Ningbo Tuopu GroupLtd's (SHSE:601689) Five-year Earnings Growth Trails the Enviable Shareholder Returns
Ningbo Tuopu GroupLtd's (SHSE:601689) Five-year Earnings Growth Trails the Enviable Shareholder Returns
We think all investors should try to buy and hold high quality multi-year winners. And we've seen some truly amazing gains over the years. To wit, the Ningbo Tuopu Group Co.,Ltd. (SHSE:601689) share price has soared 500% over five years. And this is just one example of the epic gains achieved by some long term investors. In the last week the share price is up 6.0%. It really delights us to see such great share price performance for investors.
我們認爲所有投資者都應該嘗試購買和持有高質量的多年贏家。而多年來，我們看到了一些真正驚人的增長。以寧波拓普集團股份有限公司(上交所：601689)的股價在過去5年增長了500%爲例。這只是一些長期投資者獲得的史詩級收益的例子之一。在過去一週，股價上漲了6.0%。看到這樣表現優異的股價對投資者而言是非常令人高興的。
Since it's been a strong week for Ningbo Tuopu GroupLtd shareholders, let's have a look at trend of the longer term fundamentals.
由於拓普集團股份有限公司股東這一週表現強勁，讓我們來看看更長期基本面的趨勢。
To paraphrase Benjamin Graham: Over the short term the market is a voting machine, but over the long term it's a weighing machine. 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).
用本傑明·格雷厄姆的話來說：“短期市場是一臺投票機，但長期市場是一臺稱重機”。檢查市場情緒如何隨時間推移變化的一種方式是查看公司股價和每股收益（EPS）之間的相互作用。
During five years of share price growth, Ningbo Tuopu GroupLtd achieved compound earnings per share (EPS) growth of 26% per year. This EPS growth is lower than the 43% average annual increase in the share price. This suggests that market participants hold the company in higher regard, these days. And that's hardly shocking given the track record of growth.
在股價增長的五年中，拓普集團股份有限公司實現了每股收益(EPS)複合增長率爲26%。這種EPS增長低於股價每年平均增長43%。這表明市場參與者現在更高地評價了該公司。鑑於其增長記錄幾乎沒有什麼驚人之處，這並不令人驚訝。
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）。
It is of course excellent to see how Ningbo Tuopu GroupLtd has grown profits over the years, but the future is more important for shareholders. Take a more thorough look at Ningbo Tuopu GroupLtd's financial health with this free report on its balance sheet.
當然，看到拓普集團股份有限公司多年來的利潤增長是非常出色的，但是未來對股東而言更爲重要。使用該公司資產負債表的免費報告來更加全面地了解拓普集團股份有限公司的財務狀況。
What About Dividends?
那麼分紅怎麼樣呢？
As well as measuring the share price return, investors should also consider the total shareholder return (TSR). The TSR incorporates the value of any spin-offs or discounted capital raisings, along with any dividends, based on the assumption that the dividends are reinvested. Arguably, the TSR gives a more comprehensive picture of the return generated by a stock. As it happens, Ningbo Tuopu GroupLtd's TSR for the last 5 years was 513%, which exceeds the share price return mentioned earlier. And there's no prize for guessing that the dividend payments largely explain the divergence!
除了衡量股價回報外，投資者還應考慮總股東回報(TSR)。TSR包括任何剝離或折價融資的價值，以及基於股息再投資的任何分紅。從某種意義上說，TSR可以更全面地反映股票的回報情況。碰巧，在過去5年中拓普集團股份有限公司的TSR達到了513%，超過了前面提到的股價回報。而且毫無疑問，分紅支付在很大程度上解釋了這種差異！
A Different Perspective
不同的觀點
While the broader market lost about 17% in the twelve months, Ningbo Tuopu GroupLtd shareholders did even worse, losing 19% (even including dividends). Having said that, it's inevitable that some stocks will be oversold in a falling market. The key is to keep your eyes on the fundamental developments. On the bright side, long term shareholders have made money, with a gain of 44% per year over half a decade. If the fundamental data continues to indicate long term sustainable growth, the current sell-off could be an opportunity worth considering. While it is well worth considering the different impacts that market conditions can have on the share price, there are other factors that are even more important. Consider risks, for instance. Every company has them, and we've spotted 2 warning signs for Ningbo Tuopu GroupLtd you should know about.
雖然更廣泛的市場在過去12個月中下跌了約17%，拓普集團股份有限公司的股東表現得更差，失去了19%（包括股息）。話雖如此，一些股票在下跌市場中被超賣是不可避免的。關鍵在於保持對基本面發展的關注。好消息是，長期股東賺了錢，在過去的五年中年均收益率增長了44%。如果基本數據繼續表明長期可持續增長，當前的拋售可能是值得考慮的機會。雖然考慮市場狀況可能對股價產生的不同影響是值得的，但還有其他更重要的因素。要考慮風險。每個公司都有風險，我們發現了2個關於拓普集團股份有限公司的警告信號，您應該知道。
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。
Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team (at) simplywallst.com.
This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.
對本文有反饋？關注內容？請直接與我們聯繫。或者，發送電子郵件至editorial-team@simplywallst.com。
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。
Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team@simplywallst.com
對本文有反饋？ 對內容感到擔憂？ 請直接與我們聯繫。 或者，發送電子郵件至editorial-team@simplywallst.com。