Is China Coal Xinji Energy Co.,Ltd's (SHSE:601918) 16% ROE Better Than Average?
Is China Coal Xinji Energy Co.,Ltd's (SHSE:601918) 16% ROE Better Than Average?
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. We'll use ROE to examine China Coal Xinji Energy Co.,Ltd (SHSE:601918), by way of a worked example.
虽然已经有些投资者精通财务指标（致敬），但本文是为那些想了解ROE及其重要性的人编写的。我们将使用ROE来检视新集能源（SHSE: 601918）公司。
ROE or return on equity is a useful tool to assess how effectively a company can generate returns on the investment it received from its shareholders. Simply put, it is used to assess the profitability of a company in relation to its equity capital.
roe或股东权益回报率是评估公司如何有效地从股东那里获得回报的有用工具。简而言之，它用于评估公司相对于其权益资本的盈利能力。
How Do You Calculate Return On Equity?
怎样计算ROE?
ROE can be calculated by using the formula:
净资产收益率可以使用以下公式进行计算：
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 China Coal Xinji EnergyLtd is:
因此，根据上述公式，新集能源公司的ROE为：
16% = CN¥2.4b ÷ CN¥16b (Based on the trailing twelve months to March 2024).
16% = CN¥ 2.4亿 ÷ CN¥ 16亿（基于截至2024年3月的过去十二个月）。
The 'return' is the income the business earned over the last year. One way to conceptualize this is that for each CN¥1 of shareholders' capital it has, the company made CN¥0.16 in profit.
“回报”是企业在过去一年中赚取的收入。一个概念化的方法是，对于每个股东的资本元，公司赚取了0.16元的利润。
Does China Coal Xinji EnergyLtd Have A Good ROE?
新集能源公司的ROE好吗？
By comparing a company's ROE with its industry average, we can get a quick measure of how good it is. The limitation of this approach is that some companies are quite different from others, even within the same industry classification. Pleasingly, China Coal Xinji EnergyLtd has a superior ROE than the average (9.8%) in the Oil and Gas industry.
通过将公司的ROE与其行业平均水平进行比较，我们可以快速衡量其表现。这种方法的局限性在于，有些公司与其他公司非常不同，即使在同一行业分类中也是如此。令人高兴的是，新集能源公司在油气行业板块中的ROE要优于平均水平（9.8%）。
That's what we like to see. 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 . To know the 2 risks we have identified for China Coal Xinji EnergyLtd visit our risks dashboard for free.
这就是我们想要看到的。话虽如此，高ROE并不总是表明高盈利能力。公司资本结构中债务比例的提高也可能导致高ROE，其中高债务水平可能是一个巨大的风险。要了解我们为新集能源公司确定的两个风险，请免费访问我们的风险仪表板。
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. The cash for investment can come from prior year profits (retained earnings), issuing new shares, or borrowing. 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.
大多数公司需要从某个地方获得资金，以增加其利润。投资所使用的资金可以来自前年的利润（留存收益），发行新股或借款。在前两种情况下，ROE将捕捉到用于增长的资本使用情况。在后一种情况下，债务的使用将改善回报，但是不会改变股权。因此，债务的使用可以改善ROE，但在像隐喻性地说的恶劣天气的情况下，这也会带来额外的风险。
China Coal Xinji EnergyLtd's Debt And Its 16% ROE
新集能源公司的负债和其16％的ROE
China Coal Xinji EnergyLtd does use a high amount of debt to increase returns. It has a debt to equity ratio of 1.02. While its ROE is respectable, it is worth keeping in mind that there is usually a limit as to how much debt a company can use. Debt does bring extra risk, so it's only really worthwhile when a company generates some decent returns from it.
新集能源公司确实使用了大量的债务以增加回报。它的资产负债比为1.02。尽管它的ROE值值得称道，但应记住公司可以使用的债务有限。债务确实带来额外的风险，因此只有当公司从中获得了一些可观的回报时才真正值得。
Conclusion
结论
Return on equity is a useful indicator of the ability of a business to generate profits and return them to shareholders. 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.
股本回报率是衡量企业盈利能力，并将其利润分配给股东的一项有用指标。在我们的清单中，高质量的公司股本回报率高，债务压力不大。如果两家公司的债务资本比大致相同，并且一家公司的ROE更高，则我通常更喜欢具有较高ROE的公司。
But when a business is high quality, the market often bids it up to a price that reflects this. 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 I think it may be worth checking this free report on analyst forecasts for the company.
但是，当企业质量高时，市场往往会抬高其价格以反映这一点。必须考虑收益增长的可能速度，相对于当前价格中反映的收益增长预期。因此，我认为可以值得查看有关该公司分析师预测的免费报告。
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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