More than 700 A-share listed companies disclosed semi-annual report performance forecasts, and over 70% of them are expected to be happy.
Profits of listed companies continue to improve
Our reporter Ma Chunyang Zhou Lin
The 2021 semi-annual report disclosure of listed companies kicked off.
According to data from Flush iFinD, as of the evening of July 6, 734 companies in Shanghai and Shenzhen have released their 2021 semi-annual report performance forecasts, of which more than 70% of the companies are expected to have good performance.
Many industry insiders said that the production and operation of listed companies were once affected by the impact of the new crown pneumonia epidemic in 2020, but with the implementation of policies and measures such as tax cuts and fee reductions, rent reductions and financial support in my country, as well as capital market reform and opening up measures continue to be implemented. , A large number of A-share listed companies have returned to strong performance.
This fully shows that under the background of the steady recovery of domestic demand, my country's economy has continued to recover steadily, development resilience has continued to increase, and the relationship between market supply and demand has gradually improved. The operating level of listed companies in the second half of the year is expected to continue to be warm and harmonious.
Many industries are booming
On the whole, among the 734 companies that have released semi-annual report performance forecasts, there are 535 companies with pre-increasing performance (including pre-increasing, turning losses, slightly increasing, and continuing profits), accounting for 72.89%, of which 366 pre-increasing, 81 The number of companies turned losses, 81 companies increased slightly, and 7 companies continued to make profits.
There are 92 companies that lose money (including first loss, continued loss, increase and decrease), of which 23 are ST companies, accounting for 25%.
In addition, the performance of 71 companies is uncertain, the performance of 20 companies is slightly reduced, and the performance of 16 companies is expected to decrease.
In terms of profitability, there are 272 companies that predicted a year-on-year increase in net profit for the semi-annual report (calculated by the upper limit) of more than 100%, and 33 companies predicted a net profit increase of more than 10 times.
Southwest Securities statistics show that the sectors where listed companies’ performance in the 2021 semi-annual report is expected to continue to grow or exceed expectations include three major directions: First, the sectors where policies are guaranteed and the market has demand that enable sustained growth in performance are mainly new energy vehicles, National defense and military industry, science and technology sectors; second, some sectors where downstream demand has begun to start and the dilemma reversed, mainly in the Internet of Things, LED and other related fields; third, the cyclical boom continues, there are expectations of price increases, and new production capacity will continue to land The industry mainly includes large refining and chemical, titanium dioxide and other sectors.
The performance of some traditional cyclical industries counterattacked, and the financial indicators of emerging industries continued to improve.
From the perspective of the industries to which listed companies belong, companies with performance forecasts of more than 100% increase in net profit are mainly concentrated in the chemical, mechanical equipment, electronics, medical and biological, and automotive industries. These five types of industries account for 54% of the total number of companies.
Specifically, there are 64 companies in the chemical industry, 29 in the equipment industry, 23 in the electronics industry, 19 in the pharmaceutical and biological industry, and 13 in the automotive industry.
In the context of the global core shortage, the semiconductor chip industry is booming, and companies in the electronics industry have benefited a lot. The pre-happy companies in the industry account for 73%, including Jucan Optoelectronics, Ming Microelectronics, and Fuman Electronics. The volume and price of products of chip-related companies have risen, and their performance has achieved substantial growth.
"The overall export of China's industrial products in the second quarter began to accelerate, and the chemical, mechanical equipment, electronics and other industries are benefiting from the recovery of global production." Geng Ruitan, a strategist at China Merchants Securities, believes that the global economic recovery, the recovery of commodity prices and my country's export Due to continuous improvement, overseas demand for Chinese manufacturing has increased rapidly, and A-share corporate profits continued to improve in the first half of the year.
“In the first half of the year, my country’s macro economy was basically geared up. In particular, under favorable policies such as tax cuts and fee reductions, economic activity has increased, the market has gradually recovered, and corporate orders have increased significantly, which has led to increased corporate profitability. In addition, due to some companies last year Affected by the new crown pneumonia epidemic, the performance benchmark is low, which has made the profit growth of most companies more obvious this year." said Liu Xiangdong, deputy director of the Economic Research Department of the China Center for International Economic Exchanges.
Significant contribution to scientific and technological innovation
Recently, Biopharmaceuticals, a biomedical company listed on the Science and Technology Innovation Board, has become the "net profit growth king" among companies that have issued performance forecasts.
In addition, 23 companies, including Ming Microelectronics, Liyuanheng, Haohaishengke, and Xinyuan Microelectronics, are expected to increase their net profits by more than 100% in the first half of the year. These companies are mainly concentrated in industries with high technological content such as pharmaceutical biology and electronics.
In the first half of the year, a total of 253 new shares were issued for A-shares, which was twice that of the same period last year; a total of more than 200 billion yuan was raised, an increase of 50% year-on-year.
The reform of the registration system is further exerting a positive influence, and the effectiveness of the capital market in serving the real economy has been greatly improved.
The reform of the capital market represented by the establishment of a science and technology innovation board and a pilot registration system has continued to deepen. A number of new economy companies have further received capital market support, and industries such as new energy vehicles, biopharmaceuticals, and semiconductors have received more direct financing "live water".
Gui Haoming, chief market expert of Shenwan Hongyuan Securities Research Institute, believes that the capital market supports listed companies to grow bigger and stronger, which is mainly reflected in two aspects: one is to make a fuss on expanding the increment, the science and technology innovation board adheres to the "hard technology" positioning, and the growth enterprise board Serving new technologies, new industries, new business formats, and new models, steadily promoting the registration system in the entire market, guiding high-quality enterprises with core technologies, innovation, and industry-leading access to the capital market, and improving the industrial advancement of listed companies from the source.
The second is to work hard to optimize the stock, support the listed companies to eliminate inefficient supply, clear out the backward production capacity, accelerate the transformation from traditional industries to emerging industries, from low-end manufacturing to high-tech manufacturing, and improve core competitiveness, so as to be listed. The company's overall performance has been improved to lay a solid foundation.
A series of tax and fee reduction policies strongly support the high-quality development of listed companies.
According to the deployment of the executive meeting of the State Council, starting from January 1 this year, the rate of deduction for R&D expenses of manufacturing enterprises will be increased from 75% to 100%; from April 1 this year, transportation equipment, electrical machinery, instrumentation, and medicine will be increased. , Chemical fiber and other manufacturing enterprises are included in the scope of the advanced manufacturing enterprise value-added tax rebate policy, and the incremental tax rebate will be refunded in full on a monthly basis.
The new tax cuts this year are expected to exceed 550 billion yuan.
"Under the background of the economy shifting to high-quality development and continuous structural optimization, advanced manufacturing has ushered in opportunities for development, superimposed on corresponding tax and fee reduction policies, and high-quality enterprises with more R&D investment and higher technical barriers are expected to achieve better performance. Performance." Li Xing, chief market analyst at Yuekai Securities Research Institute, said that the continuous increase in a series of technological innovation incentives is of great significance to driving my country's overall industrial innovation and transformation and upgrading.
In addition to the support of policy dividends, the development of listed companies must also practice their "internal strength."
According to Song Zhiping, President of the China Association of Listed Companies, listed companies should pay attention to improving corporate governance, continue to be better and stronger, and actively assume social responsibilities, focusing on strengthening their main business, strengthening governance, improving performance and value, and enhancing core competitiveness. .
Escorted by external factors
External factors create suitable soil for some industries and enterprises to expand their profits.
"At present, the prudent monetary policy remains flexible, precise, reasonable and appropriate, with reasonable and abundant liquidity, the expected stable RMB exchange rate, overall price trends are controllable, and the domestic epidemic is properly prevented and controlled. These all escort the high-quality development of listed companies." Everbright Securities Analyst Zhang Yusheng believes that despite the short-term rise in commodity prices, due to the recent efforts of the regulatory authorities to maintain supply and stabilize prices, prices have dropped significantly, which has different impacts on different listed companies and industry sectors.
For the upstream raw material industry, the increase in PPI will help increase the gross profit margin; for the midstream manufacturing industry, when the demand is stable, the price of its products tends to rise with the increase in the price of raw materials, which will also help the midstream manufacturing industry to improve the gross profit margin; There may be a certain negative impact on the downstream manufacturing industry.
"Since this year, the global economy has gradually recovered from the epidemic. Affected by loose policies at home and abroad, the prices of products in the chemical, pharmaceutical, machinery and equipment industries have increased." Liu Xiangdong said that on the one hand, the destocking during the epidemic has caused the supply of some materials and products. On the other hand, the policy measures to stimulate consumption have taken effect, which has triggered a rebound in consumption, especially the rapid recovery of overseas consumption, which is more beneficial to companies with tradable goods and increases the profits of such companies.
How will the "transcripts" of listed companies in the first half of the year affect the second half of the year?
Looking forward to the second half of the year, Zhang Yusheng said that domestic economic growth will remain strong and resilient, the export-related business chain will continue to maintain a high boom, and infrastructure construction is also expected to gradually recover under the promotion of the accelerated issuance of special bonds.
Others expressed a cautious view.
Wang Yiming, vice chairman of the China Center for International Economic Exchanges, said that the global epidemic and economic recovery are still uncertain, and my country’s economic recovery is still unbalanced. With the weakening of the base effect, the reverse flow of orders and the marginal adjustment of macro policies, the economic growth rate will increase. Gradually slow down.
To continue to achieve better business performance against the trend, listed companies should continue to make efforts to strengthen technological self-reliance, upgrade the modernization level of the industrial chain, promote digitalization and green transformation, and cultivate new growth points and endogenous driving forces for economic growth.
Our reporter Ma Chunyang Zhou Lin