Should You Be Excited About Grandblue Environment Co., Ltd.'s (SHSE:600323) 12% Return On Equity?
Should You Be Excited About Grandblue Environment Co., Ltd.'s (SHSE:600323) 12% Return On Equity?
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). By way of learning-by-doing, we'll look at ROE to gain a better understanding of Grandblue Environment Co., Ltd. (SHSE:600323).
很多投資者仍在學習分析股票時有用的各種指標。本文是爲那些想學習回報率（ROE）的人編寫的。透過實踐學習，我們將查看ROE以更好地了解瀚藍環境股份有限公司（SHSE：600323）的情況。
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 To Calculate Return On Equity?
如何計算股東權益報酬率？
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 Grandblue Environment is:
因此，基於上述公式，瀚藍環境的ROE爲：
12% = CN¥1.5b ÷ CN¥13b (Based on the trailing twelve months to March 2024).
12％= CN¥1.5b ÷ CN¥13b（根據截至2024年3月的過去十二個月）。
The 'return' refers to a company's earnings over the last year. That means that for every CN¥1 worth of shareholders' equity, the company generated CN¥0.12 in profit.
「回報」是指公司在過去一年內的盈利。這意味着對於每一元股東權益，該公司創造了0.12元的利潤。
Does Grandblue Environment Have A Good Return On Equity?
瀚藍環境的回報率良好嗎？
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. As you can see in the graphic below, Grandblue Environment has a higher ROE than the average (7.2%) in the Water Utilities 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質量。這種方法的侷限性在於，即使在同一行業分類中，一些公司也會大不相同。正如您在下面的圖表中所看到的，瀚藍環境的ROE高於水務行業的平均水平（7.2％）。
That's clearly a positive. However, bear in mind that a high ROE doesn't necessarily indicate efficient profit generation. Aside from changes in net income, a high ROE can also be the outcome of high debt relative to equity, which indicates risk.
這顯然是一個正面的信號。然而，需要記住的是高ROE不一定表明高效益的產生。除了淨收入的變化外，高ROE還可以是相對於股權高債務的結果，這表明存在風險。
The Importance Of Debt To Return On Equity
債務對股本回報率的重要性
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 used for growth will improve returns, but won't affect the total equity. That will make the ROE look better than if no debt was used.
大多數公司需要資金來增長利潤。投資所需的現金可以來源於前年的利潤（保留收益），發行新股或借貸。在前兩種情況下，roe將捕捉到這種資本增長的使用。而在後一種情況下，用於增長的債務會提高回報率，但不會影響股本總額。這將使roe的看起來比未使用債務時更好。
Combining Grandblue Environment's Debt And Its 12% Return On Equity
結合瀚藍環境的債務和其12％的ROE
It's worth noting the high use of debt by Grandblue Environment, leading to its debt to equity ratio of 1.24. Its ROE is quite low, even with the use of significant debt; that's not a good result, in our opinion. Debt does bring extra risk, so it's only really worthwhile when a company generates some decent returns from it.
值得注意的是瀚藍環境的高負債率，導致其資產負債比率爲1.24。即使使用了大量債務，其ROE也相當低，這在我們看來並不是一個好的結果。債務確實增加了風險，因此只有在公司從中獲得一定的回報時才真正值得。
Conclusion
結論
Return on equity is one way we can compare its business quality of different companies. In our books, the highest quality companies have high return on equity, despite low debt. All else being equal, a higher ROE is better.
回報率是我們比較不同公司業務質量的一種方式。在我們的書籍中，高質量的公司具有高的資本回報率，儘管低債務。其他因素相等的情況下，高ROE越好。
But when a business is high quality, the market often bids it up to a price that reflects this. It is important to consider other factors, such as future profit growth -- and how much investment is required going forward. So you might want to take a peek at this data-rich interactive graph of forecasts for the company.
但是，當一個公司的質量很高時，市場經常會將其競價上漲以反映這一點。重要的是要考慮其他因素，例如未來的利潤增長-以及未來需要多少投資。因此，您可能需要查看這個數據豐富的公司預測的交互式圖。
Of course Grandblue Environment may not be the best stock to buy. So you may wish to see this free collection of other companies that have high ROE and low debt.
當然，瀚藍環境可能不是最好的股票買入選擇。因此，您可能希望查看此免費收藏中具有高ROE和低負債的其他公司。
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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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