Should You Be Excited About China Southern Power Grid Energy Efficiency & Clean Energy Co., Ltd.'s (SZSE:003035) 8.3% Return On Equity?
Should You Be Excited About China Southern Power Grid Energy Efficiency & Clean Energy Co., Ltd.'s (SZSE:003035) 8.3% 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). To keep the lesson grounded in practicality, we'll use ROE to better understand China Southern Power Grid Energy Efficiency & Clean Energy Co., Ltd. (SZSE:003035).
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中国南方电网能源效率与清洁能源有限公司(深交所代码：003035)。
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. Put another way, it reveals the company's success at turning shareholder investments into profits.
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。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 Southern Power Grid Energy Efficiency & Clean Energy
查看我们对中国南方电网能效和清洁能源的最新分析
How Do You Calculate Return On Equity?
你如何计算股本回报率？
The formula for ROE is:
这个净资产收益率公式是：
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 Southern Power Grid Energy Efficiency & Clean Energy is:
因此，根据上述公式，中国南方电网能效与清洁能源的净资产收益率为：
8.3% = CN¥597m ÷ CN¥7.2b (Based on the trailing twelve months to June 2023).
8.3%=5.97亿元×72亿元(以截至2023年6月的12个月为基础)。
The 'return' is the yearly profit. Another way to think of that is that for every CN¥1 worth of equity, the company was able to earn CN¥0.08 in profit.
“回报”就是年度利润。另一种说法是，公司每持有价值1元的股权，就能赚取0.08元的利润。
Does China Southern Power Grid Energy Efficiency & Clean Energy Have A Good ROE?
中国南方电网能效清洁能源ROE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. The limitation of this approach is that some companies are quite different from others, even within the same industry classification. As you can see in the graphic below, China Southern Power Grid Energy Efficiency & Clean Energy has a higher ROE than the average (6.3%) in the Commercial Services 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。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。如下图所示，中国南方电网能效与清洁能源的净资产收益率高于商业服务行业的平均水平(6.3%)。
That's what we like to see. 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 .
这就是我们希望看到的。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。
How Does Debt Impact ROE?
债务对净资产收益率有何影响？
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 first and second cases, the ROE will reflect this use of cash for investment in the business. In the latter case, the debt required for growth will boost returns, but will not impact the shareholders' equity. Thus the use of debt can improve ROE, albeit along with extra risk in the case of stormy weather, metaphorically speaking.
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。在第一种和第二种情况下，净资产收益率将反映对企业投资的现金使用情况。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。因此，债务的使用可以提高净资产收益率，尽管打个比方说，在暴风雨天气的情况下会有额外的风险。
Combining China Southern Power Grid Energy Efficiency & Clean Energy's Debt And Its 8.3% Return On Equity
合并中国南方电网能效清洁能源的债务及其8.3%的股本回报率
China Southern Power Grid Energy Efficiency & Clean Energy clearly uses a high amount of debt to boost returns, as it has a debt to equity ratio of 1.04. The combination of a rather low ROE and significant use of debt is not particularly appealing. Debt does bring extra risk, so it's only really worthwhile when a company generates some decent returns from it.
中国南方电网能效清洁能源显然利用高负债来提高回报，因为它的负债权益比为1.04。相当低的净资产收益率和大量使用债务的组合并不是特别有吸引力。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。
Conclusion
结论
Return on equity is useful for comparing the quality of different businesses. In our books, the highest quality companies have high return on equity, despite low debt. All else being equal, a higher ROE is better.
股本回报率在比较不同企业的质量时很有用。在我们的账目中，最高质量的公司拥有高股本回报率，尽管债务水平较低。在其他条件相同的情况下，净资产收益率越高越好。
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 you might want to check this FREE visualization of 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。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, you might find a fantastic investment by looking elsewhere. So take a peek at this free list of interesting companies.
当然了,如果你把目光投向别处，你可能会发现这是一笔很棒的投资。所以让我们来看看这个免费有趣的公司名单。
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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。