Investors Can Hardly Get Caught Up In Profiteering Industries.

　　 Liquor industry has the highest gross profit rate.

In 2011, the most profitable sector in the A share market is listed banks? Yes, but it is not.

say Listed banks The most profitable industry is because "A shares account for half of its profits". The latest statistics show that the 12 listed banks that have published the 2011 Annual Report achieved a total net profit of 841 billion 500 million yuan during the reporting period, accounting for 50.8% of the total profits of the 1377 listed companies listed in the annual report, and the gross profit margin of the industry as high as 40.6%.

Bank is not the most profitable industry in 2011, it is because Gross profit margin It's better than banking.

Gross profit margin refers to the percentage of gross profit in sales revenue. It reflects the initial profitability of product sales. Popularly speaking, the higher the gross profit margin, the more profitable the company is. Once the gross profit margin of an industry or enterprise exceeds 40%, it means that the relevant industries and enterprises have passed the "profiteering" threshold.

According to the data center of the newspaper, in addition to the banking sector, in the industry that has published the 2011 Annual Report, Liquor industry The gross profit margin reached 64.59%, ranking the highest in all industries, and the gross profit rate of Jiugui Liquor was 74.52%. Next is the hotel industry. The average gross profit margin of 6 hotel companies is 54.31%. The third is the expressway. The average gross profit margin of the 13 companies is 53.07%, of which the gross profit margin of Luqiao in Chongqing is as high as 91.14%. The fourth is biomedicine, with a gross gross margin of 44.18%. The fifth is real estate. Although it has been under the pressure of regulatory policies since 2010, the real estate industry still belongs to profiteering industry. The average annual gross profit margin of 74 Real Estate Company in the 2011 Annual Report is about 40.03%.

　 Two genes generate huge profits

Analysis of the causes of huge profits in liquor and freeway industries shows that they usually have two characteristics: monopolistic resources and partial pricing power.

For example, the high-end liquor has gained the same pricing power from the unique resources and brands. As for the expressway listed companies that are widely criticized for "buying the money from now on", it is a typical industry with the advantage of monopoly.

Li Xia, an analyst at Huarong securities, pointed out that by making use of monopoly advantages in patented technology, scarce land, franchise, hi-tech, regional culture and channel platform, liquor making and freeway industries were relatively fat compared to other industries with increasingly meager profits, and the impact in the economic crisis was relatively small. Of course, not all the high gross margin industries rely on monopoly and pricing power to realize "profiteering". GF Securities [analyst Wang Licai pointed out that the main reason for the high gross profit margin of the hotel industry is the low operating cost, especially the advantage of human cost, which is more obvious, plus a lot of hotel depreciation basically completed, thus creating a higher gross margin space.

　　 Investors are hard pressed to make "profiteering" light.

But at the same time, the "profiteering" company is rich enough to buy oil. shares Investors did not get much benefits. Take liquor, such as Jiugui Liquor, as an example, the stock price of 5 "profiteering" liquor stocks, for example, fell by an average of 7.49% in 2011. Compared with the 24.34% decline in the Shanghai and Shenzhen stock index 300 in the same period, the liquor stocks also fell, but the annual decline of the Jin Feng liquor industry 27% and Tuo brand were obviously far from that of the "profiteering" enterprises. The 5 share prices of the liquor stocks also declined. The stock market performance of the 6 Hotel listed companies, which had "made a lot of noise", was even worse. The stock prices of Alex Hua Tian hotels and Orient Guest House had dropped more than 40% in 2011 years, and the overall decline of the 6 companies' share price was as high as 35.38%.

If the "profiteering" company's share price is not good enough, and the overall weakness of the whole market is a "shield" cover up, then the listed company that has made a lot of money is equally unsatisfactory in giving back to shareholders, which makes it difficult for investors to accept it. According to our data center statistics, 345 of the 1363 listed companies that have published annual reports are in line with the "profiteering" standard. However, only 32 cash dividends have been implemented in 2011, and only 6 of the 6 branches of the electricity Research Institute, which are more than 0.5 yuan / share, and the total dividend amount is less than 7 billion 200 million yuan, which is disproportionate to the total profit of the relevant companies in 2011.