What CECEP Wind-power Corporation Co.,Ltd.'s (SHSE:601016) ROE Can Tell Us
What CECEP Wind-power Corporation Co.,Ltd.'s (SHSE:601016) ROE Can Tell Us
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 CECEP Wind-power Corporation Co.,Ltd. (SHSE:601016), by way of a worked example.
本文旨在帮助那些想要学习什么是ROE以及为什么它很重要的投资者，虽然有些投资者已经精通这些金融指标。我们将使用ROE作为例子，来研究节能风电股份有限公司（SHSE: 601016）
Return on Equity or ROE is a test of how effectively a company is growing its value and managing investors' money. Put another way, it reveals the company's success at turning shareholder investments into profits.
ROE，即净资产收益率，测试一家公司有效增加价值和管理股东资金的能力。换句话说，它揭示了公司将股东投资转化为利润的成功程度。
How To Calculate Return On Equity?
如何计算股东权益报酬率？
Return on equity can be calculated by using the formula:
股东权益报酬率可以使用以下公式计算：
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 CECEP Wind-power CorporationLtd is:
因此，根据上述公式，节能风电股份有限公司的ROE为：
8.9% = CN¥1.6b ÷ CN¥18b (Based on the trailing twelve months to March 2024).
8.9％=CN¥16亿÷CN¥180亿（基于截至2024年3月底的过去十二个月计算得出）。
The 'return' refers to a company's earnings over the last year. One way to conceptualize this is that for each CN¥1 of shareholders' capital it has, the company made CN¥0.09 in profit.
‘回报’是指公司过去一年的收益。一个概念化的方式是，对于每加元股东的资本，该公司就会获得0.09元的利润。
Does CECEP Wind-power CorporationLtd Have A Good ROE?
节能风电股份有限公司的ROE如何？
Arguably the easiest way to assess company's ROE is to compare it with the average in its industry. However, this method is only useful as a rough check, because companies do differ quite a bit within the same industry classification. The image below shows that CECEP Wind-power CorporationLtd has an ROE that is roughly in line with the Renewable Energy industry average (7.7%).
评估公司ROE的一种方法是将其与其所在行业板块的平均水平进行比较。然而，由于公司在同一行业分类中存在相当大的差异，因此此方法仅有粗略检查的用途。下图显示，节能风电股份有限公司的ROE与可再生能源行业的平均水平（7.7％）基本持平。
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. Our risks dashboardshould have the 2 risks we have identified for CECEP Wind-power CorporationLtd.
因此，尽管ROE不算特别突出，至少是可以接受的。即使与该行业相比ROE也算不错，但还是值得检查该公司ROE是否受高负债水平的支持。如果是这样，这会增加其承担金融风险的风险。我们的风险仪表板应该有我们为节能风电股份有限公司确定的两个风险。
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. That cash can come from issuing shares, retained earnings, or debt. In the first two cases, the ROE will capture this use of capital to grow. In the latter case, the use of debt will improve the returns, but will not change the 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（从某个地方）来增加其利润。这笔现金可以通过发行股票、保留收益或债务获得。在前两种情况下，ROE将捕捉到这种资本的使用以增长。在后一种情况下，使用债务将提高回报，但不会改变股本。因此，使用债务可能会提高ROE，但在借款困难的情况下会伴随着更多的风险，比喻地说。
CECEP Wind-power CorporationLtd's Debt And Its 8.9% ROE
节能风电股份有限公司的债务和8.9％的ROE
It's worth noting the high use of debt by CECEP Wind-power CorporationLtd, leading to its debt to equity ratio of 1.23. 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，节能风电股份有限公司的负债使用率很高，导致其负债股本比率为1.23。即使使用了大量的负债，其ROE也相当低，这在我们看来并不是一个好的结果。负债确实带来了额外的风险，因此只有当公司从中获得一些不错的回报时，才真正值得考虑。
Conclusion
结论
Return on equity is a useful indicator of the ability of a business to generate profits and return them to shareholders. A company that can achieve a high return on equity without debt could be considered a high quality business. If two companies have the same ROE, then I would generally prefer the one with less debt.
企业获得利润并将其返还给股东的能力是企业能否赚钱的有用指标。如果一家公司可以在没有债务的情况下实现较高的roe，那么它可以被认为是一家高质量的企业。如果两家公司的roe相同，那么我通常更喜欢负债较少的那一家公司。
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. 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.
话虽如此，ROE是业务质量的一个有用指标，但你需要考虑一整个区间的因素来确定购买股票的正确价格。 利润增长率与股票价格所反映的预期相比，尤其重要。因此，您可能想要查看这个数据丰富的公司预测交互式图表。
Of course CECEP Wind-power CorporationLtd 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，节能风电股份有限公司可能不是最好的买入股票。因此，您可能希望查看此免费收藏的其他具有高ROE和低负债的公司。
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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
对本文有任何反馈？对内容有任何疑虑？请直接与我们联系。或者，发送电子邮件至editorial-team@simplywallst.com。