The Five-year Decline in Earnings for Jiangyin Haida Rubber And Plastic SZSE:300320) Isn't Encouraging, but Shareholders Are Still up 67% Over That Period
The Five-year Decline in Earnings for Jiangyin Haida Rubber And Plastic SZSE:300320) Isn't Encouraging, but Shareholders Are Still up 67% Over That Period
Jiangyin Haida Rubber And Plastic Co., Ltd. (SZSE:300320) shareholders might be concerned after seeing the share price drop 14% in the last month. Looking further back, the stock has generated good profits over five years. After all, the share price is up a market-beating 63% in that time.
江阴海达橡塑股份有限公司（SZSE：300320）的股东可能会对上月股价下跌14%感到担忧。进一步看，股票在过去五年里创造了不错的利润。毕竟，股价在这段时间内上涨了市场领先的63%。
In light of the stock dropping 8.2% 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 five-year return.
鉴于该股过去一周下跌了8.2%，我们想调查更长期的故事，并查看基本面是否是公司五年正面回报的推动力。
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...' One imperfect but simple way to consider how the market perception of a company has shifted is to compare the change in the earnings per share (EPS) with the share price movement.
引用巴菲特的话：“船只将周游世界，而‘地平派’仍会兴旺。市场上的价格和价值仍会存在广泛的差距……”考虑一家公司在市场上的认知如何变化的一个不完美但简单的方法是比较每股收益（EPS）的变化和股价的波动。
Jiangyin Haida Rubber And Plastic's earnings per share are down 4.6% per year, despite strong share price performance over five years.
尽管股价在过去五年表现强劲，每年的每股收益仍下降了4.6%。
By glancing at these numbers, we'd posit that the decline in earnings per share is not representative of how the business has changed over the years. 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.
通过观察这些数据，我们可以得出结论：每股收益下降并不代表业务在过去几年发生了变化。由于每股收益的变化似乎与股价的变化不相关，所以值得关注一些其他的指标。
We doubt the modest 0.3% dividend yield is attracting many buyers to the stock. On the other hand, Jiangyin Haida Rubber And Plastic's revenue is growing nicely, at a compound rate of 5.4% over the last five years. In that case, the company may be sacrificing current earnings per share to drive growth.
我们怀疑仅有的0.3%的股息收益率吸引不了许多买家来购买这只股票。另一方面，江阴海达橡塑的营业收入增长良好，在过去五年中以5.4%的复合率增长。在这种情况下，公司可能会牺牲当前的每股收益来推动增长。
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）。
This free interactive report on Jiangyin Haida Rubber And Plastic'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该股，可以在江阴海达橡塑的财务状况报告上进行免费交互式研究。
What About Dividends?
那么分红怎么样呢？
It is important to consider the total shareholder return, as well as the share price return, for any given stock. The TSR is a return calculation that accounts for the value of cash dividends (assuming that any dividend received was reinvested) and the calculated value of any discounted capital raisings and spin-offs. Arguably, the TSR gives a more comprehensive picture of the return generated by a stock. We note that for Jiangyin Haida Rubber And Plastic the TSR over the last 5 years was 67%, 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!
考虑到总股东回报率以及股价回报率对于任何给定的股票都非常重要。 TSR是一种回报计算，它考虑到了现金股息的价值（假设任何收到的股息都是再投资的），以及任何折价后的资本增发和剥离的计算价值。可以说，TSR更全面地描述了股票所产生的回报。我们注意到，对于江阴海达橡塑，过去5年的TSR为67%，比上述股价回报要好。毫无疑问，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
Although it hurts that Jiangyin Haida Rubber And Plastic returned a loss of 2.6% in the last twelve months, the broader market was actually worse, returning a loss of 15%. Of course, the long term returns are far more important and the good news is that over five years, the stock has returned 11% for each year. In the best case scenario the last year is just a temporary blip on the journey to a brighter future. 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. Case in point: We've spotted 1 warning sign for Jiangyin Haida Rubber And Plastic you should be aware of.
尽管江阴海达橡塑的上一年度回报率为负2.6%，但更大的市场实际上更糟糕，产生了负15%的回报率。当然，长期回报率更为重要，好消息是，在过去的五年里，该股每年的回报率为11%。在最好的情况下，去年只是通往更加光明未来的旅程中的暂时性问题。虽然考虑市场状况可能对股价造成的不同影响非常值得，但存在更加重要的因素。例证：我们发现江阴海达橡塑存在一个风险警示，您应该注意。
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.
对本文有任何反馈？对内容有任何疑虑？请直接与我们联系。或者，发送电子邮件至editorial-team@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
对本文有任何反馈？对内容有任何疑虑？请直接与我们联系。或者，发送电子邮件至editorial-team@simplywallst.com。