The growth rate of the China News section rebounded, and the transition stocks dragged down the stock price performance. The overall income and performance of the first half of the young workers' manufacturing sector increased steadily. The revenue increased by 8.85% year-on-year. The net profit attributable to the parent company increased by 32.66% year-on-year. The growth rate of revenue and performance increased significantly compared with the same period of last year. The profit growth rate was better than the income growth. Due to the decline in downstream raw material costs and the 1.21% increase in gross profit margin in the first half of the year, the overall net profit margin was 6.77%, up 1.09 percentage points year-on-year. In terms of stock price performance, the first half of the young industrial manufacturing sector fell 16.58%, underperforming the Shanghai and Shenzhen 300 index 1.11%, ranking 11th out of 29 industries. Although the performance of the sector showed improvement, the stock price performance was mainly due to the sector transformation. There are a lot of stocks. In the previous period, the valuation in the bull market was so high. Therefore, the stock price adjustment has been obvious this year, which has dragged down the overall increase of the light industry sector.
Sub-section performance continues to differentiate, furniture paper performance is eye-catching. In the first half of 2016, the growth rate of each sub-sector increased in different degrees, and the growth of most sectors accelerated. Specifically, the furniture sector maintained rapid growth in revenue (11.53%) in the context of continued real estate growth, and continued to improve its profitability, with continued high growth (20%). Among them, the custom furniture industry with high prosperity has an eye-catching performance, and the net income of the income and the attributable parent company increased by 39.31% and 45.90% respectively. The performance of the mid-year report is also better in the papermaking sector. In the context of improved supply and demand in the industry and lower costs, the leading performance rebounded more obviously. Chenming Paper (239.80%), Zhongshun Jierou (002511) , stocks) (131.08%) and Sun Paper (002078, shares it) (40.04%) reported high performance in the interim results. In addition, the packaging industry's performance growth rate has slowed down in the context of slowing demand, while the performance of individual stocks in the cultural and entertainment sector with more transition stocks is highly differentiated.
Investment strategy in the third quarter: The fundamentals of the second half of the year are: the furniture and stationery industry, among which the furniture industry has benefited from the continuous improvement of real estate sales. The industry boom can still maintain a high level during the lag period of real estate decoration; Under the background of consumption upgrade and industry integration, leading enterprises with advantages such as channels and brands will be stronger. At the same time, although the overall demand of the packaging industry remained stable at a low level, the general low valuation advantage and extension expectations in the leading position made its investment value advantage still prominent. Therefore, in the current market downturn, we recommend that the sector configuration is still based on performance and safety margins. It is recommended to configure furniture and stationery sectors, such as Sophia (002572, stock bar), Chenguang stationery (603899, stock bar), etc. In the third and fourth quarters, due to the valuation switch, its relative income or performance will perform better. At the same time, Origen (002701, stock bar) and other low-value stable varieties are also worthy of attention.
Sub-section performance continues to differentiate, furniture paper performance is eye-catching. In the first half of 2016, the growth rate of each sub-sector increased in different degrees, and the growth of most sectors accelerated. Specifically, the furniture sector maintained rapid growth in revenue (11.53%) in the context of continued real estate growth, and continued to improve its profitability, with continued high growth (20%). Among them, the custom furniture industry with high prosperity has an eye-catching performance, and the net income of the income and the attributable parent company increased by 39.31% and 45.90% respectively. The performance of the mid-year report is also better in the papermaking sector. In the context of improved supply and demand in the industry and lower costs, the leading performance rebounded more obviously. Chenming Paper (239.80%), Zhongshun Jierou (002511) , stocks) (131.08%) and Sun Paper (002078, shares it) (40.04%) reported high performance in the interim results. In addition, the packaging industry's performance growth rate has slowed down in the context of slowing demand, while the performance of individual stocks in the cultural and entertainment sector with more transition stocks is highly differentiated.
Investment strategy in the third quarter: The fundamentals of the second half of the year are: the furniture and stationery industry, among which the furniture industry has benefited from the continuous improvement of real estate sales. The industry boom can still maintain a high level during the lag period of real estate decoration; Under the background of consumption upgrade and industry integration, leading enterprises with advantages such as channels and brands will be stronger. At the same time, although the overall demand of the packaging industry remained stable at a low level, the general low valuation advantage and extension expectations in the leading position made its investment value advantage still prominent. Therefore, in the current market downturn, we recommend that the sector configuration is still based on performance and safety margins. It is recommended to configure furniture and stationery sectors, such as Sophia (002572, stock bar), Chenguang stationery (603899, stock bar), etc. In the third and fourth quarters, due to the valuation switch, its relative income or performance will perform better. At the same time, Origen (002701, stock bar) and other low-value stable varieties are also worthy of attention.
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