Foshan Golden Milky Way Intelligent Equipment Co., Ltd. (SZSE:300619) Delivered A Better ROE Than Its Industry
Foshan Golden Milky Way Intelligent Equipment Co., Ltd. (SZSE:300619) Delivered A Better ROE Than Its Industry
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 Foshan Golden Milky Way Intelligent Equipment Co., Ltd. (SZSE:300619).
許多投資者仍在學習分析股票時可能有用的各種指標。本文適用於那些想了解股本回報率(ROE)的人。爲了使課程以實用爲基礎,我們將使用ROE來更好地了解佛山金銀河智能裝備有限公司(SZSE: 300619)。
Return on Equity or ROE is a test of how effectively a company is growing its value and managing investors' money. In simpler terms, it measures the profitability of a company in relation to shareholder's equity.
股本回報率或投資回報率是對公司增值和管理投資者資金的有效性的考驗。簡而言之,它衡量公司相對於股東權益的盈利能力。
See our latest analysis for Foshan Golden Milky Way Intelligent Equipment
查看我們對佛山金銀河智能裝備的最新分析
How Is ROE Calculated?
ROE 是如何計算的?
The formula for return on equity is:
股本回報率的公式是:
Return on Equity = Net Profit (from continuing operations) ÷ Shareholders' Equity
股本回報率 = 淨利潤(來自持續經營業務)÷ 股東權益
So, based on the above formula, the ROE for Foshan Golden Milky Way Intelligent Equipment is:
因此,根據上述公式,佛山金銀河智能裝備的投資回報率爲:
11% = CN¥121m ÷ CN¥1.1b (Based on the trailing twelve months to September 2023).
11% = 1.21億元人民幣 ÷ 11億元人民幣(基於截至2023年9月的過去十二個月)。
The 'return' is the amount earned after tax over the last twelve months. Another way to think of that is that for every CN¥1 worth of equity, the company was able to earn CN¥0.11 in profit.
“回報” 是過去十二個月的稅後收入。另一種思考方式是,公司每擁有價值1元人民幣的股權,就能獲得0.11元的利潤。
Does Foshan Golden Milky Way Intelligent Equipment Have A Good ROE?
佛山金銀河智能裝備的投資回報率好嗎?
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, Foshan Golden Milky Way Intelligent Equipment has a higher ROE than the average (7.5%) in the Machinery industry.
確定公司股本回報率是否不錯的一種簡單方法是將其與該行業的平均水平進行比較。這種方法的侷限性在於,有些公司與其他公司有很大不同,即使在相同的行業分類中也是如此。如下圖所示,佛山金銀河智能裝備的投資回報率高於機械行業的平均水平(7.5%)。
![roe](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240125/0-fc5b60c581d3a0e3d923e0f03bdb3431-0-a29791c91e7d7149722a6fb3d18b9b1c.png/big)
That is a good sign. However, bear in mind that a high ROE doesn't necessarily indicate efficient profit generation. Especially when a firm uses high levels of debt to finance its debt which may boost its ROE but the high leverage puts the company at risk. Our risks dashboardshould have the 3 risks we have identified for Foshan Golden Milky Way Intelligent Equipment.
這是一個好兆頭。但是,請記住,高投資回報率並不一定意味着有效的利潤創造。尤其是當一家公司使用高額債務爲其債務融資時,這可能會提高其投資回報率,但高槓杆率會使公司面臨風險。我們的風險儀表板應該包含我們爲佛山金銀河智能設備確定的三種風險。
The Importance Of Debt To Return On Equity
債務對股本回報率的重要性
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 first two cases, the ROE will capture this use of capital to grow. In the latter case, the debt used for growth will improve returns, but won't affect the total equity. Thus the use of debt can improve ROE, albeit along with extra risk in the case of stormy weather, metaphorically speaking.
幾乎所有公司都需要資金來投資業務,增加利潤。這些現金可以來自發行股票、留存收益或債務。在前兩個案例中,投資回報率將涵蓋這種資本用於增長的用途。在後一種情況下,用於增長的債務將提高回報,但不會影響總資產。因此,使用債務可以提高投資回報率,儘管可以隱喻地說,暴風雨天氣會帶來額外的風險。
Foshan Golden Milky Way Intelligent Equipment's Debt And Its 11% ROE
佛山金銀河智能裝備的債務及其11%的投資回報率
Foshan Golden Milky Way Intelligent Equipment clearly uses a high amount of debt to boost returns, as it has a debt to equity ratio of 1.12. With a fairly low ROE, and significant use of debt, it's hard to get excited about this business at the moment. Debt increases risk and reduces options for the company in the future, so you generally want to see some good returns from using it.
佛山金銀河智能設備顯然使用大量債務來提高回報,因爲其負債權益比率爲1.12。由於投資回報率相當低,而且債務使用量很大,目前很難對這項業務感到興奮。債務會增加風險,減少公司未來的選擇,因此您通常希望從使用債務中獲得豐厚的回報。
Summary
摘要
Return on equity is a useful indicator of the ability of a business to generate profits and return them to shareholders. In our books, the highest quality companies have high return on equity, despite low debt. All else being equal, a higher ROE is better.
股本回報率是衡量企業創造利潤並將其返還給股東的能力的有用指標。在我們的賬簿中,儘管債務很低,但質量最高的公司的股本回報率卻很高。在其他條件相同的情況下,更高的投資回報率更好。
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. 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. You can see how the company has grow in the past by looking at this FREE detailed graph of past earnings, revenue and cash flow.
話雖如此,儘管投資回報率是衡量業務質量的有用指標,但你必須考慮一系列因素來確定購買股票的正確價格。相對於當前價格所反映的利潤增長預期,還必須考慮利潤可能的增長速度。您可以通過查看這張免費的過去收益、收入和現金流詳細圖表來了解公司過去的增長情況。
If you would prefer check out another company -- one with potentially superior financials -- then do not miss this free list of interesting companies, that have HIGH return on equity and low debt.
如果你更願意去另一家公司——一家財務狀況可能優越的公司——那麼千萬不要錯過這份免費的股本回報率高、債務低的有趣公司的名單。
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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.
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Simply Wall St的這篇文章本質上是籠統的。我們僅使用公正的方法根據歷史數據和分析師的預測提供評論,我們的文章無意作爲財務建議。它不構成買入或賣出任何股票的建議,也沒有考慮到您的目標或財務狀況。我們的目標是爲您提供由基本數據驅動的長期重點分析。請注意,我們的分析可能不考慮最新的價格敏感型公司公告或定性材料。簡而言之,華爾街沒有持有任何上述股票的頭寸。