With A Return On Equity Of 6.3%, Has GCL System Integration Technology Co., Ltd.'s (SZSE:002506) Management Done Well?
With A Return On Equity Of 6.3%, Has GCL System Integration Technology Co., Ltd.'s (SZSE:002506) Management Done Well?
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 GCL System Integration Technology Co., Ltd. (SZSE:002506).
許多投資者仍在學習分析股票時可能有用的各種指標。本文是爲那些想要了解股東權益回報率(roe)的人而寫的。通過親身實踐學習,我們將通過roe來更好地理解協鑫集成科技股份有限公司(SZSE:002506)。
Return on Equity or ROE is a test of how effectively a company is growing its value and managing investors' money. Put another way, it reveals the company's success at turning shareholder investments into profits.
ROE,即淨資產收益率,測試一家公司有效增加價值和管理股東資金的能力。換句話說,它揭示了公司將股東投資轉化爲利潤的成功程度。
How Is ROE Calculated?
淨資產收益率怎麼計算?
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 GCL System Integration Technology is:
因此,根據上述公式,協鑫集成技術的roe爲:
6.3% = CN¥154m ÷ CN¥2.4b (Based on the trailing twelve months to March 2024).
6.3% = 1.54億人民幣 ÷ 24億人民幣(基於截至2024年3月的過去十二個月)。
The 'return' is the profit over the last twelve months. That means that for every CN¥1 worth of shareholders' equity, the company generated CN¥0.06 in profit.
「回報」是過去12個月的利潤。這意味着,對於每1元股東權益價值,該公司可以創造0.06元的利潤。
Does GCL System Integration Technology Have A Good Return On Equity?
協鑫集成科技的ROE表現如何?
Arguably the easiest way to assess company's ROE is to compare it with the average in its industry. The limitation of this approach is that some companies are quite different from others, even within the same industry classification. You can see in the graphic below that GCL System Integration Technology has an ROE that is fairly close to the average for the Semiconductor industry (5.8%).
可以說,評估公司的ROE最簡單的方法就是將其與同行業平均水平進行比較。這種方法的侷限性在於,有些公司甚至在同一行業分類中也存在很大差異。您可以從下面的圖表中看到,協鑫集成科技的ROE與半導體行業的平均水平(5.8%)非常接近。
![big](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240821/0-796ac7ed330187d947447aec288e0ef9-0-ebf7607ecc00b3d1ea48abbbc02c9927.png/big)
That's neither particularly good, nor bad. 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 true, then it is more an indication of risk than the potential.
這既不算特別好,也不算壞。雖然ROE與行業平均水平相似,我們仍然應進一步檢查以確定公司的ROE是否受到高債務水平的提振。如果是這樣,那就更多是風險的指示,而非潛力。
The Importance Of Debt To Return On Equity
債務對股本回報率的重要性
Virtually all companies need money to invest in the business, to grow profits. That cash can come from issuing shares, retained earnings, 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 required for growth will boost returns, but will not impact the shareholders' equity. In this manner the use of debt will boost ROE, even though the core economics of the business stay the same.
實際上,幾乎所有公司都需要資金來投資業務以增加利潤。這筆資金可以來自於發行股票、保留收益或債務。在前兩種選擇的情況下,ROE將反映增長所使用的這筆現金。在後一種情況下,用於增長所需的債務將提高回報,但不會影響股東權益。通過這種方式,即使企業的核心經濟狀況保持不變,使用債務也可以提高ROE。
GCL System Integration Technology's Debt And Its 6.3% ROE
協鑫集成科技的債務及其6.3%的roe
It's worth noting the high use of debt by GCL System Integration Technology, leading to its debt to equity ratio of 1.15. The combination of a rather low ROE and significant use of debt is not particularly appealing. Debt does bring extra risk, so it's only really worthwhile when a company generates some decent returns from it.
值得注意的是協鑫集成科技高額使用債務,導致其債務與權益比率達到1.15。較低的roe和大量使用債務的組合並不特別吸引人。債務確實帶來額外的風險,所以只有當一家公司從中獲得一些不錯的回報時,才真正值得。
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. 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.
股本收益率是我們可以比較不同公司業務質量的一種方式。在我們書中,具有高股本收益率的最高質量公司,儘管負債率低。如果兩家公司的負債與股權水平大致相同,並且其中一家公司的ROE更高,我通常會更喜歡ROE更高的公司。
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. Profit growth rates, versus the expectations reflected in the price of the stock, are a particularly important to consider. Check the past profit growth by GCL System Integration Technology by looking at this visualization of past earnings, revenue and cash flow.
話雖如此,雖然roe是業務質量的一個有用指標,但您必須看一系列因素才能確定購買股票的正確價格。利潤增長率與股票價格反映的預期之間的差別特別重要。通過查看協鑫集成科技過去盈利、營業收入和現金流的可視化,來檢查其過去的盈利增長。
But note: GCL System Integration Technology may not be the best stock to buy. So take a peek at this free list of interesting companies with high ROE and low debt.
但請注意:協鑫集成科技可能不是最好的股票。因此,請查看這份免費清單,其中列出了roe高且債務低的有趣公司。
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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。