Jiangsu New Energy Development's (SHSE:603693) Earnings Growth Rate Lags the 7.8% CAGR Delivered to Shareholders
Jiangsu New Energy Development's (SHSE:603693) Earnings Growth Rate Lags the 7.8% CAGR Delivered to Shareholders
In his essay The Superinvestors of Graham-and-Doddsville Warren Buffett described how share prices do not always rationally reflect the value of a business. 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). One simple way to benefit from the stock market is to buy an index fund. But if you pick the right individual stocks, you could make more than that. For example, Jiangsu New Energy Development Co., Ltd. (SHSE:603693) shareholders have seen the share price rise 22% over three years, well in excess of the market decline (16%, not including dividends).
从股市获益的一个简单方法是购买指数基金。但如果你选择了正确的个股，你可以赚得更多。例如,江苏新能源发展有限公司。(上海证券交易所：603693)股东看到股价在三年内上涨了22%，远远超过了市场跌幅(16%，不包括股息)。
While the stock has fallen 3.9% this week, it's worth focusing on the longer term and seeing if the stocks historical returns have been driven by the underlying fundamentals.
虽然该股本周下跌了3.9%，但值得关注的是更长期的，看看这些股票的历史回报是否受到了基本面因素的推动。
Check out our latest analysis for Jiangsu New Energy Development
查看我们对江苏新能源发展的最新分析
In his essay The Superinvestors of Graham-and-Doddsville Warren Buffett described how share prices do not always rationally reflect the value of a business. 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).
在他的文章中格雷厄姆和多德斯维尔的超级投资者沃伦·巴菲特描述了股价并不总是理性地反映一家企业的价值。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。
During three years of share price growth, Jiangsu New Energy Development achieved compound earnings per share growth of 3.6% per year. This EPS growth is lower than the 7% average annual increase in the share price. So it's fair to assume the market has a higher opinion of the business than it did three years ago. It's not unusual to see the market 're-rate' a stock, after a few years of growth.
在三年的股价增长中，江苏新能源发展实现了每股收益年均3.6%的复合增长。这一每股收益增幅低于股价年均7%的增幅。因此，可以公平地认为，市场对这项业务的看法比三年前更高。在经历了几年的增长后，市场对一只股票进行重新评级的情况并不少见。
You can see how EPS has changed over time in the image below (click on the chart to see the exact values).
您可以在下图中看到EPS是如何随着时间的推移而变化的(单击图表可查看精确值)。
We know that Jiangsu New Energy Development 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.
我们知道江苏新能源发展最近提高了底线，但它会增长收入吗？如果你感兴趣，你可以看看这个免费显示一致收入预测的报告。
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. As it happens, Jiangsu New Energy Development's TSR for the last 3 years was 25%, which exceeds the share price return mentioned earlier. 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。碰巧，江苏新能源发展最近3年的TSR为25%，超过了前面提到的股价回报。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
Although it hurts that Jiangsu New Energy Development returned a loss of 3.8% in the last twelve months, the broader market was actually worse, returning a loss of 5.8%. Longer term investors wouldn't be so upset, since they would have made 4%, each year, over five years. It could be that the business is just facing some short term problems, but shareholders should keep a close eye on the fundamentals. It's always interesting to track share price performance over the longer term. But to understand Jiangsu New Energy Development better, we need to consider many other factors. For instance, we've identified 2 warning signs for Jiangsu New Energy Development (1 doesn't sit too well with us) that you should be aware of.
尽管江苏新能源发展最近12个月亏损3.8%令人痛心，但大盘实际上更糟糕，回报亏损5.8%。较长期的投资者不会如此沮丧，因为他们在五年内每年会获得4%的收益。可能该业务只是面临一些短期问题，但股东应密切关注基本面。跟踪股价的长期表现总是很有趣的。但要更好地理解江苏新能源发展，还需要考虑许多其他因素。例如，我们已经确定江苏新能源发展的2个警示信号(1对我们来说不太合适)，这一点你应该知道。
Of course, you might find a fantastic investment by looking elsewhere. So take a peek at this free list of companies we expect will grow earnings.
当然了,如果你把目光投向别处，你可能会发现这是一笔很棒的投资。所以让我们来看看这个免费我们预计收益将会增长的公司名单。
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。