cattle360Nanning Stock Allocation How to Explore Stable Growth Stocks
already existing 323 Secondary Reading2019-11-12 16:03
The growth potential of a company is mainly reflected in the sustained high growth of revenue and profits, while the robustness should be reflected in the fact that the growth rate should be higher than one year a year, to avoid any upward or downward trend. The growth potential of the company can be reflected through the three-year compound growth rate of main business and net profit;Reflecting the robustness of the company through continuous growth in main operations and net profit. Among companies with stable growth in their main business and net profit, we choose(Three year compound growth rate of main business and net profit ≥50%)、(30%≤主营及净利润三年复合增长率≤50%)、(15%≤主营及净利润三年复合增长率≤30%)、(0%≤主营及净利润三年复合增长率≤15%)的四个组合条件作为对比研究,通过05year10month10日选择的股票组合在不同时段后(3个月后、6个月后、9个月后、一年后);以及不同阶段(下跌、筑底、拉升、盘整)的实证检验,我们发现主营及净利润三年复合增长率≥15%的股票组合整体上好于大盘平均水平,该组合具有在熊市中跌得晚、在牛市补涨阶段更胜一筹的特性;在周期策略上,短线效果不明显,持有周期6to9个月左右为最佳持有周期。在中季报主营和净利润三年复合增长率≥50%of23只最新选股中,增长出现进一退一的公司仅有3家,如业绩骤升的中信证券主营和净利润三年复合增长率大幅提升的主要贡献来自于06年资本市场的好转,此类公司增长不够稳健,未来成长能否持续值得担忧。但是持续增长的公司多达20家,这说明稳定增长的企业仍有稳定增长的趋势,此类高速稳健成长的企业更受市场青睐。如05year10month10日选择的主营及净利润三年复合增长率≥50%的稳健成长股组合在一年内四个不同时段,平均强于市场100%, highest145%The minimum has also been reached78%。值得注意的是,由于主营和净利润三年复合稳健增长指标是以过去三年内主营和净利润增长程度作为研究的对象,未考虑公司未来主营收入及净利润的预期增长,这些企业经过过去三年的高速成长,有可能已经达到或接近巅峰,因此还需对行业或企业的成长周期作进一步的研究,对仍处于高速成长中的个股深度挖掘。
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