Is Shanghai Pret Composites Co., Ltd.'s (SZSE:002324) 11% ROE Better Than Average?
Is Shanghai Pret Composites Co., Ltd.'s (SZSE:002324) 11% ROE Better Than Average?
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). To keep the lesson grounded in practicality, we'll use ROE to better understand Shanghai Pret Composites Co., Ltd. (SZSE:002324).
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。为了让这一课立足于实践，我们将使用净资产收益率来更好地了解上海普瑞特复合材料有限公司(上海证券交易所：002324)。
Return on equity or ROE is an important factor to be considered by a shareholder because it tells them how effectively their capital is being reinvested. In simpler terms, it measures the profitability of a company in relation to shareholder's equity.
股本回报率或净资产收益率是股东要考虑的一个重要因素，因为它告诉他们他们的资本再投资的效率。简而言之，它衡量的是一家公司相对于股东权益的盈利能力。
Check out our latest analysis for Shanghai Pret Composites
查看我们对上海Pret复合材料的最新分析
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 Shanghai Pret Composites is:
因此，根据上述公式，上海普瑞特复合材料的净资产收益率为：
11% = CN¥382m ÷ CN¥3.3b (Based on the trailing twelve months to June 2023).
11%=3.82亿元×33亿元(基于截至2023年6月的12个月)。
The 'return' is the amount earned after tax over the last twelve months. That means that for every CN¥1 worth of shareholders' equity, the company generated CN¥0.11 in profit.
“报税表”是过去12个月的税后收入。这意味着，每增加价值1元的股东权益，公司就会产生0.11元的利润。
Does Shanghai Pret Composites Have A Good Return On Equity?
上海普瑞特复合材料的股本回报率高吗？
One simple way to determine if a company has a good return on equity is to compare it to the average for its industry. However, this method is only useful as a rough check, because companies do differ quite a bit within the same industry classification. Pleasingly, Shanghai Pret Composites has a superior ROE than the average (7.4%) in the Chemicals industry.
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。然而，这种方法只是作为一种粗略的检查，因为在同一行业分类中，公司确实有很大的不同。令人欣喜的是，上海普瑞特复合材料的净资产收益率(ROE)高于化工行业的平均水平(7.4%)。
That is a good sign. However, bear in mind that a high ROE doesn't necessarily indicate efficient profit generation. A higher proportion of debt in a company's capital structure may also result in a high ROE, where the high debt levels could be a huge risk . To know the 2 risks we have identified for Shanghai Pret Composites visit our risks dashboard for free.
这是一个好兆头。然而，请记住，高净资产收益率并不一定意味着有效的利润创造。债务在公司资本结构中的比例较高也可能导致较高的净资产收益率，而较高的债务水平可能是一个巨大的风险。要了解我们为上海Pret复合材料确定的两个风险，请免费访问我们的风险仪表板。
The Importance Of Debt To Return On Equity
债务对股本回报率的重要性
Most companies need money -- from somewhere -- to grow their profits. The cash for investment can come from prior year profits (retained earnings), issuing new shares, or borrowing. 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 used for growth will improve returns, but won't affect the total equity. That will make the ROE look better than if no debt was used.
大多数公司都需要资金--从某个地方--来增加利润。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，用于增长的债务将提高回报，但不会影响总股本。这将使净资产收益率看起来比不使用债务的情况下更好。
Shanghai Pret Composites' Debt And Its 11% ROE
上海普瑞特复合材料的债务及其11%的净资产收益率
Shanghai Pret Composites clearly uses a high amount of debt to boost returns, as it has a debt to equity ratio of 1.05. 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.
上海Pret Composites显然使用了大量债务来提高回报，因为它的债务与股本比率为1.05。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。
But when a business is high quality, the market often bids it up to a price that reflects this. The rate at which profits are likely to grow, relative to the expectations of profit growth reflected in the current price, must be considered, too. So I think it may be worth checking this free report on analyst forecasts for the company.
但当一项业务是高质量的时，市场往往会将其抬高到反映这一点的价格。相对于当前价格反映的利润增长预期，也必须考虑利润可能增长的速度。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 Shanghai Pret Composites 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.
当然了上海Pret复合材料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。