公用事業(yè)行業(yè)18年年報(bào)及19年一季報(bào)總結(jié)增值稅到期影 響水電一季報(bào)，火電業(yè)績(jī)快速修復(fù)

1、內(nèi)容目錄公用事業(yè)年初以來(lái)跑輸大盤，一季報(bào)業(yè)績(jī)內(nèi)部分化.....................................................5火電行業(yè)：盈利能力提升顯著.....................................................................................6營(yíng)收增長(zhǎng)穩(wěn)健，增速略微放緩............................

2、................7毛利率：2019年一季度提升顯著.........................................7財(cái)務(wù)費(fèi)用率：整體平穩(wěn)..................................................7歸母凈利潤(rùn)：一季度板塊增長(zhǎng)率超80%................................................................8凈

3、利率：一季度提升顯著................................................8加權(quán)平均ROE：同比維持上升態(tài)勢(shì).......................................9資產(chǎn)負(fù)債率管控出現(xiàn)成效，同比下滑......................................9經(jīng)營(yíng)現(xiàn)金流凈額增速跑輸歸母凈利潤(rùn)增速................................

4、.10水電行業(yè)：來(lái)水大發(fā)對(duì)沖退稅下行............................................................................10營(yíng)業(yè)收入：增速同比提升明顯...........................................10毛利率：一季度毛利率上行.............................................11財(cái)務(wù)費(fèi)用率有所

5、下降...................................................11歸母凈利潤(rùn)增速一季度略有放緩.........................................12凈利率一季度同比下行顯著.............................................12加權(quán)平均ROE一季度同比下行...................................

6、......12資產(chǎn)負(fù)債率同比下行...................................................13經(jīng)營(yíng)現(xiàn)金流凈額增速跑輸歸母凈利潤(rùn).....................................13燃?xì)庑袠I(yè)：收入增長(zhǎng)放緩，盈利同比出現(xiàn)下滑...........................................................14燃?xì)馍嫌危簝衾麧?rùn)快速下滑..

7、...........................................14燃?xì)庵杏危?018年?duì)I業(yè)收入增速下行，或?yàn)楣茌斮M(fèi)調(diào)降影響................15燃?xì)庀掠危籂I(yíng)業(yè)收入增速同比下滑，需求減弱.............................16投資組合..........................................................................

8、.........................................17上月投資組合跑贏板塊.................................................18新天然氣：并購(gòu)優(yōu)質(zhì)煤層氣開(kāi)采商亞美能源，.............................18長(zhǎng)江電力：水電龍頭，防御性強(qiáng)勁.......................................18風(fēng)險(xiǎn)提示.....

9、..............................................................................................................19電、氣需求低于預(yù)期...................................................19煤價(jià)超預(yù)期上行.......................................

10、................19電、氣售價(jià)降低.......................................................19國(guó)信證券投資評(píng)級(jí).....................................................................................................20分析師承諾......................

11、.........................................................................................20風(fēng)險(xiǎn)提示...................................................................................................................20證券投資咨詢業(yè)務(wù)