Is China Coal Xinji Energy Co.,Ltd's (SHSE:601918) 16% ROE Better Than Average?
Is China Coal Xinji Energy Co.,Ltd's (SHSE:601918) 16% ROE Better Than Average?
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 China Coal Xinji Energy Co.,Ltd (SHSE:601918), by way of a worked example.
雖然已經有些投資者精通財務指標（致敬），但本文是爲那些想了解ROE及其重要性的人編寫的。我們將使用ROE來檢視新集能源（SHSE: 601918）公司。
ROE or return on equity is a useful tool to assess how effectively a company can generate returns on the investment it received from its shareholders. Simply put, it is used to assess the profitability of a company in relation to its equity capital.
roe或股東權益回報率是評估公司如何有效地從股東那裏獲得回報的有用工具。簡而言之，它用於評估公司相對於其權益資本的盈利能力。
How Do You Calculate Return On Equity?
怎樣計算ROE?
ROE can be calculated by using the formula:
淨資產收益率可以使用以下公式進行計算：
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 China Coal Xinji EnergyLtd is:
因此，根據上述公式，新集能源公司的ROE爲：
16% = CN¥2.4b ÷ CN¥16b (Based on the trailing twelve months to March 2024).
16% = CN¥ 2.4億 ÷ CN¥ 16億（基於截至2024年3月的過去十二個月）。
The 'return' is the income the business earned over the last year. One way to conceptualize this is that for each CN¥1 of shareholders' capital it has, the company made CN¥0.16 in profit.
“回報”是企業在過去一年中賺取的收入。一個概念化的方法是，對於每個股東的資本元，公司賺取了0.16元的利潤。
Does China Coal Xinji EnergyLtd Have A Good ROE?
新集能源公司的ROE好嗎？
By comparing a company's ROE with its industry average, we can get a quick measure of how good it is. The limitation of this approach is that some companies are quite different from others, even within the same industry classification. Pleasingly, China Coal Xinji EnergyLtd has a superior ROE than the average (9.8%) in the Oil and Gas industry.
通過將公司的roe與其行業平均值進行比較，我們可以快速衡量其優劣。但是這種方法的侷限性在於，有些公司即使在相同的行業分類中也存在很大差異。令人欣慰的是，中煤能源有限責任公司的roe優於石油和燃料幣行業的平均水平（9.8%）。
That's what we like to see. With that said, a high ROE doesn't always indicate high profitability. A higher proportion of debt in a company's capital structure may also result in a high ROE, where the high debt levels could be a huge risk . To know the 2 risks we have identified for China Coal Xinji EnergyLtd visit our risks dashboard for free.
這就是我們想要看到的。話雖如此，高ROE並不總是表明高盈利能力。公司資本結構中債務比例的提高也可能導致高ROE，其中高債務水平可能是一個巨大的風險。要了解我們爲新集能源公司確定的兩個風險，請免費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 use of debt will improve the returns, but will not change the equity. Thus the use of debt can improve ROE, albeit along with extra risk in the case of stormy weather, metaphorically speaking.
大多數公司需要從某個地方獲得資金，以增加其利潤。投資所使用的資金可以來自前年的利潤（留存收益），發行新股或借款。在前兩種情況下，ROE將捕捉到用於增長的資本使用情況。在後一種情況下，債務的使用將改善回報，但是不會改變股權。因此，債務的使用可以改善ROE，但在像隱喻性地說的惡劣天氣的情況下，這也會帶來額外的風險。
China Coal Xinji EnergyLtd's Debt And Its 16% ROE
新集能源公司的負債和其16％的ROE
China Coal Xinji EnergyLtd does use a high amount of debt to increase returns. It has a debt to equity ratio of 1.02. While its ROE is respectable, it is worth keeping in mind that there is usually a limit as to how much debt a company can use. Debt does bring extra risk, so it's only really worthwhile when a company generates some decent returns from it.
新集能源公司確實使用了大量的債務以增加回報。它的資產負債比爲1.02。儘管它的ROE值值得稱道，但應記住公司可以使用的債務有限。債務確實帶來額外的風險，因此只有當公司從中獲得了一些可觀的回報時才真正值得。
Conclusion
結論
Return on equity is a useful indicator of the ability of a business to generate profits and return them to shareholders. In our books, the highest quality companies have high return on equity, despite low debt. If two companies have around the same level of debt to equity, and one has a higher ROE, I'd generally prefer the one with higher ROE.
股本回報率是衡量企業盈利能力，並將其利潤分配給股東的一項有用指標。在我們的清單中，高質量的公司股本回報率高，債務壓力不大。如果兩家公司的債務資本比大致相同，並且一家公司的ROE更高，則我通常更喜歡具有較高ROE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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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。
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