Should We Be Delighted With Zhejiang Construction Investment Group Co.,Ltd's (SZSE:002761) ROE Of 11%?
Should We Be Delighted With Zhejiang Construction Investment Group Co.,Ltd's (SZSE:002761) ROE Of 11%?
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 Zhejiang Construction Investment Group Co.,Ltd (SZSE:002761).
许多投资者仍在学习在分析股票时可能有用的各种指标。这篇文章是为那些想了解股本回报率(ROE)的人准备的。通过边做边学的方式，我们将看到净资产收益率，以更好地了解浙江建投集团有限公司(深交所：002761)。
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.
股本回报率(ROE)是用来评估公司管理层利用公司资本效率的关键指标。简而言之，它衡量的是一家公司相对于股东权益的盈利能力。
View our latest analysis for Zhejiang Construction Investment GroupLtd
查看我们对浙江建投集团有限公司的最新分析
How Do You Calculate Return On Equity?
你如何计算股本回报率？
The formula for ROE is:
这个净资产收益率公式是：
Return on Equity = Net Profit (from continuing operations) ÷ Shareholders' Equity
股本回报率=(持续经营的)净利润？股东权益
So, based on the above formula, the ROE for Zhejiang Construction Investment GroupLtd is:
因此，根据上述公式，浙江建投集团有限公司的净资产收益率为：
11% = CN¥1.1b ÷ CN¥10b (Based on the trailing twelve months to June 2023).
11%=CN元11亿×CN元100亿(基于截至2023年6月的12个月)。
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¥0.11 in profit.
“回报”指的是一家公司过去一年的收益。这意味着，每增加价值1元的股东权益，公司就会产生0.11元的利润。
Does Zhejiang Construction Investment GroupLtd Have A Good Return On Equity?
浙江建投集团股本回报率高吗？
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. Pleasingly, Zhejiang Construction Investment GroupLtd has a superior ROE than the average (8.3%) in the Construction industry.
可以说，评估公司净资产收益率最简单的方法是将其与所在行业的平均水平进行比较。这种方法的局限性是，一些公司与其他公司有很大的不同，甚至在相同的行业分类中也是如此。令人欣慰的是，浙江建投集团的净资产收益率(ROE)高于建筑业平均水平(8.3%)。
That's clearly a positive. 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 . Our risks dashboardshould have the 4 risks we have identified for Zhejiang Construction Investment GroupLtd.
这显然是一个积极的因素。话虽如此，高净资产收益率并不总是意味着高盈利。债务在公司资本结构中的比例较高也可能导致较高的净资产收益率，而较高的债务水平可能是一个巨大的风险。我们的风险仪表板应该有我们为浙江建投集团有限公司确定的4个风险。
How Does Debt Impact ROE?
债务对净资产收益率有何影响？
Companies usually need to invest money to grow their profits. That cash can come from retained earnings, issuing new shares (equity), 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 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.
公司通常需要投入资金来增加利润。这些现金可以来自留存收益、发行新股(股权)或债务。在第一种和第二种选择的情况下，净资产收益率将反映现金用于增长的这种情况。在后一种情况下，债务的使用将提高回报，但不会改变股权。这将使净资产收益率看起来比不使用债务的情况下更好。
Combining Zhejiang Construction Investment GroupLtd's Debt And Its 11% Return On Equity
结合浙江建投集团的债务及其11%的股本回报率
It's worth noting the high use of debt by Zhejiang Construction Investment GroupLtd, leading to its debt to equity ratio of 2.11. 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，浙江建投集团有限公司的债务使用率很高，导致其债务权益比达到2.11。相当低的净资产收益率和大量使用债务的组合并不是特别有吸引力。债务增加了风险，减少了公司未来的选择，所以你通常希望看到使用它的一些良好回报。
Conclusion
结论
Return on equity is useful for comparing the quality of different businesses. In our books, the highest quality companies have high return on equity, despite low debt. If two companies have the same ROE, then I would generally prefer the one with less debt.
股本回报率在比较不同企业的质量时很有用。在我们的账目中，最高质量的公司拥有高股本回报率，尽管债务水平较低。如果两家公司的净资产收益率相同，那么我通常会倾向于债务较少的那一家。
But ROE is just one piece of a bigger puzzle, since high quality businesses often trade on high multiples of earnings. It is important to consider other factors, such as future profit growth -- and how much investment is required going forward. So I think it may be worth checking this free this detailed graph of past earnings, revenue and cash flow.
但净资产收益率只是一个更大的谜题的一部分，因为高质量企业的市盈率往往很高。重要的是要考虑其他因素，比如未来的利润增长，以及未来需要多少投资。所以我觉得这可能值得一查免费这详细图表过去的收益、收入和现金流。
But note: Zhejiang Construction Investment GroupLtd 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.
但请注意：浙江建投集团有限公司可能不是最值得买入的股票。所以让我们来看看这个免费高净资产收益率和低负债的有趣公司名单。
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本文由Simply Wall St.撰写，具有概括性。我们仅使用不偏不倚的方法提供基于历史数据和分析师预测的评论，我们的文章并不打算作为财务建议。它不构成买卖任何股票的建议，也没有考虑你的目标或你的财务状况。我们的目标是为您带来由基本面数据驱动的长期重点分析。请注意，我们的分析可能不会将最新的对价格敏感的公司公告或定性材料考虑在内。Simply Wall St.对上述任何一只股票都没有持仓。