Beijing SPC Environment Protection Tech Co., Ltd. (SZSE:002573) Has A ROE Of 9.1%
Beijing SPC Environment Protection Tech Co., Ltd. (SZSE:002573) Has A ROE Of 9.1%
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 Beijing SPC Environment Protection Tech Co., Ltd. (SZSE:002573).
許多投資者仍在學習在分析股票時可能有用的各種指標。這篇文章是為那些想了解股本回報率(ROE)的人準備的。為了讓這一課立足於實踐，我們將使用淨資產收益率來更好地瞭解北京中石化環保科技有限公司(深圳證券交易所：002573)。
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. Put another way, it reveals the company's success at turning shareholder investments into profits.
股本回報率或淨資產收益率是股東要考慮的一個重要因素，因為它告訴他們他們的資本再投資的效率。換句話説，它揭示了該公司成功地將股東投資轉化為利潤。
Check out our latest analysis for Beijing SPC Environment Protection Tech
查看我們對北京SPC環保技術的最新分析
How Is ROE Calculated?
淨資產收益率是如何計算的？
The formula for return on equity is:
這個股本回報率公式是：
Return on Equity = Net Profit (from continuing operations) ÷ Shareholders' Equity
股本回報率=(持續經營的)淨利潤？股東權益
So, based on the above formula, the ROE for Beijing SPC Environment Protection Tech is:
因此，根據上述公式，北京SPC環保科技的淨資產收益率為：
9.1% = CN¥627m ÷ CN¥6.9b (Based on the trailing twelve months to December 2021).
9.1%=CN元6.27億×CN元69億元(基於截至2021年12月的12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¥0.09 in profit.
“報税表”是過去12個月的税後收入。這意味着，股東權益每增加1元，公司就會產生0.09元的利潤。
Does Beijing SPC Environment Protection Tech Have A Good ROE?
北京SPC環保科技的淨資產收益率高嗎？
One simple way to determine if a company has a good return on equity is to compare it to the average for its industry. Importantly, this is far from a perfect measure, because companies differ significantly within the same industry classification. If you look at the image below, you can see Beijing SPC Environment Protection Tech has a similar ROE to the average in the Machinery industry classification (8.2%).
確定一家公司是否擁有良好的股本回報率的一個簡單方法是將其與所在行業的平均水平進行比較。重要的是，這遠遠不是一個完美的衡量標準，因為在同一行業分類中，公司的差異很大。如果你看下圖，你可以看到北京SPC環保科技公司的淨資產收益率(ROE)與機械行業分類的平均水平(8.2%)相似。
So while the ROE is not exceptional, at least its acceptable. Although the ROE is similar to the industry, we should still perform further checks to see if the company's ROE is being boosted by high debt levels. If so, this increases its exposure to financial risk. Our risks dashboardshould have the 4 risks we have identified for Beijing SPC Environment Protection Tech.
因此，雖然淨資產收益率並不例外，但至少是可以接受的。儘管淨資產收益率與行業類似，但我們仍應進行進一步檢查，看看公司的淨資產收益率是否受到高債務水平的提振。如果是這樣的話，這將增加其金融風險敞口。我們的風險儀錶板應該具有我們為北京SPC環保技術公司確定的4個風險。
How Does Debt Impact ROE?
債務對淨資產收益率有何影響？
Most companies need money -- from somewhere -- to grow their profits. That cash can come from issuing shares, retained earnings, or debt. In the first and second cases, the ROE will reflect this use of cash for investment in the business. 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.
大多數公司都需要資金--從某個地方--來增加利潤。這些現金可以來自發行股票、留存收益或債務。在第一種和第二種情況下，淨資產收益率將反映對企業投資的現金使用情況。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，債務的使用可以提高淨資產收益率，儘管打個比方説，在暴風雨天氣的情況下會有額外的風險。
Combining Beijing SPC Environment Protection Tech's Debt And Its 9.1% Return On Equity
合併北京SPC環保科技的債務及其9.1%的股本回報率
Beijing SPC Environment Protection Tech does use a high amount of debt to increase returns. It has a debt to equity ratio of 1.25. Its ROE is quite low, even with the use of significant debt; that's not a good result, in our opinion. Debt increases risk and reduces options for the company in the future, so you generally want to see some good returns from using it.
北京SPC環保科技確實使用了高額債務來增加回報。它的債務與股本比率為1.25。它的淨資產收益率相當低，即使使用了大量債務；在我們看來，這不是一個好結果。債務增加了風險，減少了公司未來的選擇，所以你通常希望看到使用它的一些良好回報。
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. 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.
股本回報率在比較不同企業的質量時很有用。能夠在沒有太多債務的情況下實現高股本回報率的公司通常質量良好。如果兩家公司的債務權益比大致相同，而其中一家公司的淨資產收益率更高，我通常會更喜歡淨資產收益率更高的那家公司。
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 Beijing SPC Environment Protection Tech by looking at this visualization of past earnings, revenue and cash flow.
話雖如此，雖然淨資產收益率是衡量業務質量的有用指標，但你必須考慮一系列因素，才能確定購買股票的合適價格。相對於股價反映的預期，利潤增長率是一個特別重要的考慮因素。通過查看過去的收益、收入和現金流的可視化來查看北京SPC環保科技過去的利潤增長情況。
But note: Beijing SPC Environment Protection Tech 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：北京SPC環保科技可能不是最好的股票。所以，看看這份有趣的高淨資產收益率和低負債公司名單吧。
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本文由Simply Wall St.撰寫，具有概括性。我們僅使用不偏不倚的方法提供基於歷史數據和分析師預測的評論，我們的文章並不打算作為財務建議。它不構成買賣任何股票的建議，也沒有考慮你的目標或你的財務狀況。我們的目標是為您帶來由基本面數據驅動的長期重點分析。請注意，我們的分析可能不會將最新的對價格敏感的公司公告或定性材料考慮在內。Simply Wall St.對上述任何一隻股票都沒有持倉。
譯文內容由第三人軟體翻譯。