A Note On China Three Gorges Renewables (Group) Co.,Ltd.'s (SHSE:600905) ROE and Debt To Equity
A Note On China Three Gorges Renewables (Group) Co.,Ltd.'s (SHSE:600905) ROE and Debt To 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. To keep the lesson grounded in practicality, we'll use ROE to better understand China Three Gorges Renewables (Group) Co.,Ltd. (SHSE:600905).
虽然一些投资者已经精通财务指标(参考),但本文是为那些想要了解股东权益报酬率(ROE)及其重要性的人而编写的。为了使课堂具有实用性,我们将使用ROE来更好地了解中国三峡新能源(集团)有限公司(SHSE:600905)。
ROE or return on equity is a useful tool to assess how effectively a company can generate returns on the investment it received from its shareholders. In other words, it is a profitability ratio which measures the rate of return on the capital provided by the company's shareholders.
roe,即净资产收益率,是一种评估公司如何有效地从股东手中获取投资回报的有用工具。换句话说,它是一种盈利能力比率,衡量公司股东提供的资本的回报率。
How To Calculate Return On Equity?
如何计算股东权益报酬率?
The formula for ROE is:
roe的公式是:
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 Three Gorges Renewables (Group)Ltd is:
因此,根据上述公式,中国三峡新能源(集团)有限公司的ROE为:
8.4% = CN¥8.4b ÷ CN¥100b (Based on the trailing twelve months to March 2024).
8.4%= CN¥84亿 ÷ CN¥1000亿(以2024年3月的过去12个月为基础)。
The 'return' is the income the business earned over the last year. Another way to think of that is that for every CN¥1 worth of equity, the company was able to earn CN¥0.08 in profit.
“回报率”是企业在过去一年中赚取的收入。换句话说,对于每一元人民币的净资产,公司能够赚取0.08元人民币的利润。
Does China Three Gorges Renewables (Group)Ltd Have A Good ROE?
中国三峡新能源(集团)有限公司的ROE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. If you look at the image below, you can see China Three Gorges Renewables (Group)Ltd has a similar ROE to the average in the Renewable Energy industry classification (7.7%).
通过将公司的ROE与其行业平均水平进行比较,我们可以快速衡量其表现如何。但是,这种方法只能用作粗略检查,因为即使在同一行业分类中,公司之间也存在相当大的差异。如果查看下面的图像,您会看到中国三峡新能源(集团)有限公司的ROE与可再生能源行业分类平均水平(7.7%)相似。
![big](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240724/0-dad5ed98d39a1dcd7b4f5511b7d0973e-0-31da4e9d8d45b659509085bb7315610b.png/big)
So while the ROE is not exceptional, at least its acceptable. Even if the ROE is respectable when compared to the industry, its worth checking if the firm's ROE is being aided by high debt levels. If so, this increases its exposure to financial risk. To know the 2 risks we have identified for China Three Gorges Renewables (Group)Ltd visit our risks dashboard for free.
因此,虽然ROE并不出色,但至少是可以接受的。即使与行业相比ROE相当可观,也值得检查该公司的ROE是否受到高负债水平的支持。如果是这样,这就增加了其面临的财务风险。要了解我们为中国三峡新能源(集团)有限公司确定的两个风险,请免费访问我们的风险仪表板。
How Does Debt Impact Return On Equity?
债务如何影响股东回报率?
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,以增加利润。这些投资资金可能来自于上年度的利润(留存收益),发行新股,或借贷。在第一种和第二种选项的情况下,roe将反映出这些用于增长的资金使用情况。而在后一种情况下,用于增长的债务将提高回报率,但不会影响股东权益。因此,虽然债务使用可以提高roe,但在像隐喻性地波动的气候中,也会带来额外的风险。
China Three Gorges Renewables (Group)Ltd's Debt And Its 8.4% ROE
中国三峡新能源(集团)有限公司的债务及其8.4%的ROE
It's worth noting the high use of debt by China Three Gorges Renewables (Group)Ltd, leading to its debt to equity ratio of 1.61. The combination of a rather low ROE and significant use of debt is not particularly appealing. Investors should think carefully about how a company might perform if it was unable to borrow so easily, because credit markets do change over time.
值得注意的是,中国三峡新能源(集团)有限公司的大量负债导致其负债股本比率达到1.61。相对较低的ROE和大量使用债务的结合并不特别吸引人。投资者应认真考虑如果该公司无法轻易借债,其表现将会如何,因为信贷市场会随着时间而变化。
Conclusion
结论
Return on equity is a useful indicator of the ability of a business to generate profits and return them to shareholders. 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.
股本回报率是衡量企业盈利能力,并将其利润分配给股东的一项有用指标。在我们的清单中,高质量的公司股本回报率高,债务压力不大。如果两家公司的债务资本比大致相同,并且一家公司的ROE更高,则我通常更喜欢具有较高ROE的公司。
But when a business is high quality, the market often bids it up to a price that reflects this. 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,当企业属于高质量时,市场经常将其标价以反映其优势。折现率的盈利增长率与股票价格中体现的预期相比,是需要特别考虑的。因此,您可能需要查看这份数据丰富的交互式图表,以了解该公司的预测。
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.
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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。