Wolong Electric GroupLtd (SHSE:600580) Investors Are up 4.6% in the Past Week, but Earnings Have Declined Over the Last Five Years
Wolong Electric GroupLtd (SHSE:600580) Investors Are up 4.6% in the Past Week, but Earnings Have Declined Over the Last Five Years
Stock pickers are generally looking for stocks that will outperform the broader market. And while active stock picking involves risks (and requires diversification) it can also provide excess returns. For example, long term Wolong Electric Group Co.,Ltd. (SHSE:600580) shareholders have enjoyed a 59% share price rise over the last half decade, well in excess of the market return of around 13% (not including dividends). On the other hand, the more recent gains haven't been so impressive, with shareholders gaining just 23%, including dividends.
股票選擇者通常尋找能夠超越整個市場的股票。而儘管股票選擇性投資具有風險（且需要分散投資），但它可以提供超額回報。例如，長期投資臥龍電驅股份有限公司（SHSE:600580）的股東在過去的五年中已經享受到了59%的股價上漲，大大超過了市場回報約13%（不包括股息）。另一方面，更近期的上漲並不算太令人印象深刻，股東所獲得的收益只有23%，其中包括股息。
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。
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 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.
引用巴菲特的話說，“船隻會在世界各地航行，但是持平地球學會會蓬勃發展。在市場上，價格和價值之間將繼續存在巨大的差距……”評估公司周圍情緒變化的一種有缺陷但合理的方法是將每股收益（EPS）與股價進行比較。
During five years of share price growth, Wolong Electric GroupLtd actually saw its EPS drop 9.2% per year.
在五年內的股價上漲中，臥龍電驅股份有限公司的每股收益實際上下降了9.2%。
Essentially, it doesn't seem likely that investors are focused on EPS. Because earnings per share don't seem to match up with the share price, we'll take a look at other metrics instead.
基本上，投資者似乎並未關注每股收益。因爲每股收益似乎與股價不匹配，所以我們將查看其他指標。
We doubt the modest 0.7% dividend yield is attracting many buyers to the stock. On the other hand, Wolong Electric GroupLtd's revenue is growing nicely, at a compound rate of 6.8% over the last five years. In that case, the company may be sacrificing current earnings per share to drive growth.
我們懷疑不到0.7%的股息率會吸引很多購買者入場。另一方面，臥龍電驅股份有限公司的營業收入正在以6.8% 的複合增長率穩健增長了過去五年。在這種情況下，該公司可能正在犧牲當前的每股收益來推動增長。
The company's revenue and earnings (over time) are depicted in the image below (click to see the exact numbers).
以下圖像顯示了公司的營業收入和盈利（隨時間變化）（單擊以查看準確的數字）。
You can see how its balance sheet has strengthened (or weakened) over time in this free interactive graphic.
你可以在這個免費的互動圖表中看到它的資產負債表如何隨着時間的推移而加強（或削弱）。
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. Arguably, the TSR gives a more comprehensive picture of the return generated by a stock. In the case of Wolong Electric GroupLtd, it has a TSR of 69% for the last 5 years. That exceeds its share price return that we previously mentioned. The dividends paid by the company have thusly boosted the total shareholder return.
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在這種情況下，總股東回報率（TSR）更具有綜合性。而不僅僅是股價漲跌。TSR包括股息價值（假設它們被再投資）和任何折扣資本籌集或拆分的利益。可以說，TSR給出了一張更全面的股票回報圖片。對於臥龍電驅股份有限公司來說，它在過去的5年中TSR爲69%。這超過了先前提到的股價回報。公司支付的股息錢已經提高了總股東回報率。總股東回報。
A Different Perspective
不同的觀點
It's good to see that Wolong Electric GroupLtd has rewarded shareholders with a total shareholder return of 23% in the last twelve months. That's including the dividend. That gain is better than the annual TSR over five years, which is 11%. 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. It's always interesting to track share price performance over the longer term. But to understand Wolong Electric GroupLtd better, we need to consider many other factors. For instance, we've identified 3 warning signs for Wolong Electric GroupLtd that you should be aware of.
值得欣慰的是，臥龍電驅股份有限公司在過去的12個月中已經爲股東提供了23%的總股東回報，包括股息。這一收益超過了五年的年度TSR，也就是11%。因此，似乎近期公司的輿情一直是積極的。在最理想的情況下，這可能暗示着一些真實的商業動力，這意味着現在可能是深入研究的好時機。
If you are like me, then you will not want to miss this free list of undervalued small caps that insiders are buying.
如果您像我一樣，就不會希望錯過這份免費的內部人士正在購買的低估小市值股票列表。
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。