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Is NYOCOR Co., Ltd.'s (SHSE:600821) 9.4% ROE Better Than Average?

Is NYOCOR Co., Ltd.'s (SHSE:600821) 9.4% ROE Better Than Average?

是 NYOCOR 有限公司吗s (SHSE: 600821) 9.4% 的投资回报率高于平均水平?
Simply Wall St ·  02/04 20:00

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). By way of learning-by-doing, we'll look at ROE to gain a better understanding of NYOCOR Co., Ltd. (SHSE:600821).

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。通过边干边学的方式,我们将研究投资回报率,以更好地了解NYOCOR有限公司(SHSE: 600821)。

Return on Equity or ROE is a test of how effectively a company is growing its value and managing investors' money. Put another way, it reveals the company's success at turning shareholder investments into profits.

股本回报率或投资回报率是对公司增值和管理投资者资金的有效性的考验。换句话说,它揭示了公司成功地将股东投资转化为利润。

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 NYOCOR is:

因此,根据上述公式,NYOCOR的投资回报率为:

9.4% = CN¥881m ÷ CN¥9.3b (Based on the trailing twelve months to September 2023).

9.4% = 8.81亿元人民币 ÷ 93亿元人民币(基于截至2023年9月的过去十二个月)。

The 'return' is the income the business earned over the last year. That means that for every CN¥1 worth of shareholders' equity, the company generated CN¥0.09 in profit.

“回报” 是企业在过去一年中获得的收入。这意味着,每持有价值1元人民币的股权,公司就会产生0.09元人民币的利润。

Does NYOCOR Have A Good Return On Equity?

NYOCOR 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. 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, NYOCOR has a higher ROE than the average (6.9%) in the Renewable Energy industry.

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。这种方法的局限性在于,有些公司与其他公司有很大不同,即使在相同的行业分类中也是如此。如下图所示,NYOCOR的投资回报率高于可再生能源行业的平均水平(6.9%)。

roe
SHSE:600821 Return on Equity February 5th 2024
SHSE: 600821 2024 年 2 月 5 日股本回报率

That is a good sign. However, bear in mind that a high ROE doesn't necessarily indicate efficient profit generation. Aside from changes in net income, a high ROE can also be the outcome of high debt relative to equity, which indicates risk. You can see the 2 risks we have identified for NYOCOR by visiting our risks dashboard for free on our platform here.

这是一个好兆头。但是,请记住,高投资回报率并不一定意味着有效的利润创造。除了净收入的变化外,较高的投资回报率也可能是高债务相对于股本的结果,这表明存在风险。您可以通过访问我们的 NYOCOR 查看我们已确定的 2 种风险 风险仪表板 在我们的平台上免费使用。

The Importance Of Debt To Return On Equity

债务对股本回报率的重要性

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 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.

实际上,所有公司都需要资金来投资业务,以增加利润。这些现金可以来自发行股票、留存收益或债务。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,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投资回报率,尽管比喻地说,在暴风雨天气中还会带来额外的风险。

Combining NYOCOR's Debt And Its 9.4% Return On Equity

合并NYOCOR的债务及其9.4%的股本回报率

NYOCOR clearly uses a high amount of debt to boost returns, as it has a debt to equity ratio of 2.03. 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.

NYOCOR显然使用大量债务来提高回报,因为其负债权益比率为2.03。相当低的投资回报率和大量使用债务相结合并不是特别有吸引力。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。

Conclusion

结论

Return on equity is one way we can compare its business quality of different companies. In our books, the highest quality companies have high return on equity, despite low debt. If two companies have the same ROE, then I would generally prefer the one with less debt.

股本回报率是我们可以比较不同公司的业务质量的一种方式。在我们的账簿中,尽管债务很低,但质量最高的公司的股本回报率却很高。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. Profit growth rates, versus the expectations reflected in the price of the stock, are a particularly important to consider. So you might want to take a peek at this data-rich interactive graph of 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高倍的收益进行交易。与股票价格所反映的预期相比,利润增长率尤其值得考虑。因此,你可能想看看这张数据丰富的公司预测交互式图表。

Of course NYOCOR may not be the best stock to buy. So you may wish to see this free collection of other companies that have high ROE and low debt.

当然,NYOCOR可能不是最好的买入股票。因此,您不妨免费查看其他投资回报率高、负债率低的公司的名单。

Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team (at) simplywallst.com.
This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.

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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。

声明:本内容仅用作提供资讯及教育之目的,不构成对任何特定投资或投资策略的推荐或认可。 更多信息
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