More Unpleasant Surprises Could Be In Store For Aurora Optoelectronics Co.,Ltd.'s (SHSE:600666) Shares After Tumbling 26%
More Unpleasant Surprises Could Be In Store For Aurora Optoelectronics Co.,Ltd.'s (SHSE:600666) Shares After Tumbling 26%
Aurora Optoelectronics Co.,Ltd. (SHSE:600666) shares have had a horrible month, losing 26% after a relatively good period beforehand. Still, a bad month hasn't completely ruined the past year with the stock gaining 88%, which is great even in a bull market.
奥罗拉光电有限公司(上海证券交易所：600666)股票经历了一个糟糕的月份，在经历了一段相对较好的时期后，下跌了26%。尽管如此，糟糕的一个月并没有完全毁了过去一年，股价上涨了88%，即使在牛市中，这也是很好的。
Even after such a large drop in price, given close to half the companies in China have price-to-earnings ratios (or "P/E's") below 34x, you may still consider Aurora OptoelectronicsLtd as a stock to avoid entirely with its 87.4x P/E ratio. Although, it's not wise to just take the P/E at face value as there may be an explanation why it's so lofty.
即使在股价下跌如此之大之后，考虑到中国近一半的公司的市盈率(P/E)低于34倍，你可能仍然会认为极光光电有限公司是一只完全避免87.4倍市盈率的股票。然而，仅仅从表面上看待市盈率是不明智的，因为可能会有一个解释，为什么它如此之高。
For example, consider that Aurora OptoelectronicsLtd's financial performance has been pretty ordinary lately as earnings growth is non-existent. It might be that many are expecting an improvement to the uninspiring earnings performance over the coming period, which has kept the P/E from collapsing. If not, then existing shareholders may be a little nervous about the viability of the share price.
例如，考虑到Aurora OptoElectronsLtd.最近的财务表现相当普通，因为收益增长是不存在的。这可能是因为许多人预计未来一段时间平淡无奇的盈利表现会有所改善，这种表现阻止了市盈率的崩溃。如果不是，那么现有股东可能会对股价的生存能力感到有点紧张。
See our latest analysis for Aurora OptoelectronicsLtd
查看我们对极光光电有限公司的最新分析
What Are Growth Metrics Telling Us About The High P/E?
增长指标告诉我们关于高市盈率的哪些信息？
There's an inherent assumption that a company should far outperform the market for P/E ratios like Aurora OptoelectronicsLtd's to be considered reasonable.
有一种固有的假设，即一家公司的市盈率应该远远超过市场，就像极光光电有限公司的市盈率被认为是合理的。
If we review the last year of earnings, the company posted a result that saw barely any deviation from a year ago. The lack of growth did nothing to help the company's aggregate three-year performance, which is an unsavory 47% drop in EPS. So unfortunately, we have to acknowledge that the company has not done a great job of growing earnings over that time.
如果我们回顾一下去年的收益，该公司公布的结果与一年前几乎没有任何偏离。增长乏力对该公司三年的总体业绩没有任何帮助，每股收益下降了令人不快的47%。因此，不幸的是，我们不得不承认，在这段时间里，该公司在盈利增长方面做得并不出色。
In contrast to the company, the rest of the market is expected to grow by 44% over the next year, which really puts the company's recent medium-term earnings decline into perspective.
与该公司形成鲜明对比的是，该市场的其他部分预计明年将增长44%，这确实让人对该公司最近中期收益的下降有了正确的认识。
In light of this, it's alarming that Aurora OptoelectronicsLtd's P/E sits above the majority of other companies. Apparently many investors in the company are way more bullish than recent times would indicate and aren't willing to let go of their stock at any price. There's a very good chance existing shareholders are setting themselves up for future disappointment if the P/E falls to levels more in line with the recent negative growth rates.
有鉴于此，Aurora OptoElectronsLtd.的市盈率高于其他大多数公司，这令人担忧。显然，该公司的许多投资者比最近的情况所显示的要乐观得多，不愿以任何价格抛售他们的股票。如果市盈率下降到与最近负增长更一致的水平，现有股东很有可能会让自己未来感到失望。
What We Can Learn From Aurora OptoelectronicsLtd's P/E?
我们可以从极光光电公司的市盈率中学到什么？
Even after such a strong price drop, Aurora OptoelectronicsLtd's P/E still exceeds the rest of the market significantly. While the price-to-earnings ratio shouldn't be the defining factor in whether you buy a stock or not, it's quite a capable barometer of earnings expectations.
即使在如此强劲的价格下跌之后，Aurora OptoElectronsLtd.的市盈率仍然远远超过市场的其他部分。虽然市盈率不应该是你是否买入一只股票的决定性因素，但它是一个很好的盈利预期晴雨表。
Our examination of Aurora OptoelectronicsLtd revealed its shrinking earnings over the medium-term aren't impacting its high P/E anywhere near as much as we would have predicted, given the market is set to grow. When we see earnings heading backwards and underperforming the market forecasts, we suspect the share price is at risk of declining, sending the high P/E lower. If recent medium-term earnings trends continue, it will place shareholders' investments at significant risk and potential investors in danger of paying an excessive premium.
我们对极光光电有限公司的调查显示，考虑到市场将会增长，该公司中期收益的缩水对其高市盈率的影响并不像我们预期的那样大。当我们看到盈利出现倒退，表现逊于市场预期时，我们怀疑股价有下跌的风险，导致高市盈率走低。如果近期的中期盈利趋势持续下去，将使股东的投资面临重大风险，潜在投资者面临支付过高溢价的危险。
Before you settle on your opinion, we've discovered 5 warning signs for Aurora OptoelectronicsLtd (4 can't be ignored!) that you should be aware of.
在你决定你的观点之前，我们发现极光光电有限公司的5个警告标志(4个不容忽视！)这一点你应该知道。
Of course, you might find a fantastic investment by looking at a few good candidates. So take a peek at this free list of companies with a strong growth track record, trading on a low P/E.
当然了,通过观察几个优秀的候选人，你可能会发现这是一项非常棒的投资。所以让我们来看看这个免费增长记录强劲的公司名单，市盈率较低。
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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。