Can Henan Yuguang Gold&Lead Co.,Ltd. (SHSE:600531) Maintain Its Strong Returns?
Can Henan Yuguang Gold&Lead Co.,Ltd. (SHSE:600531) Maintain Its Strong 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). To keep the lesson grounded in practicality, we'll use ROE to better understand Henan Yuguang Gold&Lead Co.,Ltd. (SHSE:600531).
許多投資者仍在學習分析股票時可能有用的各種指標。本文適用於那些想了解股本回報率（ROE）的人。爲了使課程以實用爲基礎，我們將使用投資回報率來更好地了解河南宇光金鉛有限公司。, Ltd.（上海證券交易所股票代碼：600531）。
Return on equity or ROE is an important factor to be considered by a shareholder because it tells them how effectively their capital is being reinvested. In simpler terms, it measures the profitability of a company in relation to shareholder's equity.
股本回報率或投資回報率是股東需要考慮的重要因素，因爲它可以告訴他們資本再投資的有效性。簡而言之，它衡量公司相對於股東權益的盈利能力。
How Is ROE Calculated?
ROE 是如何計算的？
Return on equity can be calculated by using the formula:
股本回報率可以使用以下公式計算：
Return on Equity = Net Profit (from continuing operations) ÷ Shareholders' Equity
股本回報率 = 淨利潤（來自持續經營業務）÷ 股東權益
So, based on the above formula, the ROE for Henan Yuguang Gold&LeadLtd is:
因此，根據上述公式，河南宇光金鉛有限公司的投資回報率爲：
14% = CN¥640m ÷ CN¥4.7b (Based on the trailing twelve months to September 2023).
14% = 6.4億元人民幣 ÷ 47億元人民幣（基於截至2023年9月的過去十二個月）。
The 'return' is the amount earned after tax over the last twelve months. That means that for every CN¥1 worth of shareholders' equity, the company generated CN¥0.14 in profit.
“回報” 是過去十二個月的稅後收入。這意味着，公司每獲得價值1元人民幣的股東權益，就會產生0.14元的利潤。
Does Henan Yuguang Gold&LeadLtd Have A Good ROE?
河南宇光金鉛有限公司的投資回報率是否良好？
Arguably the easiest way to assess company's ROE is to compare it with the average in its industry. However, this method is only useful as a rough check, because companies do differ quite a bit within the same industry classification. As is clear from the image below, Henan Yuguang Gold&LeadLtd has a better ROE than the average (7.4%) in the Metals and Mining industry.
可以說，評估公司投資回報率的最簡單方法是將其與行業平均水平進行比較。但是，這種方法僅在粗略檢查時有用，因爲各公司在相同的行業分類中確實存在很大差異。從下圖中可以看出，河南宇光金鉛有限公司的投資回報率高於金屬和採礦業的平均水平（7.4％）。
That's what we like to see. Bear in mind, a high ROE doesn't always mean superior financial performance. 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 . Our risks dashboardshould have the 2 risks we have identified for Henan Yuguang Gold&LeadLtd.
這就是我們喜歡看到的。請記住，高投資回報率並不總是意味着卓越的財務業績。公司資本結構中債務比例的增加也可能導致較高的投資回報率，而高債務水平可能構成巨大的風險。我們的風險儀表板應該包含我們爲河南宇光金鉛有限公司確定的兩種風險。
The Importance Of Debt To Return On Equity
債務對股本回報率的重要性
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 required for growth will boost returns, but will not impact the shareholders' equity. In this manner the use of debt will boost ROE, even though the core economics of the business stay the same.
實際上，所有公司都需要資金來投資業務，以增加利潤。這些現金可以來自發行股票、留存收益或債務。在前兩種情況下，ROE將利用這種資本來增長。在後一種情況下，增長所需的債務將提高回報，但不會影響股東權益。通過這種方式，債務的使用將提高投資回報率，儘管企業的核心經濟狀況保持不變。
Combining Henan Yuguang Gold&LeadLtd's Debt And Its 14% Return On Equity
合併河南宇光金鉛有限公司的債務及其14％的股本回報率
It's worth noting the high use of debt by Henan Yuguang Gold&LeadLtd, leading to its debt to equity ratio of 1.72. While its ROE is pretty respectable, the amount of debt the company is carrying currently is not ideal. 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，河南宇光金鉛有限公司大量使用債務，導致其債權比率爲1.72。儘管其投資回報率相當可觀，但該公司目前的債務額並不理想。投資者應該仔細考慮如果一家公司無法如此輕易地借款，其表現會如何，因爲信貸市場確實會隨着時間的推移而發生變化。
Summary
摘要
Return on equity is a useful indicator of the ability of a business to generate profits and return them to shareholders. 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.
股本回報率是衡量企業創造利潤並將其返還給股東的能力的有用指標。能夠在沒有債務的情況下實現高股本回報率的公司可以被視爲高質量的企業。如果兩家公司的債務與股權比率大致相同，而一家公司的投資回報率更高，那麼我通常更喜歡投資回報率更高的那家公司。
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 Henan Yuguang Gold&LeadLtd by looking at this visualization of past earnings, revenue and cash flow.
話雖如此，儘管投資回報率是衡量業務質量的有用指標，但你必須考慮一系列因素來確定購買股票的正確價格。利潤增長率與股票價格所反映的預期相比，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，查看河南宇光金鉛有限公司過去的利潤增長情況。
Of course Henan Yuguang Gold&LeadLtd 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.
當然，河南宇光金鉛有限公司可能不是最好的買入股票。因此，您不妨免費查看其他投資回報率高、負債率低的公司的名單。
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Simply Wall St的這篇文章本質上是籠統的。我們僅使用公正的方法根據歷史數據和分析師的預測提供評論，我們的文章無意作爲財務建議。它不構成買入或賣出任何股票的建議，也沒有考慮到您的目標或財務狀況。我們的目標是爲您提供由基本數據驅動的長期重點分析。請注意，我們的分析可能不考慮最新的價格敏感型公司公告或定性材料。簡而言之，華爾街沒有持有任何上述股票的頭寸。
譯文內容由第三人軟體翻譯。