Suzhou Douson Drilling & Production Equipment Co.,Ltd. (SHSE:603800) Delivered A Better ROE Than Its Industry
Suzhou Douson Drilling & Production Equipment Co.,Ltd. (SHSE:603800) Delivered A Better ROE Than Its Industry
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 Suzhou Douson Drilling & Production Equipment Co.,Ltd. (SHSE:603800), by way of a worked example.
许多投资者仍在学习分析股票时可能有用的各种指标。本文适用于那些想了解股本回报率（ROE）的人。我们将使用ROE来考察苏州道森钻探与生产设备有限公司。，Ltd.（上海证券交易所股票代码：603800），举一个有效的例子。
Return on Equity or ROE is a test of how effectively a company is growing its value and managing investors' money. In simpler terms, it measures the profitability of a company in relation to shareholder's equity.
股本回报率或投资回报率是对公司增值和管理投资者资金的有效性的考验。简而言之，它衡量公司相对于股东权益的盈利能力。
How Do You Calculate Return On Equity?
你如何计算股本回报率？
The formula for ROE is:
ROE 的公式是：
Return on Equity = Net Profit (from continuing operations) ÷ Shareholders' Equity
股本回报率 = 净利润（来自持续经营业务）÷ 股东权益
So, based on the above formula, the ROE for Suzhou Douson Drilling & Production EquipmentLtd is:
因此，根据上述公式，苏州道森钻探与生产设备有限公司的投资回报率为：
22% = CN¥208m ÷ CN¥944m (Based on the trailing twelve months to March 2024).
22% = 2.08亿元人民币 ÷ 9.44亿元人民币（基于截至2024年3月的过去十二个月）。
The 'return' is the profit over the last twelve months. That means that for every CN¥1 worth of shareholders' equity, the company generated CN¥0.22 in profit.
“回报” 是过去十二个月的利润。这意味着，每获得价值1元人民币的股东权益，该公司就会产生0.22元人民币的利润。
Does Suzhou Douson Drilling & Production EquipmentLtd Have A Good Return On Equity?
苏州道森钻采设备有限公司的股本回报率是否良好？
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 is clear from the image below, Suzhou Douson Drilling & Production EquipmentLtd has a better ROE than the average (6.8%) in the Energy Services industry.
可以说，评估公司投资回报率的最简单方法是将其与行业平均水平进行比较。重要的是，这远非一个完美的衡量标准，因为各公司在相同的行业分类中差异很大。从下图中可以明显看出，苏州道森钻探与生产设备有限公司的投资回报率高于能源服务行业的平均水平（6.8％）。
That's what we like to see. Bear in mind, a high ROE doesn't always mean superior financial performance. Aside from changes in net income, a high ROE can also be the outcome of high debt relative to equity, which indicates risk.
这就是我们喜欢看到的。请记住，高投资回报率并不总是意味着卓越的财务业绩。除了净收入的变化外，高投资回报率也可能是高债务相对于权益的结果，这表明存在风险。
How Does Debt Impact Return On Equity?
债务如何影响股本回报率？
Most companies need money -- from somewhere -- to grow their profits. The cash for investment can come from prior year profits (retained earnings), issuing new shares, or borrowing. In the first two cases, the ROE will capture this use of capital to grow. In the latter case, the use of debt will improve the returns, but will not change the equity. In this manner the use of debt will boost ROE, even though the core economics of the business stay the same.
大多数公司需要来自某个地方的资金来增加利润。投资现金可以来自上一年的利润（留存收益）、发行新股或借款。在前两个案例中，投资回报率将涵盖这种资本用于增长的用途。在后一种情况下，使用债务将提高回报，但不会改变股权。以这种方式，债务的使用将提高投资回报率，尽管该业务的核心经济学保持不变。
Suzhou Douson Drilling & Production EquipmentLtd's Debt And Its 22% ROE
苏州道森钻采设备有限公司的债务及其22％的投资回报率
It's worth noting the high use of debt by Suzhou Douson Drilling & Production EquipmentLtd, leading to its debt to equity ratio of 1.03. There's no doubt its ROE is decent, but the very high debt the company carries is not too exciting to see. 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，苏州道森钻探与生产设备有限公司大量使用债务，导致其负债权益比率为1.03。毫无疑问，其投资回报率不错，但该公司背负的巨额债务并不令人兴奋。投资者应该仔细考虑如果一家公司无法如此轻易地借款，其表现会如何，因为信贷市场确实会随着时间的推移而发生变化。
Summary
摘要
Return on equity is useful for comparing the quality of different businesses. Companies that can achieve high returns on equity without too much debt are generally of good quality. All else being equal, a higher ROE is better.
股本回报率对于比较不同业务的质量很有用。能够在不负债过多的情况下获得高股本回报的公司通常质量很好。在其他条件相同的情况下，更高的投资回报率更好。
But ROE is just one piece of a bigger puzzle, since high quality businesses often trade on high multiples of earnings. Profit growth rates, versus the expectations reflected in the price of the stock, are a particularly important to consider. So you might want to check this FREE visualization of analyst forecasts for the company.
但是投资回报率只是更大难题中的一部分，因为高质量的企业通常以高倍的收益进行交易。与股票价格所反映的预期相比，利润增长率尤其值得考虑。因此，您可能需要查看该公司的分析师预测的免费可视化效果。
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.
如果你更愿意去另一家公司——一家财务状况可能优越的公司——那么千万不要错过这份免费的股本回报率高、债务低的有趣公司的名单。
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