Should You Be Excited About Grandblue Environment Co., Ltd.'s (SHSE:600323) 12% Return On Equity?
Should You Be Excited About Grandblue Environment Co., Ltd.'s (SHSE:600323) 12% Return On Equity?
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 Grandblue Environment Co., Ltd. (SHSE:600323).
很多投资者仍在学习分析股票时有用的各种指标。本文是为那些想学习回报率（ROE）的人编写的。透过实践学习，我们将查看ROE以更好地了解瀚蓝环境股份有限公司（SHSE：600323）的情况。
Return on equity or ROE is a key measure used to assess how efficiently a company's management is utilizing the company's capital. Put another way, it reveals the company's success at turning shareholder investments into profits.
股本回报率或roe是一项关键指标，用于评估公司管理层使用公司资本的效率。换句话说，它揭示了公司将股东的投资转化为利润的成功。
How To Calculate Return On Equity?
如何计算股东权益报酬率？
The formula for return on equity is:
权益回报率的计算公式是：
Return on Equity = Net Profit (from continuing operations) ÷ Shareholders' Equity
净资产收益率 = 净利润（从持续经营中获得）÷ 股东权益
So, based on the above formula, the ROE for Grandblue Environment is:
因此，基于上述公式，瀚蓝环境的ROE为：
12% = CN¥1.5b ÷ CN¥13b (Based on the trailing twelve months to March 2024).
12％= CN¥1.5b ÷ CN¥13b（根据截至2024年3月的过去十二个月）。
The 'return' refers to a company's earnings over the last year. That means that for every CN¥1 worth of shareholders' equity, the company generated CN¥0.12 in profit.
“回报”是指公司在过去一年内的盈利。这意味着对于每一元股东权益，该公司创造了0.12元的利润。
Does Grandblue Environment Have A Good Return On Equity?
瀚蓝环境的回报率良好吗？
By comparing a company's ROE with its industry average, we can get a quick measure of how good it is. 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, Grandblue Environment has a higher ROE than the average (7.2%) in the Water Utilities industry.
通过将公司的ROE与其行业平均值进行比较，我们可以快速衡量其质量。这种方法的局限性在于，即使在同一行业分类中，一些公司也会大不相同。正如您在下面的图表中所看到的，瀚蓝环境的ROE高于水务行业的平均水平（7.2％）。
That's clearly a positive. 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.
这显然是一个正面的信号。然而，需要记住的是高ROE不一定表明高效益的产生。除了净收入的变化外，高ROE还可以是相对于股权高债务的结果，这表明存在风险。
The Importance Of Debt To Return On Equity
债务对股本回报率的重要性
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 two cases, the ROE will capture this use of capital to grow. 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.
大多数公司需要资金来增加利润。投资的资金可以来自前一年的利润（保留盈利）、发行新股或借款。对于前两种情况，ROE将捕捉到这种资本用于增长。对于后一种情况，用于增长的债务将提高利润，但不会影响总股权。这将使ROE看起来比不使用债务时更好。
Combining Grandblue Environment's Debt And Its 12% Return On Equity
结合瀚蓝环境的债务和其12％的ROE
It's worth noting the high use of debt by Grandblue Environment, leading to its debt to equity ratio of 1.24. Its ROE is quite low, even with the use of significant debt; that's not a good result, in our opinion. Debt does bring extra risk, so it's only really worthwhile when a company generates some decent returns from it.
值得注意的是瀚蓝环境的高负债率，导致其资产负债比率为1.24。即使使用了大量债务，其ROE也相当低，这在我们看来并不是一个好的结果。债务确实增加了风险，因此只有在公司从中获得一定的回报时才真正值得。
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. All else being equal, a higher ROE is better.
回报率是我们比较不同公司业务质量的一种方式。在我们的书籍中，高质量的公司具有高的资本回报率，尽管低债务。其他因素相等的情况下，高ROE越好。
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.
但是，当企业具有高质量时，市场通常会将其竞价提高到反映这一点的价格。重要的是考虑其他因素，例如未来的利润增长 – 以及未来需要多少投资。因此，您可能需要看一下该公司预测数据丰富，交互式图形。
Of course Grandblue Environment 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，瀚蓝环境可能不是最好的股票买入选择。因此，您可能希望查看此免费收藏中具有高ROE和低负债的其他公司。
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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.
对本文有反馈？关于内容有所顾虑？直接和我们联系。或者，发送电子邮件至editorial-team (at) simplywallst.com。
这篇文章是Simply Wall St的一般性文章。我们根据历史数据和分析师预测提供评论，只使用公正的方法论，我们的文章并不意味着提供任何金融建议。文章不构成买卖任何股票的建议，也不考虑您的目标或您的财务状况。我们的目标是带给您基本数据驱动的长期关注分析。请注意，我们的分析可能不考虑最新的价格敏感公司公告或定性材料。Simply Wall St没有任何股票头寸。
Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team@simplywallst.com
对本文有反馈？关于内容有所顾虑？直接和我们联系。或者发送电子邮件至editorial-team@simplywallst.com。