AI For Trading: Fundamental Information (6)

Fundamental Analysis

Fundamental analysis of a company involves looking at a company’s balance sheet and cash flow statements, which are usually updated every quarter, which is every three months when the company reports earnings.
对公司的基本分析包括查看公司的资产负债表和现金流量表,这些报表通常每季度更新一次,即公司报告收益时每三个月更新一次。

It’s important to keep in mind that looking at a single quarter’s metrics[指标] is only a snapshot of the company, and there are several metrics that each try to capture the health of the company, but in slightly different ways
重要的是要记住,查看单个季度的指标只是公司的快照,并且有几个指标都试图捕捉公司的健康状况,但方式略有不同。

In a way, analyzing a company’s fundamentals is like going on a safari taking photographs of an antelope. A single still photo from one angle may tell you some things about the antelope, but taking multiple photos from different angles will give you a better view.

在某种程度上,分析公司的基本面就像是在拍摄羚羊的照片。从一个角度拍摄的单张静态照片可能会告诉您有关羚羊的一些事情,但从不同角度拍摄多张照片可以让您获得更好的视野。

Also, taking multiple photos over time will give you a sense of where the antelope is going. So before we introduce some commonly used metrics, please keep in mind that to get a better picture of a company that you’re trying to analyze, you’ll want to look at a collection of different measures over time.
此外,随着时间的推移拍摄多张照片将让您了解羚羊的去向。因此,在我们介绍一些常用指标之前,请记住,为了更好地了解您要分析的公司,您需要查看一系列不同的指标。

Sales Per Share

A company’s revenue is based on its sales over that quarter, so we can think of sales and revenue as referring to the same thing. It’s a quick way to get a sense for how a company is doing, because we don’t have to subtract out cost of sales, which depends a bit on some accounting decisions.
公司的收入是基于该季度的销售额,因此我们可以将销售额和收入视为同一事物。这是一种快速了解公司运作方式的方法,因为我们不必减去销售成本,这取决于一些会计决策

For example, if a company sells a million smartphones for a hundred dollars each over the past 3 months, then its revenue is $100 times 1 million, or $100 million. If the company issued ten million shares, then its sales per share is $100 million divided by ten million, or $10 per share.
例如,如果一家公司在过去3个月内以每个100美元的价格销售100万部智能手机,那么它的收入是100万美元,即1亿美元,即1亿美元。如果该公司发行了1000万股,那么其每股销售额为1亿美元除以1000万美元,即每股10美元。

You may be wondering why we bother dividing sales by the number of shares. This helps shareholders get a sense of how much the sales figures might impact a change in a single share price.
您可能想知道为什么我们将销售额除以股票数量。这有助于股东了解销售数据可能会对单一股价的变化产生多大影响。

You can imagine that if the company only issued 10 shares, a report of higher sales than forecasted would impact each share more than if the company issued ten million shares.
你可以想象,如果公司只发行了10股,那么销售额高于预期的报告将比公司发行1000万股更能影响每股。

Also, note that sales of $10 per share probably does not mean that the shareholders will get $10 for each share that they own, or that their stock price will increase by $10. It costs money for the company to make each smartphone. Let’s take a look at a metric that accounts for cost of sales next.
此外,请注意,每股10美元的销售额可能并不意味着股东每股将获得10美元,或者他们的股票价格将增加10美元。制作每部智能手机需要公司花钱。我们来看一下衡量下一个销售成本的指标。

Earnings Per Share

Earnings is the company’s revenue minus its cost of sales.
收益是公司的收入减去销售成本。

Cost of sales refers to the cost of manufacturing the phone, employee wages, rent payments for office space, and the cost of equipment, like machines that make the phones.
销售成本是指制造手机的成本,员工工资,办公空间的租金以及设备成本,例如制造手机的机器

Earnings gives investors a sense of how much the equity of the company has changed over the past 3 months. Recall that stock represents a fractional ownership of a company’s equity.
盈利让投资者了解公司股权在过去3个月内的变化情况。回想一下,股票代表公司股权的部分所有权。

Continuing with the smartphone company example, let’s say we can estimate the cost of sales per phone to be $80 per phone. If the sales per phone is $100, then the earnings per phone is $100 - $80 equals $20 per phone. With sales of one million phones, earnings would be $20 times one million, or $20 million.
继续智能手机公司的例子,假设我们可以估计每部手机的销售成本为每部手机80美元。如果每部手机的销售额为100美元,那么每部手机的收入为100美元 - 80美元等于每部手机20美元。随着100万部手机的销售,其收入将达到20万美元,即2000万美元。

With ten million shares, this is earnings of $20 million divided by ten million shares, which is $2 earnings per share.
凭借1000万股,这是2000万美元的收益除以1000万股,即每股2美元的收益。

Note again, that this $2 per share doesn’t mean that investors automatically receive an additional $2 per share in their pocket. Let’s look at one way that investors do receive some of those earnings by looking at dividends.
再次注意,每股2美元并不意味着投资者自动获得每股2美元的额外收益。让我们看看投资者通过观察股息获得部分收益的一种方式。

Dividends Per Share

After a company has positive earnings, they may decide to either reinvest the cash in growing the company’s business.
在公司获得正收益后,他们可能决定将现金再投资于公司业务的增长。

A company’s executives are usually expected to make spending decisions based on maximizing shareholder value. Whether this always happens in practice is debatable, but ideally, if the executives decide that re-investing in the business yields lower returns than an investor could gain from investing in a similar business at the same level of risk, they will give some of the earnings to shareholders as cash. This cash is referred to as dividends.
通常期望公司的高管根据最大化股东价值做出支出决策。这种情况是否总是在实践中发生是值得商榷的,但理想情况下,如果高管们认为对企业的再投资产生的回报低于投资者在相同风险水平上投资类似企业所能获得的回报,他们会将部分收益作为现金提供给股东。这笔现金被称为股息。

Let’s say, for example, that the smartphone company decides to return $10 million of its earnings to its shareholders. The dividend per share is then $10 million divided by 10 million, or $1 per share.
例如,假设智能手机公司决定将其1000万美元的收益返还给股东。每股股息则为1000万美元除以1000万美元,即每股1美元。

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