A Note On Shanghai QiFan Cable Co., Ltd's (SHSE:605222) ROE and Debt To Equity
A Note On Shanghai QiFan Cable Co., Ltd's (SHSE:605222) ROE and Debt To Equity
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. By way of learning-by-doing, we'll look at ROE to gain a better understanding of Shanghai QiFan Cable Co., Ltd (SHSE:605222).
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。通过边做边学的方式，我们将看看净资产收益率，以更好地了解上海奇帆电缆股份有限公司(上海证交所：605222)。
Return on Equity or ROE is a test of how effectively a company is growing its value and managing investors' money. In simpler terms, it measures the profitability of a company in relation to shareholder's equity.
股本回报率(ROE)是对一家公司增值和管理投资者资金的效率的测试。简而言之，它衡量的是一家公司相对于股东权益的盈利能力。
See our latest analysis for Shanghai QiFan Cable
请看我们对上海奇帆有线的最新分析
How Is ROE Calculated?
净资产收益率是如何计算的？
ROE can be calculated by using the formula:
可使用以下公式计算净资产收益率：
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 Shanghai QiFan Cable is:
因此，根据上述公式，上海奇帆电缆的净资产收益率为：
8.7% = CN¥376m ÷ CN¥4.3b (Based on the trailing twelve months to March 2023).
8.7%=3.76亿元×43亿元(以截至2023年3月的12个月为基础)。
The 'return' is the yearly profit. One way to conceptualize this is that for each CN¥1 of shareholders' capital it has, the company made CN¥0.09 in profit.
“回报”就是年度利润。一种概念化的方法是，公司每拥有1元人民币的股东资本，就会获得0.09元人民币的利润。
Does Shanghai QiFan Cable Have A Good Return On Equity?
上海奇帆有线电视的股本回报率高吗？
One simple way to determine if a company has a good return on equity is to compare it to the average for its industry. Importantly, this is far from a perfect measure, because companies differ significantly within the same industry classification. The image below shows that Shanghai QiFan Cable has an ROE that is roughly in line with the Electrical industry average (7.9%).
确定一家公司是否拥有良好的股本回报率的一个简单方法是将其与所在行业的平均水平进行比较。重要的是，这远远不是一个完美的衡量标准，因为在同一行业分类中，公司的差异很大。下图显示上海奇帆电缆的净资产收益率大致与电气行业平均水平(7.9%)持平。
That isn't amazing, but it is respectable. While at least the ROE is not lower than the industry, its still worth checking what role the company's debt plays as high debt levels relative to equity may also make the ROE appear high. If true, then it is more an indication of risk than the potential. Our risks dashboardshould have the 3 risks we have identified for Shanghai QiFan Cable.
这并不令人惊讶，但它是值得尊敬的。虽然净资产收益率至少不低于行业，但它仍然值得检查公司的债务起到了什么作用，因为债务相对于股权的高水平也可能使净资产收益率看起来很高。如果是真的，那么它更多的是风险的指示，而不是潜在的。我们的风险仪表板应该有我们为上海奇帆电缆确定的3个风险。
The Importance Of Debt To Return On Equity
债务对股本回报率的重要性
Companies usually need to invest money to grow their profits. The cash for investment can come from prior year profits (retained earnings), issuing new shares, or borrowing. In the first and second cases, the ROE will reflect this use of cash for investment in the business. In the latter case, the debt used for growth will improve returns, but won't affect the total equity. In this manner the use of debt will boost ROE, even though the core economics of the business stay the same.
公司通常需要投入资金来增加利润。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。在第一种和第二种情况下，净资产收益率将反映对企业投资的现金使用情况。在后一种情况下，用于增长的债务将提高回报，但不会影响总股本。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。
Shanghai QiFan Cable's Debt And Its 8.7% ROE
上海奇帆有线的债务及其8.7%的净资产收益率
It's worth noting the high use of debt by Shanghai QiFan Cable, leading to its debt to equity ratio of 1.38. With a fairly low ROE, and significant use of debt, it's hard to get excited about this business at the moment. 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，上海奇帆有线的高负债使用率导致其债务权益比为1.38。由于净资产收益率(ROE)相当低，而且大量使用债务，目前很难对这项业务感到兴奋。债务增加了风险，减少了公司未来的选择，所以你通常希望看到使用它的一些良好回报。
Conclusion
结论
Return on equity is one way we can compare its business quality of different companies. A company that can achieve a high return on equity without debt could be considered a high quality business. All else being equal, a higher ROE is better.
股本回报率是我们比较不同公司业务质量的一种方式。一家能够在没有债务的情况下实现高股本回报率的公司可以被认为是一家高质量的企业。在其他条件相同的情况下，净资产收益率越高越好。
But ROE is just one piece of a bigger puzzle, since high quality businesses often trade on high multiples of earnings. Profit growth rates, versus the expectations reflected in the price of the stock, are a particularly important to consider. So I think it may be worth checking this free report on analyst forecasts for the company.
但净资产收益率只是一个更大的谜题的一部分，因为高质量企业的市盈率往往很高。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。所以我觉得这可能值得一查免费分析师对该公司的预测报告。
Of course Shanghai QiFan Cable 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.
当然了上海奇帆电缆可能不是最值得买入的股票。所以你可能想看看这个免费其他拥有高ROE和低债务的公司的集合。
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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。