Can UTour Group Co., Ltd.'s (SZSE:002707) ROE Continue To Surpass The Industry Average?
Can UTour Group Co., Ltd.'s (SZSE:002707) ROE Continue To Surpass The Industry Average?
Return on Equity = Net Profit (from continuing operations) ÷ Shareholders' Equity 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 UTour Group Co., Ltd. (SZSE:002707), by way of a worked example.
即使有些投资者已经精通金融指标（致敬），本文也适用于那些想学习ROE及其重要性的人。我们将以众信旅游股份有限公司（SZSE:002707）为例，使用ROE进行分析解读。
Return on equity or ROE is a key measure used to assess how efficiently a company's management is utilizing the company's capital. In simpler terms, it measures the profitability of a company in relation to shareholder's equity.
股东权益回报率（roe）是一种关键指标，用于评估公司管理层如何有效利用公司资本。更简单地说，它衡量了公司相对股东权益的盈利能力。
How Do You Calculate Return On Equity?
怎样计算ROE?
ROE can be calculated by using the formula:
净资产收益率可以使用以下公式进行计算：
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 UTour Group is:
因此，根据上述公式，众信旅游的ROE为：
19% = CN¥102m ÷ CN¥547m (Based on the trailing twelve months to March 2024).
19% = CN¥10200万 ÷ CN¥54700万（基于截至2024年3月的过去十二个月）
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¥0.19 in profit.
“回报”是过去十二个月的利润。另一种想法是，对于每1元人民币的股权，公司能够获得0.19元的利润。
Does UTour Group Have A Good Return On Equity?
众信旅游的ROE表现良好吗？
By comparing a company's ROE with its industry average, we can get a quick measure of how good it is. However, this method is only useful as a rough check, because companies do differ quite a bit within the same industry classification. Pleasingly, UTour Group has a superior ROE than the average (8.8%) in the Hospitality industry.
通过将公司的ROE与其所处行业平均水平进行比较，我们可以快速衡量其表现。然而，这种方法仅适用于粗略检查，因为同一行业分类内的公司差异非常大。令人高兴的是，众信旅游的ROE优于酒店业行业平均水平（8.8%）。
That's what we like to see. However, bear in mind that a high ROE doesn't necessarily indicate efficient profit generation. 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 .
这正是我们想看到的。但请记住，高ROE并不一定表明有效益利的产生。公司资本结构中更高的债务比例也可能导致高ROE，其中较高的债务水平可能是巨大的风险。
Why You Should Consider Debt When Looking At ROE
为什么在观察ROE时你应该考虑债务问题？
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 use of debt will improve the returns, but will not change the equity. That will make the ROE look better than if no debt was used.
几乎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、留存收益或借债。如果是前两个选项，ROE 将反映出增长的资金。在后一种情况下，借款会提高收益，但不会改变股权。这将使 ROE 看起来比没有使用债务时更好。
UTour Group's Debt And Its 19% ROE
众信旅游的负债及其19%的ROE
It's worth noting the high use of debt by UTour Group, leading to its debt to equity ratio of 1.57. While its ROE is respectable, it is worth keeping in mind that there is usually a limit as to how much debt a company can use. 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，众信旅游的负债使用率很高，从而导致其股权负债比为1.57。虽然其ROE可观，但需要记住，一家公司可以使用的债务通常是有限的。债务增加了公司的风险，并减少了公司未来的选择空间，因此您通常希望看到一些良好的利润回报。
Conclusion
结论
Return on equity is useful for comparing the quality of different businesses. In our books, the highest quality companies have high return on equity, despite low debt. 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.
对于比较不同业务质量的公司，ROE很有用。在我们的书中，最高质量的公司具有高ROE，尽管其债务较低。如果两家公司的债务与股本比例大致相同，并且其中一家公司的ROE更高，我通常更喜欢ROE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 report on analyst forecasts for the company.
尽管ROE是企业质量的有用指标，但您还需要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今后需要多少投资。因此，我认为值得查看有关该公司分析师预测的免费报告。
But note: UTour Group may not be the best stock to buy. So take a peek at this free list of interesting companies with high ROE and low debt.
但请注意：众信旅游可能不是最佳股票买入。因此，看一看这个免费的感兴趣的高ROE和低债务公司列表。
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