Shandong Tongda Island New MaterialsLtd (SZSE:300321) Shareholders Notch a 5.8% CAGR Over 5 Years, yet Earnings Have Been Shrinking
Shandong Tongda Island New MaterialsLtd (SZSE:300321) Shareholders Notch a 5.8% CAGR Over 5 Years, yet Earnings Have Been Shrinking
Generally speaking the aim of active stock picking is to find companies that provide returns that are superior to the market average. And the truth is, you can make significant gains if you buy good quality businesses at the right price. For example, the Shandong Tongda Island New Materials Co.,Ltd. (SZSE:300321) share price is up 27% in the last 5 years, clearly besting the market return of around 3.2% (ignoring dividends). On the other hand, the more recent gains haven't been so impressive, with shareholders gaining just 12%.
总体来说，积极选股的目标是找到提供高于市场平均回报的公司。事实上，如果你以正确的价格购买优质企业，你可以获得显著的收益。例如，同大股份（SZSE:300321）股价在过去5年中上涨了27%，明显超过市场回报率约3.2%（不计分红）。 另一方面，最近的收益并没有那么令人印象深刻，股东仅获得了12%的收益。
On the back of a solid 7-day performance, let's check what role the company's fundamentals have played in driving long term shareholder returns.
在稳定的七天表现之后，让我们看看公司的基本面对长期股东回报的影响。
While Shandong Tongda Island New MaterialsLtd made a small profit, in the last year, we think that the market is probably more focussed on the top line growth at the moment. As a general rule, we think this kind of company is more comparable to loss-making stocks, since the actual profit is so low. For shareholders to have confidence a company will grow profits significantly, it must grow revenue.
虽然同大股份去年实现了小额盈利，但我们认为目前市场更关注公司的营业收入增长。总的来说，我们认为这种类型的公司更类似于亏损股票， 因为实际的利润很低。要让股东对公司能够大幅增长利润充满信心，它必须增长营业收入。
In the last 5 years Shandong Tongda Island New MaterialsLtd saw its revenue shrink by 3.6% per year. Despite the lack of revenue growth, the stock has returned a respectable 5%, compound, over that time. To us that suggests that there probably isn't a lot of correlation between the past revenue performance and the share price, but a closer look at analyst forecasts and the bottom line may well explain a lot.
在过去的5年中，同大股份每年的营业收入下降了3.6%。 尽管营收增长不足，但股票在那段时间内的收益率合理，为5%。 对我们来说，这表明过去的营业收入表现和股价之间可能没有太多的相关性，但对分析师预测和最后利润的更深入研究可能会解释很多。
You can see below how earnings and revenue have changed over time (discover the exact values by clicking on the image).
您可以看到以下收益和营收的变化情况（通过单击图像了解精确值）。
Take a more thorough look at Shandong Tongda Island New MaterialsLtd's financial health with this free report on its balance sheet.
使用这份免费报告详细了解同大股份的财务状况。
What About The Total Shareholder Return (TSR)?
那么，股东总回报（TSR）呢？
We've already covered Shandong Tongda Island New MaterialsLtd's share price action, but we should also mention its total shareholder return (TSR). Arguably the TSR is a more complete return calculation because it accounts for the value of dividends (as if they were reinvested), along with the hypothetical value of any discounted capital that have been offered to shareholders. Dividends have been really beneficial for Shandong Tongda Island New MaterialsLtd shareholders, and that cash payout contributed to why its TSR of 32%, over the last 5 years, is better than the share price return.
我们已经讨论了同大股份的股价走势，但我们也应该提到它的总股东回报（TSR）。可以说，TSR是一种更完整的回报计算，因为它考虑了股息的价值（就像它们被重新投资一样），以及任何向股东提供的折价资本的假设价值。 分红对同大股份的股东非常有益，这笔现金回报促成了其过去5年的总股东回报率为32％，超过了股价回报率。
A Different Perspective
不同的观点
It's good to see that Shandong Tongda Island New MaterialsLtd has rewarded shareholders with a total shareholder return of 12% in the last twelve months. That gain is better than the annual TSR over five years, which is 6%. Therefore it seems like sentiment around the company has been positive lately. In the best case scenario, this may hint at some real business momentum, implying that now could be a great time to delve deeper. It's always interesting to track share price performance over the longer term. But to understand Shandong Tongda Island New MaterialsLtd better, we need to consider many other factors. Even so, be aware that Shandong Tongda Island New MaterialsLtd is showing 3 warning signs in our investment analysis , and 2 of those are a bit concerning...
很高兴看到同大股份在过去十二个月里回报了12％的总股东回报。 这种增长高于五年的年度TSR，为6％。因此，近期股票市场的情绪似乎是积极的。 在最理想的情况下，这可能暗示着一些真实的业务动力，这意味着现在可能是深入了解公司的好时机。 长期跟踪股价表现总是很有趣的。 但要更好地了解同大股份，我们需要考虑许多其他因素。 请注意，同大股份在我们的投资分析中显示了3个警告信号，其中2个有点令人担忧...
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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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.
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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。
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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