策略專題研究-港股／ADR：中資股1Q24財報披露追蹤(一)

港股/ADR：中資股1Q24財報披露追蹤（截至2024.5.14）圖表1：港股/ADR：中資股1Q24財報，營收TTM更新情況一覽（截至2024.5.14）全部港美中資股一級分類二級分類 三級分類2021-12-312022-03-312022-06-302022-09-302022-12-312023-03-312023-06-302023-09-302023-12-312024-03-31當(dāng)前披露率能源 36.2% 46.1% 30.0% 19.1% 9.6% 2.8% -4.1% -1.8% -6.4% -6.9% 材料 28.3% 23.6% 8.6% -1.6% -5.8% -7.4% -7.8% -0.7% -2.0% -7.0% 金屬、非金屬與采礦 39.8% 36.3% 18.3% 6.2% 1.8% -2.0% -3.9% 2.1% -2.0% -6.5% 化工 50.3% 30.8% 19.0% 6.3% -0.1% 2.3% -6.8% -15.2% -5.6% 建材Ⅲ 8.8% 2.1% -9.8% -17.6% -22.8% -20.5% -17.2% -7.6% -1.2% -8.3% 容器與包裝 -17.0% -16.5% -30.5% -28.9% -25.5% -23.9% -11.1% -9.7% -26.7% 紙與林木產(chǎn)品 10.7% -6.1% -7.7% -12.3% -11.2% -12.4% -20.1% -20.2% -17.6% -11.1% 工業(yè) 19.0% 13.5% 1.3% -5.1% -5.1% -5.6% -4.5% 1.9% 4.1% 2.6% 資本貨物 14.8% 9.0% -1.2% -5.9% -4.1% -3.4% -2.6% 3.8% 4.9% 1.9% 電氣設(shè)備 1.7% -1.6% -11.0% -16.8% -10.3% -11.2% -4.6% 3.6% 1.2% 0.7% 機械 16.1% 1.8% -14.0% -18.0% -17.6% -11.1% -3.6% 4.1% 6.5% 4.9% 商業(yè)和專業(yè)服務(wù) 41.7% 40.8% 32.5% 23.4% -7.4% -11.6% -14.8% -10.4% -8.6% -13.1% 運輸 42.9% 39.9% 14.0% -1.7% -10.0% -15.2% -13.0% -6.6% 0.8% 6.7% 可選消費 31.0% 24.7% 12.9% 10.0% 9.7% 10.6% 14.4% 19.3% 19.2% 13.7% 汽車與汽車零部件 29.8% 23.4% 17.4% 25.5% 30.8% 32.4% 38.5% 38.5% 32.2% 17.9% 耐用消費品與服裝 11.7% 9.6% 2.5% -1.1% -2.2% -1.4% -1.3% 4.5% 5.8% 3.1% 消費者服務(wù)Ⅱ 26.4% 12.0% -5.8% -10.3% -14.2% -8.2% 4.9% 15.0% 24.9% 10.3% 媒體Ⅱ 12.7% 5.9% -7.6% -14.6% -13.9% -9.9% -5.6% 0.1% -0.6% -3.9% 零售業(yè) 37.2% 31.2% 15.8% 7.6% 4.2% 3.5% 5.2% 10.9% 12.7% -3.3% 日常消費 31.5% 17.0% 3.2% -3.5% -8.4% -6.2% -8.2% -5.4% -2.8% -12.8% 食品與主要用品零售Ⅱ 55.9% 44.8% 17.5% 1.8% -0.4% 2.9% 6.1% 15.1% 9.0% 食品、飲料與煙草 25.6% 10.3% -0.6% -4.9% -10.8% -9.1% -12.8% -12.0% -7.0% -12.8% 家庭與個人用品 -0.6% -6.6% -7.3% -14.5% -16.0% -10.5% -6.4% 2.9% 6.6% 0%醫(yī)療保健

20.0%

16.6%

6.4%

1.8%

-0.3%

1.7%

3.5%

6.8% 6.3%

1.9%

90%醫(yī)療保健設(shè)備與服務(wù)

17.0%

14.0%

3.3%

-1.1%

-2.6%

0.3%

3.6%

7.6%

2.6%

99%制藥、生物科技與生命科學(xué)

30.9%

25.7%

17.3%

11.8%

7.1%

6.1%

3.2%

4.4%

2.0%

-0.4%

89%金融 10.6% 11.2%

1.8%

-3.7%

-9.6%

-11.8%

-19.5%

-10.6%

-16.4%

-18.7%

99%銀行 14.7%

20.2%8.4%20.2%

1.7%

-6.1%

-9.0%

-11.9%

-6.5%

-3.6%

100%多元金融

29.4%

25.3%

0.9%

-8.4%

-29.1%

-31.8%

-24.8%

-22.7%

-7.8%

-5.6%

92%保險Ⅱ

4.2%

0.7%

-4.6%

-8.7%

-10.2%

-27.3%

-13.6%

-31.9%

-37.4%

100%房地產(chǎn)

12.7%

4.9%

0.9%

-3.0%

-4.9%

1.0%

-5.3%

-9.8%

-4.5%

-12.9%

16%信息技術(shù)

26.5%

21.6%

7.2%

-1.5%

-5.8% -5.7%

-4.5%

1.0%

2.8%

-0.7%

57%軟件與服務(wù)

22.5%

18.3%

5.0%

-4.3%

-7.0%

-4.5%

-1.5%

6.9%

8.2%

4.1%

60%技術(shù)硬件與設(shè)備

30.7%

21.1%

1.3%

-7.6%

-15.5%

-17.0%

-15.4%

-10.2%

-3.7%

-3.7%

17%半導(dǎo)體與半導(dǎo)體生產(chǎn)設(shè)備

56.0%

68.5%

62.3%

55.0%

33.1%

10.9%

-4.9%

-13.9%

100%電信服務(wù)

13.2%

14.2%

6.0%

-0.1% -0.3%

0.7% 0.4%

5.5%

4.4%

0.8%

100%公用事業(yè)

20.5%

21.6%

12.0%

7.9%

4.1%

0.6%

1.3%

1.9%

1.2%

0.0%

98%全部港美中概股（去重，非金融地產(chǎn)）

26.9%

26.2%

13.0%

5.5%

1.8%

-0.4%

-1.7%

2.9%

1.8%

-1.6%

64%全部港美中概股（去重）

21.8% 21.4%

9.6%

2.8%

-1.4%

-3.4%

-6.4%

-0.9%

-2.8%

-6.3%

74%資料來源：，圖表2：港股/ADR：中資股1Q24財報，歸母凈利潤TTM更新情況一覽（截至2024.5.14）全部港美中資股一級分類二級分類 三級分類2021-12-312022-03-312022-06-302022-09-302022-12-312023-03-312023-06-302023-09-302023-12-312024-03-31當(dāng)前披露率能源 149.8% 52.5% 16.6% 33.7% 24.2% 12.5% -6.8% -4.0% -5.7% -9.6% 96%材料 48.4%

41.3%

14.0%

-3.9%

-16.1%

-29.0%

-41.2%

-38.0% -38.2%

-43.1%

98%金屬、非金屬與采礦

195.5%

74.9% 40.0%

4.3%

-22.9%

-37.7%

-46.3%

98%化工 58.8% 59.4% 100.1% 162.0% 197.5%

13792.9%

-511.9%

34.0% 0%建材Ⅲ

4.3%

-3.2%

-18.7%

-34.7%

-56.0%

-63.3%

-56.0%

-34.9%

-30.3%

100%容器與包裝

-137.9%

-184.5%

-4332.2%

217.2%

162.0%

113.0%

-435.9% 0%紙與林木產(chǎn)品

26.9%

-61.3%

-92.1%

-97.0% -91.2%

-361.2%

-971.2%

-741.3%

-357.5%

100%工業(yè) 62.3%

33.8%

-1.5%

-26.0% -26.0%

-28.4%

-22.6%

-1.7%

14.3% 19.1%

84%資本貨物

-5.6%

-15.4%

-17.9%

-28.9%

-2.2%

3.4%

19.3%

5.6%

100%電氣設(shè)備

-93.8%

-50.3%

-62.2%

621.2%

1102.4%

53.4%

123.1%

49.3%

98%機械

-22.6%

-42.0%

-56.3%

-32.0%

-21.8%

-3.9%

31.8%

9.5%

15.0%

100%商業(yè)和專業(yè)服務(wù)

29.2%

21.1%

14.5%

-8.1%

-46.2%

-56.3%

-67.8%

-46.5%

-56.5%

81%運輸

353.2%

37.7%

-21.1%

-59.1%

-66.4%

-59.8%

-33.9%

45.1%

69%可選消費

-67.0% -73.0%

-53.4%

34.6%

198.7%

336.5%

222.7%

109.9% 102.8%

17.3%

33%汽車與汽車零部件

15.5%

-1.4%

5.3%

48.6% 45.4% 47.2% 42.4%

66.1%

22.3%

61%耐用消費品與服裝

52.4%

30.0%

6.5%

9.1%

3.3% 4.0%

8.2%

11.8%

100%消費者服務(wù)Ⅱ

83.2%

-0.2%

-34.9%

-47.0%

-63.5%

-41.2%

-2.8%

64.0%

177.8%

33.2%

60%媒體Ⅱ

-17.8%

-24.4%

-17.6%

8.4%

33.4%

40.7%

28.4%

16.0%

100%零售業(yè)

-156.6% -162.6%

3046.7%

221.6% 297.3% 579.7% 345.5%

-678.6% 1%日常消費

170.4%

209.2%

115.0%

49.0%

-3.6%

-26.4% -27.1% -25.8%

-6.6%

6.5% 3%食品與主要用品零售Ⅱ

-51.0%

-38.0%

-1.8%

44.7%

50.5%

29.3%

7.1% 0%食品、飲料與煙草

147.5%

177.2%

96.1%

34.2%

-8.5%

-28.9% -29.2%

-6.5%

6.5% 3%家庭與個人用品

-27.2%

-36.9%

7.3%

-34.6%

-13.4%

36.4%

-2.7%

37.2%

-42.7% 0%醫(yī)療保健

54.5%

2.0%

-12.5%

-21.0%

-15.0%

3.6% 2.8%

39.1%

13.7%

5.9%

90%醫(yī)療保健設(shè)備與服務(wù)

8.2%

-8.1%

-9.5%

-11.6%

0.7%

13.1%

-1.7%

2.8%

-9.0%

-16.0%

99%制藥、生物科技與生命科學(xué)

146.1%

14.2%

-15.7%

-30.4%

-5.5%

8.1%

84.8%

41.9%

65.6%

89%金融 13.3%

11.0%

0.2%

-6.5%

-7.8%

-4.8% -4.7%

-1.1%

0.8%

-4.9%

99%銀行

18.0%

5.7%

-1.4%

-2.4%

-3.5%

-2.9%

1.1%

1.0%

-2.0%

100%多元金融

38.8%

19.8%

-3.2%

-22.0%

-35.8%

-29.2%

-29.7%

-19.2%

-12.4%

-30.8%

92%保險Ⅱ

-11.9%

-28.0% -27.8%

-25.9%

4.3%

-0.7%

-7.4%

7.3%

-14.1%

100%房地產(chǎn)

-48.4%

-53.3%

-59.5%

-55.3%

-18.6%

5.2%

27.2%

23.1%

-9.3%

-53.1%

16%信息技術(shù)

93.2%

56.3%

2.7%

16.4%

4.3%

18.4%

41.0% 42.2%

-10.6%

-36.3%

57%軟件與服務(wù)

114.9%

77.4%

14.5%

35.2%

10.0%

23.7%

50.3%

-12.7%

-34.0%

60%技術(shù)硬件與設(shè)備

12.2%

-39.6%

-68.3%

-60.7%

-15.9%

51.2%

147.3%

136.8%

3.4%

17%半導(dǎo)體與半導(dǎo)體生產(chǎn)設(shè)備

155.3%

211.1%

102.4%

80.4%

54.8%

11.7%

-11.8%

-37.9%

-54.9%

-66.4%

100%電信服務(wù)

24.7%

26.1%

7.4%

2.0%

0.7% 0.9%

3.1%

7.4%

9.3%

6.4%

100%公用事業(yè)

-85.6%

-125.5% -131.4%

-118.5%

294.7% 340.7% 396.7%

1174.5%

125.5%

97.1%

98%全部港美中概股（去重，非金融地產(chǎn)）

53.5%

23.2%

-1.1%

5.3%

6.8% 9.3% 8.0% 15.4%

5.6%

-10.3%

64%全部港美中概股（去重）

22.0%

13.5%

-1.2%

-3.5% -3.4%

-0.2% -0.3%

4.6% 2.3%

-7.1%

74%資料來源：，圖表3：港股/ADR：中資股1Q24財報，扣非凈利潤TTM更新情況一覽（截至2024.5.14）全部港美中資股一級分類二級分類 三級分類2021-12-312022-03-312022-06-302022-09-302022-12-312023-03-312023-06-302023-09-302023-12-312024-03-31當(dāng)前市值披露率能源 197.6% 69.2% 26.8% 45.1% 21.9% 10.9% -8.0% -4.6% -11.3% -15.4% 96%材料 52.8%

41.1%

-2.0% -4.9%

-17.4%

-36.3%

-41.3%

-45.1% -46.9% -48.7%

98%金屬、非金屬與采礦

179.1% 133.3% 28.8% 32.1%

-7.5%

-20.7%

-32.0%

-47.3%

98%化工

181.8%

276.5%

168.2%

408.1%

336.8%

23.5%

-86.7%

63.2% 0%建材Ⅲ

2.6%

-6.0%

-24.8%

-37.6%

-62.7%

-73.3%

-69.6%

-37.5%

-24.7%

100%容器與包裝

-143.2% -135.3%

-2049.9%

38.4%

-28.7%

29.6%

-67.8%

-484.7% 0%紙與林木產(chǎn)品

140.5%

-63.9% -105.9% -109.3%

-216.2%

-544.6%

-449.7%

-628.1%

-115.4%

100%工業(yè) 112.8%

55.5%

7.5%

-22.0%

-27.1%

-30.6%

-23.4%

-4.7%

18.1% 26.1%

84%資本貨物

-0.2%

-10.1%

-12.9%

-20.9%

2.7%

6.5%

11.6%

18.6%

10.5%

100%電氣設(shè)備

-186.5%

-241.0%

-187.9%

129.3%

204.5%

259.3%

38.1%

98%機械

-4.4%

-36.9%

-51.6%

-30.3%

-17.5%

16.2%

55.2%

18.7%

100%商業(yè)和專業(yè)服務(wù)

51.2%

38.4%

31.4%

-1.4%

-40.4%

-52.0%

-68.1% -65.8%

-73.5%

81%運輸

9892.2%

72.2%

-24.6%

-70.8% -80.0%

-50.9%

61.7%

69%可選消費

-48.3%

-66.0%

-1.6%

360.7% 363.2%

573.8%

285.0%

122.9% 110.8%

13.1%

33%汽車與汽車零部件

2.7%

-30.2%

-3.4%

54.3%

123.3%

91.4%

58.6%

13.4%

61%耐用消費品與服裝

130.7% 76.9%

4.5% 4.8%

4.0%

11.1%

100%消費者服務(wù)Ⅱ

60.6%

-21.1%

-55.6%

-70.2%

-55.6%

-23.4%

42.8%

183.4%

203.8%

36.1%

60%媒體Ⅱ

-18.8%

-26.1%

-29.2%

-18.0%

13.9%

39.4%

49.5%

45.2%

28.1%

17.2%

100%零售業(yè)

-713.2%

-873.8%

48.1%

157.9%

232.8%

325.0%

849.5%

230.1%

-659.4% 1%日常消費

191.7%

264.8%

115.8%

42.6%

16.0%

-20.5% -19.3% -20.9%

-10.3%

34.6% 3%食品與主要用品零售Ⅱ

-51.0%

-38.0%

-1.8%

44.7%

50.5%

29.3%

7.1% 0%食品、飲料與煙草

153.7%

205.0%

92.0%

25.9%

6.1%

-24.4% -22.9%

-9.9%

34.6% 3%家庭與個人用品

-23.3%

-35.2%

28.6%

-30.4%

-6.9%

51.2%

5.8%

52.3%

-34.1% 0%醫(yī)療保健

51.9%

-5.8%

-9.9%

-12.7%

-7.8%

1.7% 1.1%

26.4%

34.5%

43.2%

90%醫(yī)療保健設(shè)備與服務(wù)

6.7%

-10.3%

-10.0%

-15.7%

-5.5%

5.4%

-14.7%

-3.5%

-9.9%

99%制藥、生物科技與生命科學(xué)

3163.4%

7.9%

-9.5% -4.4% -13.7%

55.0% 100.4%

490.2%

89%金融 13.0% 11.6%

1.3%

-4.7%

-7.3%

-3.1%

-4.8%

0.1% 0.1%

-6.0%

99%銀行

17.9%

6.5%

-1.3%

-1.5%

-3.1%

3.1%

0.0%

-3.1%

100%多元金融

39.5%

27.5%

0.8%

-38.6%

-28.6%

-25.5%

-10.7%

-35.0%

92%保險Ⅱ

-11.9%

-28.1% -28.0%

-25.9%

4.4%

-1.2%

-7.3%

7.3%

-14.1%

100%房地產(chǎn)

-50.4%

-57.6%

-64.1%

-57.8%

-33.0%

-6.5%

16.2%

12.0%

-0.7%

-58.7%

16%信息技術(shù)

-48.2%

-94.3%

-90.7%

-75.0%

-25.4%

831.9%

628.8%

464.5%

289.2%

90.2%

57%軟件與服務(wù)

-68.6%

-116.8% -115.5%

-75.8%

302.7%

444.8%

1866.8%

1744.2%

217.2%

60%技術(shù)硬件與設(shè)備

63.9%

-19.2%

-27.2%

-55.4%

-27.7%

22.0%

77.1%

7.9%

17%半導(dǎo)體與半導(dǎo)體生產(chǎn)設(shè)備

228.6%

303.8%

189.7%

83.7%

97.4%

27.5%

-10.5%

-34.3%

-62.0%

-73.9%

100%電信服務(wù)

24.5%

25.9%

6.9%

1.5%

-3.7% -3.4%

-4.8%

3.9%

8.8%

5.8%

100%公用事業(yè)

-101.5%

-125.7% -130.9% -121.3%

3734.2%

358.3% 432.8%

1207.1%

176.2%

105.3%

98%全部港美中概股（去重，非金融地產(chǎn)）

49.9%

4.6%

-10.9%

3.1%

7.3%

16.7% 13.8% 23.2%

24.9%

4.8%

64%全部港美中概股（去重）資料來源：，

19.3%

8.6%

-3.1% -3.4% -3.8%

1.9%

0.1%

6.5% 7.1%

-3.4%

74%圖表4：根據(jù)23年港股/ADR市場的中資股財報情況，供給優(yōu)勢品種篩選表一級分類二級分類 三級分類2H23固定資產(chǎn)周轉(zhuǎn)率分位數(shù)（自1H11）環(huán)比差分Capex/D&ACapex/D&A分位數(shù)（自1H11）能源100%4%1.3460%材料80%8%1.8348%金屬、非金屬與采礦76%4%1.7264%化工56%40%1.6632%建材Ⅲ68%8%2.3260%容器與包裝68%4%1.220%紙與林木產(chǎn)品64% 4% 5.018%工業(yè) 84% -4%2.1120%資本貨物電氣設(shè)備機械商業(yè)和專業(yè)服務(wù)運輸76%-12%3.8080%0%-72%7.0488%76%12%6.74100%72%4%1.818%52%-4%1.6424%可選消費88%8%2.2468%汽車與汽車零部件96%4%4.08100%耐用消費品與服裝16%-28%0.630%消費者服務(wù)Ⅱ40%24%1.4972%媒體Ⅱ68%-4%1.8060%零售業(yè)88%28%1.6520%日常消費32%-12%1.194%食品與主要用品零售Ⅱ92%4%0.7832%食品、飲料與煙草28%-16%1.194%家庭與個人用品56%-8%1.6728%醫(yī)療保健0%-4%2.264%醫(yī)療保健設(shè)備與服務(wù)56%-16%1.378%制藥、生物科技與生命科學(xué)0%-4%2.5112%信息技術(shù)0%-8%2.1468%軟件與服務(wù)28%8%0.754%技術(shù)硬件與設(shè)備44% 4% 2.0340%半導(dǎo)體與半導(dǎo)體生產(chǎn)設(shè)備0%-28%3.0872%電信服務(wù)100%4%0.9424%公用事業(yè)100%4%2.1836%全部港美中概股（去重，非金融地產(chǎn)）100%4%1.6964%資料來源：，圖表5：根據(jù)23年港股/ADR市場的中資股財報情況，產(chǎn)能壓力下降品種篩選表資料來源：，圖表6：根據(jù)23年港股/ADR市場的中資股財報情況，或?qū)⑦M入主動補庫時期的品種篩選表一級分類二級分類三級分類2H23營收TTM同比增速營收增速環(huán)比差分期末庫存增速庫銷比TTM分位數(shù)（自1H11）或?qū)⑦M入主動補庫？能源-5.8%-2.6%1.5%0.0%0材料-1.3%7.1%-8.6%16.0%0金屬、非金屬與采礦-0.8%3.8%-5.8%16.0%0化工-2.7%17.8% 1.5% 0.0% 0建材Ⅲ-1.6%15.4%-14.9%40.0%0容器與包裝-5.5%4.7%-11.9%36.0%0紙與林木產(chǎn)品-17.1%2.9%-28.3%56.0%0工業(yè)資本貨物電氣設(shè)備機械4.0%7.2%4.7%4.0%05.5%6.6%5.0%4.0%06.1%8.0%1.4%28.0%09.2%10.8%7.8%24.0%0商業(yè)和專業(yè)服務(wù)-4.5%14.1% 0.2%72.0%0運輸-2.5%9.0%-4.1%4.0%0可選消費汽車與汽車零部件耐用消費品與服裝消費者服務(wù)Ⅱ媒體Ⅱ15.7%26.2% 8.1%24.6%-3.9%5.9%-3.6%12.2%25.0%1.8%1.9%7.2%2.6%3.9%-8.1%20.0%48.0%100.0%92.0%20.0%00000零售業(yè) 10.5% 6.3% -9.2% 0.0%1日常消費0.4%1.2%0.8%96.0%0食品與主要用品零售Ⅱ食品、飲料與煙草家庭與個人用品-3.0% 0.2% 40.2%5.8%-0.1%53.5%-11.9%1.3%6.6%20.0%96.0%56.0%000醫(yī)療保健6.0%5.9%5.7%92.0%0醫(yī)療保健設(shè)備與服務(wù)制藥、生物科技與生命科學(xué)7.7%4.2%-0.9%56.0%03.8%8.0%11.9%96.0%0信息技術(shù)2.7%4.9%2.6%88.0%0軟件與服務(wù)技術(shù)硬件與設(shè)備半導(dǎo)體與半導(dǎo)體生產(chǎn)設(shè)備7.3%-0.7%-10.0%8.9%9.6%-28.1%