How Did Ningbo Joyson Electronic Corp.'s (SHSE:600699) 7.2% ROE Fare Against The Industry?
How Did Ningbo Joyson Electronic Corp.'s (SHSE:600699) 7.2% ROE Fare Against The Industry?
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 Ningbo Joyson Electronic Corp. (SHSE:600699), by way of a worked example.
许多投资者仍在学习各种可能有用的指标，以分析股票。本篇文章是给那些想学习ROE的人看的。我们将使用ROE来以宁波吉盛电子股份有限公司 (SHSE：600699) 为例进行分析。
Return on Equity or ROE is a test of how effectively a company is growing its value and managing investors' money. In simpler terms, it measures the profitability of a company in relation to shareholder's equity.
股东权益回报率ROE是测试公司增值能力和管理股东投资的有效性的指标。更简单地说，它衡量公司在股东权益中的盈利能力。
How Is ROE Calculated?
净资产收益率怎么计算？
The formula for return on equity is:
权益回报率的计算公式是：
Return on Equity = Net Profit (from continuing operations) ÷ Shareholders' Equity
净资产收益率 = 净利润（从持续经营中获得）÷ 股东权益
So, based on the above formula, the ROE for Ningbo Joyson Electronic is:
因此，根据上述公式，宁波吉盛电子的ROE为：
7.2% = CN¥1.4b ÷ CN¥20b (Based on the trailing twelve months to March 2024).
7.2％= CN¥1.4b ÷ CN¥20b（基于截至2024年3月的过去十二个月）。
The 'return' refers to a company's earnings over the last year. One way to conceptualize this is that for each CN¥1 of shareholders' capital it has, the company made CN¥0.07 in profit.
“回报”是指公司过去一年的收入。一种概念化方法是，对于每一元股东资本，公司赚取了0.07元利润。
Does Ningbo Joyson Electronic Have A Good Return On Equity?
宁波吉盛电子有良好的ROE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. If you look at the image below, you can see Ningbo Joyson Electronic has a similar ROE to the average in the Auto Components industry classification (8.1%).
可以说，评估一家公司的ROE最简单的方法是将其与所处行业的平均水平进行比较。 这种方法的局限性在于，即使在同一行业分类中，一些公司也有很大的不同。如下图所示，您可以看到，宁波吉盛电子在汽车元件行业分类（8.1％）中的ROE与行业平均水平相似。
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. You can see the 3 risks we have identified for Ningbo Joyson Electronic by visiting our risks dashboard for free on our platform here.
这既不是特别好也不是坏。尽管ROE与行业相似，我们仍应进行进一步的检查，以确定公司的ROE是否受到高杠杆水平的推动。如果是真的，那么这更多地表明了风险而不是潜力。您可以通过访问我们的网站来了解我们已经为宁波吉盛电子发现的3个风险。风险仪表板在浏览完所有相关因素确定股票购买价格后，ROE是一个有用的公司质量指标。此外，还需要考虑其他因素，例如未来盈利增长以及未来需要投入多少投资。因此，我认为值得查看这份免费的详细收益、营收和现金流图表。
How Does Debt Impact ROE?
债务对ROE的影响是怎样的？
Most companies need money -- from somewhere -- to grow their 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 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.
大多数公司需要资金以实现利润增长。这些资金可以来自发行股票、留存收益或债务。在前两个选项的情况下，ROE将反映出这种用于增长的现金使用情况。在后一种情况下，债务的使用将提高收益，但不会改变股权。因此，债务的使用会提高ROE，但风险也会随之增加，这在骤雨天气的情况下是一样的。
Ningbo Joyson Electronic's Debt And Its 7.2% ROE
宁波吉盛电子的负债率和其7.2％的ROE
It's worth noting the high use of debt by Ningbo Joyson Electronic, leading to its debt to equity ratio of 1.07. Its ROE is quite low, even with the use of significant debt; that's not a good result, in our opinion. 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，宁波吉盛电子的债务利用率很高，导致其资产负债率为1.07。即使使用了大量的债务，其ROE也相当低；在我们看来，这不是一个好的结果。债务确实带来了额外的风险，因此只有在公司从中获得了一些不错的回报时才真正值得这样做。
Summary
总的来说，我们对伟明环保的表现非常满意。具体而言，我们喜欢公司以高回报率再投资了其利润的很大一部分。当然，这导致公司的收益大幅增长。但是，最新的行业分析师预测表明，该公司的收益预计将加速增长。
Return on equity is one way we can compare its business quality of different companies. A company that can achieve a high return on equity without debt could be considered a high quality business. If two companies have the same ROE, then I would generally prefer the one with less debt.
净资产收益率是比较不同公司业务质量的一种方法。可以认为，不借债就能实现高净资产收益率的公司是高品质的公司。如果两个公司的净资产收益率相同，则我通常更喜欢负债较少的公司。
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 you might want to take a peek at this data-rich interactive graph of forecasts for the company.
但是，ROE只是一个大问题的一部分，因为高质量企业通常以高的收益倍数进行交易。考虑到其他因素，例如未来的利润增长以及未来需要投入多少投资，这一点非常重要。因此，您可能需要查看该公司的数据丰富的交互式预测图表。
Of course, you might find a fantastic investment by looking elsewhere. So take a peek at this free list of interesting companies.
当然，您也可能通过寻找其他地方来找到出色的投资。因此，不妨查看这个有趣公司的免费列表。
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这篇文章是Simply Wall St的一般性文章。我们根据历史数据和分析师预测提供评论，只使用公正的方法论，我们的文章并不意味着提供任何金融建议。文章不构成买卖任何股票的建议，也不考虑您的目标或您的财务状况。我们的目标是带给您基本数据驱动的长期关注分析。请注意，我们的分析可能不考虑最新的价格敏感公司公告或定性材料。Simply Wall St没有任何股票头寸。
Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team@simplywallst.com
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