With A Return On Equity Of 5.6%, Has Guanglian Aviation Industry Co., Ltd.'s (SZSE:300900) Management Done Well?
With A Return On Equity Of 5.6%, Has Guanglian Aviation Industry Co., Ltd.'s (SZSE:300900) Management Done Well?
One of the best investments we can make is in our own knowledge and skill set. With that in mind, this article will work through how we can use Return On Equity (ROE) to better understand a business. By way of learning-by-doing, we'll look at ROE to gain a better understanding of Guanglian Aviation Industry Co., Ltd. (SZSE:300900).
我們應該投資於自己的知識和技能，這是我們最好的投資之一。考慮到這一點，本文將通過ROE（淨資產收益率）的應用，幫助我們更好地了解業務。通過實踐學習，我們將通過ROE來更好地了解廣聯航空（SZSE：300900）。
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 Is ROE Calculated?
淨資產收益率怎麼計算？
The formula for ROE is:
roe的公式是：
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 Guanglian Aviation Industry is:
因此，根據上述公式，廣聯航空業的ROE爲：
5.6% = CN¥97m ÷ CN¥1.7b (Based on the trailing twelve months to March 2024).
5.6% = CN¥97m ÷ CN¥1.7b（截至2024年3月的過去十二個月）
The 'return' is the yearly profit. One way to conceptualize this is that for each CN¥1 of shareholders' capital it has, the company made CN¥0.06 in profit.
“回報”是每年的利潤。其中一種概念化方式是，對於每CN ¥1的股東資本，公司獲得了CN ¥0.06的利潤。
Does Guanglian Aviation Industry Have A Good Return On Equity?
廣聯航空業對ROE表現良好嗎？
One simple way to determine if a company has a good return on equity is to compare it to the average for its industry. The limitation of this approach is that some companies are quite different from others, even within the same industry classification. The image below shows that Guanglian Aviation Industry has an ROE that is roughly in line with the Aerospace & Defense industry average (5.0%).
判斷一家公司是否具有良好的roe的一個簡單方法是將其與所在行業的平均水平進行比較。這種方法的侷限性在於，即使在同一行業分類中，有些公司也與其他公司非常不同。下面的圖像顯示，廣聯航空的roe大致與航空與軍工板塊的行業平均值（5.0%）相當。
That's neither particularly good, nor bad. Even if the ROE is respectable when compared to the industry, its worth checking if the firm's ROE is being aided by high debt levels. If a company takes on too much debt, it is at higher risk of defaulting on interest payments. Our risks dashboardshould have the 4 risks we have identified for Guanglian Aviation Industry.
這既不是特別好，也不是特別糟。即使與行業相比ROE還算可觀，仍有必要檢查公司的ROE是否受到高負債水平的幫助。如果公司承擔了太多的債務，就面臨着更高的利息償還風險。我們的風險儀表板應該包括我們爲廣聯航空業確定的4個風險。
Why You Should Consider Debt When Looking At ROE
爲什麼在觀察ROE時你應該考慮債務問題？
Most companies need money -- from somewhere -- to grow their profits. That cash can come from issuing shares, retained earnings, or debt. In the first and second cases, the ROE will reflect this use of cash for investment in the business. In the latter case, the use of debt will improve the returns, but will not change the equity. That will make the ROE look better than if no debt was used.
大多數公司需要從某處獲得資金以增加其利潤。這些資金可以通過發行股票、留存收益或債務獲得。在前兩種情況下，ROE將反映這種用於投資的現金的使用。在後一種情況下，使用債務將提高回報，但不會改變股權。這將使ROE看起來比不使用債務好。
Guanglian Aviation Industry's Debt And Its 5.6% ROE
廣聯航空業的債務和它的5.6% ROE
It's worth noting the high use of debt by Guanglian Aviation Industry, leading to its debt to equity ratio of 1.21. The combination of a rather low ROE and significant use of debt is not particularly appealing. Debt increases risk and reduces options for the company in the future, so you generally want to see some good returns from using it.
值得注意的是，廣聯航空業的債務非常高，導致其負債與股東權益比率爲1.21。低的ROE和巨額的債務的結合並不特別吸引人。債務增加了公司的風險並減少了其未來的選擇，所以你通常希望看到一些好的回報。
Conclusion
結論
Return on equity is a useful indicator of the ability of a business to generate profits and return them to shareholders. 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是評估企業生成利潤並將其返還給股東的能力的有用指標。能夠在不過多借款的情況下實現高回報的公司通常質量較好。其他條件相等的情況下，ROE越高越好。
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 you might want to check this FREE visualization of analyst forecasts for the company.
但roe僅僅是更大的難題的一部分，因爲高質量的企業往往以高倍數的收益交易。相對於當前價格所反映的利潤增長預期，利潤增長的速度也必須考慮在內。因此，您可能需要檢查該公司分析師預測的免費可視化展示。
If you would prefer check out another company -- one with potentially superior financials -- then do not miss this free list of interesting companies, that have HIGH return on equity and low debt.
如果您想查看另一家可能具有更好財務狀況的公司 - 具有高股本回報率和低債務的公司，那麼請不要錯過這份有趣公司列表，該列表免費提供。
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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。