Investors in China Northern Rare Earth (Group) High-TechLtd (SHSE:600111) Have Seen Stellar Returns of 108% Over the Past Five Years
Investors in China Northern Rare Earth (Group) High-TechLtd (SHSE:600111) Have Seen Stellar Returns of 108% Over the Past Five Years
During five years of share price growth, China Northern Rare Earth (Group) High-TechLtd achieved compound earnings per share (EPS) growth of 16% per year. This EPS growth is reasonably close to the 15% average annual increase in the share price. That suggests that the market sentiment around the company hasn't changed much over that time. In fact, the share price seems to largely reflect the EPS growth. The worst result, after buying shares in a company (assuming no leverage), would be if you lose all the money you put in. But when you pick a company that is really flourishing, you can make more than 100%. Long term China Northern Rare Earth (Group) High-Tech Co.,Ltd (SHSE:600111) shareholders would be well aware of this, since the stock is up 102% in five years. On top of that, the share price is up 28% in about a quarter. But this could be related to the strong market, which is up 24% in the last three months.
在一家公司买入股票后，最糟糕的结果（假设没有杠杆）就是你失去了所有投入的资金。但是，当你选择一家真正繁荣的公司时，你可以获得超过100%的收益。长期以来，北方稀土（集团）高科技有限公司（SHSE:600111）的股东对此非常了解，因为该股票在五年内上涨了102%。此外，该股票的价格在大约一个季度内上涨了28%。但这可能与强劲的市场相关，该市场在过去三个月上涨了24%。
Let's take a look at the underlying fundamentals over the longer term, and see if they've been consistent with shareholders returns.
让我们看看更长期的基本面，看看它们是否与股东回报一致。
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 way to examine how market sentiment has changed over time is to look at the interaction between a company's share price and its earnings per share (EPS).
用巴菲特的话说，‘船会在世界各地航行，但平地社会将繁荣。市场上价格和价值之间将继续存在巨大的差异……’一种检查市场情绪如何随着时间变化的方法是观察公司的股价与每股收益（EPS）之间的互动。
During five years of share price growth, China Northern Rare Earth (Group) High-TechLtd achieved compound earnings per share (EPS) growth of 16% per year. This EPS growth is reasonably close to the 15% average annual increase in the share price. That suggests that the market sentiment around the company hasn't changed much over that time. In fact, the share price seems to largely reflect the EPS growth.
在五年的股价增长中，北方稀土（集团）高科技有限公司的每股收益（EPS）实现了每年16%的复合增长。这一EPS增长与股价每年15%的平均增长相当接近。这表明市场对该公司的情绪在这段时间内变化不大。事实上，股价似乎在很大程度上反映了EPS的增长。
The image below shows how EPS has tracked over time (if you click on the image you can see greater detail).
下面的图像显示了EPS随时间的变化（如果你点击图像，可以看到更详细的信息）。
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 China Northern Rare Earth (Group) High-TechLtd'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，CEO的薪酬低于同类公司中的中位数。但是，虽然CEO薪酬值得关注，但真正重要的问题是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，这份关于北方稀土（集团）高科技有限公司的收益、营业收入和现金流的免费互动报告是一个很好的起点。
What About Dividends?
关于分红派息的问题
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. So for companies that pay a generous dividend, the TSR is often a lot higher than the share price return. As it happens, China Northern Rare Earth (Group) High-TechLtd's TSR for the last 5 years was 108%, which exceeds the share price return mentioned earlier. The dividends paid by the company have thusly boosted the total shareholder return.
除了衡量股价收益，投资者还应该考虑总股东回报（TSR）。而股价收益仅反映股价的变化，TSR还包括分红的价值（假设已被重新投资）及任何折价融资或分拆的收益。因此，对于支付丰厚分红的公司，TSR通常远高于股价收益。实际上，北方稀土（集团）高科技有限公司过去5年的TSR为108%，超过了之前提到的股价收益。公司支付的分红因此提升了总股东回报。
A Different Perspective
不同的视角
We're pleased to report that China Northern Rare Earth (Group) High-TechLtd shareholders have received a total shareholder return of 17% over one year. Of course, that includes the dividend. That's better than the annualised return of 16% 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. It's always interesting to track share price performance over the longer term. But to understand China Northern Rare Earth (Group) High-TechLtd better, we need to consider many other factors. For example, we've discovered 1 warning sign for China Northern Rare Earth (Group) High-TechLtd that you should be aware of before investing here.
我们高兴地报告，北方稀土（集团）高科技有限公司的股东在一年内获得了17%的总股东回报。当然，这包括了分红。这比过去半个十年的年化回报率16%要好，意味着公司最近的表现更佳。在最佳情况下，这可能暗示着一些真正的业务动能，这意味着现在可能是深入挖掘的好时机。长期跟踪股价表现总是很有趣。但要更好地理解北方稀土（集团）高科技有限公司，我们需要考虑许多其他因素。例如，我们发现北方稀土（集团）高科技有限公司有一个警告信号，您在这里投资之前应该注意。
If you would prefer to check out another company -- one with potentially superior financials -- then do not miss this free list of companies that have proven they can grow earnings.
如果你更倾向于查看其他公司——一个财务状况可能更优的公司——那么不要错过这个免费的公司列表，它们已经证明能够实现盈利增长。
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，本文中引用的市场回报反映了目前在中国交易所交易的股票的市场加权平均回报。
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