Can Fujian Sanmu Group Co., Ltd. (SZSE:000632) Improve Its Returns?
Can Fujian Sanmu Group Co., Ltd. (SZSE:000632) Improve Its Returns?
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). We'll use ROE to examine Fujian Sanmu Group Co., Ltd. (SZSE:000632), by way of a worked example.
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。我们将使用净资产收益率对福建三木集团股份有限公司(深交所：000632)进行实证分析。
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. In simpler terms, it measures the profitability of a company in relation to shareholder's equity.
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，它衡量的是一家公司相对于股东权益的盈利能力。
Check out our latest analysis for Fujian Sanmu Group
查看我们对福建三木集团的最新分析
How To Calculate Return On Equity?
如何计算股本回报率？
The formula for ROE is:
这个净资产收益率公式是：
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 Fujian Sanmu Group is:
因此，根据上述公式，福建三木集团的净资产收益率为：
2.1% = CN¥41m ÷ CN¥1.9b (Based on the trailing twelve months to March 2022).
2.1%=CN元4100万×CN元19亿元(基于截至2022年3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 Fujian Sanmu Group Have A Good Return On Equity?
福建三牧集团的股本回报率好吗？
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. If you look at the image below, you can see Fujian Sanmu Group has a lower ROE than the average (9.5%) in the Trade Distributors industry classification.
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。如果你看下图，你可以看到福建三木集团的净资产收益率低于贸易总代理商行业分类的平均水平(9.5%)。
That certainly isn't ideal. 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. When a company has low ROE but high debt levels, we would be cautious as the risk involved is too high. To know the 4 risks we have identified for Fujian Sanmu Group visit our risks dashboard for free.
这当然不是理想的情况。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。当一家公司的净资产收益率低但债务水平高时，我们会谨慎行事，因为涉及的风险太高。要了解我们为福建三木集团确定的4个风险，请免费访问我们的风险仪表板。
How Does Debt Impact Return On Equity?
债务对股本回报率有何影响？
Most companies need money -- from somewhere -- to grow their profits. That cash can come from retained earnings, issuing new shares (equity), or debt. In the first two cases, the ROE will capture this use of capital to grow. In the latter case, the debt used for growth will improve returns, but won't affect the total equity. That will make the ROE look better than if no debt was used.
大多数公司都需要资金--从某个地方--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，用于增长的债务将提高回报，但不会影响总股本。这将使净资产收益率看起来比不使用债务的情况下更好。
Fujian Sanmu Group's Debt And Its 2.1% ROE
福建三木集团的债务及其2.1%的净资产收益率
Fujian Sanmu Group clearly uses a high amount of debt to boost returns, as it has a debt to equity ratio of 2.07. With a fairly low ROE, and significant use of debt, it's hard to get excited about this business at the moment. Debt does bring extra risk, so it's only really worthwhile when a company generates some decent returns from it.
福建三木集团显然使用高负债来提高回报，因为它的债务与股本比率为2.07。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。
Summary
摘要
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. It is important to consider other factors, such as future profit growth -- and how much investment is required going forward. You can see how the company has grow in the past by looking at this FREE detailed graph 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。重要的是要考虑其他因素，比如未来的利润增长，以及未来需要多少投资。你可以通过查看这篇免费的文章来了解该公司过去是如何发展壮大的详细图表过去的收益、收入和现金流。
Of course Fujian Sanmu Group 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.
当然了福建三木集团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。