Should You Be Excited About China Southern Power Grid Energy Efficiency & Clean Energy Co., Ltd.'s (SZSE:003035) 8.3% Return On Equity?
Should You Be Excited About China Southern Power Grid Energy Efficiency & Clean Energy Co., Ltd.'s (SZSE:003035) 8.3% Return On Equity?
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). To keep the lesson grounded in practicality, we'll use ROE to better understand China Southern Power Grid Energy Efficiency & Clean Energy Co., Ltd. (SZSE:003035).
許多投資者仍在學習在分析股票時可能有用的各種指標。這篇文章是為那些想了解股本回報率(ROE)的人準備的。為了讓這一課立足於實踐，我們將使用淨資產收益率來更好地瞭解中國南方電網能源效率與清潔能源有限公司(深交所代碼：003035)。
Return on equity or ROE is an important factor to be considered by a shareholder because it tells them how effectively their capital is being reinvested. Put another way, it reveals the company's success at turning shareholder investments into profits.
股本回報率或淨資產收益率是股東要考慮的一個重要因素，因為它告訴他們他們的資本再投資的效率。換句話說，它揭示了該公司成功地將股東投資轉化為利潤。
Check out our latest analysis for China Southern Power Grid Energy Efficiency & Clean Energy
查看我們對中國南方電網能效和清潔能源的最新分析
How Do You Calculate Return On Equity?
你如何計算股本回報率？
The formula for ROE is:
這個淨資產收益率公式是：
Return on Equity = Net Profit (from continuing operations) ÷ Shareholders' Equity
股本回報率=(持續經營的)淨利潤？股東權益
So, based on the above formula, the ROE for China Southern Power Grid Energy Efficiency & Clean Energy is:
因此，根據上述公式，中國南方電網能效與清潔能源的淨資產收益率為：
8.3% = CN¥597m ÷ CN¥7.2b (Based on the trailing twelve months to June 2023).
8.3%=5.97億元×72億元(以截至2023年6月的12個月為基礎)。
The 'return' is the yearly profit. 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.
“回報”就是年度利潤。另一種說法是，公司每持有價值1元的股權，就能賺取0.08元的利潤。
Does China Southern Power Grid Energy Efficiency & Clean Energy Have A Good ROE?
中國南方電網能效清潔能源ROE好嗎？
One simple way to determine if a company has a good return on equity is to compare it to the average for its industry. The limitation of this approach is that some companies are quite different from others, even within the same industry classification. As you can see in the graphic below, China Southern Power Grid Energy Efficiency & Clean Energy has a higher ROE than the average (6.3%) in the Commercial Services industry.
確定一家公司是否擁有良好的股本回報率的一個簡單方法是將其與所在行業的平均水準進行比較。這種方法的侷限性是，一些公司與其他公司有很大的不同，甚至在相同的行業分類中也是如此。如下圖所示，中國南方電網能效與清潔能源的淨資產收益率高於商業服務行業的平均水準(6.3%)。
That's what we like to see. However, bear in mind that a high ROE doesn't necessarily indicate efficient profit generation. A higher proportion of debt in a company's capital structure may also result in a high ROE, where the high debt levels could be a huge risk .
這就是我們希望看到的。然而，請記住，高淨資產收益率並不一定意味著有效的利潤創造。債務在公司資本結構中的比例較高也可能導致較高的淨資產收益率，而較高的債務水準可能是一個巨大的風險。
How Does Debt Impact ROE?
債務對淨資產收益率有何影響？
Most companies need money -- from somewhere -- to grow their profits. The cash for investment can come from prior year profits (retained earnings), issuing new shares, or borrowing. In the first and second cases, the ROE will reflect this use of cash for investment in the business. 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.
大多數公司都需要資金--從某個地方--來增加利潤。投資的現金可以來自上一年的利潤(留存收益)、發行新股或借款。在第一種和第二種情況下，淨資產收益率將反映對企業投資的現金使用情況。在後一種情況下，增長所需的債務將提高回報，但不會影響股東權益。因此，債務的使用可以提高淨資產收益率，儘管打個比方說，在暴風雨天氣的情況下會有額外的風險。
Combining China Southern Power Grid Energy Efficiency & Clean Energy's Debt And Its 8.3% Return On Equity
合併中國南方電網能效清潔能源的債務及其8.3%的股本回報率
China Southern Power Grid Energy Efficiency & Clean Energy clearly uses a high amount of debt to boost returns, as it has a debt to equity ratio of 1.04. 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.
中國南方電網能效清潔能源顯然利用高負債來提高回報，因為它的負債權益比為1.04。相當低的淨資產收益率和大量使用債務的組合並不是特別有吸引力。債務確實會帶來額外的風險，所以只有當一家公司從債務中獲得一些可觀的回報時，它才是真正值得的。
Conclusion
結論
Return on equity is useful for comparing the quality of different businesses. In our books, the highest quality companies have high return on equity, despite low debt. All else being equal, a higher ROE is better.
股本回報率在比較不同企業的質量時很有用。在我們的賬目中，最高質量的公司擁有高股本回報率，儘管債務水準較低。在其他條件相同的情況下，淨資產收益率越高越好。
But when a business is high quality, the market often bids it up to a price that reflects this. The rate at which profits are likely to grow, relative to the expectations of profit growth reflected in the current price, must be considered, too. So you might want to check this FREE visualization of analyst forecasts for the company.
但當一項業務是高質量的時，市場往往會將其抬高到反映這一點的價格。相對於當前價格反映的利潤增長預期，也必須考慮利潤可能增長的速度。因此，你可能想查看分析師對該公司預測的免費可視化。
Of course, you might find a fantastic investment by looking elsewhere. So take a peek at this free list of interesting companies.
當然了,如果你把目光投向別處，你可能會發現這是一筆很棒的投資。所以讓我們來看看這個免費有趣的公司名單。
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本文由Simply Wall St.撰寫，具有概括性.我們僅使用不偏不倚的方法提供基於歷史數據和分析師預測的評論，我們的文章並不打算作為財務建議.它不構成買賣任何股票的建議，也沒有考慮你的目標或你的財務狀況.我們的目標是為您帶來由基本面數據驅動的長期重點分析.請注意，我們的分析可能不會將最新的對價格敏感的公司公告或定性材料考慮在內.Simply Wall St.對上述任何一隻股票都沒有持倉.