With A 1.8% Return On Equity, Is Client Service International, Inc. (SZSE:300663) A Quality Stock?
With A 1.8% Return On Equity, Is Client Service International, Inc. (SZSE:300663) A Quality Stock?
While some investors are already well versed in financial metrics (hat tip), this article is for those who would like to learn about Return On Equity (ROE) and why it is important. To keep the lesson grounded in practicality, we'll use ROE to better understand Client Service International, Inc. (SZSE:300663).
虽然一些投资者已经非常精通财务指标(帽子提示)，但本文面向的是那些想要了解股本回报率(ROE)及其重要性的人。为了使课程立足于实践，我们将使用净资产收益率来更好地理解客户服务国际公司(SZSE：300663)。
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。换句话说，它揭示了该公司成功地将股东投资转化为利润。
Check out our latest analysis for Client Service International
查看我们对国际客户服务的最新分析
How To Calculate Return On Equity?
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 Client Service International is:
因此，根据上述公式，国际客服的净资产收益率为：
1.8% = CN¥24m ÷ CN¥1.3b (Based on the trailing twelve months to June 2023).
1.8%=2400万元×13亿元(以截至2023年6月的12个月为基础)。
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¥0.02 in profit.
“回报”指的是一家公司过去一年的收益。这意味着，股东权益每增加1元，公司就会产生0.02元的利润。
Does Client Service International Have A Good Return On Equity?
国际客户服务公司的股本回报率高吗？
Arguably the easiest way to assess company's ROE is to compare it with the average in its industry. However, this method is only useful as a rough check, because companies do differ quite a bit within the same industry classification. As shown in the graphic below, Client Service International has a lower ROE than the average (4.9%) in the Software industry classification.
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。然而，这种方法只是作为一种粗略的检查，因为在同一行业分类中，公司确实有很大的不同。如下图所示，国际客户服务公司的净资产收益率低于软件行业分类的平均水平(4.9%)。
That certainly isn't ideal. However, a low ROE is not always bad. If the company's debt levels are moderate to low, then there's still a chance that returns can be improved via the use of financial leverage. A company with high debt levels and low ROE is a combination we like to avoid given the risk involved. You can see the 4 risks we have identified for Client Service International by visiting our risks dashboard for free on our platform here.
这当然不是理想的情况。然而，较低的净资产收益率并不总是坏事。如果公司的债务水平处于中低水平，那么仍有机会通过使用财务杠杆来提高回报。考虑到涉及的风险，高债务水平和低ROE的公司是我们希望避免的组合。您可以访问我们的网站查看我们为国际客户服务确定的4个风险风险控制面板在我们的平台上是免费的。
Why You Should Consider Debt When Looking At ROE
为什么在考虑净资产收益率时应该考虑债务
Companies usually need to invest money to grow their profits. That cash can come from issuing shares, retained earnings, or debt. In the first two cases, the ROE will capture this use of capital to grow. In the latter case, the use of debt will improve the returns, but will not change the equity. Thus the use of debt can improve ROE, albeit along with extra risk in the case of stormy weather, metaphorically speaking.
公司通常需要投入资金来增加利润。这些现金可以来自发行股票、留存收益或债务。在前两种情况下，净资产收益率将抓住这种资本增长的用途。在后一种情况下，债务的使用将提高回报，但不会改变股权。因此，债务的使用可以提高净资产收益率，尽管打个比方说，在暴风雨天气的情况下会有额外的风险。
Combining Client Service International's Debt And Its 1.8% Return On Equity
合并客户服务国际公司的债务及其1.8%的股本回报率
It's worth noting the high use of debt by Client Service International, leading to its debt to equity ratio of 1.10. The combination of a rather low ROE and significant use of debt is not particularly appealing. Investors should think carefully about how a company might perform if it was unable to borrow so easily, because credit markets do change over time.
值得注意的是，客户服务国际公司高度利用债务，导致其债务与股本比率达到1.10。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。投资者应该仔细考虑，如果一家公司不能如此轻松地借款，它可能会表现如何，因为信贷市场确实会随着时间的推移而变化。
Conclusion
结论
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 the same ROE, then I would generally prefer the one with less debt.
股本回报率是我们比较不同公司业务质量的一种方式。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。
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. 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.
话虽如此，虽然净资产收益率是衡量业务质量的有用指标，但你必须考虑一系列因素，才能确定购买股票的合适价格。相对于当前价格反映的利润增长预期，也必须考虑利润可能增长的速度。因此，你可能想查看分析师对该公司预测的免费可视化。
Of course, you might find a fantastic investment by looking elsewhere. So take a peek at this free list of interesting companies.
当然了,如果你把目光投向别处，你可能会发现这是一笔很棒的投资。所以让我们来看看这个免费有趣的公司名单。
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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。