China National Nuclear Power (SHSE:601985) Stock Performs Better Than Its Underlying Earnings Growth Over Last Three Years
China National Nuclear Power (SHSE:601985) Stock Performs Better Than Its Underlying Earnings Growth Over Last Three Years
It might seem bad, but the worst that can happen when you buy a stock (without leverage) is that its share price goes to zero. But when you pick a company that is really flourishing, you can make more than 100%. For example, the China National Nuclear Power Co., Ltd. (SHSE:601985) share price has soared 104% in the last three years. That sort of return is as solid as granite. It's also good to see the share price up 16% over the last quarter.
雖然可能看起來不好,但是當你購買股票時(沒有槓桿),最壞的情況是股價歸零。但是當你選擇一家真正繁榮的公司時,你可以獲得超過100%的回報。例如,靈寶黃金集團股份有限公司(HKG:3330)股價在過去三年中上漲183%,這對於大多數人來說都是好消息。同樣令股東高興的是,最近三個月股價上漲89%。獲得100%以上的利潤。例如,中國核電股份有限公司(SHSE:601985)的股價在過去三年中飆升了104%以上。這種回報堅如磐石。看到股價在上個季度上漲了16%也很好。
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.
在穩定的七天表現之後,讓我們看看公司的基本面對長期股東回報的影響。
While markets are a powerful pricing mechanism, share prices reflect investor sentiment, not just 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.
雖然市場是一個強大的定價機制,但股價反映了投資者情緒,不僅僅是基本業績。一種有缺陷但合理的評估公司周圍情緒如何變化的方法是將每股收益(EPS)與股價進行比較。
China National Nuclear Power was able to grow its EPS at 11% per year over three years, sending the share price higher. This EPS growth is lower than the 27% average annual increase in the share price. This indicates that the market is feeling more optimistic on the stock, after the last few years of progress. It's not unusual to see the market 're-rate' a stock, after a few years of growth.
中國核電成功地將每股收益增長了11%,使股價提高。這種每股收益增長低於股價的平均年增長率27%。這表明,在過去幾年中取得進展之後,市場對該股更加樂觀。股價增長几年後見“重估”股票不足爲奇。
The graphic below depicts how EPS has changed over time (unveil the exact values by clicking on the image).
下圖顯示了EPS隨時間變化的情況(點擊圖像以顯示確切值)。
![earnings-per-share-growth](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240610/0-3ee78aafcdd1c2743da806ad5df5238f-0-d5f57aa7e7401c71cb7fbdd5692977a0.png/big)
We know that China National Nuclear Power has improved its bottom line lately, but is it going to grow revenue? If you're interested, you could check this free report showing consensus revenue forecasts.
我們知道中國核電近期已經改善了底線,但它是否會增長營業收入呢?如果您感興趣,您可以查看這份顯示共識營收預測的免費報告。
What About Dividends?
那麼分紅怎麼樣呢?
When looking at investment returns, it is important to consider the difference between total shareholder return (TSR) and share price return. 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. In the case of China National Nuclear Power, it has a TSR of 119% for the last 3 years. That exceeds its share price return that we previously mentioned. And there's no prize for guessing that the dividend payments largely explain the divergence!
在考慮投資回報時,重要的是考慮總股東回報(TSR)和股票回報之間的差異。 TSR包括任何剝離或折讓的資本籌集(基於股息被重新投資的假設),以及任何股息。因此,對於支付慷慨的股息公司而言,TSR通常比股票回報高得多。就中國神威藥業集團而言,其TSR在過去5年中達到了75%。這超過了我們之前提到的股票回報。該公司支付的股息已經提高了總股東回報。總股東回報和股票回報而股價回報僅反映了股價的變化,TSR還包括股息的價值(假設它們是再投資的)以及任何折扣或分拆募集資金的好處。因此,對於支付豐厚股息的公司,TSR通常比股價回報高得多。在中國核電的情況下,它在過去的3年中的TSR爲119%。這超過了我們之前提到的股價回報。毋庸置疑,股息支付主要解釋了這種差異!
A Different Perspective
不同的觀點
It's nice to see that China National Nuclear Power shareholders have received a total shareholder return of 55% over the last year. That's including the dividend. That gain is better than the annual TSR over five years, which is 17%. Therefore it seems like sentiment around the company has been positive lately. Given the share price momentum remains strong, it might be worth taking a closer look at the stock, lest you miss an opportunity. 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. Case in point: We've spotted 2 warning signs for China National Nuclear Power you should be aware of, and 1 of them is a bit concerning.
很高興看到中國核電股東在過去一年中獲得了總股東回報率達55%。包括股息。這種增長優於5年期的年度TSR,爲17%。因此,近期該公司的情緒好像很積極。鑑於股價勢頭仍然強勁,可能值得更仔細地了解這支股票,以免錯失機會。我發現將股價長期作爲業務表現的代理很有趣。但是,爲了真正獲得深入的見解,我們還需要考慮其他信息。作爲例證:我們已經發現了2個警告信號,您需要知道其中1個有點令人擔憂,透徹考慮。
If you like to buy stocks alongside management, then you might just love this free list of companies. (Hint: many of them are unnoticed AND have attractive valuation).
如果您喜歡與管理層一起購買股票,那麼您可能會喜歡這個公司的免費列表。 (提示:其中許多公司不爲人注意且具有吸引力的估值。)
Please note, the market returns quoted in this article reflect the market weighted average returns of stocks that currently trade on Chinese exchanges.
請注意,本文引用的市場回報反映了目前在中國交易所上市的股票的市場加權平均回報。
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這篇文章是Simply Wall St的一般性文章。我們根據歷史數據和分析師預測提供評論,只使用公正的方法論,我們的文章並不意味着提供任何金融建議。文章不構成買賣任何股票的建議,也不考慮您的目標或您的財務狀況。我們的目標是帶給您基本數據驅動的長期關注分析。請注意,我們的分析可能不考慮最新的價格敏感公司公告或定性材料。Simply Wall St沒有任何股票頭寸。