Is Shanghai Zhangjiang Hi-Tech Park Development Co., Ltd. (SHSE:600895) A High Quality Stock To Own?
Is Shanghai Zhangjiang Hi-Tech Park Development Co., Ltd. (SHSE:600895) A High Quality Stock To Own?
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. To keep the lesson grounded in practicality, we'll use ROE to better understand Shanghai Zhangjiang Hi-Tech Park Development Co., Ltd. (SHSE:600895).
雖然有些投資者已經很熟悉財務度量方法(致敬),但本文是爲那些想學習回報率(ROE)及其重要性的人。爲了使這個課堂更具實用性,我們將使用ROE來更好地理解張江高科(SHSE:600895)。
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.
淨資產收益率(roe)是衡量公司經營管理層如何有效利用公司資本的關鍵指標。換言之,它是一種利潤率,衡量由公司股東提供的資本的回報率。
How To Calculate Return On Equity?
如何計算股東權益報酬率?
Return on equity can be calculated by using the formula:
股東權益報酬率可以使用以下公式計算:
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 Shanghai Zhangjiang Hi-Tech Park Development is:
因此,根據上述公式,上海張江高科技園區發展的roe爲:
5.3% = CN¥860m ÷ CN¥16b (Based on the trailing twelve months to March 2024).
5.3%=CN¥86000萬÷CN¥160億(基於2024年3月的過往12個月)。
The 'return' refers to a company's earnings over the last year. So, this means that for every CN¥1 of its shareholder's investments, the company generates a profit of CN¥0.05.
‘回報’指的是公司過去一年的收益。這意味着對於每一元股東投資,公司會創造CN¥0.05的利潤。
Does Shanghai Zhangjiang Hi-Tech Park Development Have A Good Return On Equity?
張江高科的回報率是否良好?
Arguably the easiest way to assess company's ROE is to compare it with the average in 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, Shanghai Zhangjiang Hi-Tech Park Development has a better ROE than the average (3.9%) in the Real Estate industry.
可以說,評估公司的ROE最簡單的方法是將其與行業平均水平進行比較。但是,由於公司在同一行業分類中有很大差異,因此這種方法只有作爲一個粗略檢查才有用。從以下圖像可以清楚地看出,張江高科房地產行業的ROE比平均水平(3.9%)更好。
![roe](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240619/0-3f2a38554b843b87d540d15e85e83d7d-0-e8c4f85f2a0f8a80cc3921349a83cbbb.png/big)
That is a good sign. 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. You can see the 4 risks we have identified for Shanghai Zhangjiang Hi-Tech Park Development by visiting our risks dashboard for free on our platform here.
這是一個好的跡象。請記住,高roe並不總是意味着超凡的財務表現。除了淨收入的變化,高roe也可能是相對於股本高的債務的結果,這表明風險。您可以訪問我們網站了解我們爲張江高科確認的4個風險。風險儀表板在瀏覽完所有相關因素確定股票購買價格後,ROE是一個有用的公司質量指標。此外,還需要考慮其他因素,例如未來盈利增長以及未來需要投入多少投資。因此,我認爲值得查看這份免費的詳細收益、營收和現金流圖表。
The Importance Of Debt To Return On Equity
債務對股本回報率的重要性
Companies usually need to invest money to grow their profits. That cash can come from retained earnings, issuing new shares (equity), 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 used for growth will improve returns, but won't affect the total equity. Thus the use of debt can improve ROE, albeit along with extra risk in the case of stormy weather, metaphorically speaking.
公司通常需要投資以增加其利潤。這種資金可以來自留存收益、新發行的股票(權益)或債務。對於前兩種選擇,ROE將反映這種資金的用途,以期實現增長。在後一種選擇中,用於增長的債務將提高回報率,但不會影響總淨資產。因此,債務的使用可以提高ROE,但在像雨後春筍般發展的情況下,這也將伴隨着額外的風險。
Combining Shanghai Zhangjiang Hi-Tech Park Development's Debt And Its 5.3% Return On Equity
結合張江高科的債務和5.3%的ROE
Shanghai Zhangjiang Hi-Tech Park Development clearly uses a high amount of debt to boost returns, as it has a debt to equity ratio of 1.73. Its ROE is quite low, even with the use of significant debt; that's not a good result, in our opinion. 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.
張江高科明顯使用了大量債務來提高回報率,因爲其負債權益比爲1.73。儘管使用了大量債務,其ROE仍然相當低;在我們看來,這不是一個好結果。投資者應該仔細考慮,如果公司不能輕易借款,它可能會表現如何,因爲信貸市場隨着時間的推移會發生變化。
Conclusion
結論
Return on equity is one way we can compare its business quality of different companies. A company that can achieve a high return on equity without debt could be considered a high quality business. If two companies have the same ROE, then I would generally prefer the one with less debt.
淨資產收益率是比較不同公司業務質量的一種方法。可以認爲,不借債就能實現高淨資產收益率的公司是高品質的公司。如果兩個公司的淨資產收益率相同,則我通常更喜歡負債較少的公司。
But when a business is high quality, the market often bids it up to a price that reflects this. 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 report on analyst forecasts for the company.
但是,當企業質量高時,市場往往會抬高其價格以反映這一點。必須考慮收益增長的可能速度,相對於當前價格中反映的收益增長預期。因此,我認爲可以值得查看有關該公司分析師預測的免費報告。
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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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.
對本文有反饋?關於內容有所顧慮?直接和我們聯繫。或電郵 editorial-team (at) simplywallst.com。
這篇文章是Simply Wall St的一般性文章。我們根據歷史數據和分析師預測提供評論,只使用公正的方法論,我們的文章並不意味着提供任何金融建議。文章不構成買賣任何股票的建議,也不考慮您的目標或您的財務狀況。我們的目標是帶給您基本數據驅動的長期關注分析。請注意,我們的分析可能不考慮最新的價格敏感公司公告或定性材料。Simply Wall St沒有任何股票頭寸。
Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team@simplywallst.com
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