The Three-year Decline in Earnings for Yes Optoelectronics (Group) SZSE:002952) Isn't Encouraging, but Shareholders Are Still up 85% Over That Period
The Three-year Decline in Earnings for Yes Optoelectronics (Group) SZSE:002952) Isn't Encouraging, but Shareholders Are Still up 85% Over That Period
Some Yes Optoelectronics (Group) Co., Ltd. (SZSE:002952) shareholders are probably rather concerned to see the share price fall 41% over the last three months. But over three years, the returns would have left most investors smiling In the last three years the share price is up, 74%: better than the market.
亚世光电(集团)股份有限公司(SZSE:002952)的一些股东可能相当担忧股价在过去三个月内下跌了41%。但过去三年中,回报的增长将让大多数投资者获益。在过去三年中,股价上涨了74%:超过了市场。
In light of the stock dropping 12% in the past week, we want to investigate the longer term story, and see if fundamentals have been the driver of the company's positive three-year return.
鉴于该股过去一周下跌了12%,我们想调查更长期的情况,看看基本面是否推动了公司三年积极回报。
To quote Buffett, 'Ships will sail around the world but the Flat Earth Society will flourish. There will continue to be wide discrepancies between price and value in the marketplace...' By comparing earnings per share (EPS) and share price changes over time, we can get a feel for how investor attitudes to a company have morphed over time.
引用巴菲特的话顺便说一下,“船只将环游世界,但支持地球平面学会的人将大有可为。 在市场上,价格和价值之间将继续存在巨大的差异...”通过比较EPS和股价变化,我们可以了解到投资者对公司的态度随时间的变化程度。
During the three years of share price growth, Yes Optoelectronics (Group) actually saw its earnings per share (EPS) drop 16% per year.
在股价增长的三年中,亚世光电(集团)实际上看到每股收益(EPS)每年下降了16%。
So we doubt that the market is looking to EPS for its main judge of the company's value. Since the change in EPS doesn't seem to correlate with the change in share price, it's worth taking a look at other metrics.
因此,我们怀疑市场不会将EPS作为公司价值的主要判断依据。由于EPS的变化似乎与股价的变化无关,因此值得关注其他指标。
The modest 1.7% dividend yield is unlikely to be propping up the share price. It may well be that Yes Optoelectronics (Group) revenue growth rate of 26% over three years has convinced shareholders to believe in a brighter future. In that case, the company may be sacrificing current earnings per share to drive growth, and maybe shareholder's faith in better days ahead will be rewarded.
适度的1.7%分红派息率不太可能支撑股价。可能的是,亚世光电(集团)三年内26%的营业收入增长率已经说服了股东相信更光明的未来。在这种情况下,公司可能会牺牲当前每股收益来推动增长,也许股东对未来更好的日子的信念将得到回报。
You can see how earnings and revenue have changed over time in the image below (click on the chart to see the exact values).
你可以在下面的图片中看到收入和营业收入随时间的变化情况(单击图表可查看精确值)。
![earnings-and-revenue-growth](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240528/0-4ac89bb1d4c2567a14206fad2f2ad337-0-6d7054ca0ca5bef221276a40c88f3c92.png/big)
This free interactive report on Yes Optoelectronics (Group)'s balance sheet strength is a great place to start, if you want to investigate the stock further.
如果您想进一步调查股票,可以开始查看亚世光电(集团)的资产负债表强度的免费交互式报告。
What About Dividends?
那么分红怎么样呢?
When looking at investment returns, it is important to consider the difference between total shareholder return (TSR) and share price return. Whereas the share price return only reflects the change in the share price, the TSR includes the value of dividends (assuming they were reinvested) and the benefit of any discounted capital raising or spin-off. Arguably, the TSR gives a more comprehensive picture of the return generated by a stock. We note that for Yes Optoelectronics (Group) the TSR over the last 3 years was 85%, which is better than the share price return mentioned above. This is largely a result of its dividend payments!
在考虑投资回报时,重要的是考虑总股东回报(TSR)和股票回报之间的差异。 TSR包括任何剥离或折让的资本筹集(基于股息被重新投资的假设),以及任何股息。因此,对于支付慷慨的股息公司而言,TSR通常比股票回报高得多。就中国神威药业集团而言,其TSR在过去5年中达到了75%。这超过了我们之前提到的股票回报。该公司支付的股息已经提高了总股东回报。总股东回报和股票回报虽然股价回报仅反映了股价变化,但TSR包括股息的价值(假设它们是再投资的)以及任何折价资本筹集或剥离带来的好处。可以说,TSR提供了更全面的股票回报图景。我们注意到,在过去的3年中,亚世光电(集团)的TSR为85%,优于上述股价回报。这在很大程度上是由于其股息支付带来的!
A Different Perspective
不同的观点
It's nice to see that Yes Optoelectronics (Group) shareholders have received a total shareholder return of 41% over the last year. And that does include the dividend. That's better than the annualised return of 1.1% over half a decade, implying that the company is doing better recently. Given the share price momentum remains strong, it might be worth taking a closer look at the stock, lest you miss an opportunity. I find it very interesting to look at share price over the long term as a proxy for business performance. But to truly gain insight, we need to consider other information, too. To that end, you should learn about the 5 warning signs we've spotted with Yes Optoelectronics (Group) (including 1 which makes us a bit uncomfortable) .
很高兴看到亚世光电(集团)股东在过去一年中获得了总股东回报率高达41%。而且这确实包括股息。这比过去半个世纪的年化回报率1.1%要好,这意味着公司最近的表现更好。鉴于股价动量保持强劲,可能值得更仔细地观察这支股票,以免错过机会。我认为从长期来看,股价是业绩的代理。但要真正获得洞察力,我们需要考虑其他信息。为此,您应该了解我们发现的亚世光电(集团)的5个警示信号(包括1个使我们有点不舒服的警示信号)。
Of course, you might find a fantastic investment by looking elsewhere. So take a peek at this free list of companies we expect will grow earnings.
当然,您可能在其他地方找到一家出色的企业进行投资。因此,请查看我们预计将实现盈利增长的公司的免费列表。
Please note, the market returns quoted in this article reflect the market weighted average returns of stocks that currently trade on Chinese exchanges.
请注意,本文引用的市场回报反映了目前在中国交易所上市的股票的市场加权平均回报。
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