Should You Be Impressed By SKSHU Paint Co.,Ltd.'s (SHSE:603737) ROE?
Should You Be Impressed By SKSHU Paint Co.,Ltd.'s (SHSE:603737) ROE?
While some investors are already well versed in financial metrics (hat tip), this article is for those who would like to learn about Return On Equity (ROE) and why it is important. We'll use ROE to examine SKSHU Paint Co.,Ltd. (SHSE:603737), by way of a worked example.
虽然一些投资者已经非常精通财务指标(帽子提示)，但本文面向的是那些想要了解股本回报率(ROE)及其重要性的人。我们将使用净资产收益率来检验SKSHU油漆有限公司(SHSE：603737)，作为一个实例。
Return on equity or ROE is a key measure used to assess how efficiently a company's management is utilizing the company's capital. Put another way, it reveals the company's success at turning shareholder investments into profits.
股本回报率(ROE)是用来评估公司管理层利用公司资本效率的关键指标。换句话说，它揭示了该公司成功地将股东投资转化为利润。
See our latest analysis for SKSHU PaintLtd
查看我们对SKSHU PaintLtd.的最新分析
How Do You Calculate Return On Equity?
你如何计算股本回报率？
Return on equity can be calculated by using the formula:
股本回报率可使用以下公式计算：
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 SKSHU PaintLtd is:
因此，根据上面的公式，SKSHU PaintLtd.的ROE为：
19% = CN¥534m ÷ CN¥2.8b (Based on the trailing twelve months to June 2023).
19%=5.34亿元×28亿元(基于截至2023年6月的12个月)。
The 'return' is the profit over the last twelve months. So, this means that for every CN¥1 of its shareholder's investments, the company generates a profit of CN¥0.19.
“收益”是过去12个月的利润。因此，这意味着股东每投资1元人民币，公司就会产生0.19元的利润。
Does SKSHU PaintLtd Have A Good Return On Equity?
SKHU PaintLtd的股本回报率高吗？
Arguably the easiest way to assess company's ROE is to compare it with the average in its industry. The limitation of this approach is that some companies are quite different from others, even within the same industry classification. As is clear from the image below, SKSHU PaintLtd has a better ROE than the average (7.4%) in the Chemicals industry.
可以说，评估公司净资产收益率最简单的方法是将其与所在行业的平均水平进行比较。这种方法的局限性是，一些公司与其他公司有很大的不同，甚至在相同的行业分类中也是如此。从下图可以清楚地看出，SKSHU PaintLtd的净资产收益率(ROE)高于化工行业的平均水平(7.4%)。
That is a good sign. With that said, a high ROE doesn't always indicate high profitability. Aside from changes in net income, a high ROE can also be the outcome of high debt relative to equity, which indicates risk. You can see the 2 risks we have identified for SKSHU PaintLtd by visiting our risks dashboard for free on our platform here.
这是一个好兆头。话虽如此，高净资产收益率并不总是意味着高盈利。除了净利润的变化外，高净资产收益率也可能是高负债相对于股本的结果，这表明存在风险。您可以通过访问我们的风险控制面板在我们的平台上是免费的。
How Does Debt Impact ROE?
债务对净资产收益率有何影响？
Virtually all companies need money to invest in the business, to grow profits. The cash for investment can come from prior year profits (retained earnings), issuing new shares, or borrowing. In the first two cases, the ROE will capture this use of capital to grow. In the latter case, the debt used for growth will improve returns, but won't affect the total equity. In this manner the use of debt will boost ROE, even though the core economics of the business stay the same.
几乎所有的公司都需要资金来投资于业务，以增加利润。投资的现金可以来自上一年的利润(留存收益)、发行新股或借款。在前两种情况下，净资产收益率将抓住这种资本增长的用途。在后一种情况下，用于增长的债务将提高回报，但不会影响总股本。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。
SKSHU PaintLtd's Debt And Its 19% ROE
SKHU PaintLtd.的债务及其19%的净资产收益率
SKSHU PaintLtd does use a high amount of debt to increase returns. It has a debt to equity ratio of 1.53. There's no doubt its ROE is decent, but the very high debt the company carries is not too exciting to see. Investors should think carefully about how a company might perform if it was unable to borrow so easily, because credit markets do change over time.
SKSHU PaintLtd确实使用了大量债务来增加回报。它的债务与股本比率为1.53。毫无疑问，它的净资产收益率是不错的，但该公司背负的非常高的债务并不太令人兴奋。投资者应该仔细考虑，如果一家公司不能如此轻松地借款，它可能会表现如何，因为信贷市场确实会随着时间的推移而变化。
Conclusion
结论
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 the same ROE, then I would generally prefer the one with less debt.
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。如果两家公司的净资产收益率相同，那么我通常会倾向于债务较少的那一家。
But ROE is just one piece of a bigger puzzle, since high quality businesses often trade on high multiples of earnings. Profit growth rates, versus the expectations reflected in the price of the stock, are a particularly important to consider. So I think it may be worth checking this free report on analyst forecasts for the company.
但净资产收益率只是一个更大的谜题的一部分，因为高质量企业的市盈率往往很高。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。所以我觉得这可能值得一查免费分析师对该公司的预测报告。
Of course SKSHU PaintLtd 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SKSHU PaintLtd可能不是最值得购买的股票。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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