Does China Green Electricity Investment of Tianjin Co., Ltd. (SZSE:000537) Create Value For Shareholders?
Does China Green Electricity Investment of Tianjin Co., Ltd. (SZSE:000537) Create Value For Shareholders?
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 China Green Electricity Investment of Tianjin Co., Ltd. (SZSE:000537).
许多投资者仍在学习有用的各种指标来分析股票。本文是为那些想学习股本回报率(ROE)的人服务的。通过实践学习,我们将通过分析中国天津中绿电有限公司(深圳证券交易所:000537)的ROE以更好地理解ROE。
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 Is ROE Calculated?
净资产收益率怎么计算?
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 China Green Electricity Investment of Tianjin is:
因此,根据上述公式,中国中绿电的ROE为:
4.6% = CN¥967m ÷ CN¥21b (Based on the trailing twelve months to March 2024).
4.6% = CN ¥ 9,670,000,000 ÷ CN ¥ 210 billion(基于截至2024年3月的过去十二个月)。
The 'return' is the amount earned after tax over the last twelve months. That means that for every CN¥1 worth of shareholders' equity, the company generated CN¥0.05 in profit.
“回报”是过去十二个月税后赚取的金额。这意味着,对于每一元股东权益,该公司创造了0.05元的利润。
Does China Green Electricity Investment of Tianjin Have A Good Return On Equity?
中国中绿电的股本回报率如何?
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. If you look at the image below, you can see China Green Electricity Investment of Tianjin has a similar ROE to the average in the Real Estate industry classification (3.9%).
通过将公司的ROE与其所属行业平均水平进行比较,我们可以快速衡量其表现。但是,由于在同一行业分类中,公司之间存在相当大的差异,该方法仅有用于初步检查。如果您查看下面的图像,您会发现中国中绿电与房地产行业分类的平均ROE(3.9%)相似。
![big](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240719/0-bd9d5fc7512d852a8274c70758abc615-0-4d8e328c03b93e737414c21a94c1fc79.png/big)
So while the ROE is not exceptional, at least its acceptable. Although the ROE is similar to the industry, we should still perform further checks to see if the company's ROE is being boosted by high debt levels. If so, this increases its exposure to financial risk. Our risks dashboardshould have the 4 risks we have identified for China Green Electricity Investment of Tianjin.
因此,虽然ROE并不出色,但至少是可以接受的。尽管ROE与行业相似,但我们仍应进一步检查以确定公司的ROE是否受到高负债水平的提振。如果是这样,这将增加其面临的财务风险。我们的风险仪表板应包括我们为中国中绿电识别出的4个风险。
How Does Debt Impact Return On Equity?
债务如何影响股东回报率?
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 first and second cases, the ROE will reflect this use of cash for investment in the business. In the latter case, the debt used for growth will improve returns, but won't affect the total equity. Thus the use of debt can improve ROE, albeit along with extra risk in the case of stormy weather, metaphorically speaking.
大多数公司需要资金——来自某个地方——以增加其利润。资金投资可以来自前年的利润(留存收益),发行新股或借债。 在第一种和第二种情况下,ROE将反映出这种用于业务投资的现金使用。在后一种情况下,用于增长的债务将提高投资回报率,但不会影响总股权。因此,债务使用可以提高ROE,尽管在风和雨的情况下会伴随着额外的风险。
Combining China Green Electricity Investment of Tianjin's Debt And Its 4.6% Return On Equity
结合中国中绿电的负债和4.6%的ROE
China Green Electricity Investment of Tianjin clearly uses a high amount of debt to boost returns, as it has a debt to equity ratio of 1.97. 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.
显然,中国中绿电使用了大量的负债来提高回报,因为其负债权益比为1.97。即使借助重要的债务,其ROE也非常低,这在我们看来并不好。债务确实带来额外的风险,因此只有在公司从中获得了一些相当不错的回报时,这才是真正值得的。
Summary
总的来说,我们对伟明环保的表现非常满意。具体而言,我们喜欢公司以高回报率再投资了其利润的很大一部分。当然,这导致公司的收益大幅增长。但是,最新的行业分析师预测表明,该公司的收益预计将加速增长。
Return on equity is one way we can compare its business quality of different companies. Companies that can achieve high returns on equity without too much debt are generally of good quality. 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.
股东权益回报率是比较不同公司业务质量的方法之一。可以在没有太多债务的情况下实现高股东权益回报率的公司通常质量较好。如果两家公司的负债权益比大约相同,并且一家公司ROE较高,我通常更喜欢ROE较高的公司。
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 you might want to take a peek at this data-rich interactive graph of forecasts for the company.
尽管如此,虽然ROE是业务质量的一个有用指标,但您需要查看一整套因素来确定正确的股票购买价格。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,您可能需要查看这个数据丰富的交互式预测图。
Of course, you might find a fantastic investment by looking elsewhere. So take a peek at this free list of interesting companies.
当然,您也可能通过寻找其他地方来找到出色的投资。因此,不妨查看这个有趣公司的免费列表。
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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?对内容感到担忧?请直接与我们联系。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?对内容感到担忧?请直接与我们联系。或者,发送电子邮件至editorial-team@simplywallst.com。