Can An Hui Wenergy Company Limited's (SZSE:000543) ROE Continue To Surpass The Industry Average?
Can An Hui Wenergy Company Limited's (SZSE:000543) ROE Continue To Surpass The Industry Average?
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 An Hui Wenergy Company Limited (SZSE:000543), by way of a worked example.
尽管一些投资者已经精通财务指标（帽子提示），但本文适用于那些想了解股本回报率（ROE）及其重要性的人。举一个有效的例子，我们将使用投资回报率来考察安辉光能有限公司（深圳证券交易所代码：000543）。
Return on equity or ROE is a key measure used to assess how efficiently a company's management is utilizing the company's capital. Simply put, it is used to assess the profitability of a company in relation to its equity capital.
股本回报率或投资回报率是用于评估公司管理层利用公司资本效率的关键指标。简而言之，它用于评估公司相对于其股权资本的盈利能力。
How Do You Calculate Return On Equity?
你如何计算股本回报率？
Return on equity can be calculated by using the formula:
股本回报率可以使用以下公式计算：
Return on Equity = Net Profit (from continuing operations) ÷ Shareholders' Equity
股本回报率 = 净利润（来自持续经营）÷ 股东权益
So, based on the above formula, the ROE for An Hui Wenergy is:
因此，根据上述公式，安徽文能的投资回报率为：
10% = CN¥2.3b ÷ CN¥23b (Based on the trailing twelve months to September 2024).
10% = 23元人民币 ÷ 230元人民币（基于截至2024年9月的过去十二个月）。
The 'return' is the amount earned after tax 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¥0.10.
“回报” 是过去十二个月的税后收入。因此，这意味着其股东每投资1元人民币，公司就会产生0.10元人民币的利润。
Does An Hui Wenergy Have A Good ROE?
安徽文能有不错的投资回报率吗？
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 you can see in the graphic below, An Hui Wenergy has a higher ROE than the average (7.7%) in the Renewable Energy industry.
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。但是，这种方法仅在粗略检查时有用，因为各公司在相同的行业分类中确实存在很大差异。如下图所示，安辉Wenergy的投资回报率高于可再生能源行业的平均水平（7.7％）。
That's clearly a positive. Bear in mind, a high ROE doesn't always mean superior financial performance. Aside from changes in net income, a high ROE can also be the outcome of high debt relative to equity, which indicates risk. You can see the 2 risks we have identified for An Hui Wenergy by visiting our risks dashboard for free on our platform here.
这显然是积极的。请记住，高投资回报率并不总是意味着卓越的财务业绩。除了净收入的变化外，较高的投资回报率也可能是高债务相对于股本的结果，这表明存在风险。您可以通过我们的平台免费访问我们的风险控制面板，查看我们为安辉Wenergy确定的两种风险。
Why You Should Consider Debt When Looking At ROE
为什么在考虑投资回报率时应该考虑债务
Most companies need money -- from somewhere -- to grow their profits. That cash can come from issuing shares, retained earnings, or debt. In the first and second cases, the ROE will reflect this use of cash for investment in the business. In the latter case, the use of debt will improve the returns, but will not change the equity. In this manner the use of debt will boost ROE, even though the core economics of the business stay the same.
大多数公司需要来自某个地方的资金来增加利润。这些现金可以来自发行股票、留存收益或债务。在第一和第二种情况下，投资回报率将反映现金用于企业投资的情况。在后一种情况下，债务的使用将提高回报，但不会改变股权。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。
Combining An Hui Wenergy's Debt And Its 10% Return On Equity
合并安徽文能的债务及其10％的股本回报率
An Hui Wenergy does use a high amount of debt to increase returns. It has a debt to equity ratio of 1.59. 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.
安徽文能确实使用大量债务来增加回报。它的债务权益比率为1.59。即使使用了巨额债务，其投资回报率也相当低；在我们看来，这不是一个好结果。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。
Conclusion
结论
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 the same ROE, then I would generally prefer the one with less debt.
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。如果两家公司的投资回报率相同，那么我通常更喜欢负债较少的公司。
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 check this FREE visualization of analyst forecasts for the company.
但是投资回报率只是更大难题中的一部分，因为高质量的企业通常以高倍的收益进行交易。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，您可能需要查看该公司的分析师预测的免费可视化效果。
But note: An Hui Wenergy 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：安徽文能可能不是最值得买入的股票。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提供基于历史数据和分析师预测的评论，我们的文章并非旨在提供财务建议。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，我们的分析可能不会考虑最新的价格敏感型公司公告或定性材料。华尔街只是没有持有上述任何股票的头寸。
