華泰證券:關注高速成長、市場空間大的細分龍頭
華泰證券(quan)指出,從2018年(nian)中(zhong)(zhong)報情況看,中(zhong)(zhong)小盤(pan)股(gu)業(ye)績增(zeng)(zeng)(zeng)長承壓。中(zhong)(zhong)小盤(pan)股(gu)2018年(nian)中(zhong)(zhong)報營收(shou)增(zeng)(zeng)(zeng)長19.19%,歸母凈(jing)(jing)利(li)(li)(li)潤增(zeng)(zeng)(zeng)長1.27%,扣非(fei)后凈(jing)(jing)利(li)(li)(li)潤下(xia)滑5.20%。相比(bi)2017年(nian)中(zhong)(zhong)小盤(pan)股(gu)中(zhong)(zhong)報營收(shou)增(zeng)(zeng)(zeng)長32.63%,凈(jing)(jing)利(li)(li)(li)潤增(zeng)(zeng)(zeng)長23.44%的(de)表現,2018年(nian)上半(ban)年(nian)營收(shou)、凈(jing)(jing)利(li)(li)(li)潤增(zeng)(zeng)(zeng)速均有所放緩。受益于供給側(ce)改(gai)革的(de)鋼鐵、建材、建筑裝(zhuang)飾、化工等行業(ye)的(de)中(zhong)(zhong)小盤(pan)股(gu)中(zhong)(zhong)報凈(jing)(jing)利(li)(li)(li)潤呈現高增(zeng)(zeng)(zeng)速。采掘、房地產、鋼鐵、醫藥生物、紡(fang)織服裝(zhuang)五(wu)個(ge)行業(ye)的(de)中(zhong)(zhong)小盤(pan)股(gu)中(zhong)(zhong)報毛利(li)(li)(li)率同比(bi)有所提升,其余21個(ge)行業(ye)中(zhong)(zhong)報毛利(li)(li)(li)率同比(bi)均有所下(xia)滑。
華泰(tai)證券認為,在供給側改革和金融(rong)去杠桿的大背景下,部分(fen)中小企業(ye)面臨著原材料價(jia)格(ge)上漲和財務成本(ben)提升(sheng)的雙重壓(ya)力,增(zeng)速承壓(ya)。個股配置建議優選(xuan)處(chu)于(yu)高速成長期,市場空間大的中小盤細分(fen)龍頭,重點推薦中新賽(sai)克、華體科(ke)技、元(yuan)隆雅圖。