海通策略:第一季度全A歸母淨利潤同比增速3.6% 略好於2021年Q4
格隆匯5月2日丨海通策略點評2021年年報及2022年一季報稱,22Q1全A歸母淨利潤同比增速3.6%,略好於21Q4,利潤改善源自Q1收入、利潤率雙升,但Q2面臨新的壓力。疫情影響上市公司需求、大宗商品維持高價影響利潤率,預計Q2盈利下探,全年A股歸母淨利潤增速爲5%。一季報顯示上遊擠壓中下遊利潤,能源和材料類增速較高,未來隨着PPI-CPI剪刀差收斂,中下遊盈利將好轉。在疫情衝擊下,一季度消費業績受到較大影響,但目前深圳和吉林疫情已經得以控制,上海疫情處於回落中,未來疫情如果能夠緩解,預計消費行業盈利有望修復。
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