With A Return On Equity Of 6.3%, Has GCL System Integration Technology Co., Ltd.'s (SZSE:002506) Management Done Well?
With A Return On Equity Of 6.3%, Has GCL System Integration Technology Co., Ltd.'s (SZSE:002506) Management Done Well?
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 GCL System Integration Technology Co., Ltd. (SZSE:002506).
许多投资者仍在学习分析股票时可能有用的各种指标。本文适用于那些想了解股本回报率(ROE)的人。通过边干边学的方式,我们将研究投资回报率,以更好地了解协鑫系统集成技术有限公司(SZSE:002506)。
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.
股本回报率或投资回报率是对公司增值和管理投资者资金的有效性的考验。换句话说,它揭示了公司成功地将股东投资转化为利润。
How Is ROE Calculated?
ROE 是如何计算的?
ROE can be calculated by using the formula:
ROE 可以通过以下公式计算:
Return on Equity = Net Profit (from continuing operations) ÷ Shareholders' Equity
股本回报率 = 净利润(来自持续经营业务)÷ 股东权益
So, based on the above formula, the ROE for GCL System Integration Technology is:
因此,根据上述公式,协鑫系统集成技术的投资回报率为:
6.3% = CN¥154m ÷ CN¥2.4b (Based on the trailing twelve months to March 2024).
6.3% = 15400万元人民币 ÷ 24元人民币(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. That means that for every CN¥1 worth of shareholders' equity, the company generated CN¥0.06 in profit.
“回报” 是指过去十二个月的利润。这意味着,每获得价值1元人民币的股东权益,该公司就会产生0.06元人民币的利润。
Does GCL System Integration Technology Have A Good Return On Equity?
协鑫系统集成技术有良好的股本回报率吗?
Arguably the easiest way to assess company's ROE is to compare it with the average in its industry. The limitation of this approach is that some companies are quite different from others, even within the same industry classification. You can see in the graphic below that GCL System Integration Technology has an ROE that is fairly close to the average for the Semiconductor industry (5.8%).
可以说,评估公司投资回报率的最简单方法是将其与行业平均水平进行比较。这种方法的局限性在于,有些公司与其他公司有很大不同,即使在相同的行业分类中也是如此。您可以在下图中看到,协鑫系统集成技术的投资回报率与半导体行业的平均水平(5.8%)相当接近。
![big](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240821/0-796ac7ed330187d947447aec288e0ef9-0-ebf7607ecc00b3d1ea48abbbc02c9927.png/big)
That's neither particularly good, nor bad. 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 true, then it is more an indication of risk than the potential.
这既不是特别好,也不是特别糟糕。尽管投资回报率与行业相似,但我们仍应进行进一步检查,看看高额债务水平是否提振了公司的投资回报率。如果属实,则与其说是潜在风险,不如说是风险。
The Importance Of Debt To Return On Equity
债务对股本回报率的重要性
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 debt required for growth will boost returns, but will not impact the shareholders' equity. In this manner the use of debt will boost ROE, even though the core economics of the business stay the same.
几乎所有公司都需要资金来投资业务,增加利润。这些现金可以来自发行股票、留存收益或债务。对于第一和第二种选择,投资回报率将反映现金用于增长的这种用途。在后一种情况下,增长所需的债务将提高回报,但不会影响股东权益。以这种方式,债务的使用将提高投资回报率,尽管该业务的核心经济学保持不变。
GCL System Integration Technology's Debt And Its 6.3% ROE
协鑫系统集成科技的债务及其6.3%的投资回报率
It's worth noting the high use of debt by GCL System Integration Technology, leading to its debt to equity ratio of 1.15. The combination of a rather low ROE and significant use of debt is not particularly appealing. 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,协鑫系统集成技术公司大量使用债务,导致其负债权益比率为1.15。相当低的投资回报率和大量使用债务相结合并不是特别有吸引力。债务确实会带来额外的风险,因此只有当公司从中获得可观的回报时,债务才是真正值得的。
Summary
摘要
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. 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.
股本回报率是我们可以比较不同公司的业务质量的一种方式。在我们的账簿中,尽管债务很低,但质量最高的公司的股本回报率却很高。如果两家公司的债务与股权比率大致相同,而一家公司的投资回报率更高,那么我通常更喜欢投资回报率更高的那家公司。
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. Profit growth rates, versus the expectations reflected in the price of the stock, are a particularly important to consider. Check the past profit growth by GCL System Integration Technology by looking at this visualization of past earnings, revenue and cash flow.
话虽如此,尽管投资回报率是衡量业务质量的有用指标,但你必须考虑一系列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,是一个特别重要的考虑因素。通过查看过去收益、收入和现金流的可视化,查看协鑫系统集成技术公司过去的利润增长情况。
But note: GCL System Integration Technology 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:协鑫系统集成技术可能不是最好的买入股票。因此,来看看这份投资回报率高、债务低的有趣公司的免费清单。
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Simply Wall St的这篇文章本质上是笼统的。我们仅使用公正的方法根据历史数据和分析师的预测提供评论,我们的文章无意作为财务建议。它不构成买入或卖出任何股票的建议,也没有考虑到您的目标或财务状况。我们的目标是为您提供由基本数据驱动的长期重点分析。请注意,我们的分析可能不考虑最新的价格敏感型公司公告或定性材料。简而言之,华尔街没有持有任何上述股票的头寸。