Is Digital China Group Co., Ltd.'s (SZSE:000034) 13% ROE Better Than Average?
Is Digital China Group Co., Ltd.'s (SZSE:000034) 13% ROE Better Than Average?
Many investors are still learning about the various metrics that can be useful when analysing a stock. This article is for those who would like to learn about Return On Equity (ROE). To keep the lesson grounded in practicality, we'll use ROE to better understand Digital China Group Co., Ltd. (SZSE:000034).
许多投资者仍在学习在分析股票时可能有用的各种指标。这篇文章是为那些想了解股本回报率(ROE)的人准备的。为了让课程立足于实践，我们将使用净资产收益率来更好地理解数字中国集团有限公司(深圳证券交易所代码：000034)。
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(ROE)是用来评估公司管理层利用公司资本效率的关键指标。换句话说，它揭示了该公司成功地将股东投资转化为利润。
Check out our latest analysis for Digital China Group
查看我们对数字中国集团的最新分析
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 Digital China Group is:
因此，根据上述公式，数字中国集团的净资产收益率为：
13% = CN¥1.1b ÷ CN¥8.4b (Based on the trailing twelve months to June 2023).
13%=11亿元×84亿元(基于截至2023年6月的12个月)。
The 'return' is the yearly profit. So, this means that for every CN¥1 of its shareholder's investments, the company generates a profit of CN¥0.13.
“回报”就是年度利润。因此，这意味着股东每投资1元人民币，公司就会产生0.13元的利润。
Does Digital China Group Have A Good ROE?
数字中国集团的净资产收益率好吗？
Arguably the easiest way to assess company's ROE is to compare it with the average in its industry. Importantly, this is far from a perfect measure, because companies differ significantly within the same industry classification. As you can see in the graphic below, Digital China Group has a higher ROE than the average (6.3%) in the IT 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。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。如下图所示，数字中国集团的净资产收益率高于IT行业平均水平(6.3%)。
That is a good sign. However, bear in mind that a high ROE doesn't necessarily indicate efficient profit generation. A higher proportion of debt in a company's capital structure may also result in a high ROE, where the high debt levels could be a huge risk . You can see the 4 risks we have identified for Digital China Group by visiting our risks dashboard for free on our platform here.
这是一个好兆头。然而，请记住，高净资产收益率并不一定意味着有效的利润创造。债务在公司资本结构中的比例较高也可能导致较高的净资产收益率，而较高的债务水平可能是一个巨大的风险。您可以访问我们的网站查看我们为数字中国集团确定的4个风险风险控制面板在我们的平台上是免费的。
How Does Debt Impact Return On Equity?
债务对股本回报率有何影响？
Companies usually need to invest money to grow their profits. That cash can come from retained earnings, issuing new shares (equity), or debt. In the case of the first and second options, the ROE will reflect this use of cash, for growth. In the latter case, the use of debt will improve the returns, but will not change the equity. That will make the ROE look better than if no debt was used.
公司通常需要投入资金来增加利润。这些现金可以来自留存收益、发行新股(股权)或债务。在第一种和第二种选择的情况下，净资产收益率将反映现金用于增长的这种情况。在后一种情况下，债务的使用将提高回报，但不会改变股权。这将使净资产收益率看起来比不使用债务的情况下更好。
Combining Digital China Group's Debt And Its 13% Return On Equity
将数字中国集团的债务及其13%的股本回报率结合起来
It's worth noting the high use of debt by Digital China Group, leading to its debt to equity ratio of 1.74. Its ROE is quite low, even with the use of significant debt; that's not a good result, in our opinion. Debt does bring extra risk, so it's only really worthwhile when a company generates some decent returns from it.
值得注意的是，数字中国集团高度利用债务，导致其债务权益比达到1.74%。它的净资产收益率相当低，即使使用了大量债务；在我们看来，这不是一个好结果。债务确实会带来额外的风险，所以只有当一家公司从债务中获得一些可观的回报时，它才是真正值得的。
Conclusion
结论
Return on equity is a useful indicator of the ability of a business to generate profits and return them to shareholders. 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。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。
But ROE is just one piece of a bigger puzzle, since high quality businesses often trade on high multiples of earnings. 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 take a peek at this data-rich interactive graph of 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，你可能想看看这张数据丰富的公司预测互动图表。
Of course, you might find a fantastic investment by looking elsewhere. So take a peek at this free list of interesting companies.
当然了,如果你把目光投向别处，你可能会发现这是一笔很棒的投资。所以让我们来看看这个免费有趣的公司名单。
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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。