Zhejiang Jiahua Energy Chemical IndustryLtd's (SHSE:600273) Earnings Growth Rate Lags the 1.2% CAGR Delivered to Shareholders
Zhejiang Jiahua Energy Chemical IndustryLtd's (SHSE:600273) Earnings Growth Rate Lags the 1.2% CAGR Delivered to Shareholders
The main aim of stock picking is to find the market-beating stocks. But the main game is to find enough winners to more than offset the losers At this point some shareholders may be questioning their investment in Zhejiang Jiahua Energy Chemical Industry Co.,Ltd. (SHSE:600273), since the last five years saw the share price fall 16%. More recently, the share price has dropped a further 13% in a month. We do note, however, that the broader market is down 11% in that period, and this may have weighed on the share price.
選股的主要目的是尋找市場領先的股票。但是主要的遊戲是找到足夠的贏家來抵消輸家。此時，一些股東可能會質疑他們對浙江佳華能源化工有限公司的投資。, Ltd.（上海證券交易所股票代碼：600273），自過去五年股價下跌16％以來。最近，股價在一個月內又下跌了13％。但是，我們確實注意到，在此期間，整個市場下跌了11％，這可能打壓了股價。
With the stock having lost 3.5% in the past week, it's worth taking a look at business performance and seeing if there's any red flags.
由於該股在過去一週下跌了3.5％，值得一看業務表現，看看是否有任何危險信號。
Check out our latest analysis for Zhejiang Jiahua Energy Chemical IndustryLtd
查看我們對浙江佳華能源化工有限公司的最新分析
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 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.
在他的文章中 格雷厄姆和多茲維爾的超級投資者 禾倫·巴菲特描述了股價如何並不總是合理地反映企業的價值。評估公司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。
While the share price declined over five years, Zhejiang Jiahua Energy Chemical IndustryLtd actually managed to increase EPS by an average of 3.0% per year. So it doesn't seem like EPS is a great guide to understanding how the market is valuing the stock. Or possibly, the market was previously very optimistic, so the stock has disappointed, despite improving EPS.
儘管股價在五年內下跌，但浙江佳華能源化工有限公司實際上設法做到了 增加 每股收益平均每年增長3.0％。因此，每股收益似乎不是了解市場如何估值股票的好指南。或者，市場此前可能非常樂觀，因此儘管每股收益有所改善，但該股還是令人失望。
Given that EPS has increased, but the share price has fallen, it's fair to say that market sentiment around the stock has become more negative. That said, if EPS continues to increase, it seems very likely the share price will get a boost, in the long term.
鑑於每股收益增加，但股價卻下跌，可以公平地說，圍繞該股的市場情緒變得更加消極。儘管如此，如果每股收益繼續增加，從長遠來看，股價似乎很可能會得到提振。
You can see below how EPS has changed over time (discover the exact values by clicking on the image).
你可以在下面看到 EPS 是如何隨着時間的推移而變化的（點擊圖片發現確切的值）。
It might be well worthwhile taking a look at our free report on Zhejiang Jiahua Energy Chemical IndustryLtd's earnings, revenue and cash flow.
可能值得一看我們關於浙江佳華能源化工有限公司收益、收入和現金流的免費報告。
What About Dividends?
分紅呢？
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. So for companies that pay a generous dividend, the TSR is often a lot higher than the share price return. In the case of Zhejiang Jiahua Energy Chemical IndustryLtd, it has a TSR of 6.3% for the last 5 years. That exceeds its share price return that we previously mentioned. This is largely a result of its dividend payments!
除了衡量股價回報率外，投資者還應考慮股東總回報率（TSR）。基於股息再投資的假設，股東總回報率納入了任何分拆或貼現資本籌集的價值以及任何股息。因此，對於支付豐厚股息的公司來說，股東總回報率通常遠高於股價回報率。就浙江佳華能源化工有限公司而言，其過去5年的股東回報率爲6.3％。這超過了我們之前提到的其股價回報率。這在很大程度上是其股息支付的結果！
A Different Perspective
不同的視角
While it's certainly disappointing to see that Zhejiang Jiahua Energy Chemical IndustryLtd shares lost 8.6% throughout the year, that wasn't as bad as the market loss of 21%. Longer term investors wouldn't be so upset, since they would have made 1.2%, each year, over five years. In the best case scenario the last year is just a temporary blip on the journey to a brighter future. 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 for instance, the ever-present spectre of investment risk. We've identified 1 warning sign with Zhejiang Jiahua Energy Chemical IndustryLtd , and understanding them should be part of your investment process.
儘管浙江佳華能源化工有限公司的股價全年下跌8.6％確實令人失望，但這還不如21％的市場跌幅那麼糟糕。長期投資者不會那麼沮喪，因爲他們本可以在五年內每年賺1.2％。在最好的情況下，去年只是通往更光明未來之旅中的一個暫時階段。儘管市場狀況可能對股價產生的不同影響值得考慮，但還有其他因素更爲重要。例如，投資風險的幽靈無處不在。我們已經向浙江佳華能源化工有限公司確定了1個警告信號，了解它們應該是您投資過程的一部分。
For those who like to find winning investments this free list of growing companies with recent insider purchasing, could be just the ticket.
對於那些喜歡尋找中獎投資的人來說，這份最近有內幕收購的成長型公司的免費名單可能只是門票。
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交易的股票的市場加權平均回報。
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Simply Wall St的這篇文章本質上是籠統的。我們僅使用公正的方法根據歷史數據和分析師的預測提供評論，我們的文章無意作爲財務建議。它不構成買入或賣出任何股票的建議，也沒有考慮到您的目標或財務狀況。我們的目標是爲您提供由基本數據驅動的長期重點分析。請注意，我們的分析可能不考慮最新的價格敏感型公司公告或定性材料。簡而言之，華爾街沒有持有任何上述股票的頭寸。
譯文內容由第三人軟體翻譯。