share_log

Should We Be Cautious About Hengyi Petrochemical Co., Ltd.'s (SZSE:000703) ROE Of 2.6%?

Should We Be Cautious About Hengyi Petrochemical Co., Ltd.'s (SZSE:000703) ROE Of 2.6%?

对于恒逸石化有限公司(SZSE:000703)2.6%的roe应该保持谨慎态度吗?
Simply Wall St ·  10/12 21:30

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 Hengyi Petrochemical Co., Ltd. (SZSE:000703).

虽然一些投资者已经精通财务指标(顶帽致敬),但本文是为那些想要了解股东权益回报率(roe)及其重要性的人。为了使课堂保持务实,我们将使用roe来更好地理解恒逸石化股份有限公司(SZSE:000703)。

Return on Equity or ROE is a test of how effectively a company is growing its value and managing investors' money. Simply put, it is used to assess the profitability of a company in relation to its equity capital.

股东权益回报率(ROE)是测试公司如何有效地增加其价值并管理投资者资金的指标。简而言之,它用于评估公司相对于股本资本的盈利能力。

How Do You Calculate Return On Equity?

怎样计算ROE?

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 Hengyi Petrochemical is:

因此,根据上述公式,恒逸石化的roe为:

2.6% = CN¥841m ÷ CN¥32b (Based on the trailing twelve months to June 2024).

2.6% = 84100万人民币 ÷ 320亿人民币(基于截至2024年6月的最近十二个月)。

The 'return' is the profit over the last twelve months. So, this means that for every CN¥1 of its shareholder's investments, the company generates a profit of CN¥0.03.

“回报”是过去12个月的利润。这意味着,对于每一元股东投资,该公司可以获得0.03元的利润。

Does Hengyi Petrochemical Have A Good Return On Equity?

恒逸石化的净资产收益率如何?

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. As shown in the graphic below, Hengyi Petrochemical has a lower ROE than the average (6.4%) in the Chemicals industry classification.

可以说,评估公司的ROE最简单的方法是将其与同行业的平均水平进行比较。然而,这种方法只能作为一个粗略检查的工具,因为同一行业分类中的公司之间确实存在相当大的差异。从下面的图表中可以看出,恒逸石化的ROE低于化学品行业分类的平均水平(6.4%)。

big
SZSE:000703 Return on Equity October 13th 2024
SZSE:000703 2024年10月13日的净资产收益率

That certainly isn't ideal. However, a low ROE is not always bad. If the company's debt levels are moderate to low, then there's still a chance that returns can be improved via the use of financial leverage. A company with high debt levels and low ROE is a combination we like to avoid given the risk involved. You can see the 2 risks we have identified for Hengyi Petrochemical by visiting our risks dashboard for free on our platform here.

这显然并非理想情况。然而,低ROE并不总是不利的。如果公司的债务水平适中或较低,那么仍然有通过利用财务杠杆来改善回报的机会。高负债水平和低ROE的公司组合是我们希望避免的,因为涉及到风险。您可以免费访问我们平台上的风险仪表,查看我们为恒逸石化确定的两个风险。

How Does Debt Impact ROE?

债务对ROE的影响是怎样的?

Companies usually need to invest money to grow their profits. That cash can come from retained earnings, issuing new shares (equity), or debt. In the first two cases, the ROE will capture this use of capital to grow. 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.

公司通常需要投资资金来增加利润。这笔资金可以来自留存收益、发行新股(股权)或债务。在前两种情况下,ROE将捕捉到这种使用资本增长的情况。在后一种情况下,用于增长的债务将提高回报,但不会影响股东权益。这样,债务的使用将提高ROE,即使业务的核心经济状况保持不变。

Hengyi Petrochemical's Debt And Its 2.6% ROE

恒逸石化的债务及其2.6%的roe

Hengyi Petrochemical does use a high amount of debt to increase returns. It has a debt to equity ratio of 2.11. 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.

恒逸石化确实使用大量债务来提高回报。它的资产负债比率为2.11。其roe相当低,即使使用了大量债务;在我们看来,这并不是一个好的结果。债务确实带来额外的风险,所以只有在公司从中获得一些不错的回报时才真正值得。

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。

But ROE is just one piece of a bigger puzzle, since high quality businesses often trade on high multiples of earnings. 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.

但是roe仅是更大拼图中的一部分,因为高质量企业通常以高市盈率交易。重要的是考虑其他因素,如未来盈利增长以及未来需要投入多少投资。因此,您可能要查看这个数据丰富的交互式预测图表的数据。

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。

Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team (at) simplywallst.com.
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。
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。

声明:本内容仅用作提供资讯及教育之目的,不构成对任何特定投资或投资策略的推荐或认可。 更多信息
    抢沙发