High-quality development trend is obvious
Looking at the highlights of economic development from the annual reports of listed companies (financial eye)
Our reporter Zhao Zhanhui
In 2021, my country's domestic listed companies have handed over a good report card - data released by the China Securities Regulatory Commission shows that listed companies have achieved a total operating income of 66.3 trillion yuan and a net profit of 5.1 trillion yuan, an increase of 19.3% and 20% year-on-year respectively. 19.8%, which strongly supports China's economy to achieve a good start in the "14th Five-Year Plan".
What are the highlights of a listed company's annual report?
What new achievements have been made in high-quality development?
The reporter conducted an interview.
The effect of the policy of stabilizing growth continued to appear, and the overall performance of listed companies grew steadily
SMD, welding, assembly... Walking into the Changsha factory of Leyard Optoelectronics Co., Ltd., one piece of LED display is continuously rolled off from the fully automated electronic processing production line, and the whole life cycle of collaborative manufacturing, quality, procurement, supply, etc. The data can be seen at a glance on the intelligent display equipment in the workshop.
"This digital factory was completed in July last year and is now operating at full capacity." Li Jun, chairman and president of Leyard Group, said that the company's new production bases will be put into operation in 2021, quickly reversing the situation of insufficient production capacity, and orders continue to be made this year. faster growth.
Scenes such as the 7,000-square-meter floor screen, 1,200-square-meter ice waterfall, and more than 700-square-meter "Ice Cube" built by Leyard LED display screens created an immersive three-dimensional stage that amazes the audience at the opening ceremony of this year's Winter Olympics.
"Thanks to the effective domestic epidemic prevention and control, LED downstream terminal demand in 2021 will quickly recover from the downturn in 2020. As we accelerate digital production, the cost performance of some display products continues to improve, which further drives sales." Li Jun analyzed, "External force" plus "internal strength" enabled the company to achieve operating income of 8.852 billion yuan last year, a year-on-year increase of 33.45%; net profit was about 611 million yuan, a year-on-year increase of 162.6%.
In 2021, many listed companies, like Leyard, will resume their rapid growth in performance.
Excluding the impact of the incomparable factors of the epidemic in 2020, the operating income and net profit of listed companies increased by an average of 11.2% and 10.3% over the two years in 2019.
Among them, listed entities realized a total net profit of 2.7 trillion yuan, an average increase of 14.3% in the two years; the return on equity reached 9.1%, an increase of 0.7 percentage points from 2019.
From the annual report, listed companies have better performance, stronger anti-risk capability and profitability, and obvious high-quality development trend, reflecting the remarkable results of macro policies and the continuous enhancement of economic resilience and vitality.
In terms of quarters, the growth rate of listed companies’ performance in the second half of last year slowed down. Taking the companies listed on the main board of the Shanghai Stock Exchange as an example, the year-on-year growth rates of revenue from the first quarter to the fourth quarter of last year were 26%, 22%, 14%, and 9% respectively. %, the year-on-year growth rate of net profit was 45%, 42%, 2% and 10% respectively.
"The first two quarters of 2020 were severely affected by the epidemic, production was hampered, and the performance base was low. In comparison, the recovery margin in the second half of the year fell and the base rose, so the growth rate slowed down in the third and fourth quarters of last year." PBC School of Finance, Tsinghua University Deputy Dean Tian Xuan analyzed that although the growth rate slowed down, the performance in the second half of last year was still growing steadily, reflecting the continued effect of stable growth policies such as tax cuts and fee reductions.
While the overall performance has grown steadily, the industrial structure of listed companies has been continuously optimized.
The net profit of entity listed companies accounted for 53.4% of the net profit of all listed companies, the highest since 2011.
Among them, the manufacturing industry performed particularly well.
The contribution of manufacturing companies to the net profit of Shanghai-listed companies increased by 2.2 percentage points year-on-year. The average two-year net profit growth rate of high-tech industries represented by electrical equipment, pharmaceutical manufacturing, and aerospace reached 15%, which was 5.5% higher than the overall growth rate. percent.
The net profit of listed manufacturing companies in Shenzhen in 2021 will increase by 38.6% year-on-year, and the net profit of high-end manufacturing industries such as automobiles, computer communications, and electrical machinery will increase by more than 30%.
"In 2021, the total profits of listed companies will account for 45% of the total profits of industrial enterprises above designated size, the total amount of taxes and fees paid by listed companies will be equivalent to 1/4 of the national tax revenue, and the total number of employees of listed companies will increase by 3.9% over the previous year. "The relevant person in charge of the China Association of Listed Companies said that listed companies continue to make important contributions to stabilizing the economy, stabilizing employment, and protecting people's livelihood.
R&D investment increased by 24% year-on-year, and the innovation engine is stronger
Anji Technology's chemical mechanical polishing liquid, Tianyue's advanced semi-insulating silicon carbide substrate material, Kede CNC's five-axis linkage CNC machine tools and other innovative products have broken foreign monopoly and achieved domestic independent supply; Junshi Bio and CanSino and other innovative pharmaceutical companies to accelerate the implementation of new coronary pneumonia specific drugs, vaccines, rapid detection reagents, etc. In 2021, the innovative achievements of listed entities will continue to emerge, and the number of patents they own will increase by 13.6% year-on-year, reaching a total of 2.49 million.
Behind the innovation achievements, listed companies continue to increase investment in research and development with the help of multi-level capital markets.
In 2021, listed companies will invest 1.3 trillion yuan in R&D, a year-on-year increase of 24%; the number of companies with R&D expenditures exceeding 1 billion yuan will increase from 162 in the previous year to 215.
Among them, the companies on the Science and Technology Innovation Board continued to demonstrate the background of "hard technology". The total amount of R&D investment in the year reached 85.24 billion yuan, a year-on-year increase of 29%, and the R&D intensity reached 9%.
GEM listed companies invested more than 130 billion yuan in R&D throughout the year, a year-on-year increase of nearly 30%, and the R&D intensity reached 4.9%.
"With the help of high R&D investment, listed companies have further strengthened their efforts to lead innovation-driven development. At the same time, in technological innovation, the use of equity incentives is more common, which further stimulates innovation vitality." said Zeng Gang, director of the Capital Market Research Institute of the Shanghai Stock Exchange. For example, Shanghai-listed main board companies launched 323 draft equity incentive and employee stock ownership plans last year, a significant increase of 81% year-on-year, covering 108,000 incentive objects, a year-on-year increase of 44%.
Not only that, but in 2021, under the guidance of the carbon neutrality goal, the "greenness" of the innovation engine will become stronger and stronger.
"As long as you search for 'Xindiantu' on platforms such as Alipay, and click to enter this electric vehicle charging applet, you can access nearly 90% of the charging pile network in operation in the country." Du Tao, a Beijing-based new energy vehicle user, said that now he The charging of new energy vehicles saves the trouble of downloading different applications using different charging piles.
"We have connected to more than 400 charging operators, and have realized the interconnection and interoperability of platforms with operators such as State Grid and China Southern Power Grid, serving more than 3 million new energy vehicle owners." Lang, who developed the "New Electricity" aggregated charging platform Wang Guangxing, vice president of New Technology Group Co., Ltd., introduced that while providing energy Internet terminal services, the company is also providing integrated solutions for photovoltaic power generation, electric energy storage, and electric vehicle charging for charging stations, opening up green electricity from production to storage. , to the complete "green cycle" of consumption.
In 2021, Longshine's R&D investment will be mainly used for energy digital innovation, a year-on-year increase of 57.48%.
Accelerate the construction of green infrastructure and increase low-carbon technology research... In 2021, listed companies related to the green industry will speed up their transformation, and gradually open up the energy-saving and emission-reduction industry chain to form a joint development force.
Among them, Shenzhen green industry companies invested 79.79 billion yuan in R&D throughout the year, accounting for 14.3% of the total R&D investment in Shenzhen.
Shanghai-listed photovoltaic, power battery and other industrial chain enterprises continue to accelerate the process of new energy transformation, and many new-generation information technology, high-end equipment, and new material enterprises on the Science and Technology Innovation Board actively promote the research and development and promotion of auxiliary technologies such as "carbon footprint" calculation and environmental monitoring. .
Registration system reform brings dividends to more innovative SMEs
Fly to the Chinese Space Station with the "Tianhe" core module, and land on Mars on the "Zhurong" rover... In 2021, a variety of high-end RF products independently developed by AVIC Fujitec Technology Co., Ltd. will be assembled on the aerospace vehicle, the company's development There are also new opportunities.
"Beijing Stock Exchange has opened a new window for our innovative small and medium-sized enterprises to enter the capital market." Director Peru Juncang of Fujitec told reporters that listing on the Beijing Stock Exchange at the end of last year has further opened up financing channels for the company, and also polished the company's attention. "Golden Signboard", more customers and orders came in one after another.
The net profit of Fujitec for the whole year of last year and the first quarter of this year increased by 48.87% and 27.69% year-on-year respectively.
In 2021, the Beijing Stock Exchange will be established and the registration system will be implemented simultaneously.
As of April 30 this year, 89 innovative SMEs like Fujitec were listed on the Beijing Stock Exchange.
The data shows that in 2021, the listed companies on the Beijing Stock Exchange will achieve a total operating income of 66.89 billion yuan and a net profit of 7.25 billion yuan, a year-on-year increase of 31.1% and 23.8% respectively. The other 88 companies are all profitable in 2021.
At the same time, the innovation-driven attribute is more prominent. The total R&D expenditure of the Beijing Stock Exchange is 3.04 billion yuan, and the R&D intensity is 4.7%.
Benchmarking companies have initially formed an agglomeration effect. 19 listed companies belong to the "specialized, refined and new" small giant enterprises of the Ministry of Industry and Information Technology, 9 companies participate in the formulation of national and industry standards, and 2 companies have won the National Science and Technology Progress Award.
In 2021, the reform of the capital market represented by the registration system will make steady progress, promote the incremental expansion of direct financing, allow more enterprises to enjoy reform dividends and activate development momentum.
Under the more inclusive listing conditions of the Science and Technology Innovation Board, 38 unprofitable companies, 5 companies with special equity structures, 5 red-chip companies and 1 company that issued depositary receipts have been successfully listed.
Since the pilot registration system of the GEM, as of April 30 this year, a total of 314 new listed companies have been added. These "new members" are mainly from high-end manufacturing and modern service industries. The two-year average growth rate of revenue in 2021 and 2020 is about 20%, better than the sector average.
"Breakthrough progress has been made in the reform of the registration system, and the main institutional arrangements have withstood the initial test of the market, enhancing the vitality of the capital market." Tian Xuan said that under the background of the steady advancement of the registration system, the market will pay more attention to the technological innovation of enterprises In terms of capacity and long-term investment value, listed companies need to steadily cultivate their internal strength, carry out technological innovation around the requirements of the national development strategy, build core competitiveness, and improve corporate governance capabilities and modernization levels.Keywords: