股票代码    股票名称    主营                     净利润            净利润                         已上市                     动态                 动态市盈率/净利润复合增长率            流通                 年内                         复权区间                                         所属行业

                        业务收入                 (万元)            复合                            流通A股                    市盈率                （％）                                 市值                 复权区间                     涨跌幅                                                

                        (万元)                                     增长率                         (万股)                     (倍)                                                         (亿元)                涨跌幅                         (2003-9-30,                                        

                                                                    （％）                                                                                                                                        (%)                            2006-9-30)                                            

                                                                                                                                                                                                                                                 (%)                                                

600493     凤竹纺织    38745.67                 3713.87         13.34                         7500.00                    13.05                 97.81                                 2.85                 24.70                         -25.32                                            纺织、服装、皮毛　

600001     邯郸钢铁    1592592.83                69646.39         12.28                         142231.48                 11.93                 97.12                                 56.47                 44.42                         27.84                                             金属、非金属　

600487     亨通光电    63784.90                 4334.69         22.62                         6771.76                    21.95                 97.06                                 6.81                 42.38                         23.65                                             信息技术业　

600033     福建高速    105189.59                 38485.40         14.70                         54000.00                 14.19                 96.52                                 26.57                 30.81                         24.78                                             交通运输、仓储业　

600010     包钢股份    1279201.86                48138.72         14.38                         184392.11                 13.57                 94.38                                 47.39                 39.10                         33.33                                             金属、非金属　

600170     上海建工    1426173.60                20958.65         13.23                         31356.00                 12.36                 93.39                                 15.05                 34.82                         -7.03                                             建筑业　

600636     三 爱 富    163097.26                 9474.91         20.62                         17818.73                 18.09                 87.75                                 12.90                 18.32                         118.30                                            石油、化学、塑胶、塑料　

600683     银泰股份    49153.42                 2483.92         29.05                         12584.65                 25.28                 87.03                                 4.48                 33.26                         -7.52                                             批发和零售贸易　

600480     凌云股份    96625.75                 4053.16         26.73                         11757.20                 22.40                 83.80                                 4.56                 48.71                         16.07                                             石油、化学、塑胶、塑料　

000919     金陵药业    98405.93                 11868.03         16.96                         19440.00                 14.17                 83.55                                 8.65                 30.21                         16.33                                             医药、生物制品　

600003     S 东北高    53070.93                 14912.06         27.60                         30000.00                 22.33                 80.90                                 10.98                 40.00                         -12.16                                            交通运输、仓储业　

000677     山东海龙    173313.25                 4886.78         26.30                         18680.59                 20.33                 77.30                                 6.02                 18.40                         48.38                                             石油、化学、塑胶、塑料　

000671     阳光发展    24652.08                 1093.29         53.27                         3201.55                    40.28                 75.62                                 1.98                 22.95                         -8.47                                             综合类　

600350     山东高速    178034.69                 68618.97         20.44                         66660.00                 15.37                 75.19                                 27.86                 46.25                         9.28                                             社会服务业　

600160     巨化股份    272739.67                 14623.80         19.45                         23166.00                 14.39                 73.98                                 11.68                 36.31                         63.23                                             石油、化学、塑胶、塑料　

000786     北新建材    210329.58                 9857.08         29.57                         27358.40                 20.57                 69.57                                 12.87                 25.89                         28.19                                             金属、非金属　

600035     S 楚高速    43831.53                 17814.81         28.87                         28000.00                 19.06                 66.03                                 13.61                 45.00                         -19.13                                            交通运输、仓储业　

000785     武汉中商    168565.31                 1041.11         106.38                         9910.05                    61.71                 58.01                                 3.38                 48.12                         3.66                                             批发和零售贸易　

600131     S 岷 电    55092.90                 7266.62         45.05                         16991.50                 25.81                 57.29                                 8.43                 44.64                         4.34                                             电力、煤气及水的生产和供应业　

000810     华润锦华    60358.15                 2872.75         31.34                         4914.00                    17.54                 55.97                                 2.55                 34.90                         -23.09                                            纺织、服装、皮毛　

600642     申能股份    657709.48                 144705.13         17.86                         136407.30                 9.79                 54.81                                 89.21                 22.56                         11.61                                             电力、煤气及水的生产和供应业　

600782     新华股份    71574.32                 3321.28         30.38                         7469.28                    16.49                 54.27                                 2.82                 47.07                         -29.92                                            金属、非金属　

600708     海博股份    108902.37                 10048.30         22.30                         17534.88                 11.96                 53.62                                 7.87                 26.10                         -5.71                                             综合类　

000429     粤高速Ａ    78204.85                 28662.78         26.55                         29642.99                 14.14                 53.25                                 12.76                 28.41                         15.39                                             交通运输、仓储业　

000619     海螺型材    309859.24                 11643.19         29.22                         21060.00                 15.54                 53.18                                 14.11                 45.87                         0.70                                             石油、化学、塑胶、塑料　

600352     浙江龙盛    174531.63                 15070.76         21.99                         46793.54                 11.69                 53.17                                 18.62                 12.71                         30.13                                             石油、化学、塑胶、塑料　

600102     S 莱 钢    1748036.57                58292.60         14.14                         20280.00                 7.27                 51.40                                 12.43                 37.75                         16.01                                             金属、非金属　

600886     国投电力    243330.69                 28392.96         25.75                         45440.83                 13.13                 50.98                                 27.76                 12.43                         45.38                                             电力、煤气及水的生产和供应业　

000822     山东海化    586944.46                 21162.95         22.75                         37471.42                 11.47                 50.43                                 16.49                 45.42                         36.30                                             石油、化学、塑胶、塑料　

000726     鲁 泰Ａ    212066.40                 25713.04         19.27                         14761.10                 9.14                 47.43                                 11.00                 25.16                         37.95                                             纺织、服装、皮毛　

600188     兖州煤业    943807.64                 179571.01         27.89                         36000.00                 12.76                 45.75                                 22.36                 35.77                         69.44                                             采掘业　

600682     S 宁新百    208138.20                 9020.56         42.19                         15288.00                 19.08                 45.23                                 15.24                 38.13                         24.59                                             批发和零售贸易　

600020     中原高速    117375.51                 42914.78         24.27                         54936.00                 10.82                 44.58                                 21.59                 29.47                         -1.58                                             交通运输、仓储业　

600172     黄河旋风    47550.69                 5943.46         34.58                         14560.00                 15.15                 43.81                                 6.52                 24.44                         15.78                                             金属、非金属　

600317     营 口 港    61725.64                 11652.38         32.69                         12727.19                 13.68                 41.84                                 10.53                 23.13                         30.22                                             交通运输、仓储业　

600060     海信电器    847683.43                 8852.53         64.73                         25480.00                 26.98                 41.68                                 16.43                 21.61                         14.27                                             电子　

600897     厦门空港    24584.55                 8722.72         48.48                         9531.00                    19.69                 40.61                                 7.33                 35.25                         47.62                                             交通运输、仓储业　

600233     大杨创世    46054.26                 3380.39         32.66                         9900.00                    13.25                 40.57                                 3.58                 28.28                         -2.25                                             纺织、服装、皮毛　

600056     中技贸易    170790.75                 5647.46         44.58                         9303.84                    17.92                 40.19                                 5.25                 35.07                         46.11                                             批发和零售贸易　

600644     S 乐 电    35468.31                 4397.83         59.89                         12876.16                 22.03                 36.78                                 6.67                 46.67                         -23.59                                            电力、煤气及水的生产和供应业　

000881     大连国际    106870.14                 3967.94         52.89                         20176.36                 18.86                 35.66                                 6.53                 33.33                         -16.93                                            综合类　

600012     皖通高速    121140.20                 52405.68         38.18                         30000.00                 13.10                 34.31                                 16.56                 23.25                         38.31                                             交通运输、仓储业　

600121     郑州煤电    181865.59                 13522.47         41.54                         29808.00                 13.47                 32.43                                 11.51                 34.97                         -7.78                                             电力、煤气及水的生产和供应业　

600645     S*ST春花    32068.64                 2966.17         72.85                         9815.54                    23.39                 32.11                                 3.63                 26.71                         -72.94                                            纺织、服装、皮毛　

600966     博汇纸业    191422.72                 11188.91         33.78                         17745.71                 10.67                 31.58                                 10.06                 40.13                         -21.18                                            造纸、印刷　

600284     浦东建设    47854.01                 5992.44         46.37                         10560.00                 14.40                 31.06                                 5.38                 26.52                         -38.74                                            建筑业　

600216     浙江医药    168670.33                 6298.61         84.55                         17575.58                 22.08                 26.11                                 7.24                 18.19                         1.65                                             医药、生物制品　

600418     江淮汽车    753884.94                 34809.88         36.62                         65834.72                 8.62                 23.54                                 28.84                 32.17                         45.10                                             机械、设备、仪表　

600227     赤 天 化    68961.68                 13579.52         36.21                         9450.00                    8.49                 23.45                                 8.54                 29.26                         49.98                                             石油、化学、塑胶、塑料　

000761     本钢板材    1701643.07                89421.25         52.24                         16077.32                 11.89                 22.76                                 7.27                 45.73                         32.81                                             金属、非金属　

600069     银鸽投资    117457.07                 9686.21         57.73                         25452.96                 11.08                 19.19                                 9.80                 23.00                         15.50                                             造纸、印刷　

000937     金牛能源    269966.82                 32554.66         53.91                         33118.14                 9.73                 18.05                                 17.82                 11.93                         16.26                                             采掘业　

000059     辽通化工    175153.74                 7255.32         211.31                         26357.04                 26.19                 12.39                                 10.07                 14.71                         30.21                                             石油、化学、塑胶、塑料　

600496     长江精工    131495.86                 4784.26         193.06                         7422.99                    23.26                 12.05                                 4.79                 43.75                         26.29                                             建筑业　

000708     大冶特钢    342551.21                 25648.54         74.80                         16703.73                 7.03                 9.40                                 8.94                 43.82                         15.17                                             金属、非金属　

600650     锦江投资    198895.30                 19369.76         452.54                         5645.38                    17.43                 3.85                                 4.61                 34.68                         18.66                                             社会服务业　

平均值                 311735.70                 23512.73         49.16                         29213.23                 17.07                 52.14                                 13.84                 32.37                         14.74                                                

　　注：财务数据均为2006年三季报数据；其他未注明日期的数据，均为2006-11-24的数据。

　　资料来源：聚源e财讯     聚源数据研究所制表

　　□聚源数据研究所 邓海

　　我们用2003年三季报至2006年三季报数据，计算这四年的净利润复合增长率，希望验证市场是否真正的体现价值投资，并从中挖掘潜力品种。

　　1392家A股上市公司，剔除没有2003年三季报数据和当期亏损的127家、2006年三季度亏损的217家、2006年三季报净利润在1000万元以下的微利企业230家，一共得到818只样本股。这818只个股的净利润复合增长率从最低的-73.59％（夏新电子）到最高的577.72％（鄂武商），剔除净利润复合增长率在10％以下的个股，共得到462只成长股。

　　从2003年9月30日到至今，市场经历了太多的风云变幻，相关性分析表明,2003年9月30日－2006年9月30日的复权区间涨跌幅与净利润复合增长率弱相关，也与投资者的一般认识相一致。净利润复合增长率与2006年内的复权区间涨跌幅也呈现弱相关，可以认为市场并不是简单的依据净利润复合增长率来对股票进行定价。

　　462只样本股在2003年9月30日－2006年9月30日和2006年内的复权区间涨跌幅分布呈现一定规律。对比这两个时间段上证综指涨幅28.18％、50.93％，两个阶段跑赢大盘的个股比例分别为49.13％、71.21％，成长股的市场表现相当不错，表明业绩成长已经成为市场定价的重要影响因素。价值投资深入人心，并不是一句空话。

　　462只样本股中有133只今年表现不如大盘，其中有部分个股存在其自身的原因。其中部分是2003年以前曾经恶炒的个股及问题股、庄股，以往过高的股价远远透支了业绩增长，大幅下挫成为必然，严重影响了市场形象。也有一些成长股近几年涨幅较大，可能也是今年表现差强人意的主要原因。

　　133只个股中，还是有103只个股近年来股价没有大幅上涨，而近三年的业绩规模和复合增长率也确实不错，很值得投资者挖掘其中有后续中长线潜力的品种。这103只个股，集中在电力、交通运输、石化、钢铁、纺织等行业，平均动态市盈率仅25.4倍，年内平均复权涨跌幅仅31％，但是平均净利润复合增长率却高达34.6％。业内通常用PEG来评估上市公司股价是否被高估，我们借用这个概念，筛选出动态市盈率/净利润复合增长率在1以下的个股56只，投资者不妨重点关注。