Zhende Medical's (SHSE:603301) Three-year Decline in Earnings Translates Into Losses for Shareholders
Zhende Medical's (SHSE:603301) Three-year Decline in Earnings Translates Into Losses for Shareholders
As an investor its worth striving to ensure your overall portfolio beats the market average. But if you try your hand at stock picking, you risk returning less than the market. We regret to report that long term Zhende Medical Co., Ltd. (SHSE:603301) shareholders have had that experience, with the share price dropping 52% in three years, versus a market decline of about 25%. The more recent news is of little comfort, with the share price down 29% in a year. On the other hand the share price has bounced 8.9% over the last week.
作为投资者，努力确保整个投资组合的业绩超过市场平均水平是值得的，但是如果您试图进行个股挑选，那么您面临的风险是本也可能低于市场。遗憾的是，长期持有股票振德医疗（上证：603301）的股东已经有了这种经历，股价在三年内下跌了52％，而市场下跌了约25％。较近期的消息也未能让人安心，股价在一年内下跌了29％。另一方面，股价在过去一周中反弹了8.9％。
Although the past week has been more reassuring for shareholders, they're still in the red over the last three years, so let's see if the underlying business has been responsible for the decline.
尽管过去一周对股东来说更令人放心，但在过去的三年中，他们仍然处于亏损状态，因此让我们看看基本业务是否对下降负责。
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. 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.
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·巴菲特描述了股票价格并不总是理性反映企业价值的情况。通过比较每股收益（EPS）和股价随时间的变化，我们可以了解投资者对公司的态度如何随着时间而变化。
Zhende Medical saw its EPS decline at a compound rate of 67% per year, over the last three years. This fall in the EPS is worse than the 22% compound annual share price fall. This suggests that the market retains some optimism around long term earnings stability, despite past EPS declines.
过去三年中，振德医疗每股收益以67％的复合年增长率下降，而股价每股平均年化下跌22％。这表明，尽管过去EPS下降，但市场仍然保持一定的乐观态度，认为其长期盈利能力仍有保障。
The company's earnings per share (over time) is depicted in the image below (click to see the exact numbers).
该公司的每股收益（随时间的推移）如下图所示（单击可查看确切数字）。
Dive deeper into Zhende Medical's key metrics by checking this interactive graph of Zhende Medical's earnings, revenue and cash flow.
通过查看振德医疗的盈利、营业收入和现金流的互动图表，深入了解振德医疗的关键数据指标。
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. It's fair to say that the TSR gives a more complete picture for stocks that pay a dividend. We note that for Zhende Medical the TSR over the last 3 years was -46%, which is better than the share price return mentioned above. The dividends paid by the company have thusly boosted the total shareholder return.
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股票回报仅反映股票价格的变动，而TSR包括股息的价值（假设它们已被再投资），以及任何折现的股本增发或分拆的好处。有股息支付的股票而言，TSR可以为我们提供更完整的股票情况。我们注意到，振德医疗过去3年的TSR为-46％，优于上述股价回报。公司支付的股息因此推高了总股东回报。
A Different Perspective
不同的观点
We regret to report that Zhende Medical shareholders are down 27% for the year (even including dividends). Unfortunately, that's worse than the broader market decline of 16%. Having said that, it's inevitable that some stocks will be oversold in a falling market. The key is to keep your eyes on the fundamental developments. Longer term investors wouldn't be so upset, since they would have made 10%, each year, over five years. It could be that the recent sell-off is an opportunity, so it may be worth checking the fundamental data for signs of a long term growth trend. 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. Case in point: We've spotted 3 warning signs for Zhende Medical you should be aware of, and 1 of them can't be ignored.
遗憾的是，即使包括股息在内，振德医疗的股东今年也下跌了27％，比整个市场下跌16％还要糟糕。不过，很可能有些股票在下跌的市场中被过度抛售。关键在于密切关注基本面的发展。从长远来看，投资者应该不会太失望，因为在五年内，每年他们可以获得10％的收益。最近的抛售可能是一个机会，因此检查基本面数据以确定长期增长趋势的迹象可能非常值得。我认为长期股票价格可以作为业绩表现的代理，但要获得真正的洞察力，我们还需要考虑其他信息。事实表明：我们注意到了振德医疗的3个警告信号，您需要注意其中的1个。
If you are like me, then you will not want to miss this free list of undervalued small caps that insiders are buying.
如果您像我一样，就不会希望错过这份免费的内部人士正在购买的低估小市值股票列表。
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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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.
对本文有反馈？关于内容有所顾虑？直接和我们联系。或者，发送电子邮件至editorial-team (at) simplywallst.com。
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。
Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team@simplywallst.com
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