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$RLX Technology(RLX.US)$.
我们能做的最好的投资之一就是我们自己的知识和技能。考虑到这一点，本文将讨论如何使用股本回报率(ROE)来更好地了解企业。通过边做边学的方式，我们将查看ROE，以更好地理解$雾芯科技(RLX.US)$.
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.
股本回报率(ROE)是对一家公司增值和管理投资者资金的效率的测试。换句话说，这是一个衡量公司股东提供的资本回报率的盈利比率。
View our latest analysis for RLX Technology
查看我们对雾芯科技的最新分析
How Do You Calculate Return On Equity?
你如何计算股本回报率？
ROE can be calculated by using the formula:
可使用以下公式计算净资产收益率：
Return on Equity = Net Profit (from continuing operations) ÷ Shareholders' Equity
股本回报率=(持续经营的)净利润？股东权益
So, based on the above formula, the ROE for RLX Technology is:
因此，根据上面的公式，雾芯科技的净资产收益率为：
15% = CN¥2.0b ÷ CN¥14b (Based on the trailing twelve months to December 2021).
15%=20亿元×140亿元(以截至2021年12月的12个月为基础)。
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.
“报税表”是过去12个月的税后收入。另一种说法是，公司每持有价值1美元的股票，就能赚取0.15美元的利润。
Does RLX Technology Have A Good Return On Equity?
雾芯科技的股本回报率高吗？
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.
可以说，评估公司净资产收益率最简单的方法是将其与所在行业的平均水平进行比较。然而，这种方法只是作为一种粗略的检查，因为在同一行业分类中，公司确实有很大的不同。从下图可以明显看出，雾芯科技的净资产收益率低于烟草行业的平均水平(21%)。
NYSE:RLX Return on Equity May 14th 2022
纽约证券交易所：RLX股本回报率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，这并不是最优的。不过，我们认为，较低的净资产收益率仍可能意味着，如果一家公司现有的债务水平较低，那么它就有机会通过使用杠杆来提高回报。一家高负债、净资产收益率低的公司则完全是另一回事，在我们的账面上是一种高风险的投资。
The Importance Of Debt To Return On Equity
债务对股本回报率的重要性
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.
大多数公司都需要资金--从某个地方--来增加利润。投资的现金可以来自上一年的利润(留存收益)、发行新股或借款。在前两种情况下，净资产收益率将抓住这种资本增长的用途。在后一种情况下，用于增长的债务将提高回报，但不会影响总股本。这将使净资产收益率看起来比不使用债务的情况下更好。
Combining RLX Technology's Debt And Its 15% Return On Equity
将雾芯科技的债务和15%的股本回报率结合起来
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.
得知雾芯科技没有一分钱的净债务，股东们会很高兴的！其可观的净资产收益率表明，这是一项值得关注的业务，但更好的是，该公司在没有杠杆的情况下实现了这一点。归根结底，当一家公司的债务为零时，它就更有能力抓住未来的增长机会。
Conclusion
结论
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.
股本回报率在比较不同企业的质量时很有用。在我们的账目中，最高质量的公司拥有高股本回报率，尽管债务水平较低。在其他条件相同的情况下，净资产收益率越高越好。
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.
话虽如此，虽然净资产收益率是衡量业务质量的有用指标，但你必须考虑一系列因素，才能确定购买股票的合适价格。相对于当前价格反映的利润增长预期，也必须考虑利润可能增长的速度。因此，你可能想看看这张数据丰富的公司预测互动图表。
Of course, you might find a fantastic investment by looking elsewhere. So take a peek at this free list of interesting companies.
当然了,如果你把目光投向别处，你可能会发现这是一笔很棒的投资。所以让我们来看看这个免费有趣的公司名单。
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本文由Simply Wall St.撰写，具有概括性。我们仅使用不偏不倚的方法提供基于历史数据和分析师预测的评论，我们的文章并不打算作为财务建议。它不构成买卖任何股票的建议，也没有考虑你的目标或你的财务状况。我们的目标是为您带来由基本面数据驱动的长期重点分析。请注意，我们的分析可能不会将最新的对价格敏感的公司公告或定性材料考虑在内。Simply Wall St.对上述任何一只股票都没有持仓。
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