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《大行報告》瑞銀:中資互聯網股首季淨利潤強勁 仍看好中國股市
阿思達克 05-23 14:42
瑞銀發表研究報告指出,超過80%的MSCI中國公司披露首季業績,整體淨利潤按年增長7%。非金融行業純利(不包括互聯網)按年下跌3%,高於國家統計局公布的工業企業利潤下跌21%。上游企業的盈利按年跌11%,而由於國企在上游行業的權重較大,他們的利潤在首季持平。下游行業的盈利增長略升至2%,預計未來幾個季度的盈利將進一步改善,因為較低的商品價格帶動毛利率提高,而目前毛利率仍處於歷史低位。 該行認為,由於成本控制,內地互聯網行業在首季的盈利表現最為強勁,很大程度上推動指數首季盈利增長。至於過去一個月盈利上調最多的行業包括航空和機場、餐飲和交通運輸業,而下調最多的行業包括數據中心、風力發電和半導體業。 此外,瑞銀指4月份宏觀數據遜預期,估計隨著大宗商品價格下跌,可提高公司的毛利率,盈利趨勢將持續改善。該行目前繼續看好中國股市,認為估值不高,且已反映了投資者對增長及地緣政治的大部分憂慮。
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