摩根大通：中国股票策略-MXCN成分股中，22% 已发布财报：业绩表现与 2024 年市场普遍预期相符或超出预期

Investment Rating - The report indicates a positive outlook for MXCN with an EPS growth forecast of 16.8% year-on-year for 2024, suggesting a favorable investment environment [2]. Core Insights - The MXCN index has shown strong performance with 22% of its constituents reporting results that are in line with or better than consensus estimates for 2024. Notably, EPS grew by 15.9% year-on-year in 4Q24, driven by a 5.8% increase in sales per share and a 115 basis points expansion in net profit margin (NPM) [2]. - The CSI-300 index also reported robust results, with 34.3% year-on-year EPS growth in 4Q24, despite a slight decline in sales per share by 1%. This was supported by a 365 basis points NPM expansion [2]. Summary by Sector - Communications Services, Discretionary, Financials, and Industrials: These sectors reported favorable NPM expansions year-on-year, with beat ratios of 100%, 57%, 67%, and 100% respectively. EPS growth for these sectors was 11.8%, 13.7%, 27.4%, and 16.6% respectively, alongside significant NPM expansions [5]. - Consumer Staples and Healthcare: The Consumer Staples sector saw an impressive EPS growth of 482% year-on-year, while Healthcare reported a 64% increase. NPMs rose significantly, with Consumer Staples at 637 basis points and Healthcare at 3,095 basis points [5]. - IT, Materials, and Real Estate: These sectors faced challenges, with reported NPM contractions of -46 basis points, -60 basis points, and -111 basis points respectively. EPS growth was modest at 0.8%, 1.9%, and -231% year-on-year [9]. - Financials and Industrials within CSI-300: These sectors reported high beat ratios of 75% and 67%, with NPM expansions of 1,139 basis points and 257 basis points, and EPS growth of 56.3% and 40.1% year-on-year [5][12]. Upcoming Results - Key companies expected to report in the next two weeks include JD.com, JD Health, and Li Auto, among others, which will provide further insights into sector performance [9].