化肥、农药行业业绩增长背后仍有隐患

There Are Hidden Problems under Increasing Achievements in Fertilizer and Pesticide Industry

上市公司2011年中报同比增长两成的光鲜数据,掩盖不了其环比放缓或下降的事实,这也反映了中国经济仍处于危机中或者趋势并不明朗。过去的18个月的市场与经济动荡中,究竟哪些化肥、农药上市公司表现得更好?根据半年报及营业收入、现金流、毛利率和净利率这四项指标,我们对A股化肥、农药上市公司在过去的三个半年中的表现进行了综合评分,结果发现,化肥上市公司的平均总得分远高于农药上市公司,但在业绩增长的背后,隐患依然存在。

There have been outstanding achievements of listed companies by reporting 20% increase compared to that in the responding time last year revealed in the mid-year report of 2011. However, it is also obvious that the achievements have either slowed down or decreased in the last three half-years. The reporters compared the achievements of fertilizer and pesticide companies listed in Share A in the last 18 months by each half-year,founding that the achievements of the fertilizer companies were better than that of the pesticide companies.However, there are hidden problems under increasing achievements.