ShenZhen Properties & Resources Development (Group) Ltd. (SZSE:000011) Delivered A Better ROE Than Its Industry
ShenZhen Properties & Resources Development (Group) Ltd. (SZSE:000011) Delivered A Better ROE Than Its Industry
While some investors are already well versed in financial metrics (hat tip), this article is for those who would like to learn about Return On Equity (ROE) and why it is important. We'll use ROE to examine ShenZhen Properties & Resources Development (Group) Ltd. (SZSE:000011), by way of a worked example.
如果您希望學習Return On Equity(ROE)及其重要性,可以閱讀本文。我們將通過SZSE:000011的實例來使用ROE進行檢查,該公司是深圳物業資源發展(集團)股份有限公司。
Return on equity or ROE is a key measure used to assess how efficiently a company's management is utilizing the company's capital. Put another way, it reveals the company's success at turning shareholder investments into profits.
股本回報率或roe是一項關鍵指標,用於評估公司管理層使用公司資本的效率。換句話說,它揭示了公司將股東的投資轉化爲利潤的成功。
How Do You Calculate Return On Equity?
怎樣計算ROE?
The formula for return on equity is:
權益回報率的計算公式是:
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 ShenZhen Properties & Resources Development (Group) is:
因此,根據上述公式,深圳物業資源發展(集團)的ROE爲:
9.3% = CN¥436m ÷ CN¥4.7b (Based on the trailing twelve months to March 2024).
9.3%=CN¥436m÷ CN¥4.7b(基於截至2024年3月的過去十二個月)。
The 'return' refers to a company's earnings over the last year. Another way to think of that is that for every CN¥1 worth of equity, the company was able to earn CN¥0.09 in profit.
「回報」是指公司在過去一年中的收益。換句話說,對於每1元人民幣的股權,該公司能夠賺取0.09元人民幣的利潤。
Does ShenZhen Properties & Resources Development (Group) Have A Good ROE?
深圳物業資源發展(集團)的ROE如何?
By comparing a company's ROE with its industry average, we can get a quick measure of how good it is. Importantly, this is far from a perfect measure, because companies differ significantly within the same industry classification. As you can see in the graphic below, ShenZhen Properties & Resources Development (Group) has a higher ROE than the average (3.9%) in the Real Estate industry.
通過將公司的ROE與其所屬行業的平均值進行比較,我們可以快速衡量其水平。但重要的是要注意,這並不是完美的度量標準,因爲即使在同一行業中,公司之間也存在顯著差異。從下圖中可以看出,深圳物業資源發展(集團)在房地產行業中的ROE高於平均水平3.9%。
![roe](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240530/0-e9b3f45faa48109843a12881bef1cb77-0-2c332904c2194d15d165bf4814885326.png/big)
That's clearly a positive. With that said, a high ROE doesn't always indicate high profitability. Aside from changes in net income, a high ROE can also be the outcome of high debt relative to equity, which indicates risk. To know the 3 risks we have identified for ShenZhen Properties & Resources Development (Group) visit our risks dashboard for free.
那顯然是一個積極的方面。儘管如此,高ROE並不總是表明高盈利能力。除了淨收入的變化之外,高ROE也可能是與權益相對較高的高債務的結果,這表明存在風險。爲了了解我們針對深圳物業資源發展(集團)確定的3個風險,請訪問我們的風險儀表板。
How Does Debt Impact ROE?
債務對ROE的影響是怎樣的?
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 required for growth will boost returns, but will not impact the shareholders' 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才能獲得利潤增長。 這些投資資金可以來自前一年的利潤(留存收益),發行新股或借款。 在前兩種情況下,roe將捕捉這種資本用於增長的用途。 在後一種情況下,爲了增長所需的債務會提高回報,但不會影響股東權益。 以這種方式使用債務將提高roe,即使業務的核心經濟情況保持不變。
ShenZhen Properties & Resources Development (Group)'s Debt And Its 9.3% ROE
深圳物業資源發展(集團)的債務和其9.3%的ROE
ShenZhen Properties & Resources Development (Group) clearly uses a high amount of debt to boost returns, as it has a debt to equity ratio of 1.07. Its ROE is quite low, even with the use of significant debt; that's not a good result, in our opinion. Debt increases risk and reduces options for the company in the future, so you generally want to see some good returns from using it.
深圳物業資源發展(集團)顯然使用了大量債務來提高回報,因爲其資產負債率爲1.07。即使使用了大量的債務,其ROE也相當低,這並不是一個好結果。債務增加了風險並減少了公司的未來選擇,因此通常希望債務使用可以帶來一些良好的回報。
Conclusion
結論
Return on equity is one way we can compare its business quality of different companies. 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.
ROE是我們比較不同公司業務質量的一種方法。一般而言,能夠在不過度依賴於債務的情況下獲得高回報的公司通常是優質的公司。除此之外,其他條件相同,更高的ROE更好。
But ROE is just one piece of a bigger puzzle, since high quality businesses often trade on high multiples of earnings. 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. So I think it may be worth checking this free this detailed graph of past earnings, revenue and cash flow.
但roe只是一個更大拼圖的一部分,因爲高質量的企業往往會以高倍的收益率進行交易。應該考慮相對於當前價格反映的利潤增長預期,利潤增長的速度也是必須考慮的。因此,我認爲值得查看這份免費的詳細圖表,了解過去的收益、營業收入和交易現金流。
Of course, you might find a fantastic investment by looking elsewhere. So take a peek at this free list of interesting companies.
當然,您也可能通過尋找其他地方來找到出色的投資。因此,不妨查看這個有趣公司的免費列表。
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