share_log

Should You Be Excited About China National Nuclear Power Co., Ltd.'s (SHSE:601985) 12% Return On Equity?

Should You Be Excited About China National Nuclear Power Co., Ltd.'s (SHSE:601985) 12% Return On Equity?

你应该对中国核电有12%股本回报率感到兴奋吗?
Simply Wall St ·  07/21 21:52

One of the best investments we can make is in our own knowledge and skill set. With that in mind, this article will work through how we can use Return On Equity (ROE) to better understand a business. By way of learning-by-doing, we'll look at ROE to gain a better understanding of China National Nuclear Power Co., Ltd. (SHSE:601985).

我们能够真正获益的最佳投资之一就是在自身的知识和技能方面作出努力。受此启发,本文将详细介绍我们如何使用净资产收益率(roe)来更好地理解业务的情况。通过学以致用的方式,我们将以净资产收益率为切入点,更好地了解中国核电股份有限公司(SHSE:601985)。

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.

股本回报率或roe是一项关键指标,用于评估公司管理层使用公司资本的效率。换句话说,它揭示了公司将股东的投资转化为利润的成功。

How Do You Calculate Return On Equity?

怎样计算ROE?

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 China National Nuclear Power is:

所以,根据以上公式,中国核电的roe为:

12% = CN¥20b ÷ CN¥169b (Based on the trailing twelve months to March 2024).

12% = 200亿人民币 ÷ 1690亿人民币(基于截至2024年3月的过去12个月)。

The 'return' is the amount earned after tax 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¥0.12 in profit.

“回报”是税后收益,与过去十二个月相比。换句话说,对于每一元的股本,公司能够获得0.12元的利润。

Does China National Nuclear Power Have A Good Return On Equity?

中国核电净资产收益率好吗?

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. As is clear from the image below, China National Nuclear Power has a better ROE than the average (7.7%) in the Renewable Energy industry.

通过将一个公司的roe与其行业平均水平进行比较,我们可以快速了解其好坏程度。但是这种方法的局限性在于,即使在同一行业分类中,某些公司也可能与其他公司有很大的不同。从下图可以清楚地看出,中国核电在可再生能源行业中的roe优于平均值(7.7%)。

big
SHSE:601985 Return on Equity July 22nd 2024
SHSE:601985净资产收益率2024年7月22日

That's clearly a positive. However, bear in mind that a high ROE doesn't necessarily indicate efficient profit generation. Especially when a firm uses high levels of debt to finance its debt which may boost its ROE but the high leverage puts the company at risk. Our risks dashboardshould have the 2 risks we have identified for China National Nuclear Power.

这显然是一个积极的信号。但请记住,高roe并不一定意味着高效益的利润收益。特别是当公司使用大量债务来融资,这可能会提高其roe,但高杠杆会使公司面临风险。我们的风险仪表板中应该有我们为中国核电确定的2种风险。

How Does Debt Impact Return On Equity?

债务如何影响股东回报率?

Virtually all companies need money to invest in the business, to grow profits. The cash for investment can come from prior year profits (retained earnings), issuing new shares, or borrowing. 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 used for growth will improve returns, but won't affect the total equity. That will make the ROE look better than if no debt was used.

几乎所有公司都需要资金来投资业务以实现利润增长。有关投资的资金可以来自以往的利润(留存收益),发行新股或借债。对于第一种和第二种选项,roe将反映这种用于增长的现金使用情况。在后一种情况下,用于增长的债务将改善回报,但不会影响总股本。这将使roe看起来比不使用债务要好。

Combining China National Nuclear Power's Debt And Its 12% Return On Equity

结合中国核电的债务和其12%的净资产收益率

It's worth noting the high use of debt by China National Nuclear Power, leading to its debt to equity ratio of 2.00. Its ROE is quite low, even with the use of significant debt; that's not a good result, in our opinion. 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,中国核电使用大量债务,导致其资产负债比率为2.00。即使使用了大量债务,其roe仍然相当低,这在我们看来不是一个好结果。债务增加了风险,并减少了公司未来的选择,因此您通常希望从中获得一些良好的回报。

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 a useful indicator of the ability of a business to generate profits and return them to shareholders. 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.

企业获得利润并将其返还给股东的能力是企业能否赚钱的有用指标。如果一家公司可以在没有债务的情况下实现较高的roe,那么它可以被认为是一家高质量的企业。如果两家公司的roe相同,那么我通常更喜欢负债较少的那一家公司。

But when a business is high quality, the market often bids it up to a price that reflects this. 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.

当然,Verra Mobility 可能并不是最好的股票。因此,您可能需要查看这些具有高 ROE 和低债务的其他公司的 免费集锦。

Of course China National Nuclear Power may not be the best stock to buy. So you may wish to see this free collection of other companies that have high ROE and low debt.

当然,中国核电可能不是最佳的购买股票。因此,您可能希望查看此免费收藏的其他具有高roe和低债务的公司。

Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team (at) simplywallst.com.
This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.

对本文有反馈?对内容感到担忧?请直接与我们联系。或者,发送电子邮件至editorial-team (at) simplywallst.com。
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

对本文有反馈?对内容感到担忧?请直接与我们联系。或者,发送电子邮件至editorial-team@simplywallst.com。

声明:本内容仅用作提供资讯及教育之目的,不构成对任何特定投资或投资策略的推荐或认可。 更多信息
    抢沙发