Can SDIC Zhonglu Fruit Juice Co.,Ltd. (SHSE:600962) Improve Its Returns?
Can SDIC Zhonglu Fruit Juice Co.,Ltd. (SHSE:600962) 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 SDIC Zhonglu Fruit Juice Co.,Ltd. (SHSE:600962), by way of a worked example.
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。我們將使用投資回報率來考察國投中路果汁有限公司。，Ltd.（上海證券交易所股票代碼：600962），舉一個有效的例子。
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 other words, it is a profitability ratio which measures the rate of return on the capital provided by the company's shareholders.
股本回報率或投資回報率是用於評估公司管理層利用公司資本效率的關鍵指標。換句話說，它是衡量公司股東提供的資本回報率的盈利比率。
How Do You Calculate Return On Equity?
你如何計算股本回報率？
The formula for ROE is:
ROE 的公式是：
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 SDIC Zhonglu Fruit JuiceLtd is:
因此，根據上述公式，國投中魯果汁有限公司的投資回報率爲：
6.9% = CN¥67m ÷ CN¥978m (Based on the trailing twelve months to December 2023).
6.9% = 6700萬元人民幣 ÷ 9.78億元人民幣（基於截至2023年12月的過去十二個月）。
The 'return' is the amount earned after tax over the last twelve months. So, this means that for every CN¥1 of its shareholder's investments, the company generates a profit of CN¥0.07.
“回報” 是過去十二個月的稅後收入。因此，這意味着公司每投資1元人民幣，公司就會產生0.07元人民幣的利潤。
Does SDIC Zhonglu Fruit JuiceLtd Have A Good ROE?
國投中魯果汁有限公司的投資回報率好嗎？
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, SDIC Zhonglu Fruit JuiceLtd has a lower ROE than the average (9.0%) in the Food 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。從下圖中可以明顯看出，國投中魯果汁有限公司的投資回報率低於食品行業的平均水平（9.0％）。
That's not what we like to see. Although, we think that a lower ROE could still mean that a company has the opportunity to better its returns with the use of leverage, provided its existing debt levels are low. When a company has low ROE but high debt levels, we would be cautious as the risk involved is too high.
這不是我們喜歡看到的。但是，我們認爲，只要現有債務水平較低，較低的投資回報率仍可能意味着公司有機會通過使用槓桿提高回報。當一家公司的投資回報率低但債務水平高時，我們會謹慎行事，因爲所涉及的風險太高。
The Importance Of Debt To Return On Equity
債務對股本回報率的重要性
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 debt required for growth will boost returns, but will not impact the shareholders' equity. Thus the use of debt can improve ROE, albeit along with extra risk in the case of stormy weather, metaphorically speaking.
公司通常需要投資資金來增加利潤。這些現金可以來自留存收益、發行新股（股權）或債務。對於第一和第二種選擇，投資回報率將反映現金用於增長的這種用途。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。因此，使用債務可以提高投資回報率，儘管可以隱喻地說，暴風雨天氣會帶來額外的風險。
Combining SDIC Zhonglu Fruit JuiceLtd's Debt And Its 6.9% Return On Equity
合併國投中綠果汁有限公司的債務及其6.9％的股本回報率
SDIC Zhonglu Fruit JuiceLtd does use a high amount of debt to increase returns. It has a debt to equity ratio of 1.34. 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.
國投中綠果汁有限公司確實使用大量債務來增加回報。它的負債權益比率爲1.34。由於投資回報率相當低，而且債務使用量很大，目前很難對這項業務感到興奮。債務確實會帶來額外的風險，因此只有當公司從中獲得可觀的回報時，債務才是真正值得的。
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.
股本回報率是我們可以比較不同公司的業務質量的一種方式。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. 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.
話雖如此，儘管投資回報率是衡量業務質量的有用指標，但您必須考慮一系列因素才能確定購買股票的正確價格。與股票價格所反映的預期相比，利潤增長率尤其需要考慮。您可以通過查看這張免費的過去收益、收入和現金流詳細圖表來了解公司過去的增長情況。
But note: SDIC Zhonglu Fruit JuiceLtd may not be the best stock to buy. So take a peek at this free list of interesting companies with high ROE and low debt.
但請注意：國投中綠果汁有限公司可能不是最值得買入的股票。因此，來看看這份投資回報率高、債務低的有趣公司的免費清單。
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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。