High sensitivity Rainbow Night a semi annual report on the economic and earnings expectations solid converter

A shares on the economy and earnings expectations sensitive semi annual report Rainbow Night Sina App: Live on-line blogger to listen to expert guidance on forest stock selection Jiepan Niugu tournament Rainbow Night — A shares semi annual report analysis (on) wind strategy, the Xu Biao team from WeChat public number: Analyst Xu Biao in August 30th later, after full disclosure A shares of listed companies, the first time we present to you. This paper analysis the semi annual report, the industry and the national team will be held, in the later part of your interpretation. The main conclusions: 1, Q2 A 16 year cumulative net profit year-on-year -4.17%, compared with 16 Q1 -0.95% and 15 Q2 8% fell to expand, brokerage is the main cause of high base year Q2 A net profit down (up 330% year-on-year 16Q2 15Q2 brokerage, -61.7%). 2, Q2 non-financial, petroleum and petrochemical A shares net profit rose by 8.66% year on year, although the number of fell slightly compared to 16Q1, but in the case of a high base of Q2 in the past 15 years, there is still a relatively good growth. Gross margin remained high, revenue growth remained relatively high, the continuous decline in financial costs is the main reason. 3, 16 years Q2 non-financial, petroleum and petrochemical A single quarter ROE2.28%, still less than 15Q2’s 2.47%, but basically stopped the risk of stalling since 2015 Q3 downlink. The decline in leverage and asset turnover offset a sustained recovery in net interest rates. 4, categorical point of view: first, since Q1 in 2014, A shares of listed China net profit growth of enterprises and private enterprises began to appear obvious differentiation, the downward trend of state-owned enterprises, private enterprises upward trend, is Rainbow Night. This will be a large part of the reform of state-owned enterprises forced. Differentiation is the main reason for the growth in operating income gap, in addition to the low interest rate environment, small and medium private enterprises greater flexibility in the rate of financial expenses, since 14 years to cut interest rates began to lower than the rate of financial costs of state-owned enterprises. Second, for a long time, the state-owned enterprises ROE always lead in the private enterprises, but in recent years, the state-owned shares of ROE A Q2 on 2016, the downward rate accelerated, the private Q2 A shares second times more than the state-owned shares of A (15Q4 ROE for the first time more than private owned ROE). All along, the state-owned A shares the level of asset liability ratio was significantly higher than that of private A shares, but in 14 years, the state-owned shares A leverage fell much more than private A shares, this is also the main reason for the private ROE A shares A shares of state-owned super level. 5, sub sector perspective: first, the motherboard, small plates, the gem net profit growth to maintain differentiation. Motherboard dragged down by the brokerage down, small plates remain stable, the gem will continue to maintain high growth. Which is the main cause of revenue growth differentiation. Second, the motherboard, small plates, the gem ROE level also appears differentiation, although the absolute level of the gem ROE lower (low leverage), but maintained a steady upward trend, the contrary motherboard相关的主题文章: