The 2021 annual reports of Shanghai and Shenzhen stock markets have been disclosed one after another——
The stable performance of listed companies shows the vitality of development
Our reporter Li Hualin
As the most active "cell" of China's economy, the performance of listed companies can reflect the overall situation of macroeconomic development from one aspect, and its annual performance is pulling the market's heartstrings.
Recently, listed companies have successively disclosed 2021 performance forecasts, performance bulletins or annual reports.
Judging from what has been disclosed, under the challenges of repeated COVID-19 epidemics and complex and severe international economic situation, listed companies have maintained good performance growth as a whole. The enhancement reflects the strong resilience and potential of my country's economic development.
High-performing companies increase
What is the "gold content" of the transcripts handed over by listed companies?
Judging from the current situation, listed companies as a whole show a trend that is consistent with macroeconomic development. Many companies have doubled their revenue and profits, effectively playing the role of "stabilizers" for economic development.
The number of high-performance growth companies has increased.
At present, more than 900 companies expect a sharp increase in net profit of more than 50% in their performance forecasts, accounting for 20% of the companies that have disclosed forecasts.
From the perspective of individual stocks, among the companies that have disclosed their performance forecasts, the three companies with the highest expected profits are China Mobile, PetroChina, and COSCO SHIPPING Holdings.
Zhongtai Chemical, Tianji, Genesis, Tianhua Ultra-clean, Jucan Optoelectronics, Compass and other companies that have disclosed their annual reports performed well. Among them, Zhongtai Chemical and Tianji achieved substantial growth.
From an industry perspective, over 40% of companies in the steel, non-ferrous and mining industries are expected to achieve substantial growth in performance.
"Under the influence of factors such as stronger economic recovery expectations and rising prices of some raw materials, cyclical sector profits have risen," said Tian Lihui, dean of Nankai University's Institute of Financial Development.
At the same time, a large number of listed companies in emerging industries such as new energy, electronics, semiconductors, and biomedicine have been favored throughout the year, and the conversion of new and old kinetic energy has accelerated.
Li Zhan, chief economist of the Research Department of China Merchants Fund, said that under the background of the "dual carbon" goal and energy transition, new demand application scenarios have emerged, and domestic new energy has accelerated, such as photovoltaics, wind power, new energy batteries, energy storage, etc. The industry has ushered in huge development opportunities.
At the same time, under the epidemic, the global chip supply is limited and demand is rising, and the profits of electronics industry companies with capacity expansion capabilities have risen.
Achieving performance growth against the trend is also inseparable from the company's own efforts to face difficulties and move forward.
"Last year's raw material market price fluctuations had an impact on the production and supply of the steel industry. In the face of difficulties and challenges, we actively optimized the product mix, adjusted product prices in a timely manner, promoted energy conservation and emission reduction, reduced costs and increased efficiency, and achieved stable performance growth." CITIC Qian Gang, chairman of Taifu Special Steel Group Co., Ltd., said that the company has disclosed a performance report and achieved operating income of 98.574 billion yuan, a year-on-year increase of 29.43%.
Industrial upgrading accelerates
"R&D investment increased by 30% year-on-year", "Hundreds of patents and authorizations", "R&D team size of more than 100 people"... Open the annual report of listed companies, the increase in R&D investment and the acceleration of technological innovation are major highlights.
Represented by the Science and Technology Innovation Board, listed companies continue to increase investment in R&D and strive to improve the efficiency of innovation capital formation.
For example, the performance report shows that in 2021, Jingchen shares estimated R&D expenses of 903 million yuan, an increase of 56.38% over the same period of the previous year; Traffic Control Technology estimated that the R&D expenses reached 272 million yuan, an increase of 56.83% over the same period last year, accounting for 10.53% of the current revenue. It increased by 0.93 percentage points year-on-year, reaching the highest level in recent years.
With the increase of investment, the R&D achievements of listed companies emerge one after another, effectively playing the role of innovation "leader" and industry "pioneer".
For example, as one of the key enterprises in the field of medical equipment, Chutian Technology has continued to increase the number of R&D personnel in recent years. At present, there are more than 1,600 R&D technicians, developing key equipment for vaccine production, and contributing to the large-scale production of vaccines and the improvement of production capacity.
In 2021, CITIC Pacific Special Steel's new product development volume has exceeded 2.5 million tons, and it has obtained 313 authorized patents and 72 invention patents. The company has made substantial progress in the field of key material research and development, and many products have reached the international advanced level, filling the domestic gap.
In the face of multiple challenges such as the complex and severe international environment and the spread of the domestic epidemic, my country introduced a series of support policies including tax and fee reductions last year, focusing on creating a favorable business environment, reducing operating costs for enterprises, and stimulating the vitality of innovation and entrepreneurship.
A number of companies mentioned in relevant announcements that policy support such as tax incentives for high-tech enterprises, tax incentives for small and low-profit enterprises, and increasing the ratio of additional deductions for manufacturing enterprises will help reduce their operating costs and increase their performance.
"In 2021, the company will get nearly 100 million yuan in tax reductions, tax savings, and tax rebates in terms of income tax R&D super deduction, software tax rebates, and export tax rebates." Tang Yue, chairman and president of Chutian Technology Co., Ltd., told reporters.
Along with the bumper harvest, listed companies have continuously strengthened their initiative in fulfilling their social responsibilities and actively rewarded the majority of small and medium investors.
Data shows that in 2021, listed companies will distribute a total of 1.67 trillion yuan in dividends, a year-on-year increase of 17%.
"Dividend distribution is an important way for listed companies to return shareholders. Under the circumstance of sufficient cash flow, timely and appropriate dividend distribution of listed companies can establish a good image, release a signal of stable operation to the market, and also help promote the healthy and orderly development of the capital market." Tian Lihui said .
Challenges and opportunities coexist
Driven by the reform of the registration system, my country's capital market will launch a series of important institutional reforms in 2021, including optimizing the pricing rules for IPOs and in-depth implementation of new delisting regulations, which will significantly improve market adaptability and inclusiveness.
The delisting reform has achieved initial results.
In November last year, the Shanghai and Shenzhen Stock Exchanges issued guidelines for the deduction of operating income from financial delisting indicators to further enhance the enforceability of financial delisting indicators, and some "shell companies" will be cleared in time.
At present, a total of more than 10 companies have "self-admitted" to the delisting indicator in their performance forecasts, which means that many companies will bid farewell to the A-share market after the disclosure of their 2021 annual reports.
"A moderate increase in delisted companies is an important sign of market health. It is conducive to the survival of the fittest, and the development of a healthy ecology with both entry and exit. The market will be further purified, and high-quality enterprises will receive more financial attention, which can better achieve optimal allocation of resources." Tian Lihui said.
This year, the reform of the capital market will be further advanced in order to facilitate the sustainable and stable development of the economy.
Yi Huiman, chairman of the China Securities Regulatory Commission, said that he will put stabilizing growth, preventing risks, and promoting reform in a more prominent position, find the right position, scientifically grasp the relationship between "stability" and "progress", comprehensively deepen reform and opening up, and strengthen responsibility , striving to achieve "three stability and three progress", highlighting the "stable" market, "stable policy", and "stable" expectation, reflecting "progress" in reform, opening up, and serving the high-quality development of the real economy, and actively stabilizing the macro economy Contribute.
Looking at the annual reports of the two cities, some companies currently encounter certain difficulties in production and operation, and the improvement of corporate benefits is unbalanced and uncertain risks appear.
Concerned by the society, what will be the operation of listed companies this year?
Experts believe that challenges and opportunities coexist.
On the one hand, the current external environment has become more complex and severe, and domestic development is facing triple pressures of shrinking demand, supply shocks, and weakening expectations; on the other hand, there are still many favorable factors and conditions to support development. The good characteristics have not changed, and there are sufficient foundations and conditions and the ability to maintain stable, healthy and sustainable economic development, and listed companies will maintain a good momentum of development as a whole.
"In order to cope with the downward pressure on profits, macro policies must adhere to a stable and effective, and advance force. Monetary policy needs to be flexible and appropriate, maintain a reasonable and sufficient liquidity, and further reduce the comprehensive financing cost of enterprises; fiscal policy must ensure the intensity of fiscal expenditure, and moderately advance the basis for development. Facility investment." Li Zhan said that enterprises should follow the development trend of the industry and realize low-carbon green operation; balance the balance sheet, make reasonable use of leverage, strictly control the interest-bearing liabilities of enterprises; focus on the main business and improve the utilization rate of production capacity.
Tian Lihui believes that under the background of my country's continuous adjustment and optimization of macroeconomic policies and increasing support for economic development and enterprise growth, the development prospects of listed companies are considerable.
Enterprises should grasp the favorable policies in a timely manner, actively adapt to market changes, speed up transformation and upgrading and resource integration, work hard to overcome difficulties, and strive to improve their business conditions.
Li Hualin