With A 15% Return On Equity, Is RLX Technology Inc. (NYSE:RLX) A Quality Stock?
With A 15% Return On Equity, Is RLX Technology Inc. (NYSE:RLX) A Quality Stock?
One of the best investments we can make is in our own knowledge and skill set. With that in mind, this article will work through how we can use Return On Equity (ROE) to better understand a business. By way of learning-by-doing, we'll look at ROE to gain a better understanding of$RLX Technology(RLX.US)$.
我們能做的最好的投資之一就是我們自己的知識和技能。考慮到這一點，本文將討論如何使用股本回報率(ROE)來更好地瞭解企業。通過邊做邊學的方式，我們將查看ROE，以更好地理解$霧芯科技(RLX.US)$.
Return on Equity or ROE is a test of how effectively a company is growing its value and managing investors' money. 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(ROE)是對一家公司增值和管理投資者資金的效率的測試。換句話説，這是一個衡量公司股東提供的資本回報率的盈利比率。
View our latest analysis for RLX Technology
查看我們對霧芯科技的最新分析
How Do You Calculate Return On Equity?
你如何計算股本回報率？
ROE can be calculated by using the formula:
可使用以下公式計算淨資產收益率：
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 RLX Technology is:
因此，根據上面的公式，霧芯科技的淨資產收益率為：
15% = CN¥2.0b ÷ CN¥14b (Based on the trailing twelve months to December 2021).
15%=20億元×140億元(以截至2021年12月的12個月為基礎)。
The 'return' is the amount earned after tax over the last twelve months. Another way to think of that is that for every $1 worth of equity, the company was able to earn $0.15 in profit.
“報税表”是過去12個月的税後收入。另一種説法是，公司每持有價值1美元的股票，就能賺取0.15美元的利潤。
Does RLX Technology Have A Good Return On Equity?
霧芯科技的股本回報率高嗎？
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, RLX Technology has a lower ROE than the average (21%) in the Tobacco industry.
可以説，評估公司淨資產收益率最簡單的方法是將其與所在行業的平均水平進行比較。然而，這種方法只是作為一種粗略的檢查，因為在同一行業分類中，公司確實有很大的不同。從下圖可以明顯看出，霧芯科技的淨資產收益率低於煙草行業的平均水平(21%)。
NYSE:RLX Return on Equity May 14th 2022
紐約證券交易所：RLX股本回報率2022年5月14日
Unfortunately, that's sub-optimal. 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. A high debt company having a low ROE is a different story altogether and a risky investment in our books.
不幸的是，這並不是最優的。不過，我們認為，較低的淨資產收益率仍可能意味着，如果一家公司現有的債務水平較低，那麼它就有機會通過使用槓桿來提高回報。一家高負債、淨資產收益率低的公司則完全是另一回事，在我們的賬面上是一種高風險的投資。
The Importance Of Debt To Return On Equity
債務對股本回報率的重要性
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 debt used for growth will improve returns, but won't affect the total equity. That will make the ROE look better than if no debt was used.
大多數公司都需要資金--從某個地方--來增加利潤。投資的現金可以來自上一年的利潤(留存收益)、發行新股或借款。在前兩種情況下，淨資產收益率將抓住這種資本增長的用途。在後一種情況下，用於增長的債務將提高回報，但不會影響總股本。這將使淨資產收益率看起來比不使用債務的情況下更好。
Combining RLX Technology's Debt And Its 15% Return On Equity
將霧芯科技的債務和15%的股本回報率結合起來
Shareholders will be pleased to learn that RLX Technology has not one iota of net debt! Its respectable ROE suggests it is a business worth watching, but it's even better the company achieved this without leverage. At the end of the day, when a company has zero debt, it is in a better position to take future growth opportunities.
得知霧芯科技沒有一分錢的淨債務，股東們會很高興的！其可觀的淨資產收益率表明，這是一項值得關注的業務，但更好的是，該公司在沒有槓桿的情況下實現了這一點。歸根結底，當一家公司的債務為零時，它就更有能力抓住未來的增長機會。
Conclusion
結論
Return on equity is useful for comparing the quality of different businesses. In our books, the highest quality companies have high return on equity, despite low debt. All else being equal, a higher ROE is better.
股本回報率在比較不同企業的質量時很有用。在我們的賬目中，最高質量的公司擁有高股本回報率，儘管債務水平較低。在其他條件相同的情況下，淨資產收益率越高越好。
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. The rate at which profits are likely to grow, relative to the expectations of profit growth reflected in the current price, must be considered, too. So you might want to take a peek at this data-rich interactive graph of forecasts for the company.
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。相對於當前價格反映的利潤增長預期，也必須考慮利潤可能增長的速度。因此，你可能想看看這張數據豐富的公司預測互動圖表。
Of course, you might find a fantastic investment by looking elsewhere. So take a peek at this free list of interesting companies.
當然了,如果你把目光投向別處，你可能會發現這是一筆很棒的投資。所以讓我們來看看這個免費有趣的公司名單。
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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。