China National Nuclear Power (SHSE:601985) Shareholders Have Earned a 20% CAGR Over the Last Three Years
China National Nuclear Power (SHSE:601985) Shareholders Have Earned a 20% CAGR Over the Last Three Years
One simple way to benefit from the stock market is to buy an index fund. But if you buy good businesses at attractive prices, your portfolio returns could exceed the average market return. Just take a look at China National Nuclear Power Co., Ltd. (SHSE:601985), which is up 61%, over three years, soundly beating the market decline of 14% (not including dividends). On the other hand, the returns haven't been quite so good recently, with shareholders up just 20% , including dividends .
从股市获益的一个简单方法是购买指数基金。但如果你以有吸引力的价格收购好企业，你的投资组合回报可能会超过平均市场回报。只要看一看中国国家核电股份有限公司。(上交所：601985)，三年来上涨了61%，远远超过了市场14%的跌幅(不包括股息)。另一方面，最近的回报并不是很好，包括股息在内，股东的回报率仅上涨了20%。
So let's assess the underlying fundamentals over the last 3 years and see if they've moved in lock-step with shareholder returns.
因此，让我们评估一下过去3年的基本基本面，看看它们是否与股东回报同步。
View our latest analysis for China National Nuclear Power
看我们对中国国家核电的最新分析
While markets are a powerful pricing mechanism, share prices reflect investor sentiment, not just underlying business performance. 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).
虽然市场是一种强大的定价机制，但股价反映的是投资者情绪，而不仅仅是潜在的企业表现。考察市场情绪如何随时间变化的一种方法是观察一家公司的股价和每股收益(EPS)之间的相互作用。
China National Nuclear Power was able to grow its EPS at 15% per year over three years, sending the share price higher. We don't think it is entirely coincidental that the EPS growth is reasonably close to the 17% average annual increase in the share price. That suggests that the market sentiment around the company hasn't changed much over that time. Rather, the share price has approximately tracked EPS growth.
中国国家核电能够在三年内以每年15%的速度增长每股收益，推动股价走高。我们认为，每股收益增长相当接近股价年均17%的涨幅并不完全是巧合。这表明，在这段时间里，围绕该公司的市场情绪没有太大变化。相反，该公司股价已大致追随每股收益的增长。
The company's earnings per share (over time) is depicted in the image below (click to see the exact numbers).
该公司的每股收益(在一段时间内)如下图所示(点击查看具体数字)。
Dive deeper into China National Nuclear Power's key metrics by checking this interactive graph of China National Nuclear Power's earnings, revenue and cash flow.
通过查看这张中国国家核电收益、收入和现金流的互动图表，更深入地潜入中国国家核电的关键指标。
What About Dividends?
那股息呢？
It is important to consider the total shareholder return, as well as the share price return, for any given stock. 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 73% for the last 3 years. That exceeds its share price return that we previously mentioned. The dividends paid by the company have thusly boosted the total shareholder return.
重要的是要考虑任何给定股票的总股东回报以及股价回报。虽然股价回报只反映股价的变动，但TSR包括股息的价值(假设股息再投资)，以及任何折价集资或分拆所带来的利益。因此，对于支付丰厚股息的公司来说，TSR往往比股价回报高得多。以中国国家核电为例，它在过去3年的TSR为73%。这超过了我们之前提到的它的股价回报。该公司支付的股息因此提振了总计股东回报。
A Different Perspective
不同的视角
It's good to see that China National Nuclear Power has rewarded shareholders with a total shareholder return of 20% in the last twelve months. Of course, that includes the dividend. That gain is better than the annual TSR over five years, which is 9%. 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. 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 doesn't sit too well with us.
很高兴看到中国国家核电在过去的12个月里，以20%的总股东回报回报了股东。当然，这包括股息。这一收益好于过去五年的年度TSR，后者为9%。因此，最近围绕该公司的情绪似乎一直是积极的。在最好的情况下，这可能暗示着一些真正的商业势头，意味着现在可能是深入研究的好时机。我发现，把股价作为衡量企业业绩的长期指标是非常有趣的。但为了真正获得洞察力，我们还需要考虑其他信息。一个恰当的例子：我们发现了中国国家核电的2个警示标志你应该知道，他们中的一个和我们坐在一起不太好。
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.
如果你更愿意看看另一家公司--一家财务状况可能更好的公司--那么不要错过这一点免费已证明自己能够实现盈利增长的公司名单。
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交易的股票的市场加权平均回报。
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本文由Simply Wall St.撰写，具有概括性。我们仅使用不偏不倚的方法提供基于历史数据和分析师预测的评论，我们的文章并不打算作为财务建议。它不构成买卖任何股票的建议，也没有考虑你的目标或你的财务状况。我们的目标是为您带来由基本面数据驱动的长期重点分析。请注意，我们的分析可能不会将最新的对价格敏感的公司公告或定性材料考虑在内。Simply Wall St.对上述任何一只股票都没有持仓。