Based On Its ROE, Is Jiangsu Zhongsheng Gaoke Environmental Co.,Ltd. (SZSE:002778) A High Quality Stock?
Based On Its ROE, Is Jiangsu Zhongsheng Gaoke Environmental Co.,Ltd. (SZSE:002778) A High Quality Stock?
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 Jiangsu Zhongsheng Gaoke Environmental Co.,Ltd. (SZSE:002778).
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。通過邊幹邊學的方式,我們將研究投資回報率,以更好地了解江蘇中盛高科環境有限公司。,有限公司(深圳證券交易所:002778)。
ROE or return on equity is a useful tool to assess how effectively a company can generate returns on the investment it received from its shareholders. Simply put, it is used to assess the profitability of a company in relation to its equity capital.
ROE或股本回報率是評估公司如何有效地從股東那裏獲得的投資中獲得回報的有用工具。簡而言之,它用於評估公司相對於其股權資本的盈利能力。
How To Calculate Return On Equity?
如何計算股本回報率?
ROE can be calculated by using the formula:
ROE 可以通過以下公式計算:
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 Jiangsu Zhongsheng Gaoke EnvironmentalLtd is:
因此,根據上述公式,江蘇中盛高科環保有限公司的投資回報率爲:
4.8% = CN¥30m ÷ CN¥620m (Based on the trailing twelve months to September 2022).
4.8% = 3000萬元人民幣 ÷ 6.2億元人民幣(基於截至2022年9月的過去十二個月)。
The 'return' refers to a company's earnings over the last year. That means that for every CN¥1 worth of shareholders' equity, the company generated CN¥0.05 in profit.
“回報” 是指公司去年的收益。這意味着,每持有價值1元人民幣的股權,公司就會產生0.05元人民幣的利潤。
Does Jiangsu Zhongsheng Gaoke EnvironmentalLtd Have A Good ROE?
江蘇中盛高科環保有限公司的投資回報率是否良好?
One simple way to determine if a company has a good return on equity is to compare it to the average for 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 is clear from the image below, Jiangsu Zhongsheng Gaoke EnvironmentalLtd has a lower ROE than the average (6.9%) in the Chemicals 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。但是,這種方法僅在粗略檢查時有用,因爲各公司在相同的行業分類中確實存在很大差異。從下圖中可以看出,江蘇中盛高科環境有限公司的投資回報率低於化工行業的平均水平(6.9%)。
![roe](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240203/0-81f451397f3b6e64ec600ee6c816c25d-0-1f13752451c1b80d0905daaa8a47514e.png/big)
That certainly isn't ideal. That being said, a low ROE is not always a bad thing, especially if the company has low leverage as this still leaves room for improvement if the company were to take on more debt. A high debt company having a low ROE is a different story altogether and a risky investment in our books. To know the 2 risks we have identified for Jiangsu Zhongsheng Gaoke EnvironmentalLtd visit our risks dashboard for free.
這當然不理想。話雖如此,低投資回報率並不總是一件壞事,尤其是在公司的槓桿率低的情況下,因爲如果公司承擔更多債務,這仍有改進的餘地。投資回報率低的高負債公司完全是另一回事,對我們的賬面來說也是一項風險投資。要了解我們爲江蘇中盛高科環境有限公司確定的兩種風險,請免費訪問我們的風險儀表板。
How Does Debt Impact ROE?
債務如何影響投資回報率?
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 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. In this manner the use of debt will boost ROE, even though the core economics of the business stay the same.
大多數公司需要來自某個地方的資金來增加利潤。投資現金可以來自上一年的利潤(留存收益)、發行新股或借款。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。以這種方式,債務的使用將提高投資回報率,儘管該業務的核心經濟學保持不變。
Combining Jiangsu Zhongsheng Gaoke EnvironmentalLtd's Debt And Its 4.8% Return On Equity
合併江蘇中盛高科環保股份有限公司的債務及其4.8%的股本回報率
While Jiangsu Zhongsheng Gaoke EnvironmentalLtd does have some debt, with a debt to equity ratio of just 0.49, we wouldn't say debt is excessive. Its ROE is certainly on the low side, and since it already uses debt, we're not too excited about the company. Judicious use of debt to improve returns can certainly be a good thing, although it does elevate risk slightly and reduce future optionality.
儘管江蘇中盛高科環境有限公司確實有一些債務,負債權益比率僅爲0.49,但我們不會說債務過多。它的投資回報率肯定很低,而且由於它已經使用債務,我們對該公司並不太興奮。明智地使用債務來提高回報肯定是一件好事,儘管它確實會稍微提高風險並減少未來的選擇餘地。
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. If two companies have the same ROE, then I would generally prefer the one with less debt.
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。如果兩家公司的投資回報率相同,那麼我通常更喜歡負債較少的公司。
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. It is important to consider other factors, such as future profit growth -- and how much investment is required going forward. 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,但您必須考慮一系列因素才能確定購買股票的正確價格。重要的是要考慮其他因素,例如未來的利潤增長以及未來需要多少投資。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。