Why Shuangliang Eco-Energy Systems Co.,Ltd (SHSE:600481) Looks Like A Quality Company
Why Shuangliang Eco-Energy Systems Co.,Ltd (SHSE:600481) Looks Like A Quality Company
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. To keep the lesson grounded in practicality, we'll use ROE to better understand Shuangliang Eco-Energy Systems Co.,Ltd (SHSE:600481).
儘管一些投資者已經精通財務指標（帽子提示），但本文適用於那些想了解股本回報率（ROE）及其重要性的人。爲了使課程以實用爲基礎，我們將使用投資回報率來更好地了解雙良生態能源系統有限公司。, Ltd（上海證券交易所股票代碼：600481）。
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.
股本回報率或投資回報率是股東需要考慮的重要因素，因爲它可以告訴他們資本再投資的有效性。換句話說，它揭示了公司成功地將股東投資轉化爲利潤。
How To Calculate Return On Equity?
如何計算股本回報率？
ROE can be calculated by using the formula:
ROE 可以通過以下公式計算：
Return on Equity = Net Profit (from continuing operations) ÷ Shareholders' Equity
股本回報率 = 淨利潤（來自持續經營業務）÷ 股東權益
So, based on the above formula, the ROE for Shuangliang Eco-Energy SystemsLtd is:
因此，根據上述公式，雙良生態能源系統有限公司的投資回報率爲：
24% = CN¥1.7b ÷ CN¥7.0b (Based on the trailing twelve months to September 2023).
24% = 17億元人民幣 ÷ 7.0億元人民幣（基於截至2023年9月的過去十二個月）。
The 'return' is the income the business earned over the last year. So, this means that for every CN¥1 of its shareholder's investments, the company generates a profit of CN¥0.24.
“回報” 是企業去年獲得的收入。因此，這意味着，其股東每投資1元人民幣，公司就會產生0.24元人民幣的利潤。
Does Shuangliang Eco-Energy SystemsLtd Have A Good Return On Equity?
雙良生態能源系統有限公司的股本回報率是否良好？
By comparing a company's ROE with its industry average, we can get a quick measure of how good it is. The limitation of this approach is that some companies are quite different from others, even within the same industry classification. As you can see in the graphic below, Shuangliang Eco-Energy SystemsLtd has a higher ROE than the average (7.5%) in the Machinery industry.
通過將公司的投資回報率與其行業平均水平進行比較，我們可以快速衡量其表現如何。這種方法的侷限性在於，有些公司與其他公司有很大不同，即使在相同的行業分類中也是如此。如下圖所示，雙良生態能源系統有限公司的投資回報率高於機械行業的平均水平（7.5％）。
That's clearly a positive. Bear in mind, a high ROE doesn't always mean superior financial performance. Especially when a firm uses high levels of debt to finance its debt which may boost its ROE but the high leverage puts the company at risk. To know the 3 risks we have identified for Shuangliang Eco-Energy SystemsLtd visit our risks dashboard for free.
這顯然是積極的。請記住，高投資回報率並不總是意味着卓越的財務業績。尤其是當一家公司使用高額債務爲其債務融資時，這可能會提高其投資回報率，但高槓杆率會使公司面臨風險。要了解我們爲雙良生態能源系統有限公司確定的三種風險，請免費訪問我們的風險儀表板。
How Does Debt Impact Return On Equity?
債務如何影響股本回報率？
Virtually all companies need money to invest in the business, to grow profits. The cash for investment can come from prior year profits (retained earnings), issuing new shares, or borrowing. 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 used for growth will improve returns, but won't affect the total equity. Thus the use of debt can improve ROE, albeit along with extra risk in the case of stormy weather, metaphorically speaking.
幾乎所有公司都需要資金來投資業務，增加利潤。投資現金可以來自上一年的利潤（留存收益）、發行新股或借款。在第一和第二種情況下，投資回報率將反映現金用於企業投資的情況。在後一種情況下，用於增長的債務將提高回報，但不會影響總資產。因此，使用債務可以提高投資回報率，儘管可以隱喻地說，暴風雨天氣會帶來額外的風險。
Combining Shuangliang Eco-Energy SystemsLtd's Debt And Its 24% Return On Equity
合併雙良生態能源系統有限公司的債務及其24％的股本回報率
Shuangliang Eco-Energy SystemsLtd does use a high amount of debt to increase returns. It has a debt to equity ratio of 1.30. While no doubt that its ROE is impressive, we would have been even more impressed had the company achieved this with lower debt. Debt increases risk and reduces options for the company in the future, so you generally want to see some good returns from using it.
雙良生態能源系統有限公司確實使用大量債務來增加回報。它的負債權益比率爲1.30。儘管毫無疑問，其投資回報率令人印象深刻，但如果該公司以較低的債務實現這一目標，我們會給我們留下更深刻的印象。債務會增加風險，減少公司未來的選擇，因此您通常希望從使用債務中獲得豐厚的回報。
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.
股本回報率對於比較不同業務的質量很有用。能夠在不負債過多的情況下獲得高股本回報的公司通常質量很好。如果兩家公司的債務與股權比率大致相同，而一家公司的投資回報率更高，那麼我通常更喜歡投資回報率更高的那家公司。
But when a business is high quality, the market often bids it up to a price that reflects this. 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 check this FREE visualization of analyst forecasts for the company.
但是，當企業質量很高時，市場通常會以反映這一點的價格出價。還必須考慮利潤可能增長的速度，相對於當前價格所反映的利潤增長預期。因此，您可能需要查看該公司的分析師預測的免費可視化效果。
But note: Shuangliang Eco-Energy SystemsLtd 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：雙良生態能源系統有限公司可能不是最好的買入股票。因此，來看看這份投資回報率高、債務低的有趣公司的免費清單。
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Simply Wall St的這篇文章本質上是籠統的。我們僅使用公正的方法根據歷史數據和分析師的預測提供評論，我們的文章無意作爲財務建議。它不構成買入或賣出任何股票的建議，也沒有考慮到您的目標或財務狀況。我們的目標是爲您提供由基本數據驅動的長期重點分析。請注意，我們的分析可能不考慮最新的價格敏感型公司公告或定性材料。簡而言之，華爾街沒有持有任何上述股票的頭寸。
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