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How Did Shanghai Waigaoqiao Free Trade Zone Group Co., Ltd.'s (SHSE:600648) 7.4% ROE Fare Against The Industry?

How Did Shanghai Waigaoqiao Free Trade Zone Group Co., Ltd.'s (SHSE:600648) 7.4% ROE Fare Against The Industry?

上海外高橋保稅區集團有限公司怎麼樣s (SHSE: 600648) 業績回報率爲7.4%?
Simply Wall St ·  04/26 19:11

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). We'll use ROE to examine Shanghai Waigaoqiao Free Trade Zone Group Co., Ltd. (SHSE:600648), by way of a worked example.

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。我們將以投資回報率爲例,考察上海外高橋保稅區集團有限公司(SHSE: 600648)。

Return on equity or ROE is a key measure used to assess how efficiently a company's management is utilizing the company's capital. In other words, it is a profitability ratio which measures the rate of return on the capital provided by the company's shareholders.

股本回報率或投資回報率是用於評估公司管理層利用公司資本效率的關鍵指標。換句話說,它是衡量公司股東提供的資本回報率的盈利比率。

How Do You Calculate Return On Equity?

你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 Shanghai Waigaoqiao Free Trade Zone Group is:

因此,根據上述公式,上海外高橋保稅區集團的投資回報率爲:

7.4% = CN¥928m ÷ CN¥13b (Based on the trailing twelve months to December 2023).

7.4% = 9.28億元人民幣 ÷ 130億元人民幣(基於截至2023年12月的過去十二個月)。

The 'return' is the amount earned after tax over the last twelve months. One way to conceptualize this is that for each CN¥1 of shareholders' capital it has, the company made CN¥0.07 in profit.

“回報” 是過去十二個月的稅後收入。將其概念化的一種方法是,每擁有1元人民幣的股東資本,公司的利潤爲0.07元人民幣。

Does Shanghai Waigaoqiao Free Trade Zone Group Have A Good Return On Equity?

上海外高橋保稅區集團的股本回報率是否良好?

One simple way to determine if a company has a good return on equity is to compare it to the average for its industry. Importantly, this is far from a perfect measure, because companies differ significantly within the same industry classification. The image below shows that Shanghai Waigaoqiao Free Trade Zone Group has an ROE that is roughly in line with the Trade Distributors industry average (7.2%).

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。重要的是,這遠非一個完美的衡量標準,因爲各公司在相同的行業分類中差異很大。下圖顯示,上海外高橋保稅區集團的投資回報率與貿易分銷商行業平均水平(7.2%)大致持平。

roe
SHSE:600648 Return on Equity April 26th 2024
SHSE: 600648 2024 年 4 月 26 日股本回報率

That isn't amazing, but it is respectable. While at least the ROE is not lower than the industry, its still worth checking what role the company's debt plays as high debt levels relative to equity may also make the ROE appear high. If so, this increases its exposure to financial risk. You can see the 2 risks we have identified for Shanghai Waigaoqiao Free Trade Zone Group by visiting our risks dashboard for free on our platform here.

這並不奇怪,但值得尊敬。儘管至少投資回報率不低於該行業,但仍值得檢查該公司的債務起了什麼作用,因爲相對於股權的高債務水平也可能使投資回報率顯得很高。如果是這樣,這會增加其金融風險敞口。您可以訪問我們的 2 種風險來查看我們爲上海外高橋保稅區集團確定的兩種風險 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. 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 use of debt will improve the returns, but will not change the equity. That will make the ROE look better than if no debt was used.

幾乎所有公司都需要資金來投資業務,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。在第一和第二種情況下,投資回報率將反映現金用於企業投資的情況。在後一種情況下,債務的使用將提高回報,但不會改變股權。這將使投資回報率看起來比不使用債務時更好。

Shanghai Waigaoqiao Free Trade Zone Group's Debt And Its 7.4% ROE

上海外高橋保稅區集團的債務及其7.4%的投資回報率

Shanghai Waigaoqiao Free Trade Zone Group does use a high amount of debt to increase returns. It has a debt to equity ratio of 1.40. 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.

上海外高橋保稅區集團確實使用大量債務來增加回報。它的負債權益比率爲1.40。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。

Conclusion

結論

Return on equity is a useful indicator of the ability of a business to generate profits and return them to shareholders. A company that can achieve a high return on equity without debt could be considered a high quality business. 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。能夠在沒有債務的情況下實現高股本回報率的公司可以被視爲高質量的企業。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. Profit growth rates, versus the expectations reflected in the price of the stock, are a particularly important to consider. So I think it may be worth checking this free this 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。利潤增長率與股票價格所反映的預期相比,是一個特別重要的考慮因素。因此,我認爲可能值得免費查看這張過去收益、收入和現金流的詳細圖表。

Of course, you might find a fantastic investment by looking elsewhere. So take a peek at this free list of interesting companies.

當然,通過尋找其他地方,你可能會找到一筆不錯的投資。因此,來看看這份有趣的公司的免費清單吧。

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.

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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。

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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