What Zhongyu Energy Holdings Limited's (HKG:3633) ROE Can Tell Us
What Zhongyu Energy Holdings Limited's (HKG:3633) ROE Can Tell Us
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 Zhongyu Energy Holdings Limited (HKG:3633), by way of a worked example.
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。我们将使用净资产收益率来分析中宇能源控股有限公司(HKG：3633)，作为一个实例。
Return on equity or ROE is a key measure used to assess how efficiently a company's management is utilizing the company's capital. In short, ROE shows the profit each dollar generates with respect to its shareholder investments.
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。简而言之，净资产收益率显示了每一美元相对于其股东投资产生的利润。
See our latest analysis for Zhongyu Energy Holdings
查看我们对中宇能源控股的最新分析
How To Calculate Return On Equity?
如何计算股本回报率？
Return on equity can be calculated by using the formula:
股本回报率可使用以下公式计算：
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 Zhongyu Energy Holdings is:
因此，根据上述公式，中宇能源控股的净资产收益率为：
13% = HK$1.3b ÷ HK$9.5b (Based on the trailing twelve months to December 2021).
13%=13亿港元×95亿港元(根据截至2021年12月的过去12个月计算)。
The 'return' is the yearly profit. Another way to think of that is that for every HK$1 worth of equity, the company was able to earn HK$0.13 in profit.
“回报”就是年度利润。另一种说法是，该公司每持有价值1港元的股票，就能赚取0.13港元的利润。
Does Zhongyu Energy Holdings Have A Good Return On Equity?
中宇能源控股的股本回报率高吗？
By comparing a company's ROE with its industry average, we can get a quick measure of how good it is. However, this method is only useful as a rough check, because companies do differ quite a bit within the same industry classification. You can see in the graphic below that Zhongyu Energy Holdings has an ROE that is fairly close to the average for the Gas Utilities industry (15%).
通过将一家公司的净资产收益率(ROE)与其行业平均水平进行比较，我们可以快速衡量它有多好。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。从下图可以看到，中宇能源控股的净资产收益率相当接近燃气公用事业行业的平均水平(15%)。
That's neither particularly good, nor bad. Even if the ROE is respectable when compared to the industry, its worth checking if the firm's ROE is being aided 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 Zhongyu Energy Holdings.
这既不是特别好，也不是特别坏。即使与行业相比，公司的净资产收益率还算不错，但公司的净资产收益率是否得到了高负债水平的帮助，还是值得一查的。如果一家公司承担了太多债务，那么它拖欠利息的风险就会更高。我们的风险仪表板应该有我们为中裕能源控股确定的两个风险。
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
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.
大多数公司都需要资金--从某个地方--来增加利润。投资的现金可以来自上一年的利润(留存收益)、发行新股或借款。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 Zhongyu Energy Holdings' Debt And Its 13% Return On Equity
合并中裕能源控股的债务及其13%的股本回报率
Zhongyu Energy Holdings does use a high amount of debt to increase returns. It has a debt to equity ratio of 1.19. There's no doubt its ROE is decent, but the very high debt the company carries is not too exciting to see. 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.
中宇能源控股确实利用高额债务来增加回报。它的债务与股本比率为1.19。毫无疑问，它的净资产收益率是不错的，但该公司背负的非常高的债务并不太令人兴奋。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 useful for comparing the quality of different businesses. 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.
股本回报率在比较不同企业的质量时很有用。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. Profit growth rates, versus the expectations reflected in the price of the stock, are a particularly important to consider. Check the past profit growth by Zhongyu Energy Holdings by looking at this visualization of past earnings, revenue and cash flow.
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。相对于股价反映的预期，利润增长率是一个特别重要的考虑因素。通过查看过去收益、收入和现金流的可视化来检查中宇能源控股公司过去的利润增长情况。
If you would prefer check out another company -- one with potentially superior financials -- then do not miss this free list of interesting companies, that have HIGH return on equity and low debt.
如果你更愿意看看另一家公司--一家财务状况可能更好的公司--那么不要错过这一点免费列出了一些有趣的公司，这些公司拥有高股本回报率和低债务。
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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。