HKSecWiki新股資訊 2022年06月30日
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. To keep the lesson grounded in practicality, we'll use ROE to better understand MINISO Group Holding Limited (NYSE:MNSO).
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。為瞭使課程立足於實踐，我們將使用凈資產收益率來更好地理解名創優品(紐約證券交易所股票代碼：MNSO)。
ROE or return on equity is a useful tool to assess how effectively a company can generate returns on the investment it received from its shareholders. Put another way, it reveals the company's success at turning shareholder investments into profits.
凈資產收益率，即股本回報率，是評估一傢公司從股東那裡獲得投資回報的有效程度的有用工具。換句話說，它揭示瞭該公司成功地將股東投資轉化為利潤。
See our latest analysis for MINISO Group Holding
參見我們對名創優品控股的最新分析
詳情列表
How To Calculate Return On Equity?
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凈資產收益率：
Return on Equity = Net Profit (from continuing operations) ÷ Shareholders' Equity
股本回報率=(持續經營的)凈利潤？股東權益
So, based on the above formula, the ROE for MINISO Group Holding is:
因此，根據上述公式，名創優品控股的凈資產收益率為：
8.4% = CN¥565m ÷ CN¥6.7b (Based on the trailing twelve months to December 2021).
8.4%=5.65億元×67億元(以截至2021年12月的12個月為基礎)。
The 'return' is the yearly profit. That means that for every $1 worth of shareholders' equity, the company generated $0.08 in profit.
“回報”就是年度利潤。這意味著，股東權益每增加1美元，公司就會產生0.08美元的利潤。
Does MINISO Group Holding Have A Good ROE?
名創優品控股的凈資產收益率好嗎？
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. If you look at the image below, you can see MINISO Group Holding has a lower ROE than the average (31%) in the Multiline Retail industry classification.
可以說，評估公司凈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，這種方法隻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。如果你看下圖，你可以看到名創優品控股的凈資產收益率低於多線零售行業分類的平均水平(31%)。
NYSE:MNSO Return on Equity May 15th 2022
紐約證券交易所：MNSO股本回報率2022年5月15日
That's not what we like to see. However, a low ROE is not always bad. If the company's debt levels are moderate to low, then there's still a chance that returns can be improved via the use of financial leverage. A high debt company having a low ROE is a different story altogether and a risky investment in our books. Our risks dashboard should have the 2 risks we have identified for MINISO Group Holding.
這不是我們希望看到的。然而，較低的凈資產收益率並不總是壞事。如果公司的債務水平處於中低水平，那麼仍有機會通過使用財務杠桿來提高回報。一傢高負債、凈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。我們的風險控制面板應該包含我們為名創優品控股確定的兩個風險。
Why You Should Consider Debt When Looking At ROE
為什麼在考慮凈資產收益率時應該考慮債務
Companies usually need to invest money to grow their profits. That cash can come from retained earnings, issuing new shares (equity), or debt. In the first two cases, the ROE will capture this use of capital to grow. In the latter case, the use of debt will improve the returns, but will not change the equity. That will make the ROE look better than if no debt was used.
公司通常需要投入資金來增加利潤。這些現金可以來自留存收益、發行新股(股權)或債務。在前兩種情況下，凈資產收益率將抓住這種資本增長的用途。在後一種情況下，債務的使用將提高回報，但不會改變股權。這將使凈資產收益率看起來比不使用債務的情況下更好。
Combining MINISO Group Holding's Debt And Its 8.4% Return On Equity
結合名創優品控股的債務及其8.4%的股本回報率
While MINISO Group Holding does have a tiny amount of debt, with a debt to equity ratio of just 0.0017, we think the use of debt is very modest. Its ROE isn't particularly impressive, but the debt levels are quite modest, so the business probably has some real potential. 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.
雖然名創優品控股確實有少量債務，債務與股本比率僅為0.0017，但我們認為債務的使用非常溫和。它的凈資產收益率不是特別令人印象深刻，但債務水平相當適中，因此該業務可能具有一些真正的潛力。謹慎地利用債務來提高回報往往對股東非常有利。然而，這可能會降低該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. In our books, the highest quality companies have high return on equity, despite low debt. 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.
股本回報率是衡量一傢企業產生利潤並將其返還給股東的能力的有用指標。在我們的賬目中，最高質量的公司擁有高股本回報率，盡管債務水平較低。如果兩傢公司的債務權益比大致相同，而其中一傢公司的凈資產收益率更高，我通常會更喜歡凈資產收益率更高的那傢公司。
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. So I think it may be worth checking this free report on analyst forecasts for the company.
話雖如此，雖然凈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。所以我覺得這可能值得一查免費分析師對該公司的預測報告。
But note: MINISO Group Holding 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.
但請註意：名創優品控股可能不是最值得買入的股票。所以讓我們來看看這個免費高凈資產收益率和低負債的有趣公司名單。
Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team (at) simplywallst.com.This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.
對這篇文章有什麼反饋嗎？擔心內容嗎？ 保持聯系直接與我們聯系。或者，也可以給編輯組發電子郵件，地址是implywallst.com。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。請註意，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。
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