The Total Return for CRRC (SHSE:601766) Investors Has Risen Faster Than Earnings Growth Over the Last Year
The Total Return for CRRC (SHSE:601766) Investors Has Risen Faster Than Earnings Growth Over the Last Year
CRRC was able to grow EPS by 3.9% in the last twelve months. This EPS growth is significantly lower than the 45% increase in the share price. This indicates that the market is now more optimistic about the stock. Passive investing in index funds can generate returns that roughly match the overall market. But one can do better than that by picking better than average stocks (as part of a diversified portfolio). For example, the CRRC Corporation Limited (SHSE:601766) share price is up 45% in the last 1 year, clearly besting the market decline of around 1.6% (not including dividends). If it can keep that out-performance up over the long term, investors will do very well! Also impressive, the stock is up 33% over three years, making long term shareholders happy, too.
指数基金 passively 投资 可以 赚取基本市场可达的回报。 但 通过 选择 高于平均水平的 股票（作为 多元化 组合的一部分）， 一个人可以做得更好。 例如，中国中车有限公司（SHSE:601766）的股价 在 过去 1 年 涨幅 达到 45%， 显然 超过了 大约 1.6% 的市场下跌（不包括 分红派息）。 如果 它 能 在 长期内 保持 这种 超越表现， 投资者 将会 很不错！ 同样令人印象深刻的是，股票 过去 三年 涨幅 达到 33%， 让 长期 股东 也很高兴。
In light of the stock dropping 5.5% 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 one-year return.
鉴于 过去 一周 股价 下跌 5.5%， 我们 想 调查 更长期的故事， 看看 基本面 是否一直是 公司 正面 一年 回报的 推动因素。
There is no denying that markets are sometimes efficient, but prices do not always reflect underlying business performance. 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.
市场有时毫无疑问是有效的，但股票价格并不总是反映基本业务表现。一种有缺陷但合理的方法是比较每股收益（EPS）和股票价格，以评估围绕公司的情绪如何变化。
CRRC was able to grow EPS by 3.9% in the last twelve months. This EPS growth is significantly lower than the 45% increase in the share price. This indicates that the market is now more optimistic about the stock.
中国中车 能够 在 过去 十二个 月 将 每股收益 增长 3.9%。 这一 每股收益 增长 明显 低于 股价 增长 的 45%。 这表明市场 现在 对 这支 股票 更加 乐观。
You can see how EPS has changed over time in the image below (click on the chart to see the exact values).
您可以在下面的图片中查看每股收益如何随时间变化（单击图表以查看确切的价值）。
It's probably worth noting that the CEO is paid less than the median at similar sized companies. But while CEO remuneration is always worth checking, the really important question is whether the company can grow earnings going forward. This free interactive report on CRRC's earnings, revenue and cash flow is a great place to start, if you want to investigate the stock further.
值得注意的是，这家公司的首席执行官的薪酬低于类似规模公司的中位数。但虽然首席执行官的薪酬总是值得检查的，真正重要的问题是该公司未来是否能够增长收益。如果您想进一步调查这只股票，中国中车的营业收入、现金流等内容可通过这份免费互动报告进行了解。
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. It's fair to say that the TSR gives a more complete picture for stocks that pay a dividend. As it happens, CRRC's TSR for the last 1 year was 49%, which exceeds the share price return mentioned earlier. And there's no prize for guessing that the dividend payments largely explain the divergence!
除了衡量股价回报外，投资者还应考虑总股东回报（TSR）。股价回报仅反映股价变化，而TSR包括股息价值（假设已再投资）以及任何折扣资本筹集或分拆的收益。可以说TSR更全面地呈现了支付股息的股票情况。事实上，中国中车过去1年的TSR为49％，超过了先前提到的股价回报。毫无疑问，股息支付很大程度上解释了这种分歧！
A Different Perspective
不同的观点
It's nice to see that CRRC shareholders have received a total shareholder return of 49% over the last year. That's including the dividend. That's better than the annualised return of 5% over half a decade, implying that the company is doing better recently. In the best case scenario, this may hint at some real business momentum, implying that now could be a great time to delve deeper. 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. Consider for instance, the ever-present spectre of investment risk. We've identified 1 warning sign with CRRC , and understanding them should be part of your investment process.
看到中国中车股东在过去一年中获得了总股东回报率达49％的增长是令人高兴的。这包括股息。这比过去半个十年5％的年化回报率更好，暗示着公司近况较佳。在最理想的情况下，这可能暗示着一些真实的业务势头，表明现在可能是深入了解的好时机。虽然考虑市场状况对股价的影响是值得的，但有其他更重要的因素。例如，永远存在的投资风险幽灵。我们已经发现中国中车1个警示信号，了解它们应成为您投资过程的一部分。
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。
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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。
