Does China Green Electricity Investment of Tianjin Co., Ltd. (SZSE:000537) Create Value For Shareholders?
Does China Green Electricity Investment of Tianjin Co., Ltd. (SZSE:000537) Create Value For Shareholders?
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 China Green Electricity Investment of Tianjin Co., Ltd. (SZSE:000537).
許多投資者仍在學習有用的各種指標來分析股票。本文是爲那些想學習股本回報率(ROE)的人服務的。通過實踐學習,我們將通過分析中國天津中綠電有限公司(深圳證券交易所:000537)的ROE以更好地理解ROE。
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 simpler terms, it measures the profitability of a company in relation to shareholder's equity.
股東權益回報率(roe)是一種關鍵指標,用於評估公司管理層如何有效利用公司資本。更簡單地說,它衡量了公司相對股東權益的盈利能力。
How Is ROE Calculated?
淨資產收益率怎麼計算?
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 China Green Electricity Investment of Tianjin is:
因此,根據上述公式,中國中綠電的ROE爲:
4.6% = CN¥967m ÷ CN¥21b (Based on the trailing twelve months to March 2024).
4.6% = CN ¥ 9,670,000,000 ÷ CN ¥ 210 billion(基於截至2024年3月的過去十二個月)。
The 'return' is the amount earned after tax over the last twelve months. That means that for every CN¥1 worth of shareholders' equity, the company generated CN¥0.05 in profit.
“回報”是過去十二個月稅後賺取的金額。這意味着,對於每一元股東權益,該公司創造了0.05元的利潤。
Does China Green Electricity Investment of Tianjin Have A Good Return On Equity?
中國中綠電的股本回報率如何?
By comparing a company's ROE with its industry average, we can get a quick measure of how good it is. However, this method is only useful as a rough check, because companies do differ quite a bit within the same industry classification. If you look at the image below, you can see China Green Electricity Investment of Tianjin has a similar ROE to the average in the Real Estate industry classification (3.9%).
通過將公司的ROE與其所屬行業平均水平進行比較,我們可以快速衡量其表現。但是,由於在同一行業分類中,公司之間存在相當大的差異,該方法僅有用於初步檢查。如果您查看下面的圖像,您會發現中國中綠電與房地產行業分類的平均ROE(3.9%)相似。
![big](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240719/0-bd9d5fc7512d852a8274c70758abc615-0-4d8e328c03b93e737414c21a94c1fc79.png/big)
So while the ROE is not exceptional, at least its acceptable. Although the ROE is similar to the industry, we should still perform further checks to see if the company's ROE is being boosted by high debt levels. If so, this increases its exposure to financial risk. Our risks dashboardshould have the 4 risks we have identified for China Green Electricity Investment of Tianjin.
因此,雖然ROE並不出色,但至少是可以接受的。儘管ROE與行業相似,但我們仍應進一步檢查以確定公司的ROE是否受到高負債水平的提振。如果是這樣,這將增加其面臨的財務風險。我們的風險儀表板應包括我們爲中國中綠電識別出的4個風險。
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 and second cases, the ROE will reflect this use of cash for investment in the business. 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.
大多數公司需要資金,無論從哪裏獲得,才能增加利潤。投資現金可以來自早年利潤(保留盈餘),發行新股或借款。在前兩種情況下,roe將反映這種用於業務投資的現金使用情況。在後一種情況下,用於增長的債務將提高回報率,但不會影響總股本。因此,債務的使用可以提高roe,儘管在暴風雨的情況下,比喻性地說,伴隨着額外的風險。
Combining China Green Electricity Investment of Tianjin's Debt And Its 4.6% Return On Equity
結合中國中綠電的負債和4.6%的ROE
China Green Electricity Investment of Tianjin clearly uses a high amount of debt to boost returns, as it has a debt to equity ratio of 1.97. 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.
顯然,中國中綠電使用了大量的負債來提高回報,因爲其負債權益比爲1.97。即使藉助重要的債務,其ROE也非常低,這在我們看來並不好。債務確實帶來額外的風險,因此只有在公司從中獲得了一些相當不錯的回報時,這才是真正值得的。
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 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. 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.
股東權益回報率是比較不同公司業務質量的方法之一。可以在沒有太多債務的情況下實現高股東權益回報率的公司通常質量較好。如果兩家公司的負債權益比大約相同,並且一家公司ROE較高,我通常更喜歡ROE較高的公司。
Having said that, while ROE is a useful indicator of business quality, you'll have to look at a whole range of factors to determine the right price to buy a stock. 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.
儘管roe是衡量企業質量的一個有用指標,但您還需要考慮一整套因素來確定購買股票的正確價格。重要的是要考慮其他因素,例如未來利潤增長——以及未來需要多少投資。所以您可能想要查看這個數據豐富的交互圖表,了解該公司的預測。
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。
Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team (at) simplywallst.com.
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.
對本文有任何反饋?對內容有任何疑慮?請直接與我們聯繫。或者,發送電子郵件至editorial-team@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
對本文有任何反饋?對內容有任何疑慮?請直接與我們聯繫。或者,發送電子郵件至editorial-team@simplywallst.com。