share_log

Can ChengDu Hi-Tech Development Co., Ltd.'s (SZSE:000628) ROE Continue To Surpass The Industry Average?

Can ChengDu Hi-Tech Development Co., Ltd.'s (SZSE:000628) ROE Continue To Surpass The Industry Average?

成都高新技术开发有限公司能否's (SZSE: 000628) 投资回报率继续超过行业平均水平?
Simply Wall St ·  03/12 18:22

While some investors are already well versed in financial metrics (hat tip), this article is for those who would like to learn about Return On Equity (ROE) and why it is important. We'll use ROE to examine ChengDu Hi-Tech Development Co., Ltd. (SZSE:000628), by way of a worked example.

尽管一些投资者已经精通财务指标(帽子提示),但本文适用于那些想了解股本回报率(ROE)及其重要性的人。我们将使用投资回报率来考察成都高新技术开发股份有限公司(SZSE: 000628),举一个有效的例子。

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。

How To Calculate Return On Equity?

如何计算股本回报率?

The formula for return on equity is:

股本回报率的公式是:

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 ChengDu Hi-Tech Development is:

因此,根据上述公式,成都高新开发的投资回报率为:

18% = CN¥369m ÷ CN¥2.1b (Based on the trailing twelve months to December 2023).

18% = 3.69亿元人民币 ÷ 21亿元人民币(基于截至2023年12月的过去十二个月)。

The 'return' is the amount earned after tax over the last twelve months. One way to conceptualize this is that for each CN¥1 of shareholders' capital it has, the company made CN¥0.18 in profit.

“回报” 是过去十二个月的税后收入。对此进行概念化的一种方法是,该公司每拥有1元人民币的股本即可获得0.18元人民币的利润。

Does ChengDu Hi-Tech Development Have A Good ROE?

成都高新开发有良好的投资回报率吗?

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 is clear from the image below, ChengDu Hi-Tech Development has a better ROE than the average (5.5%) in the Real Estate 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。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,成都高新开发的投资回报率高于房地产行业的平均水平(5.5%)。

roe
SZSE:000628 Return on Equity March 12th 2024
SZSE: 000628 股本回报率 2024 年 3 月 12 日

That is a good sign. With that said, a high ROE doesn't always indicate high profitability. A higher proportion of debt in a company's capital structure may also result in a high ROE, where the high debt levels could be a huge risk . To know the 2 risks we have identified for ChengDu Hi-Tech Development visit our risks dashboard for free.

这是一个好兆头。话虽如此,高投资回报率并不总是表示高盈利能力。公司资本结构中债务比例的增加也可能导致较高的投资回报率,而高债务水平可能构成巨大的风险。要了解我们为成都高新技术开发确定的两种风险,请免费访问我们的风险仪表板。

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. 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 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.

几乎所有公司都需要资金来投资业务,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。对于第一和第二种选择,投资回报率将反映现金用于增长的这种用途。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,使用债务可以提高投资回报率,尽管可以隐喻地说,暴风雨天气会带来额外的风险。

ChengDu Hi-Tech Development's Debt And Its 18% ROE

成都高新开发的债务及其18%的投资回报率

It's worth noting the high use of debt by ChengDu Hi-Tech Development, leading to its debt to equity ratio of 1.33. While its ROE is pretty respectable, the amount of debt the company is carrying currently is not ideal. 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,成都高新开发公司大量使用债务,导致其负债权益比率为1.33。尽管其投资回报率相当可观,但该公司目前的债务额并不理想。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 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.

股本回报率是我们可以比较不同公司的业务质量的一种方式。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视为高质量的企业。如果两家公司的债务与股权比率大致相同,而一家公司的投资回报率更高,那么我通常更喜欢投资回报率更高的那家公司。

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. 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 this detailed graph of past earnings, revenue and cash flow.

话虽如此,尽管投资回报率是衡量业务质量的有用指标,但你必须考虑一系列因素来确定购买股票的正确价格。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,我认为可能值得免费查看这张过去收益、收入和现金流的详细图表。

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。

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.

对这篇文章有反馈吗?对内容感到担忧?直接联系我们。 或者,给编辑团队 (at) simplywallst.com 发送电子邮件。
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
    抢沙发