With A 1.6% Return On Equity, Is Jiangsu Eastern Shenghong Co.,Ltd. (SZSE:000301) A Quality Stock?
With A 1.6% Return On Equity, Is Jiangsu Eastern Shenghong Co.,Ltd. (SZSE:000301) A Quality Stock?
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 Jiangsu Eastern Shenghong Co.,Ltd. (SZSE:000301).
我们能做的最好的投资之一就是我们自己的知识和技能。考虑到这一点，本文将讨论如何使用股本回报率(ROE)来更好地了解企业。通过边做边学的方式，我们将看到净资产收益率，以更好地了解江苏东方盛宏股份有限公司(深交所：000301)。
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.
净资产收益率，即股本回报率，是评估一家公司从股东那里获得投资回报的有效程度的有用工具。简而言之，它是用来评估一家公司相对于其权益资本的盈利能力。
View our latest analysis for Jiangsu Eastern ShenghongLtd
查看我们对江苏东方盛宏股份有限公司的最新分析
How Is ROE Calculated?
净资产收益率是如何计算的？
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 Jiangsu Eastern ShenghongLtd is:
因此，根据上述公式，江苏东方盛宏股份有限公司的净资产收益率为：
1.6% = CN¥596m ÷ CN¥37b (Based on the trailing twelve months to June 2023).
1.6%=CN元5.96亿×CN元370亿元(基于截至2023年6月的12个月)。
The 'return' is the income the business earned over the last year. Another way to think of that is that for every CN¥1 worth of equity, the company was able to earn CN¥0.02 in profit.
“回报”指的是企业在过去一年中获得的收入。另一种说法是，公司每持有价值1元的股权，就能赚取0.02元的利润。
Does Jiangsu Eastern ShenghongLtd Have A Good Return On Equity?
江苏东方盛宏股份有限公司的股本回报率高吗？
Arguably the easiest way to assess company's ROE is to compare it with the average in its industry. However, this method is only useful as a rough check, because companies do differ quite a bit within the same industry classification. As is clear from the image below, Jiangsu Eastern ShenghongLtd has a lower ROE than the average (7.3%) in the Chemicals industry.
可以说，评估公司净资产收益率最简单的方法是将其与所在行业的平均水平进行比较。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。从下图可以清楚地看到，江苏东方盛宏股份有限公司的净资产收益率低于化工行业的平均水平(7.3%)。
That's not what we like to see. That being said, a low ROE is not always a bad thing, especially if the company has low leverage as this still leaves room for improvement if the company were to take on more debt. A company with high debt levels and low ROE is a combination we like to avoid given the risk involved. To know the 5 risks we have identified for Jiangsu Eastern ShenghongLtd visit our risks dashboard for free.
这不是我们希望看到的。话虽如此，低ROE并不总是一件坏事，特别是如果公司的杠杆率较低，因为如果公司承担更多债务，这仍有改进的空间。考虑到涉及的风险，高债务水平和低ROE的公司是我们希望避免的组合。要了解我们为江苏东方盛宏股份有限公司确定的5个风险，请免费访问我们的风险仪表板。
How Does Debt Impact ROE?
债务对净资产收益率有何影响？
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 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. In this manner the use of debt will boost ROE, even though the core economics of the business stay the same.
几乎所有的公司都需要资金来投资于业务，以增加利润。这些现金可以来自发行股票、留存收益或债务。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。在这种情况下，债务的使用将提高净资产收益率，即使企业的核心经济保持不变。
Jiangsu Eastern ShenghongLtd's Debt And Its 1.6% ROE
江苏东方盛宏股份有限公司的债务及其1.6%的净资产收益率
It seems that Jiangsu Eastern ShenghongLtd uses a huge volume of debt to fund the business, since it has an extremely high debt to equity ratio of 3.06. The combination of a rather low ROE and high debt to equity is a negative, in our book.
江苏东方盛宏股份有限公司似乎使用了大量的债务来为这项业务提供资金，因为它的债务与股本比率非常高，为3.06。在我们的书中，相当低的净资产收益率和高的债务股本比率的组合是负面的。
Conclusion
结论
Return on equity is a useful indicator of the ability of a business to generate profits and return them to shareholders. Companies that can achieve high returns on equity without too much debt are generally of good quality. 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.
股本回报率是衡量一家企业产生利润并将其返还给股东的能力的有用指标。能够在没有太多债务的情况下实现高股本回报率的公司通常质量良好。如果两家公司的债务权益比大致相同，而其中一家公司的净资产收益率更高，我通常会更喜欢净资产收益率更高的那家公司。
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 you might want to check this FREE visualization of analyst forecasts for the company.
但当一项业务是高质量的时，市场往往会将其抬高到反映这一点的价格。相对于当前价格反映的利润增长预期，也必须考虑利润可能增长的速度。因此，你可能想查看分析师对该公司预测的免费可视化。
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。