Did Zhe Jiang Hai Liang Co., Ltd (SZSE:002203) Use Debt To Deliver Its ROE Of 6.5%?
Did Zhe Jiang Hai Liang Co., Ltd (SZSE:002203) Use Debt To Deliver Its ROE Of 6.5%?
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). We'll use ROE to examine Zhe Jiang Hai Liang Co., Ltd (SZSE:002203), by way of a worked example.
很多投資者仍在學習分析股票時可以使用的各種有用指標。本文是爲那些想要了解ROE的人而準備的。我們將使用ROE來通過一個實例來檢查中江海量（股票代碼: SZSE:002203）。
Return on Equity or ROE is a test of how effectively a company is growing its value and managing investors' money. In short, ROE shows the profit each dollar generates with respect to its shareholder investments.
股東權益回報率（ROE）是檢驗公司增加其價值和管理投資者資金有效性的測試。簡而言之，ROE顯示每個美元的利潤與其股東的投資有關。
How To Calculate Return On Equity?
如何計算股東權益報酬率？
Return on equity can be calculated by using the formula:
股東權益報酬率可以使用以下公式計算：
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 Zhe Jiang Hai Liang is:
因此，根據上述公式，中江海量的ROE爲:
6.5% = CN¥1.1b ÷ CN¥17b (Based on the trailing twelve months to March 2024).
6.5% = CN¥11億 ÷ CN¥170億 (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. Another way to think of that is that for every CN¥1 worth of equity, the company was able to earn CN¥0.07 in profit.
'收益'是過去十二個月的利潤。另一種考慮方法是，對於每元人民幣的股本淨值，公司能夠獲得0.07元的利潤。
Does Zhe Jiang Hai Liang Have A Good Return On Equity?
中江海量ROE良好嗎？
Arguably the easiest way to assess company's ROE is to compare it with the average in its industry. Importantly, this is far from a perfect measure, because companies differ significantly within the same industry classification. The image below shows that Zhe Jiang Hai Liang has an ROE that is roughly in line with the Metals and Mining industry average (7.4%).
評估一家公司的ROE的最簡單方式是將其與同一行業的平均ROE進行比較。但是，這遠非是完美的評估標準，因爲即使是相同行業的公司也存在顯著不同。下圖顯示，中江海量的ROE大致與貴金屬和礦業板塊的平均值（7.4%）相同。
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 a company takes on too much debt, it is at higher risk of defaulting on interest payments. Our risks dashboardshould have the 2 risks we have identified for Zhe Jiang Hai Liang.
因此，雖然ROE並不是特別優秀，它至少是可接受的。儘管ROE與行業相似，但我們仍應進一步檢查公司的ROE是否受高負債水平的推動。如果一家公司承擔過多的債務，其違約風險將會更高。我們的風險看板應該顯示了我們已爲中江海量確認的兩個風險。
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. Thus the use of debt can improve ROE, albeit along with extra risk in the case of stormy weather, metaphorically speaking.
幾乎所有公司都需要資金來投資業務來提高利潤。這些資金可能來自發行股份、保留收益或債務。對於前兩種選擇，ROE將反映出這種用於增長的資金的運用。在後一種情況下，用於增長所需的債務會提高回報，但不會影響股東權益。因此，債務使用可以改善ROE，儘管在像暴風雨一樣的時候會伴隨額外的風險。
Zhe Jiang Hai Liang's Debt And Its 6.5% ROE
中江海量的負債及其6.5%的ROE
It's worth noting the high use of debt by Zhe Jiang Hai Liang, leading to its debt to equity ratio of 1.23. Its ROE is quite low, even with the use of significant debt; that's not a good result, in our opinion. 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，中江海量使用了大量的債務，導致其債務股本比率達到1.23。即使使用了大量的債務，其ROE也相當低，這是我們不認同的結果。投資者應該仔細考慮一家公司如果不能輕鬆借貸會有怎樣的表現，因爲信貸市場隨時間會發生變化。
Conclusion
結論
Return on equity is useful for comparing the quality of different businesses. A company that can achieve a high return on equity without debt could be considered a high quality business. All else being equal, a higher ROE is better.
股本回報率在比較不同企業質量時很有用。一家可以在沒有債務的情況下實現高股本回報率的公司可以被認爲是一家高質量的公司。其他條件相同，股本回報率越高，越好。
But ROE is just one piece of a bigger puzzle, since high quality businesses often trade on high multiples of earnings. 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 report on analyst forecasts for the company.
但是，ROE只是更大難題的一部分，因爲高質量的企業通常以高倍數的收益進行交易。因此，重要的是要考慮其他因素，例如未來的利潤增長以及未來需要多少投資。因此，我認爲值得檢查有關該公司分析師預測的免費報告。
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。
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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。
Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team@simplywallst.com
對本文有反饋？關於內容有所顧慮？直接和我們聯繫。或者發送電子郵件至editorial-team@simplywallst.com。