Under the epidemic, the A-share mid-year report "all beings": Petroleum and aviation are in tears, pig raising is comparable to opening a bank, mask gold "riding the wind and waves"?
"China Economic Weekly" reporter Xie Wei丨Report from Beijing
On the evening of August 31, the annual disclosure of the A-share listed company's interim report has officially ended.
According to WIND data, as of September 2, the Shanghai and Shenzhen stock exchanges had disclosed a total of 3,984 listed companies' interim reports.
WIND data shows that in the first half of 2020, all A-share listed companies achieved operating income of 23.43 trillion yuan, a year-on-year decrease of 2.84%, and realized net profit attributable to the parent company of 1.85 trillion yuan, a year-on-year decrease of 18.11%.
Affected by the epidemic, many listed companies have been forced out of their "comfort zone" in the past six months.
Petroleum and petrochemicals, major airlines and other major airlines have experienced a deep decline in performance, and some companies have handed in tragic half-year return papers.
The situation is better than people.
This also makes some new faces appear in the top ten “loss kings” and the top ten “profit kings”.
Seven of the top ten with performance losses, petroleum and aviation stocks encountered the "dark moment"
In the first half of the year, the 10 listed companies with the worst performance in the interim report were PetroChina, Xishui, Sinopec, HNA Holdings, Air China, Eastern Airlines, China Southern Airlines, *ST Anxin, *ST Lifan, and Bohai Leasing.
The net profit loss of the top ten "loss kings" attributable to the parent exceeded 2.5 billion yuan.
Among them, China Petroleum, Xishui, Sinopec, and HNA Holdings all have net profit losses of more than 10 billion yuan.
In the first half of the year, affected by the new crown epidemic, the severe imbalance of supply and demand, and the sharp drop in international oil prices, the oil industry experienced an unprecedented "dark moment".
PetroChina became the number one "loss king" in the A-share market in the first half of this year, with a net profit loss of 29.986 billion yuan attributable to the parent.
This is also the first loss in interim performance since its listing in 2007.
Sinopec ranked third, with a net profit loss of 22.882 billion yuan attributable to the parent.
PetroChina and Sinopec both attribute the main reason for the decline in operating performance to the impact of the epidemic and the plunge in international oil prices.
In the first half of the year, among the "three barrels of oil", CNOOC was the only company that maintained a profit. In the first half of the year, it achieved a net profit of 10.383 billion yuan, but a year-on-year decrease of 65.7%.
Affected by the epidemic, global aviation demand has fallen sharply, and the performance of major aviation stocks has been hit hard.
Among the top ten "loss kings", aviation stocks occupy the fourth, fifth, sixth and seventh positions.
Among them, HNA Holdings suffered the most serious losses, with a net profit loss of 11.823 billion yuan attributable to the parent.
Air China, China Eastern Airlines and China Southern Airlines lost 9.441 billion yuan, 8.542 billion yuan, and 8.174 billion yuan in net profits attributable to their parent companies.
The aircraft leasing industry will inevitably be affected, and Bohai Leasing suffered heavy losses in the first half of the year.
The Bohai Leasing performance report shows that the net profit attributable to shareholders of the listed company in the first half of the year turned from profit to loss, with a loss of about 2.514 billion yuan. The net profit for the same period last year was about 1.807 billion yuan, a year-on-year decrease of 239.17%.
This also makes Bohai Leasing the tenth largest "loss king".
It is worth mentioning that Bohai Leasing is an important listing platform under HNA, and its major shareholder is HNA Capital.
In explaining the reasons for the loss, Bohai Leasing stated that it was mainly due to the impact of the new crown epidemic. The global air transport industry and related industries have received a relatively large negative impact. Leasing companies are facing increased rent delays, defaults and the risk of tenant bankruptcy.
Affected by this, the company’s aircraft leasing business’s rental income and sales revenue declined during the reporting period, and the provision for bad debts for accounts receivable increased by 540 million yuan over the same period of the previous year, due to the decline in aircraft asset valuation and other fixed assets The provision for impairment increased by 1.668 billion yuan over the same period last year, and the provision for bad debts for domestic long-term receivables increased by approximately 1.291 billion yuan.
Xishui, which ranked second among the top ten "loss kings", had a net profit loss of 27.09 billion yuan in the first half of the year.
As of September 3, this figure is more than four times the company's total market value.
Xishui shares disclosed the performance of its subsidiary Tianan Property & Casualty Insurance in the interim report.
In the first half of the year, Tianan Property & Casualty Insurance's loss reached 64.67 billion yuan, and its net assets were -35.985 billion yuan, which means that Tianan Property & Casualty Insurance is already in a state of serious insolvency.
On July 17 this year, the China Banking and Insurance Regulatory Commission decided to take over Tianan Property & Casualty Insurance with a period of one year.
The insurance business income of Tianan Property & Casualty Insurance accounts for more than 90% of Xishui's main business income.
In addition, *ST Anxin and *ST Lifan’s net profit losses for the first half of the year were 2.856 billion yuan and 2.595 billion yuan respectively, ranking eighth and ninth in the A-share market respectively.
Recently, *ST Lifan has entered the bankruptcy reorganization process.
Financial stocks are still the "profit king", the six major banks earn more than 70 billion less
The 10 most profitable listed companies in the first half of the year are still concentrated in the banking and insurance industries without any suspense.
In absolute terms, the top ten “profit kings” all come from the financial industry, namely Industrial and Commercial Bank of China, Construction Bank, Agricultural Bank, Bank of China, Ping An, China Merchants Bank, Bank of Communications, Postal Savings Bank, Industrial Bank and China Life. The net profit attributable to the parent company exceeded 30 billion yuan.
In the first half of the year, ICBC’s net profit was 148.79 billion yuan, topping the list, with an average daily profit of more than 800 million yuan.
However, it is worth noting that the net profits of major banks have declined year-on-year.
Judging from the interim reports of the six major state-owned banks, in the first half of the year, the six major banks, ICBC, China Construction Bank, Agricultural Bank, Bank of China, Transportation, and Postal Savings Bank of China, had net profits of 148.79 billion yuan, 137.626 billion yuan, 108.834 billion yuan, 100.917 billion yuan 36.505 billion yuan, a total of 566.33 billion yuan, a year-on-year decrease of 71.414 billion yuan.
Among the six major banks, the decline in net profit attributable to the parent of each bank was about 10%. Among them, the Bank of Communications dropped the most, with a year-on-year decrease of 14.61%, and the Postal Savings Bank had the smallest decline at 9.96%.
It is worth noting that, including the six major banks, almost all banks have accrued large amounts of impairment losses and provision coverage ratios, which is one of the important reasons for the decline in their net profit growth.
Top ten "performance growth kings", mask gold stocks "ride the wind and waves"
Overall, in the profit ranking list, banking, insurance, and real estate are still the most profitable industries for A-shares.
Conch Cement, Kweichow Moutai, and Vanke A are all "old comrades".
A "new face" is Muyuan, which made a profit of over 10.7 billion in the first half of the year, ranking 28th in the net profit of the mother, and the profit of pig raising exceeded many small and medium banks.
From the perspective of the growth rate, this is even more obvious.
According to the ranking of the net profit growth rate of return to mothers, companies in the biomedicine, pig farming, gold and other sectors are earning money at a gratifying speed.
In the first half of the year, the top ten "performance growth kings" were Brother Technology, Jinshan, Muyuan, Western Gold, Golden Shield, Hengyin Technology, Wanji Technology, Huitong Energy, Intech Medical and Xinlong Holdings.
Their net profit attributable to the parent increased by more than 20 times year-on-year.
On the whole, some "anti-epidemic" companies have ushered in a growth "hurt".
Brother Technology achieved a net profit growth rate of 11430.42% in the first half of this year.
According to the announcement, Brother Technology achieved a net profit of 71.573 million yuan attributable to shareholders of listed companies in the first half of the year, a year-on-year increase of 11430.42%.
Brother Technology said that the performance of the turnaround was mainly due to the increase in the sales price of related vitamin products and the increase in product gross profit margin.
Ingram Medical is also one of the "bull stocks". Its stock price has reached 184.37 yuan per share from 16.44 yuan per share at the beginning of the year, and closed at 139.0 yuan per share on September 2.
The explosion in demand for disposable gloves has brought "real money" to Intech.
In the first half of the year, Ingram Medical’s net profit attributable to its parent increased by 26 times, from 71 million yuan in the same period last year to 1.921 billion yuan. According to its latest announcement, Ingram Medical will continue to expand its glove production capacity, which will be disclosed in June this year. The annual output of 16 billion high-end medical gloves has been raised to 40 billion.
In addition, Xinlong Holdings is a well-known "mask stock" in the market.
Under the epidemic, the market demand for medical and health protection products such as masks has surged.
The main products of Xinlong Holdings mainly include various spunlace nonwovens and melt-spun nonwovens.
As a supplier of upstream raw material non-woven fabrics for medical protective materials, Xinlong Holdings' performance in the first half of the year and its stock price have flew together, achieving a net profit of 162 million yuan, a significant year-on-year turnaround, an increase of 2568.32%
A while ago, Xinlong Holdings also attracted a wave of attention because of its plan to increase the salary of the chairman.
However, according to Xinlong Holdings' latest announcement, the "Proposal on Adjusting Directors' Allowances" was not passed.
This means that the plan to increase the annual salary of the chairman from 72,000 yuan to 1.2 million yuan has failed.
In addition, taking advantage of the rising prices of pork and gold, Muyuan shares and Western Gold are also among the best in the performance growth table.
Needless to say, Muyuan shares, the increase in pork prices in the first half of the year led to a soaring performance.
In the first half of 2020, Muyuan's net profit was as high as 10.784 billion yuan, compared with a loss of 156 million yuan in the same period last year, a year-on-year increase of 7026.08%.
Muyuan said that the significant increase in live pig prices is the main reason for the significant increase in net profit.
The national average price of live pigs from January to June this year was 33.9 yuan/kg, an increase of 136.95% compared with the same period last year.
Today, Muyuan Group has a market value of more than 320 billion yuan and is dubbed "Moutai in the Pig" by the market.
At the same time, driven by the global low interest rate environment and risk aversion, the price of gold has soared since the beginning of this year, setting record highs repeatedly.
In August, the international gold price once again set a record high 9 years ago, reaching 2034.20 US dollars per ounce.
Thanks to this, the net profit of Western Gold attributable to the parent in the first half of the year was 7,034,200, a year-on-year increase of 5025.16%.
Western Gold said that the sales price of its main product standard gold rose from the same period last year, resulting in an increase in net profit.