Despite Lower Earnings Than Three Years Ago, Ningbo Fuda (SHSE:600724) Investors Are up 30% Since Then
Despite Lower Earnings Than Three Years Ago, Ningbo Fuda (SHSE:600724) Investors Are up 30% Since Then
The Ningbo Fuda Company Limited (SHSE:600724) share price has had a bad week, falling 18%. But that shouldn't obscure the pleasing returns achieved by shareholders over the last three years. To wit, the share price did better than an index fund, climbing 14% during that period.
宁波富达有限公司（SHSE:600724）股价遭遇重挫，上周下跌了18%。但这并不影响股东在过去三年中获得的可喜回报。事实上，股价表现比指数基金好，期间上涨了14%。
While this past week has detracted from the company's three-year return, let's look at the recent trends of the underlying business and see if the gains have been in alignment.
尽管过去一周公司的三年回报率有所下降，但让我们看看基础业务的最近趋势，以确定收益是否与之相符。
In his essay The Superinvestors of Graham-and-Doddsville Warren Buffett described how share prices do not always rationally reflect the value of a business. One flawed but reasonable way to assess how sentiment around a company has changed is to compare the earnings per share (EPS) with the share price.
在他的文章《格雷厄姆和多德斯维尔超级投资者》中，沃伦·巴菲特描述了股票价格并不总是反映公司价值的合理方式。考虑市场对公司的看法如何发生变化的一个不完美但简单的方法是将每股收益(EPS)的变化与股价的变动进行比较。股票价格并不总是反映公司价值的合理方式沃伦·巴菲特曾经描述过，股价并不总是理性地反映了企业的价值。评估市场对一家公司的情绪如何变化的一个有缺陷但合理的方法是将每股收益（EPS）与股价进行比较。
During the three years of share price growth, Ningbo Fuda actually saw its earnings per share (EPS) drop 21% per year.
在股价上涨的三年里，宁波富达的每股收益（EPS）每年下降了21%。
The strong decline in earnings per share suggests the market isn't using EPS to judge the company. So we'll need to take a look at some different metrics to try to understand why the share price remains solid.
每股收益的大幅下降表明市场并未使用EPS来评估该公司。因此，我们需要查看一些不同的指标来试图理解股价何以保持稳定。
It may well be that Ningbo Fuda revenue growth rate of 14% 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.
很可能是宁波富达收入在三年内增长14%，使股东相信有更美好的未来。在这种情况下，公司可能会为了推动增长而牺牲当前每股收益，或许，股东对更美好的未来的信仰将会得到回报。
The graphic below depicts how earnings and revenue have changed over time (unveil the exact values by clicking on the image).
下面的图表显示了收益和营收随时间的变化情况（通过单击图像揭示确切的值）。
If you are thinking of buying or selling Ningbo Fuda stock, you should check out this FREE detailed report on its balance sheet.
如果您考虑买入或卖出宁波富达的股票，您应该免费查阅其资产负债表的详细报告。
What About Dividends?
那么分红怎么样呢？
As well as measuring the share price return, investors should also consider the total shareholder return (TSR). The TSR incorporates the value of any spin-offs or discounted capital raisings, along with any dividends, based on the assumption that the dividends are reinvested. It's fair to say that the TSR gives a more complete picture for stocks that pay a dividend. We note that for Ningbo Fuda the TSR over the last 3 years was 30%, which is better than the share price return mentioned above. And there's no prize for guessing that the dividend payments largely explain the divergence!
除了衡量股价回报之外，投资者还应考虑总股东回报率（TSR）。TSR包含任何剥离或折价到位的资本筹集价值，以及任何股息，基于股息再投资的假设。对于支付股息的股票来说，TSR更能提供全面的图片。我们注意到，在过去的3年中，宁波富达的TSR为30%，比上述股价回报要好。而且，毫不意外地，股息支付在很大程度上解释了这种差异！
A Different Perspective
不同的观点
It's nice to see that Ningbo Fuda shareholders have received a total shareholder return of 12% over the last year. And that does include the dividend. Since the one-year TSR is better than the five-year TSR (the latter coming in at 5% per year), it would seem that the stock's performance has improved in recent times. Someone with an optimistic perspective could view the recent improvement in TSR as indicating that the business itself is getting better with time. While it is well worth considering the different impacts that market conditions can have on the share price, there are other factors that are even more important. Even so, be aware that Ningbo Fuda is showing 2 warning signs in our investment analysis , and 1 of those is concerning...
很高兴看到，宁波富达的股东在过去一年中获得了12%的总股东回报率，这也包括股息。由于一年的TSR比五年的TSR（每年为5%）要好，因此股票的表现似乎近期有所改善。持有乐观视角的人可能会认为，TSR的最近改善表明企业本身正在逐渐变得更好。虽然考虑市场状况可能会对股价产生不同的影响，但还有其他更重要的因素。不过，请注意，宁波富达在我们的投资分析中显示了2个警告信号，其中1个令人担忧。
We will like Ningbo Fuda better if we see some big insider buys. While we wait, check out this free list of undervalued stocks (mostly small caps) with considerable, recent, insider buying.
如果我们看到一些内部大举买入股票，我们可能会更喜欢宁波富达。在等待的同时，请查阅这份免费的低估股票名单（主要是小市值股票），其中有相当多的最近内部购买。
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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这篇文章是Simply Wall St的一般性文章。我们根据历史数据和分析师预测提供评论，只使用公正的方法论，我们的文章并不意味着提供任何金融建议。文章不构成买卖任何股票的建议，也不考虑您的目标或您的财务状况。我们的目标是带给您基本数据驱动的长期关注分析。请注意，我们的分析可能不考虑最新的价格敏感公司公告或定性材料。Simply Wall St没有任何股票头寸。
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