HKSecWiki新股资讯 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。为了使课程立足于实践，我们将使用净资产收益率来更好地理解名创优品(纽约证券交易所股票代码：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.
净资产收益率，即股本回报率，是评估一家公司从股东那里获得投资回报的有效程度的有用工具。换句话说，它揭示了该公司成功地将股东投资转化为利润。
See our latest analysis for MINISO Group Holding
参见我们对名创优品控股的最新分析
详情目录
How To Calculate Return On Equity?
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 MINISO Group Holding is:
因此，根据上述公式，名创优品控股的净资产收益率为：
8.4% = CN¥565m ÷ CN¥6.7b (Based on the trailing twelve months to December 2021).
8.4%=5.65亿元×67亿元(以截至2021年12月的12个月为基础)。
The 'return' is the yearly profit. That means that for every $1 worth of shareholders' equity, the company generated $0.08 in profit.
“回报”就是年度利润。这意味着，股东权益每增加1美元，公司就会产生0.08美元的利润。
Does MINISO Group Holding Have A Good ROE?
名创优品控股的净资产收益率好吗？
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. 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。如果你看下图，你可以看到名创优品控股的净资产收益率低于多线零售行业分类的平均水平(31%)。
NYSE:MNSO Return on Equity May 15th 2022
纽约证券交易所：MNSO股本回报率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.
这不是我们希望看到的。然而，较低的净资产收益率并不总是坏事。如果公司的债务水平处于中低水平，那么仍有机会通过使用财务杠杆来提高回报。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。我们的风险控制面板应该包含我们为名创优品控股确定的两个风险。
Why You Should Consider Debt When Looking At ROE
为什么在考虑净资产收益率时应该考虑债务
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.
公司通常需要投入资金来增加利润。这些现金可以来自留存收益、发行新股(股权)或债务。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，债务的使用将提高回报，但不会改变股权。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 MINISO Group Holding's Debt And Its 8.4% Return On Equity
结合名创优品控股的债务及其8.4%的股本回报率
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.
虽然名创优品控股确实有少量债务，债务与股本比率仅为0.0017，但我们认为债务的使用非常温和。它的净资产收益率不是特别令人印象深刻，但债务水平相当适中，因此该业务可能具有一些真正的潜力。谨慎地利用债务来提高回报往往对股东非常有利。然而，这可能会降低该公司利用未来机会的能力。
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.
股本回报率是衡量一家企业产生利润并将其返还给股东的能力的有用指标。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。如果两家公司的债务权益比大致相同，而其中一家公司的净资产收益率更高，我通常会更喜欢净资产收益率更高的那家公司。
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.
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。相对于股价反映的预期，利润增长率是一个特别重要的考虑因素。所以我觉得这可能值得一查免费分析师对该公司的预测报告。
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.
但请注意：名创优品控股可能不是最值得买入的股票。所以让我们来看看这个免费高净资产收益率和低负债的有趣公司名单。
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