Suzhou Douson Drilling & Production Equipment Co.,Ltd. (SHSE:603800) Delivered A Better ROE Than Its Industry
Suzhou Douson Drilling & Production Equipment Co.,Ltd. (SHSE:603800) 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). We'll use ROE to examine Suzhou Douson Drilling & Production Equipment Co.,Ltd. (SHSE:603800), by way of a worked example.
許多投資者仍在學習有用的股票分析指標，本文針對想了解ROE指標的人。我們將使用ROE通過案例來檢驗蘇州斗山鑽採設備股份有限公司(SHSE:603800)。
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.
股東權益回報率ROE是測試公司增值能力和管理股東投資的有效性的指標。更簡單地說，它衡量公司在股東權益中的盈利能力。
How Do You Calculate Return On Equity?
怎樣計算ROE?
The formula for ROE is:
roe的公式是：
Return on Equity = Net Profit (from continuing operations) ÷ Shareholders' Equity
淨資產收益率 = 淨利潤（從持續經營中獲得）÷ 股東權益
So, based on the above formula, the ROE for Suzhou Douson Drilling & Production EquipmentLtd is:
因此，根據以上公式，蘇州斗山鑽採設備股份有限公司的ROE是:
22% = CN¥208m ÷ CN¥944m (Based on the trailing twelve months to March 2024).
22％ = CN¥20800萬 ÷ CN¥94400萬 (截至2024年3月的過去12個月)
The 'return' is the profit over the last twelve months. That means that for every CN¥1 worth of shareholders' equity, the company generated CN¥0.22 in profit.
“收益”是過去12個月的淨利潤。這意味着對於每元股東權益，公司創造了CN¥0.22的利潤。
Does Suzhou Douson Drilling & Production EquipmentLtd Have A Good Return On Equity?
蘇州斗山鑽採設備股份有限公司的ROE表現如何？
Arguably the easiest way to assess company's ROE is to compare it with the average in its industry. Importantly, this is far from a perfect measure, because companies differ significantly within the same industry classification. As is clear from the image below, Suzhou Douson Drilling & Production EquipmentLtd has a better ROE than the average (6.8%) in the Energy Services industry.
評估公司ROE的最簡單方法可能是將其與行業中的平均水平進行比較。重要的是要注意，由於公司在同一行業分類中差別很大，因此這並不是一個完美衡量標準。從下面的圖像中可以明顯看出，蘇州斗山鑽採設備股份有限公司在能源服務業中的ROE比平均水平(6.8%)更好。
That's what we like to see. Bear in mind, a high ROE doesn't always mean superior financial performance. Aside from changes in net income, a high ROE can also be the outcome of high debt relative to equity, which indicates risk.
這正是我們樂於看到的，但請記住，高ROE並不總是意味着優越的財務表現。除了淨利潤的變化外，高ROE還可能是相對於股本的高債務的結果，這表明了風險。
How Does Debt Impact Return On Equity?
債務如何影響股東回報率？
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 use of debt will improve the returns, but will not change the equity. In this manner the use of debt will boost ROE, even though the core economics of the business stay the same.
大多數公司需要資金來增加盈利，這些資金可以來自於前一年的利潤(留存收益)，發行新股或借款。在前兩種情況下，ROE將體現使用資本增長的效果。在最後一種情況下，使用債務將提高回報，但股本不會改變。以這種方式，債務的使用將提高ROE，即使業務的核心經濟學不改變。
Suzhou Douson Drilling & Production EquipmentLtd's Debt And Its 22% ROE
蘇州斗山鑽採設備股份有限公司的債務和22%的ROE。
It's worth noting the high use of debt by Suzhou Douson Drilling & Production EquipmentLtd, leading to its debt to equity ratio of 1.03. There's no doubt its ROE is decent, but the very high debt the company carries is not too exciting to see. Investors should think carefully about how a company might perform if it was unable to borrow so easily, because credit markets do change over time.
值得注意的是，蘇州斗山鑽採設備股份有限公司使用的債務很高，導致其債權-股權比率爲1.03。毫無疑問，它的ROE還不錯，但公司承擔的高額債務並不太令人興奮。投資者應仔細考慮，如果公司不能如此輕鬆地借債，其業績可能如何，因爲信貸市場隨着時間的推移而變化。
Summary
總的來說，我們對偉明環保的表現非常滿意。具體而言，我們喜歡公司以高回報率再投資了其利潤的很大一部分。當然，這導致公司的收益大幅增長。但是，最新的行業分析師預測表明，該公司的收益預計將加速增長。
Return on equity is useful for comparing the quality of different businesses. Companies that can achieve high returns on equity without too much debt are generally of good quality. All else being equal, a higher ROE is better.
股本回報率可以用於比較不同企業的質量。沒有太多負債即可實現高回報的公司通常質量較好。其他因素相等的情況下，較高的ROE更好。
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 check this FREE visualization of analyst forecasts for the company.
但是roe只是更大難題中的一部分，因爲高質量的企業通常以高市盈率交易。考慮到股票價格所反映的預期，利潤增長率尤爲重要。因此，您可能需要查看該公司分析師預測的免費可視化工具。
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.
如果您想查看另一家可能具有更好財務狀況的公司 - 具有高股本回報率和低債務的公司，那麼請不要錯過這份有趣公司列表，該列表免費提供。
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