Listed companies on Shanghai and Shenzhen stock exchanges disclose their 2020 annual reports
"Transcripts" towards high-quality development (Financial Eyes)
Recently, listed companies in Shanghai and Shenzhen have successively disclosed their 2020 annual reports.
The performance of listed companies reflects the overall situation of my country's economic development from one aspect.
In 2020, in the face of the severe and complex domestic and foreign environment, especially the severe impact of the new crown pneumonia epidemic, what is the "gold content" of the transcripts submitted by listed companies?
What kind of impact has a series of capital market reform measures brought to the development of listed companies?
The reporter walked into some listed companies and felt the pace of China's high-quality economic development from the annual report.
The impact of the epidemic does not change the growth trend
Revenue of Shanghai Stock Exchange Main Board Companies increased by 1% year-on-year, while Shenzhen Stock Exchange Companies increased by 8.1%
Welding, painting, handling and other robots perform their duties. The automatic material conveying system, the intelligent tightening machine system, and the numerical control processing equipment are running fast... The intelligent workshop of Hangcha Group is "busy" every day.
Following an upward curve of rapid performance recovery and steady growth in 2020, the company's net profit growth rate in the first quarter of this year reached a record high, with a year-on-year increase of 44.92%.
In 2020, under the impact of the new crown pneumonia epidemic, the production and transportation of Hangcha Group have encountered great difficulties.
Local government departments help companies overcome difficulties: Passes for more than 3,700 employees were produced overnight, applications for resumption of work were approved immediately, and logistics passes were processed within half an hour... Just like that, Hangcha Group resumed delivery within 2 days. Taiwan forklifts were sent to all parts of the country and the world.
“In the face of the impact of the epidemic, the company has continued to work hard to reduce costs, improve quality, and increase efficiency through innovation.” Chen Saimin, secretary of the board of the Hangcha Group, said that by building a forklift smart workshop based on 5G networks, industrial Internet, and big data, forklift production capacity It has doubled compared to the past.
Similar to Hangcha Group, the performance of many listed companies in 2020 has gone out of the trend of first decline and then rise.
With the support of national policies and the efforts of enterprises themselves, the performance of listed companies on the Shanghai and Shenzhen stock exchanges on the main board has improved overall, demonstrating the strong resilience of the Chinese economy and the stable momentum of high-quality development.
Data show that in 2020, Shanghai Stock Exchange Main Board companies will achieve a total operating income of 38.19 trillion yuan, an increase of 1% year-on-year, and a net profit of 3.07 trillion yuan.
In quarterly terms, the year-on-year growth rates of operating income from the first quarter to the fourth quarter were -8%, 2%, 5%, and 6%, and the year-on-year growth rates of net profit were -23%, -21%, 15%, and 19%.
In the Shenzhen market, listed companies will achieve a total operating income of 14.8 trillion yuan in 2020, an increase of 8.1% year-on-year, and a net profit of 867.82 billion yuan for the whole year.
In quarterly terms, in the first quarter, affected by the epidemic, the total operating income and net profit of Shenzhen companies decreased by 8.1% and 24.9% year-on-year, respectively. Since the second quarter, the performance began to repair quickly, and the total operating income in the second, third and fourth quarters increased by 9.5% year-on-year. , 13.5% and 14.8%, net profit increased by 19.4%, 26.4% and 275.7% year-on-year respectively, and the growth rate expanded quarter by quarter.
It is worth mentioning that, as a new force for high-quality economic development, innovative and entrepreneurial listed companies achieved high growth in performance last year.
In 2020, the performance of listed companies on the Science and Technology Innovation Board will continue to improve, with a net profit of 50.086 billion yuan attributable to the parent for the year, an increase of 59.13% year-on-year.
During the same period, the net profit of GEM companies increased by 43% year-on-year, the highest growth rate since 2010.
"The overall performance of listed companies in 2020 will be good, showing many bright spots." Tian Xuan, deputy dean of the Wudaokou School of Finance, Tsinghua University, said that in the past year, the epidemic has had a serious impact on the supply chain of the industrial chain, and my country has coordinated the promotion of epidemic prevention and control and economic society Development, the first to resume work and production, and the further deepening of capital market reforms have all contributed to the high-quality development of listed companies.
Technological innovation promotes transformation and upgrading
The amount of R&D investment for entities on the main board of the Shanghai Stock Exchange increased by 16% year-on-year
Ventilators, infusion pumps, and equipment data next to each hospital bed are connected to each other, and can be aggregated on the monitoring platform and connected to the hospital information system... In 2020, with the help of IT solutions such as "Ruizhilian" provided by Mindray Medical , The intensive care unit of the Zhijiang District of the First Hospital of Zhejiang University has realized the equipment and data interconnection.
“Last year, the company invested more than 2 billion yuan in research and development, an increase of 27.04% year-on-year, and it continued to achieve breakthroughs in high-end products, and launched a series of innovative products and solutions such as infusion pump solutions and imaging cloud service platforms.” Chairman of Mindray Medical Li Xiting said that continuous investment in technology has promoted the high-quality development of the company, and the company will continue to increase its R&D investment in Internet of Things technology.
In recent years, my country's listed companies have continued to increase their investment in technological innovation and speed up the pace of transformation and upgrading.
The annual report shows that in 2020, Shanghai and Shenzhen listed companies will continue to increase technological research and development and industrial investment, accelerate the conversion of new and old kinetic energy, and promote industrial transformation and upgrading.
In the Shanghai stock market, the total R&D investment of main board entity companies was about 540 billion yuan, a year-on-year increase of 16%, of which more than 530 companies had a total R&D investment of more than 100 million yuan, and about 850 companies’ R&D investment continued to grow.
The 268 sci-tech innovation board companies invested a total of 38.418 billion yuan in research and development throughout the year, a year-on-year increase of 22.61%.
Among them, 15 companies have invested more than 500 million yuan in research and development, and 8 companies have invested more than 30% in research and development for two consecutive years.
In the Shenzhen market, non-financial companies invested a total of 444.48 billion yuan in R&D, an increase of 10.8% year-on-year, and maintained growth for three consecutive years.
There are 66 companies that have invested more than 1 billion yuan in R&D, and 5 companies have invested more than 8 billion yuan in R&D.
"R&D investment is an important indicator for observing the effects of enterprise transformation and upgrading and high-quality development. Higher R&D investment often means stronger competitiveness and development potential in the future." Wei Wei, chief strategy analyst of Ping An Securities, told reporters, analyzing 2020 In the annual reports of listed companies, it is not difficult to find that most industries have seen more obvious supply-side adjustments. For example, traditional industries have increased investment in environmental protection and R&D.
At the same time, with the increase in policies such as intellectual property protection and R&D expenses deductions, the enthusiasm of enterprises for R&D investment has been effectively mobilized, emerging industries have been further recognized and supported by the capital market, and semiconductor, biopharmaceutical and other companies have invested more in innovation , Effectively supporting the high-quality development of listed companies.
Deepen reforms to inject vitality into the market
The overall performance of 268 sci-tech innovation board companies continues to grow at a high rate
The image quality is more delicate and the color performance is richer... At the beginning of February this year, the CCTV 8K ultra-high-definition TV pilot channel was launched, and audiences can enjoy the audio-visual experience comparable to professional theaters on the outdoor large screens in many cities.
Behind this, it is inseparable from the important technical guarantee provided by the sci-tech innovation board company Danghong Technology.
"Using our self-developed ultra-low compressed sensing coding technology, it can reduce the transmission bandwidth cost by more than 50% while presenting the same image quality effect." Tan Ya, secretary of the board of directors of Danghong Technology, told reporters on the Science and Technology Innovation Board in December 2019 The listing has given the company a chance to catch the 5G development express, and its operating income will increase by nearly 30% in 2020.
“As a small science and technology innovation company, the reform of the registration system on the Science and Technology Innovation Board has accelerated our steps to go public, allowing us to obtain more than expected financing, and pushing the company to achieve technological catch-up faster.” Tan Ya said.
On July 22, 2019, the first batch of 25 companies on the Sci-tech Innovation Board were listed and traded on the Shanghai Stock Exchange, marking the official implementation of the major reform of the establishment of the Sci-Tech Innovation Board and the pilot registration system.
2020 is the first complete financial year after the official launch of the Sci-tech Innovation Board. The annual report shows that the overall performance of the 268 SCI-Tech Innovation Board companies continues to grow at a high rate, achieving substantial year-on-year growth in operating income and net profit.
At the same time, sci-tech innovation board companies continue to increase R&D investment, and innovative results are emerging, demonstrating the huge potential and vitality of my country's technological innovation enterprises.
"Since its establishment, the Sci-tech Innovation Board has adhered to its positioning, continued to promote key system innovations, and accelerated the formation and effective circulation of innovative capital." Zeng Gang, director of the Capital Market Research Institute of the Shanghai Stock Exchange, said that through capital empowerment, the Sci-Tech Innovation Board Effectively promote the industrialization of science and technology, become a link between the laboratory and the capital market, and promote the incubation of cutting-edge technology.
At the same time, the innovative trading mechanism arrangements and non-public inquiry transfer system of the Science and Technology Innovation Board have guided the orderly exit of venture capital such as private equity investment and venture capital. Long-term investors represented by public funds have continued to increase their positions, realizing long-term investment. An orderly "relay" between investors and venture capitalists.
Benefiting from the continuous deepening of the reform of the capital market, the sci-tech innovation board industry agglomeration and brand effects have gradually emerged.
In many frontier fields of science and technology, the Science and Technology Innovation Board has gathered a group of innovative companies involved in various industrial chain links and multiple application scenarios to promote a high-level cycle of technology, capital and industry.
29 integrated circuit companies cover the entire industry chain of upstream chip design, midstream wafer foundry and downstream packaging and testing, as well as supporting links such as semiconductor materials and equipment; 32 software companies’ products are widely used in cloud computing, big data, and artificial intelligence , Internet of Things and other emerging digital industries; 22 biopharmaceutical companies focus on intervention in cancer, AIDS, hepatitis B, hepatitis C and other therapeutic areas.
In addition, the industrial robot industry chain, photovoltaic industry chain, and power battery industry chain have all begun to show their scale.
At the same time, since 2020, the Shenzhen Stock Exchange’s Growth Enterprise Market reform and pilot registration system, the main board and the small and medium-sized board merger have been steadily implemented, forming a market structure with the main board and the GEM as the main body, with a simpler structure, more distinctive features, and clearer positioning .
After the merger of the two boards, there are more than 1,470 main board companies in Shenzhen, with a total market value of more than 23 trillion yuan.
The industrial system is complete and the industrial supporting facilities are sound. A group of main board companies have grown into high-quality blue-chip and sub-industry champions, playing the role of "stabilizer" and "ballast stone" in the national economy.
The Growth Enterprise Market has grown into a cluster of innovative and entrepreneurial companies. More than 90% of the companies are high-tech enterprises, more than 80% of the companies have independent R&D core technology capabilities, and more than 60% of the companies belong to strategic emerging industries. The new generation of information technology, biomedicine, new materials, The industrial agglomeration effect of high-end equipment manufacturing is obvious.
"As the reform of the capital market represented by the registration system continues to deepen, the market has played a decisive role in the allocation of resources." Tian Xuan believes that under the registration system, the "import side" strictly controls the quality of the company, and the "export side" is delisted. The regulations have compressed the delisting cycle, clarified the delisting criteria, and achieved the survival of the fittest in the market.
At the same time, the registration system requires underwriting agencies, audit agencies, and legal compliance agencies to improve their professional capabilities and quality, and strictly control the quality of listed companies.
In addition, the price discovery function of the market has been better utilized, and continuous information disclosure requirements and more professional institutional investor standards can promote the continuous improvement of the quality of development of listed companies.
Our reporter Zhao Zhanhui and Wu Qiuyu