美森特股票讨论区

RECAP
US stocks continued their march higher, with the S&P 500 decisively closing above the 5,000 level for the first time ever. The rally has been fueled continued strong corporate earnings and signs of progress in the Federal Reserve's goal of lowering inflation that could move policy makers to finally start cutting rates.
The $标普500指数(.SPX.US)$ rose for a 14th week out of 15, the first for large-cap inde...

$美森特(DOOR.US)$ is US building materials company. Its recent good performance was due to being in the uptrend leg of the cycle. Revenue is strongly correlated to the Housing Starts making it a cyclical company
There is a strong correlation between revenue, gross profit margins, and gross profitability. When revenue declines so will these margins and returns. At the same time, SGA appears “sticky”.
Based on this cyclical view, earnings would be much lower than those of the past few ye...

$美森特(DOOR.US)$
美森特(DOOR) 是2013年上市的美国公司，当前价格89.1。5年来毛利率从20%上升到25.4%后在2021年又下滑至23.6%，净资产收益率则是从22%下滑到7.2%后回升到13.8%，这两个比率都不是很吸引人。
5年来营收保持增长，营业利润除2019年小幅下滑1.2%以外增长了4年，平均增长率15%，主要增长集中在后两年；净利润曲线和营业利润背离很大，2018和2019年均有大幅下滑，近两年又快速反弹，但是依然没达到2017年的高点。
2022Q1营收、营业利润和净利润分别增长12.4%，34.7%和42.7%。
利润表显示利息费用近5年占营业利润比率从近30%下降到15%，主要是营业利润增长造成的负担下降。其它费用项占比超过利息费用而且近3年增加很快，主要在于资本性资产减值，这个非常难于预测。
资产负债率5年来从56.2%上升到71%，增速很快。应收和存货占比还算正常，但是也存在增加数额超过净利润数额的情况。长期借款8.66亿，占净资产5.43亿的160%，借贷比率很高。
现金流经营净额除2018年外，都大比例超过投资净额，股东...

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