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.
雖然一些投資者已經非常精通財務指標(帽子提示)，但本文面向的是那些想要了解股本回報率(ROE)及其重要性的人。我們將使用淨資產收益率來分析中宇能源控股有限公司(HKG：3633)，作為一個實例。
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.
股本回報率(ROE)是用來評估公司管理層利用公司資本效率的關鍵指標。簡而言之，淨資產收益率顯示了每一美元相對於其股東投資產生的利潤。
See our latest analysis for Zhongyu Energy Holdings
查看我們對中宇能源控股的最新分析
How To Calculate Return On Equity?
如何計算股本回報率？
Return on equity can be calculated by using the formula:
股本回報率可使用以下公式計算：
Return on Equity = Net Profit (from continuing operations) ÷ Shareholders' Equity
股本回報率=(持續經營的)淨利潤？股東權益
So, based on the above formula, the ROE for Zhongyu Energy Holdings is:
因此，根據上述公式，中宇能源控股的淨資產收益率為：
13% = HK$1.3b ÷ HK$9.5b (Based on the trailing twelve months to December 2021).
13%=13億港元×95億港元(根據截至2021年12月的過去12個月計算)。
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.
“回報”就是年度利潤。另一種説法是，該公司每持有價值1港元的股票，就能賺取0.13港元的利潤。
Does Zhongyu Energy Holdings Have A Good Return On Equity?
中宇能源控股的股本回報率高嗎？
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%).
通過將一家公司的淨資產收益率(ROE)與其行業平均水平進行比較，我們可以快速衡量它有多好。然而，這種方法只是作為一種粗略的檢查，因為在同一行業分類中，公司確實有很大的不同。從下圖可以看到，中宇能源控股的淨資產收益率相當接近燃氣公用事業行業的平均水平(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.
這既不是特別好，也不是特別壞。即使與行業相比，公司的淨資產收益率還算不錯，但公司的淨資產收益率是否得到了高負債水平的幫助，還是值得一查的。如果一家公司承擔了太多債務，那麼它拖欠利息的風險就會更高。我們的風險儀錶板應該有我們為中裕能源控股確定的兩個風險。
Why You Should Consider Debt When Looking At ROE
為什麼在考慮淨資產收益率時應該考慮債務
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.
大多數公司都需要資金--從某個地方--來增加利潤。投資的現金可以來自上一年的利潤(留存收益)、發行新股或借款。在前兩種情況下，淨資產收益率將抓住這種資本增長的用途。在後一種情況下，債務的使用將提高回報，但不會改變股權。因此，債務的使用可以提高淨資產收益率，儘管打個比方説，在暴風雨天氣的情況下會有額外的風險。
Combining Zhongyu Energy Holdings' Debt And Its 13% Return On Equity
合併中裕能源控股的債務及其13%的股本回報率
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.
中宇能源控股確實利用高額債務來增加回報。它的債務與股本比率為1.19。毫無疑問，它的淨資產收益率是不錯的，但該公司揹負的非常高的債務並不太令人興奮。投資者應該仔細考慮，如果一家公司不能如此輕鬆地借款，它可能會表現如何，因為信貸市場確實會隨着時間的推移而變化。
Conclusion
結論
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.
股本回報率在比較不同企業的質量時很有用。在我們的賬目中，最高質量的公司擁有高股本回報率，儘管債務水平較低。如果兩家公司的淨資產收益率相同，那麼我通常會傾向於債務較少的那一家。
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.
話雖如此，雖然淨資產收益率是衡量業務質量的有用指標，但你必須考慮一系列因素，才能確定購買股票的合適價格。相對於股價反映的預期，利潤增長率是一個特別重要的考慮因素。通過查看過去收益、收入和現金流的可視化來檢查中宇能源控股公司過去的利潤增長情況。
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.
如果你更願意看看另一家公司--一家財務狀況可能更好的公司--那麼不要錯過這一點免費列出了一些有趣的公司，這些公司擁有高股本回報率和低債務。
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本文由Simply Wall St.撰寫，具有概括性。我們僅使用不偏不倚的方法提供基於歷史數據和分析師預測的評論，我們的文章並不打算作為財務建議。它不構成買賣任何股票的建議，也沒有考慮你的目標或你的財務狀況。我們的目標是為您帶來由基本面數據驅動的長期重點分析。請注意，我們的分析可能不會將最新的對價格敏感的公司公告或定性材料考慮在內。Simply Wall St.對上述任何一隻股票都沒有持倉。