PDF《覆盖公司和行业 2018 年业绩总结》

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17 8 April,

2019 FY18 Results Summary for Companies and Sectors under GTJA Coverage 覆盖公司和行业

2018 年业绩总结 Summary ? We have summarized the

2018 annual results of

137 companies under our coverage for the fiscal year ending December 31, 2018.

Our covered companies recorded simple industry average of 14.6% revenue growth in 2018. Net profit and EPS of all covered companies increased on simple industry average YoY by 9.9% and 6.4%, respectively, with 68.6% and 65.0% of companies recording positive net profit and EPS growth. 15.4% of companies beat market consensus, 38.2% were in line, and the remaining 46.3% missed expectations. By using the market capitalization weighted average method, we expect the companies under our coverage to have earnings growth of 13.0% and 6.1% in 2019-2020, respectively. Most macroeconomic data indicators show signs of stabilization of the economy. The policy objectives set out in the government work report for

2019 were relatively stable and policies were more proactive than last year. At the same time, many sectors in the mainland have accelerated reform and opening-up process and the capital market has rebounded significantly. China-U.S. trade negotiations are still progressing steadily. The majority of U.S. Federal Reserve ( U.S. Fed ) officials favor a pause in interest hike in

2019 and are planning to end balance sheet normalization in September. Brexit still remains unresolved but the U.K. parliament has rejected the possibility of a no-deal Brexit. Brexit uncertainties and weaker-than-expected

2018 results of some leading companies are likely to put pressure on capital markets in the short term. We expect the Hong Kong stock market to fluctuate in the short term. ? 我们总结了覆盖范围内以

12 月31 日为财年结日的

137 家公司

2018 财年的年度业绩.我们覆盖的公司在

2018 年的 收入按行业简单平均计算录得同比增长 14.6%.2018 年覆盖公司的净利润和每股收益在行业简单平均下,分别同比 上升 9.9%和6.4%, 其中 68.6%和65.0%的覆盖公司分别录得纯利和每股收益的正增长.15.4%的覆盖公司全年业绩 好于市场预期,38.2%的覆盖公司业绩符合预期,其余的 46.3%的覆盖公司业绩差于预期.以市值加权平均计算,我 们预计覆盖的公司在 2019-2020 年将会分别录得 13.0%和6.1%的盈利升幅. 多数宏观经济数据显示中国经济现企稳 迹象.2019 年政府工作报告列示出的政策目标相对平稳,政策相较去年更加积极;

同时内地各领域均加快推进改革 开放进程,资本市场大幅回暖.中美贸易谈判仍然稳步推进.美联储多数官员表态赞成

2019 年暂停加息,并计划于

9 月结束缩表进程.英国脱欧问题仍然悬而未决,但英国议会已经否决了无协议脱欧的可能性.英国脱欧的不确定性 及诸多龙头企业的

2018 年财报业绩不及预期短期内可能施压资本市场.我们预计港股短期内将维持区间震荡走势. Jake Wang 汪昌江 Jack Wu 吴狄 Andy Huang 黄凯鸿 (86755)

2397 6675 (86755)

2397 6718 (86755)

2397 6702 wangchangjiang@gtjas.com di.wu@gtjas.com.hk kaihong.huang@gtjas.com.hk Equity Research Equity Research Report 证券研究报告FY18 Results Summary for Companies and Sectors under GTJA Coverage Strategy Report 股票研究策略报告证券研究报告覆盖公司和行业2018年业绩总结FY18 Results Summary for Companies and Sectors under GTJA Coverage See the last page for disclaimer page