不变。
Combining China Enterprise's Debt And Its 2.1% Return On Equity
将中国企业的债务和2.1%的股本回报率结合起来
It's worth noting the high use of debt by China Enterprise, leading to its debt to equity ratio of 1.44. Its ROE is quite low, even with the use of significant debt; that's not a good result, in our opinion. Debt does bring extra risk, so it's only really worthwhile when a company generates some decent returns from it.
值得注意的是，中国企业的高负债使用，导致其债务权益比为1.44.它的净资产收益率相当低，即使使用了大量债务；在我们看来，这不是一个好结果。债务确实会带来额外的风险，所以只有当一家公司从债务中获得一些可观的回报时，它才是真正值得的。
Summary
摘要
Return on equity is one way we can compare its business quality of different companies. Companies that can achieve high returns on equity without too much debt are generally of good quality. If two companies have around the same level of debt to equity, and one has a higher ROE, I'd generally prefer the one with higher ROE.
股本回报率是我们比较不同公司业务质量的一种方式。能够在没有太多债务的情况下实现高股本回报率的公司通常质量良好。如果两家公司的债务权益比大致相同，而其中一家公司的净资产收益率更高，我通常会更喜欢净资产收益率更高的那家公司。
Having said that, while ROE is a useful indicator of business quality, you'll have to look at a whole range of factors to determine the right price to buy a stock. Profit growth rates, versus the expectations reflected in the price of the stock, are a particularly important to consider. So you might want to check this FREE visualization of analyst forecasts for the company.
话虽如此，虽然净资产收益率是衡量业务质量的有用指标，但你必须考虑一系列因素，才能确定购买股票的合适价格。相对于股价反映的预期，利润增长率是一个特别重要的考虑因素。因此，你可能想查看分析师对该公司预测的免费可视化。
Of course China Enterprise may not be the best stock to buy. So you may wish to see this free collection of other companies that have high ROE and low debt.
当然了中国企业可能不是最值得买入的股票。所以你可能想看看这个免费其他拥有高ROE和低债务的公司的集合。
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本文由Simply Wall St.撰写，具有概括性。我们仅使用不偏不倚的方法提供基于历史数据和分析师预测的评论，我们的文章并不打算作为财务建议。它不构成买卖任何股票的建议，也没有考虑你的目标或你的财务状况。我们的目标是为您带来由基本面数据驱动的长期重点分析。请注意，我们的分析可能不会将最新的对价格敏感的公司公告或定性材料考虑在内。Simply Wall St.对上述任何一只股票都没有持仓。