化肥行业本周表现强劲

• 作 者: 金红梅
• 出 处: 证券导刊
• 发表日期: 2007年49期
• 关键词: 化肥行业 国信证券 国外价格 人民币升值 价格传导机制 估值 国际市场 毛利率 变动成本 债务成本

航空业已经连续两三周排名榜首,虽然相对于国际市场而言,中国的航空估值已经偏高。国信证券认为航空的投资机会来自升值和通胀两大时代背景。航空的收入端:绝大部分处于国内通胀环境中,价格传导机制导致航空收入不断上升。航空的成本端:绝大部分暴露在国外价格下滑环境中,人民币升值导致成本不断下降。

Aviation has topped the list for two or three weeks in a row, though China’s aviation valuation is already high relative to the international market. Guoxin Securities believes that aviation investment opportunities come from the background of two major times of appreciation and inflation. The revenue side of aviation: the vast majority are in the domestic inflationary environment, and the price transmission mechanism has led to the continuous rise of aviation revenue. Air cost side: most of the exposure to foreign prices in the environment, the RMB appreciation led to declining costs.