Reporter Jiang Nan
As of February 28, 2020, 783 GEM-listed companies have disclosed their 2019 annual reports or performance reports, accounting for 98% of the total number of GEM-listed companies. On the whole, in 2019, nearly 90% of GEM-listed companies achieved profit, and more than 60% achieved profit growth. The overall increase in net profit was as high as 55%. Most of the huge loss companies are not suddenly "exploded", the market has long expected it.
The data shows that in 2019, the main business of GEM companies continued to recover, profitability was further improved, and the number of companies with significantly increased performance increased significantly. In 2019, GEM listed companies achieved an average operating income of 2 billion yuan and an average net profit of 86.66 million yuan, up 13% and 55% year-on-year respectively. 677 companies achieved profit, accounting for 86%; 106 companies lost money in 2019, and 106 companies lost an average of 700 million yuan, down 16% from 2018.
Affected by favorable policies such as tax reduction and fee reduction, 489 companies on GEM achieved net profit growth in 2019, accounting for 62%, an increase of 46 from 2018. Among them, the net profit growth of 193 companies exceeded 50%, and the net profit of 122 companies doubled, an increase of 24 and 36 respectively compared to 2018, and the company with a significant increase in performance increased significantly.
The disclosed performance data also shows that the operating profit of GEM companies in 2019 increased by 49% compared to 2018, which is close to the growth rate of net profit; the ratio of operating profit to total profit was 111%, an increase of 11 percentage points compared with 2018; period-end assets The debt ratio was 46%, an increase of 1 percentage point from the end of 2018 and maintained at a reasonable level. This shows that the main business of the GEM company has developed steadily, and its position as the main source of the company's net profit has been further enhanced. In addition, the average operating profit margin of GEM companies in 2019 was 6.35%, an increase of 1.3 percentage points from 2018; the return on net assets was 4.42%, an increase of 1.5 percentage points from 2018, and the company's profitability improved.
In terms of different industries, the uneven development of GEM companies still exists. Among the companies that have disclosed their performance newsletters or annual reports, the six industries, including electrical equipment, defense industry, automotive, electronics, utilities, agriculture, forestry, animal husbandry and fishery, have seen larger growth , Both are higher than 100%; the performance of pharmaceutical, biological, media and other industries is basically the same as 2018; the performance of chemical, mechanical equipment, communications, computer, building decoration and other industries has declined year-on-year; pharmaceutical and biological, defense military, agriculture, forestry, animal husbandry and fishery industries The operating profit rate is relatively high, all of which reach more than 10%; the return on net assets of industries such as agriculture, forestry, animal husbandry, fishery, and biotechnology is relatively high, reaching 25% and 10%, respectively.
The growth rate of leading companies' performance was higher than the average level. There were 51 GEM companies with net profit of more than 500 million yuan in 2019, an increase of 7 from 2018. Nearly 90% of these leading companies achieved a year-on-year increase in net profit. Nearly 30% of the companies increased by more than 50%. Nearly 20% of the company's net profit doubled, which was higher than the average of the company's disclosed results. Companies such as Lansi Technology, Tianyu Co., Ltd., Wanji Technology Co., Ltd. and Wen's Co., Ltd. were affected by multiple factors such as favorable industry conditions, sales revenue growth, and gross margin improvement, and their net profit growth rates reached over 200%.
In addition, the growth rate of GEM companies' net profit in 2019 is much higher than the growth rate of operating income. In combination with the large amount of goodwill impairment provision of GEM companies in 2018, the overall performance of the sector has fallen sharply. It is expected that the value loss will fall significantly, and the risk of goodwill impairment is resolved to a certain extent. (Securities Daily)