Tangshan Sanyou Chemical IndustriesLtd (SHSE:600409) Earnings and Shareholder Returns Have Been Trending Downwards for the Last Three Years, but the Stock Increases 7.8% This Past Week
Tangshan Sanyou Chemical IndustriesLtd (SHSE:600409) Earnings and Shareholder Returns Have Been Trending Downwards for the Last Three Years, but the Stock Increases 7.8% This Past Week
As an investor its worth striving to ensure your overall portfolio beats the market average. But its virtually certain that sometimes you will buy stocks that fall short of the market average returns. Unfortunately, that's been the case for longer term Tangshan Sanyou Chemical Industries Co.,Ltd (SHSE:600409) shareholders, since the share price is down 49% in the last three years, falling well short of the market decline of around 27%. On the other hand the share price has bounced 7.8% over the last week.
作为投资者，努力确保你的整体投资组合超过市场平均水平是值得的。但很可能有时你会买进的股票表现不如市场平均回报。不幸的是，长期持有三友化工的股东们正面临这种情况，因为股票价格在过去三年中下跌了49%，远低于市场27%的跌幅。另一方面，在过去的一周中，股价已经反弹了7.8%。
On a more encouraging note the company has added CN¥805m to its market cap in just the last 7 days, so let's see if we can determine what's driven the three-year loss for shareholders.
更令人鼓舞的是，三友化工的市值在过去7天内增加了80500万元人民币，所以让我们看看是什么推动了股东们的三年亏损。
To paraphrase Benjamin Graham: Over the short term the market is a voting machine, but over the long term it's a weighing machine. 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.
引用本杰明·格雷厄姆的话：短期内市场是一个投票机，但长期来看它是一个称重机。评估公司周边环境的情绪变化的一种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 that the share price fell, Tangshan Sanyou Chemical IndustriesLtd's earnings per share (EPS) dropped by 21% each year. This change in EPS is reasonably close to the 20% average annual decrease in the share price. So it seems like sentiment towards the stock hasn't changed all that much over time. It seems like the share price is reflecting the declining earnings per share.
在股价下跌的三年中，三友化工的每股收益(EPS)每年下降了21%。这种EPS变化与股价每年下降的20%的平均值相当接近。因此，股票的情绪似乎并没有随着时间而改变。似乎股价反映了每股收益的下降。
You can see below how EPS has changed over time (discover the exact values by clicking on the image).
下面可以看到每股收益随时间的变化情况（通过点击图像来查看确切数值）。
We know that Tangshan Sanyou Chemical IndustriesLtd has improved its bottom line lately, but is it going to grow revenue? You could check out this free report showing analyst revenue forecasts.
我们知道，三友化工的底线近来有所提高，但它是否会增长营业收入呢？你可以查看这份显示分析师营业收入预测的免费报告。
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). 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. As it happens, Tangshan Sanyou Chemical IndustriesLtd's TSR for the last 3 years was -45%, which exceeds the share price return mentioned earlier. The dividends paid by the company have thusly boosted the total shareholder return.
除了衡量股价回报率外，投资者还应考虑总股东回报率(TSR)。股价回报率仅反映股价的变化，而TSR包括股息的价值(假设它们被再投资)以及任何折价的资本筹集或分拆的利益。可以说，TSR更全面地反映了股票的回报情况。事实上，三友化工过去3年的TSR为-45%，超过了前面提到的股价回报。公司支付的股息因此提高了股东回报。总股东回报。
A Different Perspective
不同的观点
Although it hurts that Tangshan Sanyou Chemical IndustriesLtd returned a loss of 1.1% in the last twelve months, the broader market was actually worse, returning a loss of 17%. Of course, the long term returns are far more important and the good news is that over five years, the stock has returned 1.9% for each year. In the best case scenario the last year is just a temporary blip on the journey to a brighter future. 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. For example, we've discovered 1 warning sign for Tangshan Sanyou Chemical IndustriesLtd that you should be aware of before investing here.
虽然三友化工在过去12个月中的回报率为负1.1%，但更广泛的市场实际上表现更差，回报率达到负17%。当然，长期回报更为重要，好消息是，在过去5年中，股票每年回报1.9%。在最好的情况下，去年只是通往更光明未来的旅程上的暂时过程。通过长期观察股价作为企业表现的代理人，我发现这很有趣。但为了真正获得洞察力，我们还需要考虑其他信息。例如，我们发现三友化工有1个警告信号，你在投资之前应该注意。
For those who like to find winning investments this free list of undervalued companies with recent insider purchasing, could be just the ticket.
对于那些喜欢寻找获胜投资的人来说，最近有内部购买的低估公司免费列表可能是一个很好的选择。
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。
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.
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
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@simplywallst.com。