Can China Three Gorges Renewables (Group) Co.,Ltd.'s (SHSE:600905) ROE Continue To Surpass The Industry Average?
Can China Three Gorges Renewables (Group) Co.,Ltd.'s (SHSE:600905) ROE Continue To Surpass The Industry 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). We'll use ROE to examine China Three Gorges Renewables (Group) Co.,Ltd. (SHSE:600905), 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。我们将用净资产收益率来检验中国三峡可再生能源(集团)有限公司(上海证券交易所代码:600905),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. In simpler terms, it measures the profitability of a company in relation to shareholder's equity.
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。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。
See our latest analysis for China Three Gorges Renewables (Group)Ltd
参见我们对中国三峡可再生能源(集团)有限公司的最新分析
How Do You Calculate Return On Equity?
你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 Three Gorges Renewables (Group)Ltd is:
因此,根据上述公式,中国三峡可再生能源(集团)有限公司的净资产收益率为:
8.5% = CN¥7.8b ÷ CN¥91b (Based on the trailing twelve months to June 2023).
8.5%=78亿元×910亿元(以截至2023年6月的12个月为基础)。
The 'return' is the yearly profit. So, this means that for every CN¥1 of its shareholder's investments, the company generates a profit of CN¥0.08.
“回报”就是年度利润。因此,这意味着股东每投资1元人民币,公司就会产生0.08元的利润。
Does China Three Gorges Renewables (Group)Ltd Have A Good Return On Equity?
中国三峡可再生能源(集团)有限公司股本回报率高吗?
One simple way to determine if a company has a good return on equity is to compare it to the average for its industry. Importantly, this is far from a perfect measure, because companies differ significantly within the same industry classification. As is clear from the image below, China Three Gorges Renewables (Group)Ltd has a better ROE than the average (6.8%) in the Renewable Energy 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。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。从下图可以清楚地看出,中国三峡可再生能源(集团)有限公司的净资产收益率(ROE)高于可再生能源行业的平均水平(6.8%)。
![roe](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20231027/0-49fee1bda9694efb6dfdb5ab64eb57f7-0-214491e03a82dbf19bc9900cd74e7700.png/big)
That is a good sign. However, bear in mind that a high ROE doesn't necessarily indicate efficient profit generation. Especially when a firm uses high levels of debt to finance its debt which may boost its ROE but the high leverage puts the company at risk. To know the 3 risks we have identified for China Three Gorges Renewables (Group)Ltd 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。尤其是当一家公司使用高水平的债务为其债务融资时,这可能会提高其净资产收益率,但高杠杆将公司置于风险之中。要了解我们为中国三峡可再生能源(集团)有限公司确定的3个风险,请免费访问我们的风险仪表板。
How Does Debt Impact Return On Equity?
债务对股本回报率有何影响?
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 first and second cases, the ROE will reflect this use of cash for investment in the business. 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.
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,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。
China Three Gorges Renewables (Group)Ltd's Debt And Its 8.5% ROE
中国三峡可再生能源(集团)有限公司债务及其8.5%的净资产收益率
China Three Gorges Renewables (Group)Ltd clearly uses a high amount of debt to boost returns, as it has a debt to equity ratio of 1.45. The combination of a rather low ROE and significant use of debt is not particularly appealing. Debt increases risk and reduces options for the company in the future, so you generally want to see some good returns from using it.
中国三峡可再生能源(集团)有限公司显然使用了大量的债务来提高回报,因为它的债务与股本比率为1.45%。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 one way we can compare its business quality of different companies. 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.
股本回报率是我们比较不同公司业务质量的一种方式。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。
But when a business is high quality, the market often bids it up to a price that reflects this. It is important to consider other factors, such as future profit growth -- and how much investment is required going forward. So you might want to take a peek at this data-rich interactive graph of 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。重要的是要考虑其他因素,比如未来的利润增长,以及未来需要多少投资。因此,你可能想看看这张数据丰富的公司预测互动图表。
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。