Is Guanglian Aviation Industry Co., Ltd.'s (SZSE:300900) ROE Of 9.2% Impressive?
Is Guanglian Aviation Industry Co., Ltd.'s (SZSE:300900) ROE Of 9.2% Impressive?
One of the best investments we can make is in our own knowledge and skill set. With that in mind, this article will work through how we can use Return On Equity (ROE) to better understand a business. By way of learning-by-doing, we'll look at ROE to gain a better understanding of Guanglian Aviation Industry Co., Ltd. (SZSE:300900).
我们能做的最好的投资之一就是我们自己的知识和技能。考虑到这一点，本文将讨论如何使用股本回报率(ROE)来更好地了解企业。通过边做边学的方式，我们来看看净资产收益率，以更好地了解广联航空工业股份有限公司(深交所：300900)。
Return on Equity or ROE is a test of how effectively a company is growing its value and managing investors' money. In short, ROE shows the profit each dollar generates with respect to its shareholder investments.
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，净资产收益率显示了每一美元相对于其股东投资产生的利润。
See our latest analysis for Guanglian Aviation Industry
查看我们对广联航空产业的最新分析
How To Calculate Return On Equity?
如何计算股本回报率？
The formula for return on equity is:
这个股本回报率公式是：
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 Guanglian Aviation Industry is:
因此，根据上述公式，广联航空的净资产收益率为：
9.2% = CN¥161m ÷ CN¥1.7b (Based on the trailing twelve months to September 2023).
9.2%=CN元1.61亿×CN元17亿元(基于截至2023年9月的12个月)。
The 'return' is the profit over the last twelve months. Another way to think of that is that for every CN¥1 worth of equity, the company was able to earn CN¥0.09 in profit.
“收益”是过去12个月的利润。另一种说法是，公司每持有价值1元的股权，就能赚取0.09元的利润。
Does Guanglian Aviation Industry Have A Good Return On Equity?
广联航空是否有良好的股本回报率？
Arguably the easiest way to assess company's ROE is to compare it with the average in its industry. Importantly, this is far from a perfect measure, because companies differ significantly within the same industry classification. Pleasingly, Guanglian Aviation Industry has a superior ROE than the average (5.5%) in the Aerospace & Defense 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。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。令人欣喜的是，广联航空工业的净资产收益率(ROE)高于航天国防行业的平均水平(5.5%)。
That is a good sign. With that said, a high ROE doesn't always indicate high profitability. 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 Guanglian Aviation Industry visit our risks dashboard for free.
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。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。要了解我们为广联航空工业确定的3个风险，请免费访问我们的风险仪表板。
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. In this manner the use of debt will boost ROE, even though the core economics of the business stay the same.
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。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。
Combining Guanglian Aviation Industry's Debt And Its 9.2% Return On Equity
结合广联航空的债务和9.2%的股本回报率
It's worth noting the high use of debt by Guanglian Aviation Industry, leading to its debt to equity ratio of 1.07. 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.
值得注意的是，广联航空工业高度利用债务，导致其债务权益比为1.07。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。
Summary
摘要
Return on equity is a useful indicator of the ability of a business to generate profits and return them to shareholders. Companies that can achieve high returns on equity without too much debt are generally of good quality. All else being equal, a higher ROE is better.
股本回报率是衡量一家企业产生利润并将其返还给股东的能力的有用指标。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。在其他条件相同的情况下，净资产收益率越高越好。
But ROE is just one piece of a bigger puzzle, since high quality businesses often trade on high multiples of earnings. 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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