With A Return On Equity Of 7.2%, Has Estun Automation Co., Ltd's (SZSE:002747) Management Done Well?
With A Return On Equity Of 7.2%, Has Estun Automation Co., Ltd's (SZSE:002747) Management Done Well?
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. We'll use ROE to examine Estun Automation Co., Ltd (SZSE:002747), by way of a worked example.
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。我们将使用净资产收益率来检验埃斯顿自动化有限公司(SZSE：002747)，作为一个实际例子。
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。简而言之，净资产收益率显示了每一美元相对于其股东投资产生的利润。
Check out our latest analysis for Estun Automation
查看我们对Estun Automation的最新分析
How To Calculate Return On Equity?
如何计算股本回报率？
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 Estun Automation is:
因此，根据上面的公式，Estun Automation的ROE为：
7.2% = CN¥202m ÷ CN¥2.8b (Based on the trailing twelve months to June 2023).
7.2%=CN元2.02亿×CN元28亿元(基于截至2023年6月的12个月)。
The 'return' refers to a company's earnings over the last year. That means that for every CN¥1 worth of shareholders' equity, the company generated CN¥0.07 in profit.
“回报”指的是一家公司过去一年的收益。这意味着，股东权益每增加1元，公司就会产生0.07元的利润。
Does Estun Automation Have A Good ROE?
Estun Automation的净资产收益率(ROE)好吗？
By comparing a company's ROE with its industry average, we can get a quick measure of how good it is. The limitation of this approach is that some companies are quite different from others, even within the same industry classification. If you look at the image below, you can see Estun Automation has a similar ROE to the average in the Machinery industry classification (7.7%).
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。这种方法的局限性是，一些公司与其他公司有很大的不同，甚至在相同的行业分类中也是如此。如果你看下图，你可以看到Estun Automation的净资产收益率(ROE)与机械行业分类中的平均水平(7.7%)相似。
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 so, this increases its exposure to financial risk. To know the 2 risks we have identified for Estun Automation visit our risks dashboard for free.
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。如果是这样的话，这将增加其金融风险敞口。要了解我们为Estun Automation确定的两个风险，请免费访问我们的风险仪表板。
The Importance Of Debt To Return On Equity
债务对股本回报率的重要性
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 debt used for growth will improve returns, but won't affect the total equity. Thus the use of debt can improve ROE, albeit along with extra risk in the case of stormy weather, metaphorically speaking.
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，用于增长的债务将提高回报，但不会影响总股本。因此，债务的使用可以提高净资产收益率，尽管打个比方说，在暴风雨天气的情况下会有额外的风险。
Estun Automation's Debt And Its 7.2% ROE
Estun Automation的债务及其7.2%的净资产收益率
It's worth noting the high use of debt by Estun Automation, leading to its debt to equity ratio of 1.47. Its ROE is quite low, even with the use of significant debt; that's not a good result, in our opinion. 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.
值得注意的是，Estun Automation高度利用债务，导致其债务与股本比率达到1.47。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。投资者应该仔细考虑，如果一家公司不能如此轻松地借款，它可能会表现如何，因为信贷市场确实会随着时间的推移而变化。
Summary
摘要
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. 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。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 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 check this FREE visualization of 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。