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As of August 1, according to statistics, a total of 169 listed companies in Shanghai and Shenzhen Stock Exchanges have disclosed interim reports, including performance There were 137 companies that increased year-on-year, accounting for 81.1%, and only 32 companies that decreased year-on-year, accounting for 18.9%%. More than 80% of the companies achieved year-on-year growth in performance, of which 23 companies had a revenue increase of more than 50%, accounting for 16.8%. .

In terms of profit distribution, most listed companies do not distribute or transfer profits in the mid-term, but there are still seven companies that implement distributions. Among them, the new stock Disu Fashion (603587) plans to distribute cash dividends for every 10 shares. 10 yuan (including tax), the total cash dividend is 401 million yuan, which is the most eye-catching. In addition, Hengli Shares (600346) profit distributed 2.5 yuan per 10 shares, Shunhao Shares (002565) 10 shares 2.01 yuan, Dahao Technology (603025) 10 to 4.5 shares is also worthy of attention.

Listed companies often have performance confidence when implementing mid-term profit transfers. Except for Yuntu Holdings' operating income, which fell by 0.47% year-on-year, other performance showed an upward trend. For example, Hengli's operating income in the first half of 2018 achieved 264.52 billion, an increase of 26.87% from the same period last year. The net profit attributable to shareholders of listed companies was 1.882 billion yuan, an increase of 132.61% from 809 million yuan in the same period last year. Shunhao's operating income increased by 10.19% year-on-year, but its net profit increased by 169.98%.

In addition, Laobaigan Liquor’s performance has tripled. According to the financial report, the company’s semi-annual report achieved revenue of 1.459 billion yuan, a year-on-year increase of 31.78%; net profit was 146 million yuan, a year-on-year increase of 208.01%. The main reason is that the company's main business income increased, gross profit margin increased, and expense ratio decreased. At the same time, the company completed the acquisition of Fenglian Winery, and Fenglian Winery was consolidated.

In the first half of the year, due to the impact of financial deleveraging, market risk aversion was high, and capital flows were more inclined to sectors with better cash flow conditions. Among them, the performance of the liquor sector maintained high growth and was affected by less economic fluctuations. It is still the main sector where institutions gather together to keep warm. In addition, the increase in healthy demand driven by consumption upgrades and the increase in high-end wine prices have created certain space for the sub-high-end market. Taking into account the sustainability of performance growth and valuation levels, the food and beverage industry is still worthy of investors' attention in the second half of 2018. industry.

In terms of technology stocks, Hikvision (002415), the top brother in Shenzhen, disclosed its 2018 semi-annual report: the company’s operating income was 20.9 billion yuan, a year-on-year increase of 26.92%, and the net profit attributable to the parent company was 4.147 billion yuan, a year-on-year increase. 26%. The performance itself is not bad, but the growth rate of operating income has declined, profit margins have declined, and expenses have increased during the period, which have become market concerns.

Hikvision’s revenue growth rate was above 40% 15 years ago. There was a sharp decline in 2016. It rebounded to above 35% in 2017, but fell to 26.92% in the first half of 2018. Judging from the growth stock valuation indicator PEG, the growth rate has declined, and the valuation level should also have declined, so the market performance this week has been poor.

With the saturation of the domestic security market, Hikvision’s performance pressure will gradually increase. It is not groundless that the market prediction has reached the ceiling, so it is also necessary to pay attention to white horse stocks with declining performance and high valuations. Be aware of the risks.

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