Boasting A 14% Return On Equity, Is China Wafer Level CSP Co., Ltd. (SHSE:603005) A Top Quality Stock?
Boasting A 14% Return On Equity, Is China Wafer Level CSP Co., Ltd. (SHSE:603005) A Top Quality Stock?
While some investors are already well versed in financial metrics (hat tip), this article is for those who would like to learn about Return On Equity (ROE) and why it is important. We'll use ROE to examine China Wafer Level CSP Co., Ltd. (SHSE:603005), by way of a worked example.
雖然一些投資者已經很好地精通財務指標 (帽子提示), 這篇文章是為那些誰想要了解股權回報率 (ROE) 以及為什麼它是重要的.我們將通過一個實例來檢查中國晶圓級 CSP 有限公司（SHE：603005）。
Return on equity or ROE is a key measure used to assess how efficiently a company's management is utilizing the company's capital. Put another way, it reveals the company's success at turning shareholder investments into profits.
股權回報率或 ROE 是用於評估公司管理層利用公司資本的效率的關鍵衡量標準。換句話說，它揭示了該公司在將股東投資轉化為利潤方面的成功。
View our latest analysis for China Wafer Level CSP
查看我們對中國晶圓級 CSP 的最新分析
How Do You Calculate Return On Equity?
您如何計算權益回報率？
Return on equity can be calculated by using the formula:
權益回報率可以通過使用以下公式計算：
Return on Equity = Net Profit (from continuing operations) ÷ Shareholders' Equity
權益回報率 = 淨利潤（來自持續經營業務）÷ 股東權益
So, based on the above formula, the ROE for China Wafer Level CSP is:
因此，根據上述公式，中國晶圓級 CSP 的 ROE 為：
14% = CN¥530m ÷ CN¥3.7b (Based on the trailing twelve months to September 2021).
14% = 人民幣 530 萬元 ÷ 人民幣 3.7 百萬元（以截至 2021 年 9 月為止的最後十二個月計算）。
The 'return' is the income the business earned over the last year. Another way to think of that is that for every CN¥1 worth of equity, the company was able to earn CN¥0.14 in profit.
「回報」是企業在過去一年賺取的收入。想到這一點的另一種方法是，每個 CN¥1 的股權，公司都能賺取 CND¥0.14 的利潤。
Does China Wafer Level CSP Have A Good ROE?
中國晶圓級 CSP 是否有良好的 ROE？
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 you can see in the graphic below, China Wafer Level CSP has a higher ROE than the average (9.0%) in the Semiconductor industry.
可以說，評估公司 ROE 的最簡單方法是將其與行業中的平均水平進行比較。但是，這種方法僅作為粗略檢查有用，因為公司在同一行業分類中確實有很大不同。如下圖所示，中國晶圓級 CSP 的 ROE 高於半導體產業的平均值 (9.0%)。
That's clearly a positive. However, bear in mind that a high ROE doesn't necessarily indicate efficient profit generation. 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 . You can see the 2 risks we have identified for China Wafer Level CSP by visiting our risks dashboard for free on our platform here.
這顯然是一個積極的。但是，請記住，高 ROE 並不一定表示有效的利潤產生。公司資本結構中較高比例的債務也可能導致較高的 ROE，因此高債務水平可能是一個巨大的風險。您可以瀏覽我們的網站，了解我們在中國晶圓級 CSP 中識別出的 2 種風險。 風險儀表板 在我們的平台上免費在這裡。
The Importance Of Debt To Return On Equity
債務返回股權的重要性
Most companies need money -- from somewhere -- to grow their profits. That cash can come from issuing shares, retained earnings, 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 use of debt will improve the returns, but will not change the equity. Thus the use of debt can improve ROE, albeit along with extra risk in the case of stormy weather, metaphorically speaking.
大多數公司都需要錢-從某個地方---來增加他們的利潤。現金可以來自發行股票，保留收益或債務。在第一和第二個選項的情況下，ROE 將反映這種現金的使用，用於增長。在後一種情況下，使用債務將提高回報，但不會改變權益。因此，使用債務可以改善 ROE，儘管在暴風雨天氣的情況下具有額外的風險，比喻地說。
China Wafer Level CSP's Debt And Its 14% ROE
中國晶圓級 CSP 的債務及其 14％ 的淨資產負債
China Wafer Level CSP has a debt to equity ratio of just 0.0038, which is very low. The combination of modest debt and a very respectable ROE suggests this is a business worth watching. Careful use of debt to boost returns is often very good for shareholders. However, it could reduce the company's ability to take advantage of future opportunities.
中國晶圓級 CSP 的債務與權益比率僅為 0.0038，這是非常低的。適度的債務和非常可觀的 ROE 的組合表明這是一個值得關注的業務。小心利用債務來提高回報對股東來說通常是非常有益的。但是，它可能會降低公司利用未來機會的能力。
Summary
摘要
Return on equity is a useful indicator of the ability of a business to generate profits and return them to shareholders. Companies that can achieve high returns on equity without too much debt are generally of good quality. If two companies have the same ROE, then I would generally prefer the one with less debt.
權益回報率是企業產生利潤並將其返還給股東的能力的有用指標。在沒有太多債務的情況下可以獲得高股權回報的公司，通常質量很好。如果兩家公司擁有相同的 ROE，那麼我通常更喜歡債務較少的公司。
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. It is important to consider other factors, such as future profit growth -- and how much investment is required going forward. So you might want to take a peek at this data-rich interactive graph of forecasts for the company.
話雖如此，儘管 ROE 是業務質量的有用指標，但您必須查看各種因素來確定購買股票的合適價格。重要的是要考慮其他因素，如未來的利潤增長--以及需要多少投資前進是非常重要的。因此，您可能想看看這個數據豐富的互動式公司預測圖。
Of course, you might find a fantastic investment by looking elsewhere. So take a peek at this free list of interesting companies.
當然， 通過尋找其他地方，您可能會發現出色的投資。 因此，請先看看這個 自由 有趣的公司名單。
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