Securities Times reporter Zhao Liyun Kangyin Li Manning

　　Since mid-August, the RMB exchange rate has experienced the second round of fluctuations during the year, and it is currently only one step away from "breaking 7".

　　The impact of the exchange rate has been transmitted to A shares.

The semi-annual report clearly reflects that for industries with large overseas financing positions and high dollar liabilities, RMB volatility can be called a profit "assassin".

In particular, the four major airlines, ST Hainan Airlines, Air China, China Southern Airlines and China Eastern Airlines, suffered a total exchange loss of nearly 10 billion yuan in the first half of the year.

　　However, judging from all A-share data, more export-oriented enterprises have become more competitive.

Different from the trend of RMB appreciation last year, many export-oriented enterprises have achieved reversal in exchange gain and loss indicators this year, and losses have turned into gains.

Wind data shows that in the first half of this year, 2,763 A-share companies had exchange gains, accounting for nearly 60%.

However, only 912 A-share companies generated foreign exchange income in the semi-annual report last year.

　　Listed companies actively use a variety of financial tools to quell the impact of exchange rates. Many companies said that short-term exchange rate fluctuations will not have a significant impact on the company's business.

Overall foreign exchange gains outweigh losses

　　After sorting out the semi-annual report, the impact of RMB depreciation on the performance of A shares has already emerged. In the financial report, foreign exchange gains and losses are generally reflected in the exchange gain and loss account under "financial expenses".

　　Wind data shows that in the first half of 2022, 2,763 A-share companies experienced exchange gains, with a total exchange income of 56.089 billion yuan.

Among them, 2,000 companies achieved a year-on-year reversal in exchange profit and loss indicators, from exchange losses to exchange gains.

Especially for companies in the infrastructure, equipment and other industries with large overseas income, this change is more obvious.

For example, CCCC, which suffered the most exchange losses in the first half of 2021, has reversed course this year.

The exchange gain of CCCC in the first half of the year was 800 million yuan, while the exchange loss in the same period last year was more than 500 million yuan.

In addition, POWERCHINA, which suffered large exchange losses in the same period last year, generated nearly 700 million yuan in exchange income in the first half of this year.

　　From the perspective of sub-sectors, among the A-share companies that have achieved exchange gains in the first half of the year, the general equipment industry companies are the most, reaching 155, followed by auto parts companies, with 147 companies generating exchange gains.

Overall, the degree of benefit of enterprises varies, and the elasticity of performance is positively correlated with the proportion of export revenue.

In the first half of 2022, the company's export sales accounted for 98.70% of the company's main business revenue, of which sales to North America accounted for 20%. 91.17%.

In the first half of the year, Chuangyuan shares realized a net profit of 59.8375 million yuan, an increase of 2309.13% over the same period last year.

The company's foreign exchange gain during the period was 20.59 million yuan, compared with a foreign exchange loss of 2.47 million yuan in the same period last year, which increased its operating profit by 23.06 million yuan year-on-year.

　　On the contrary, the continuous depreciation of the RMB has had a negative impact on companies with large overseas financing positions and high dollar liabilities.

According to Wind data, 869 A-share companies suffered exchange losses in the first half of the year, with a total loss of 30.249 billion yuan.

　　Among them, the total exchange loss of ST Hainan Airlines, Air China, China Southern Airlines and China Eastern Airlines is close to 10 billion yuan.

Airline performance is more sensitive to currency movements.

For the air transport industry, the purchase of aircraft and jet fuel by airlines is mostly settled in US dollars. The depreciation of RMB is strongly related to the cost of airlines. The depreciation of the exchange rate will increase the company's operating costs, and higher foreign currency liabilities will lead to exchange losses. .

In the first half of the year, ST Hainan Airlines, Air China, China Southern Airlines and China Eastern Airlines incurred exchange losses of RMB 4.050 billion, RMB 2.240 billion, RMB 2.052 billion and RMB 1.410 billion respectively, which all changed from net gains in the same period last year to net losses.

　　Overall, in the first half of the year, the exchange income of A-shares generally exceeded exchange losses, and the number of companies with foreign exchange gains also accounted for nearly 60% of all A-share companies. The overall competitiveness of export-oriented enterprises has increased.

Export-oriented companies benefit

　　As a major exporter in Henan, Rebecca said at a recent online performance briefing that the devaluation of the renminbi has a positive impact on the company.

Export revenue accounts for about 80% of Rebecca's overall revenue. The company's export business settlement currency is mainly US dollars. The sharp depreciation of RMB against the US dollar is not only conducive to the company's product exports, but also may generate exchange gains, reduce financial costs and improve company profits. Level.

In the first half of the year, the company generated exchange gains of 37.4941 million yuan.

In addition to the US dollar, the British pound, the euro and foreign currencies will also have a certain impact on the company's overall profit.

The specific impact value is related to the company's US dollar income and the scale of foreign currency assets.

　　A reporter from the Securities Times noticed that the number of questions on the interactive platform recently asking about the impact of exchange rate fluctuations on the company's performance has increased significantly.

Ying Fun Technology stated on the interactive platform that the company's product sales are mainly exported and are mainly settled in US dollars. The rise in the exchange rate of the US dollar against the RMB has a positive impact on the company's operating performance.

In addition, a group of leading export enterprises, such as reliable shares, Ruima Precision, Xinhan New Materials, and Tiandi Digital, also expressed that they will benefit from the trend of RMB depreciation.

　　Xinhan New Materials said that the impact of the devaluation of the RMB exchange rate on the company's operating performance is mainly reflected in: on the one hand, when the RMB is in a trend of depreciation, the competitiveness of the company's products in the overseas market will increase; on the other hand, the company's book US dollar deposits and accounts receivable, There will be exchange gains due to the depreciation of the RMB exchange rate.

　　Since the beginning of this year, my country's export performance has continued to be strong.

Despite the high base last year, as of July, the cumulative growth rate of export value this year is still at the level of 14.6%.

In the overall foreign exchange settlement of banks this year, the proportion of foreign exchange settlement of trade in goods also reached 72.6%, which is 8 and 2 percentage points higher than the average of the same period in 2020 and 2021.

　　However, in terms of how favorable the devaluation of the renminbi is to exporting companies, Bai Ming, deputy director of the International Market Research Institute of the Ministry of Commerce Research Institute, told the Securities Times reporter that the depreciation of the renminbi exchange rate is also a double-edged sword.

Export companies rely on the depreciation of the RMB exchange rate to increase their income, but if they use too many imported raw materials and components, they may also increase their expenditures due to the depreciation of the RMB exchange rate.

　　"There is also a problem of redistribution of the incremental income brought about by the devaluation of the RMB exchange rate. Will upstream raw material and component manufacturers increase the prices of direct exporting companies? Will overseas customers take the opportunity to give companies preferential treatment? Of course, exporting companies do not want to give The upstream price increases, and we don’t want to reduce the price for customers. The question is how much the exporter’s right to speak in pricing, and this right to speak more reflects the core competitiveness of the enterprise.” Bai Ming said.

Multiple financial instruments to quell the impact

　　For import-oriented enterprises, how to control costs and stabilize fluctuations through financial means such as hedging?

Cheng Xiaoyong, a person in the futures industry, said that for importing companies, on the one hand, they need to use foreign exchange-related derivative instruments to hedge the risk of RMB depreciation, such as foreign exchange forward contracts from commercial banks, or RMB exchange rate futures from Hong Kong or CME; on the other hand, Due to rising import costs, if importing companies need to import bulk commodities, they can buy and hedge through the domestic futures market, and then sell and close their positions after import declaration.

　　Some companies that need to import a lot of raw materials have recently disclosed their response measures.

"The recent trend of weakening RMB is more obvious. Since the company's purchase of imported raw materials and fuels is far greater than the amount of foreign exchange collected from exports, the depreciation of the RMB will put a certain pressure on the company's procurement costs." Baosteel, a steel leader, said that since the depreciation rate is still within the company's expected range During the period, some foreign exchange exposures have been locked in advance through financial derivatives transactions, and the impact of RMB depreciation on the company's operations is limited and within a controllable range.

In terms of financing, the foreign currency financing scale of Baosteel Co., Ltd. has dropped significantly, and foreign currency financing accounts for less than 5%. The company has formulated corresponding management strategies for this part of exchange rate risks, using natural hedging, derivatives trading and other tools to manage them. Risks are generally under control.

　　Making full use of a package of strategies such as hedging has become an effective way for listed companies to deal with exchange rate fluctuations.

"The company makes full use of the hedging function of forward foreign exchange settlement and sales, and smoothes the impact of exchange rate fluctuations on the company through forward foreign exchange settlement operations, so that the company can focus on production and operation. When the exchange rate fluctuates greatly, the company can still maintain a stable Profit level." Seagull Living said that the company's gross profit margin has been relatively stable in recent years, mainly considering the impact of exchange rate fluctuations when pricing products, and customers lock in prices, so the impact of normal exchange rate fluctuations is limited.

　　Arowana, a leading grain and oil company, and Goertek, a fruit chain company, both emphasize the important role of hedging.

Jinlongyu said that the company will use forward foreign exchange contracts, foreign exchange swaps and other financial derivatives for hedging to manage exchange rate risk exposure.

Goertek pointed out that the company has adopted various financial tools such as foreign exchange hedging to deal with exchange rate fluctuations, and short-term exchange rate fluctuations will not have a significant impact on the company's business.

　　Anker Innovation has export business involving different currencies in many places around the world, and its strategy for dealing with exchange rate fluctuations is more flexible.

"The company's foreign currency assets include assets in multiple currencies such as USD, EUR, JPY, GBP, and AUD. Exchange gains and losses are the result of comprehensive changes in multi-currency exchange rates, and it is difficult to judge the impact of asset appreciation in a single currency." Anker Chuangxin said that the company will continue to strengthen the analysis and research on exchange rate changes, actively manage foreign exchange risks, adhere to the principle of "risk neutrality", select the appropriate currency for quotation, balance foreign currency receipts and payments, and comprehensively adopt foreign exchange hedging and other methods. Reduce the possible adverse effects of exchange rate fluctuations.

　　Although financial derivatives such as hedging play a significant role in smoothing out exchange rate fluctuations, the positive or negative impact of exchange rate fluctuations is still relatively large, and listed companies still need to pay close attention.