A-shares will open the “Interim Reporting Time” in mid-July. Policies such as tax cuts and fee reductions are expected to improve performance.
Our reporter Du Yumeng
According to the appointment schedule disclosed by the Shanghai Stock Exchange (not yet disclosed by the Shenzhen Stock Exchange), Nanwei shares will fire the first shot of the mid-term report at the latest on July 15th, and the A-share mid-term reporting period will open soon. Combined with the flush flush iFinD data, as of June 28, 581 listed companies have issued performance forecasts for the 2020 interim report.
Specifically, of the 581 companies that have issued interim results announcements, there are an increase of 71 companies, a slight increase of 36 companies, a loss of 18 companies, and a profitability of 11 companies. A total of 136 companies are "pre-happy", accounting for 23.4%; From the perspective of Shenwan's first-tier industries, it is mainly based on companies in the medical and biological, electronics, mechanical equipment, electronic equipment, and computer industries, with 17, 17, 14, 12, and 9 respectively.
Chen Li, director of Chuancai Securities Research Institute, said in an interview with a "Securities Daily" reporter that the listed companies with "pre-happy" performance are characterized by a high level of industry prosperity and less impact from the epidemic. As far as the communications and electronics industries are concerned, benefiting from the construction of 5G networks, the Ministry of Industry and Information Technology shows that the cumulative amount of fixed asset investment in computers, communications and other electronic equipment rose by 6.9% year-on-year in May 2020, and industry investment accelerated the upstream suppliers. Performance growth; in the pharmaceutical industry, affected by the epidemic this year, countries have increased their investment in public health. At the same time, with the repeated epidemic and the deepening of China's medical system reform, the development of the pharmaceutical industry has been promoted and the performance of upstream and downstream pharmaceutical companies has been improved. .
According to the reporter's incomplete statistics, among the 136 mid-year newspaper performance "pre-happiness" companies, more than 58 companies' net profit increased by more than 50%. Among them, Dabeinong temporarily ranked first with a net profit increase of 2279.39% to 3171.66%.
Although the listed companies that have disclosed "pre-happiness" so far have not released more detailed financial data, from the perspective of their first quarterly reports, several more "dazzling" financial data have already been "spoiler" details.
Taking Dabeinong as an example, the company’s first-quarter net profit increased by 1146.94% over the same period of the previous year, and various taxes and fees paid fell by 43.83% year-on-year; the net profit increase in this year’s interim report performance forecast was 990% to 1020% As an example, Jinsheng Intelligent, the company's first-quarter net profit increased by 528.93% year-on-year, but the tax payable decreased by 31.84% year-on-year, taxes and surcharges also decreased by 57.84% year-on-year. The company stated that this was mainly due to the reduction in the amount of VAT payable at the end of the period and the reduction in urban construction tax and education surcharges caused by the reduction in VAT payable in the current period.
In fact, combined with the published first-quarter report, among listed companies with "pre-happiness" in semi-annual report performance, in addition to a significant increase in net profit, taxes, taxes and surcharges also showed a general trend of reduction.
Chen Li said that since the beginning of this year, my country has introduced a number of policy dividends in terms of tax cuts and fee reductions, for companies to reduce burdens and make profits. On the one hand, tax reduction and fee reduction can reduce operating costs, increase economic vitality, improve the cash flow of listed companies, and widen profit margins; on the other hand, listed companies can also increase investment in research and development and technological innovation through the reduction of additional income from tax and fee reductions. In order to seek new profit growth points and enhance core competitiveness. On the whole, although many companies stopped production and production due to the epidemic in the first quarter and the second quarter, the decline in external demand orders led to a loss in the first quarter report or interim report, but as the epidemic gradually stabilizes and orders resume, it is expected that the performance of listed companies will appear in the second half Significant improvement. In the long run, the epidemic has existed for a short period of time, but tax cuts and fee reductions are indeed a long-term and tangible way to increase corporate performance.
In an interview with the Securities Daily, Tan Yunun, head of the strategy team of Guangdong Development Securities, said that not only tax and fee reductions have been introduced this year, including policies to reduce corporate financing costs and increase new infrastructure to promote China’s overall investment level and promote enterprises. Development and boosting corporate profits will all have a positive impact, and will also play a role in mitigating the impact of the epidemic on performance. In terms of policy effects, with the resumption of production and resumption of production and the implementation of other macro policies in the second half of the year (such as issuing special anti-epidemic government bonds, consumer bonds, increasing the issuance of local government bonds, and reducing corporate financing costs, etc.), the performance of listed companies is expected It is expected to be further improved.