Jiangxi GETO New Materials Corporation Limited (SZSE:300986) Delivered A Weaker ROE Than Its Industry
Jiangxi GETO New Materials Corporation Limited (SZSE:300986) Delivered A Weaker ROE Than Its Industry
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 Jiangxi GETO New Materials Corporation Limited (SZSE:300986).
许多投资者仍在学习分析股票时可能有用的各种指标。本文适用于那些想了解股本回报率(ROE)的人。为了使课程以实用为基础,我们将使用投资回报率来更好地了解江西捷途新材料股份有限公司(深圳证券交易所代码:300986)。
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. Simply put, it is used to assess the profitability of a company in relation to its equity capital.
股本回报率或投资回报率是股东需要考虑的重要因素,因为它可以告诉他们资本再投资的有效性。简而言之,它用于评估公司相对于其股权资本的盈利能力。
View our latest analysis for Jiangxi GETO New Materials
查看我们对江西杰特新材料的最新分析
How Is ROE Calculated?
ROE 是如何计算的?
Return on equity can be calculated by using the formula:
股本回报率可以使用以下公式计算:
Return on Equity = Net Profit (from continuing operations) ÷ Shareholders' Equity
股本回报率 = 净利润(来自持续经营业务)÷ 股东权益
So, based on the above formula, the ROE for Jiangxi GETO New Materials is:
因此,根据上述公式,江西捷拓新材的投资回报率为:
3.5% = CN¥59m ÷ CN¥1.7b (Based on the trailing twelve months to September 2023).
3.5% = 5900万元人民币 ÷ 17亿元人民币(基于截至2023年9月的过去十二个月)。
The 'return' refers to a company's earnings over the last year. So, this means that for every CN¥1 of its shareholder's investments, the company generates a profit of CN¥0.03.
“回报” 是指公司去年的收益。因此,这意味着该公司每投资1元人民币,就会产生0.03元人民币的利润。
Does Jiangxi GETO New Materials Have A Good Return On Equity?
江西捷拓新材有良好的股本回报率吗?
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. As shown in the graphic below, Jiangxi GETO New Materials has a lower ROE than the average (7.0%) in the Metals and Mining industry classification.
确定公司股本回报率是否不错的一种简单方法是将其与该行业的平均水平进行比较。但是,这种方法仅在粗略检查时有用,因为各公司在相同的行业分类中确实存在很大差异。如下图所示,江西捷拓新材料的投资回报率低于金属和采矿行业分类中的平均水平(7.0%)。
![roe](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240123/0-356ac1048a95c575c2fbc4b9f711d32d-0-f2e5c9948a16544a0b4c97cf091c4b0c.png/big)
That certainly isn't ideal. That being said, a low ROE is not always a bad thing, especially if the company has low leverage as this still leaves room for improvement if the company were to take on more debt. A company with high debt levels and low ROE is a combination we like to avoid given the risk involved. You can see the 4 risks we have identified for Jiangxi GETO New Materials by visiting our risks dashboard for free on our platform here.
这当然不理想。话虽如此,低投资回报率并不总是一件坏事,尤其是在公司的杠杆率低的情况下,因为如果公司承担更多债务,这仍有改进的余地。鉴于所涉及的风险,高债务水平和低投资回报率的公司是我们希望避免的组合。您可以访问我们为江西捷拓新材料确定的四种风险 风险仪表板 在我们的平台上免费使用。
How Does Debt Impact Return On Equity?
债务如何影响股本回报率?
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. In this manner the use of debt will boost ROE, even though the core economics of the business stay the same.
大多数公司需要来自某个地方的钱来增加利润。投资现金可以来自上一年的利润(留存收益)、发行新股或借款。就第一和第二种选择而言,投资回报率将反映出现金的使用情况,以实现增长。在后一种情况下,用于增长的债务将提高回报,但不会影响总权益。通过这种方式,债务的使用将提高投资回报率,尽管企业的核心经济状况保持不变。
Jiangxi GETO New Materials' Debt And Its 3.5% ROE
江西捷通新材的债务及其3.5%的投资回报率
It's worth noting the high use of debt by Jiangxi GETO New Materials, leading to its debt to equity ratio of 1.10. With a fairly low ROE, and significant use of debt, it's hard to get excited about this business at the moment. Debt does bring extra risk, so it's only really worthwhile when a company generates some decent returns from it.
值得注意的是,江西捷通新材大量使用债务,导致其负债权益比率为1.10。由于投资回报率相当低,而且债务使用量很大,目前很难对这项业务感到兴奋。债务确实会带来额外的风险,因此只有当公司从中获得可观的回报时,债务才是真正值得的。
Summary
摘要
Return on equity is useful for comparing the quality of different businesses. Companies that can achieve high returns on equity without too much debt are generally of good quality. If two companies have the same ROE, then I would generally prefer the one with less debt.
股本回报率对于比较不同业务的质量很有用。能够在不负债过多的情况下获得高股本回报的公司通常质量很好。如果两家公司的投资回报率相同,那么我通常更喜欢负债较少的公司。
But ROE is just one piece of a bigger puzzle, since high quality businesses often trade on high multiples of earnings. It is important to consider other factors, such as future profit growth -- and how much investment is required going forward. So I think it may be worth checking this free report on analyst forecasts for the company.
但是,投资回报率只是更大难题中的一部分,因为高质量的企业通常以较高的收益倍数进行交易。重要的是要考虑其他因素,例如未来的利润增长以及未来需要多少投资。因此,我认为可能值得查看这份关于分析师对公司的预测的免费报告。
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.
如果你更愿意去另一家公司——一家财务状况可能优越的公司——那么千万不要错过这份免费的股本回报率高、债务低的有趣公司的名单。
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Simply Wall St的这篇文章本质上是笼统的。我们仅使用公正的方法根据历史数据和分析师的预测提供评论,我们的文章无意作为财务建议。它不构成买入或卖出任何股票的建议,也没有考虑到您的目标或财务状况。我们的目标是为您提供由基本数据驱动的长期重点分析。请注意,我们的分析可能不考虑最新的价格敏感型公司公告或定性材料。简而言之,华尔街没有持有任何上述股票的头寸。