Ningbo Zhenyu Technology Co., Ltd. (SZSE:300953) Delivered A Weaker ROE Than Its Industry
Ningbo Zhenyu Technology Co., Ltd. (SZSE:300953) Delivered A Weaker ROE Than Its Industry
The formula for ROE is: 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 Ningbo Zhenyu Technology Co., Ltd. (SZSE:300953), 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宁波振宇科技有限公司(SZSE：300953)，作为一个实例。
Return on Equity or ROE is a test of how effectively a company is growing its value and managing investors' money. In simpler terms, it measures the profitability of a company in relation to shareholder's equity.
股本回报率(ROE)是对一家公司增值和管理投资者资金的效率的测试。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 Ningbo Zhenyu Technology
查看我们对宁波振宇科技的最新分析
How To Calculate Return On Equity?
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 Ningbo Zhenyu Technology is:
因此，根据上述公式，宁波振宇科技的ROE为：
1.4% = CN¥34m ÷ CN¥2.4b (Based on the trailing twelve months to June 2023).
1.4%=3400万元×24亿元(以截至2023年6月的12个月为基础)。
The 'return' is the yearly profit. One way to conceptualize this is that for each CN¥1 of shareholders' capital it has, the company made CN¥0.01 in profit.
“回报”就是年度利润。一种概念化的方法是，公司每拥有1元人民币的股东资本，就会获得0.01元人民币的利润。
Does Ningbo Zhenyu Technology Have A Good ROE?
宁波振宇科技ROE好吗？
By comparing a company's ROE with its industry average, we can get a quick measure of how good it is. Importantly, this is far from a perfect measure, because companies differ significantly within the same industry classification. If you look at the image below, you can see Ningbo Zhenyu Technology has a lower ROE than the average (7.9%) in the Machinery industry classification.
通过将一家公司的净资产收益率(ROE)与其行业平均水平进行比较，我们可以快速衡量它有多好。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。如果你看下图，你可以看到宁波振宇科技的ROE低于机械行业分类的平均水平(7.9%)。
That's not what we like to see. Although, we think that a lower ROE could still mean that a company has the opportunity to better its returns with the use of leverage, provided its existing debt levels are low. 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 4 risks we have identified for Ningbo Zhenyu Technology by visiting our risks dashboard for free on our platform here.
这不是我们希望看到的。不过，我们认为，较低的净资产收益率仍可能意味着，如果一家公司现有的债务水平较低，那么它就有机会通过使用杠杆来提高回报。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。您可以访问我们为宁波振宇科技确定的4个风险风险控制面板在我们的平台上是免费的。
Why You Should Consider Debt When Looking At ROE
为什么在考虑净资产收益率时应该考虑债务
Virtually all companies need money to invest in the business, to grow profits. That cash can come from issuing shares, retained earnings, 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 use of debt will improve the returns, but will not change the equity. That will make the ROE look better than if no debt was used.
几乎所有的公司都需要资金来投资于业务，以增加利润。这些现金可以来自发行股票、留存收益或债务。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，债务的使用将提高回报，但不会改变股权。这将使净资产收益率看起来比不使用债务的情况下更好。
Combining Ningbo Zhenyu Technology's Debt And Its 1.4% Return On Equity
结合宁波振宇科技的债务及其1.4%的股本回报率
Ningbo Zhenyu Technology does use a high amount of debt to increase returns. It has a debt to equity ratio of 1.37. Its ROE is quite low, even with the use of significant debt; that's not a good result, in our opinion. Debt increases risk and reduces options for the company in the future, so you generally want to see some good returns from using it.
宁波振宇科技确实使用了高额债务来增加回报。它的债务与股本比率为1.37。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。债务增加了风险，减少了公司未来的选择，所以你通常希望看到使用它的一些良好回报。
Conclusion
结论
Return on equity is useful for comparing the quality of different businesses. A company that can achieve a high return on equity without debt could be considered a high quality business. 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.
股本回报率在比较不同企业的质量时很有用。一家能够在没有债务的情况下实现高股本回报率的公司可以被认为是一家高质量的企业。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. 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.
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。
If you would prefer check out another company -- one with potentially superior financials -- then do not miss this free list of interesting companies, that have HIGH return on equity and low debt.
如果你更愿意看看另一家公司--一家财务状况可能更好的公司--那么不要错过这一点免费列出了一些有趣的公司，这些公司拥有高股本回报率和低债务。
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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。