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Is NYOCOR Co., Ltd.'s (SHSE:600821) 9.4% ROE Better Than Average?

Is NYOCOR Co., Ltd.'s (SHSE:600821) 9.4% ROE Better Than Average?

是 NYOCOR 有限公司嗎s (SHSE: 600821) 9.4% 的投資回報率高於平均水平?
Simply Wall St ·  02/05 12:00

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 NYOCOR Co., Ltd. (SHSE:600821).

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NYOCOR有限公司(SHSE: 600821)。

Return on Equity or ROE is a test of how effectively a company is growing its value and managing investors' money. Put another way, it reveals the company's success at turning shareholder investments into profits.

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。換句話說,它揭示了公司成功地將股東投資轉化爲利潤。

How Is ROE Calculated?

ROE 是如何計算的?

Return on equity can be calculated by using the formula:

股本回報率可以使用以下公式計算:

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 NYOCOR is:

因此,根據上述公式,NYOCOR的投資回報率爲:

9.4% = CN¥881m ÷ CN¥9.3b (Based on the trailing twelve months to September 2023).

9.4% = 8.81億元人民幣 ÷ 93億元人民幣(基於截至2023年9月的過去十二個月)。

The 'return' is the income the business earned over the last year. That means that for every CN¥1 worth of shareholders' equity, the company generated CN¥0.09 in profit.

“回報” 是企業在過去一年中獲得的收入。這意味着,每持有價值1元人民幣的股權,公司就會產生0.09元人民幣的利潤。

Does NYOCOR Have A Good Return On Equity?

NYOCOR 有良好的股本回報率嗎?

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, NYOCOR has a higher ROE than the average (6.9%) in the Renewable Energy 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,NYOCOR的投資回報率高於可再生能源行業的平均水平(6.9%)。

roe
SHSE:600821 Return on Equity February 5th 2024
SHSE: 600821 2024 年 2 月 5 日股本回報率

That is a good sign. However, bear in mind that a high ROE doesn't necessarily indicate efficient profit generation. 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 NYOCOR by visiting our risks dashboard for free on our platform here.

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。除了淨收入的變化外,較高的投資回報率也可能是高債務相對於股本的結果,這表明存在風險。您可以通過訪問我們的 NYOCOR 查看我們已確定的 2 種風險 風險儀表板 在我們的平台上免費使用。

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 case of the first and second options, the ROE will reflect this use of cash, for growth. 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.

實際上,所有公司都需要資金來投資業務,以增加利潤。這些現金可以來自發行股票、留存收益或債務。就第一和第二種選擇而言,投資回報率將反映出現金的使用情況,以實現增長。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投資回報率,儘管比喻地說,在暴風雨天氣中還會帶來額外的風險。

Combining NYOCOR's Debt And Its 9.4% Return On Equity

合併NYOCOR的債務及其9.4%的股本回報率

NYOCOR clearly uses a high amount of debt to boost returns, as it has a debt to equity ratio of 2.03. 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.

NYOCOR顯然使用大量債務來提高回報,因爲其負債權益比率爲2.03。相當低的投資回報率和大量使用債務相結合並不是特別有吸引力。債務確實會帶來額外的風險,因此只有當公司從中獲得可觀的回報時,債務才是真正值得的。

Conclusion

結論

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.

股本回報率是我們可以比較不同公司的業務質量的一種方式。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。

But ROE is just one piece of a bigger puzzle, since high quality businesses often trade on high multiples of earnings. Profit growth rates, versus the expectations reflected in the price of the stock, are a particularly important to consider. So you might want to take a peek at this data-rich interactive graph of forecasts for the company.

但是投資回報率只是更大難題中的一部分,因爲高質量的企業通常以高倍的收益進行交易。與股票價格所反映的預期相比,利潤增長率尤其值得考慮。因此,你可能想看看這張數據豐富的公司預測交互式圖表。

Of course NYOCOR may not be the best stock to buy. So you may wish to see this free collection of other companies that have high ROE and low debt.

當然,NYOCOR可能不是最好的買入股票。因此,您不妨免費查看其他投資回報率高、負債率低的公司的名單。

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.

對這篇文章有反饋嗎?對內容感到擔憂?直接聯繫我們。 或者,給編輯團隊 (at) simplywallst.com 發送電子郵件。
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。

声明:本內容僅用作提供資訊及教育之目的,不構成對任何特定投資或投資策略的推薦或認可。 更多信息
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