Mainboard-listed companies show strong resilience

　　A few days ago, the third quarterly reports of A-share listed companies were officially disclosed.

As a gathering place for market-oriented blue-chip enterprises in my country, companies listed on the main board of Shanghai and Shenzhen stock markets have shown strong development resilience in the first three quarters of this year in the face of complex domestic and foreign environmental conditions, and their overall operating performance has maintained growth.

Among them, the "ballast stone" function of the manufacturing industry continued to be prominent, the agglomeration effect and spillover effect of leading enterprises were fully exerted, and the coordinated development of upstream and downstream enterprises in the industrial chain was driven, and the overall asset quality of the sector was steadily improved.

　　Operating results maintained steady growth

　　On the whole, in the first three quarters, the operating performance of 3,174 listed companies on the main board of Shanghai and Shenzhen stocks showed a steady improvement, and their operating incomes all achieved growth.

Among them, the main board companies in the Shanghai Stock Exchange achieved a total operating income of 37.23 trillion yuan, a net profit of 3.39 trillion yuan, and a net profit of 3.27 trillion yuan after deducting non-recurring gains and losses, up 8%, 5% and 6% year-on-year respectively; The company achieved a total operating income of 11.89 trillion yuan, a year-on-year increase of 4.45%.

Among them, 1,177 companies achieved profitability, 624 companies achieved profit growth, and 393 companies saw a year-on-year growth rate of net profit exceeding 30%.

　　From the perspective of a single quarter, the operating income, net profit, and net profit after deduction of non-deductibles increased by 7%, 1%, and 2% respectively in the third quarter of the Shanghai-listed main board company, and the main performance indicators maintained continuous and stable growth; In the third quarter, the total operating income was 4.13 trillion yuan, and the net profit was 208.765 billion yuan. 763 and 629 companies respectively achieved a month-on-month increase in operating income and net profit.

　　Regarding the steady improvement in the performance of listed companies on the main board in the first three quarters, Chen Li, chief economist of Chuancai Securities, told reporters that on the one hand, listed companies, as a group of high-quality enterprises in my country, have relatively advanced productivity and strong resilience; On the one hand, from a macro perspective, the domestic economy continues to recover, and liquidity is reasonably sufficient, creating favorable conditions for business operations. The continued implementation of bailout policies for companies affected by the epidemic has also helped to further recover corporate profits.

　　From an industry perspective, nearly 90% of the major industries in the Shanghai Stock Exchange achieved profits in the first three quarters, of which over 30% of the industries achieved double growth in operating income and net profit.

With the reduction of imported price transmission pressure and the gradual implementation of the policy of ensuring supply and stabilizing prices, the price of raw materials has declined, and the growth rate of profit in some mid- and downstream manufacturing industries has rebounded.

For example, driven by a series of consumption-promoting policies such as the halving of vehicle purchase tax, the auto industry has a clear recovery momentum, with net profit in the third quarter increasing by 30% year-on-year and 77% month-on-month respectively.

　　In the Shenzhen market, the four sub-sectors of non-ferrous metals, power equipment, medicine and biology, and communications have achieved good performance growth. The average net profit in the first three quarters has increased by more than 30% year-on-year.

From the enterprise level, leading enterprises continued to maintain high growth.

Through years of deep cultivation of main business, diversified development, accelerated transformation and integrated development, the main board companies in Shenzhen have emerged a number of influential, innovative and competitive companies such as Midea Group, BYD, Vanke A, Gree Electric, BOE A, and SF Holding. Strong market-oriented blue-chip enterprises.

At present, there are 31 companies with a market value of over 100 billion yuan on the main board, with a total operating income of 2.75 trillion yuan, a year-on-year increase of 27.01%, and a net profit of 291.294 billion yuan, an increase of 18.63% year-on-year, continuing the growth trend on the basis of a high base.

　　The major leading enterprises on the main board of the Shanghai Stock Exchange give full play to the agglomeration effect and spillover effect, and while leading the industry's own growth, it also drives the coordinated development of upstream and downstream enterprises in the industrial chain.

Taking the photovoltaic industry as an example, in the first three quarters of 2022, affected by the growing demand for installed capacity in overseas and domestic markets, Tongwei, the leader in upstream silicon materials, won a long-term sales order exceeding 300 billion yuan, and revenue and net profit increased by 119% year-on-year. %, 266%; LONGi Green Energy, the leader in upstream and midstream monocrystalline silicon, benefited from the increase in overseas export revenue and foreign exchange gains, and its revenue and net profit increased by 55% and 45% year-on-year respectively.

Driven by leading companies, the overall revenue and profits of companies in the photovoltaic industry chain on the main board of the Shanghai Stock Exchange achieved rapid growth in the first three quarters.

　　"Judging from the financial reports disclosed by listed companies in Shanghai and Shenzhen, some companies experienced high profit growth in the first three quarters, with both revenue and profit growth exceeding GDP growth, mainly due to the steady recovery of the domestic economy and a series of bailouts issued by the government. The effect of the policy of supporting and stabilizing growth is showing, and at the same time, listed companies are also actively taking measures to improve quality and efficiency." Zhou Maohua, a macro researcher at the Financial Market Department of China Everbright Bank, told reporters.

　　The function of manufacturing "ballast stone" is highlighted

　　The high-quality development of the manufacturing industry is the top priority of the high-quality development of my country's economy, and promoting the high-end manufacturing industry is the key to accomplishing the strategic task of transforming China's manufacturing from large to strong.

As the "basic market" of the main board market, the steady growth of the main board manufacturing companies since the beginning of this year has become an important engine for the stable and good performance of the main board.

　　Industry insiders said that a group of pioneers and vanguards of various sub-manufacturing industries have emerged in Shenzhen motherboard companies, forming an advanced manufacturing cluster with international competitiveness, in order to build an independent, controllable, safe and efficient industrial chain that serves the whole country. The supply chain has laid a solid foundation.

　　As of the end of the third quarter, there were 987 main board manufacturing companies in Shenzhen, accounting for 65.58%. In the first three quarters, the total operating income was 7.71 trillion yuan, a year-on-year increase of 6.77%; the net profit totaled 519.993 billion yuan, of which 490 The company achieved profit growth, with 210 companies' net profit increasing by more than 50%, accounting for 21.28% of all manufacturing companies.

From the perspective of sub-sectors, the four sub-sectors of non-ferrous metals, power equipment, medicine and biology, and communications have a good growth momentum, and the average net profit in the first three quarters has increased by more than 30% year-on-year.

　　At the same time, the Shenzhen Stock Exchange further promotes the high-end manufacturing industry.

There are 383 advanced manufacturing enterprises in Shenzhen main board companies, accounting for 25.45%. In the first three quarters, the total operating income was 3.58 trillion yuan, a year-on-year increase of 13.86%, and the net profit was 301.376 billion yuan, a year-on-year increase of 14.22%.

　　The core of advanced manufacturing is innovation and mastering key core technologies. These 383 companies invested a total of 175.957 billion yuan in R&D in the first three quarters, an increase of 20.25% year-on-year, and the R&D investment intensity was nearly 5%. Continuously achieve innovative breakthroughs.

　　For example, to help build a strong aerospace country, the net profit of AVIC Electromechanical in the first three quarters exceeded 1 billion yuan, the net profit of AVIC Optoelectronics exceeded 2 billion yuan, and the net profit of AVIC Control and AVIC Optoelectronics both increased by over 35% year-on-year; Domestic substitution, NAURA achieved a net profit of 1.7 billion yuan in the first three quarters, a year-on-year increase of 156%; maintained its leading position in the field of power equipment, TCL Zhonghuan’s global market share of N-type silicon wafers has maintained the first place for many years, and achieved the first three quarters of this year. The net profit was 5.001 billion yuan, an increase of 80.68% year-on-year; the numerical control rate of key processes of industrial enterprises was continuously improved. There were 5 CNC machine tool enterprises on the Shenzhen main board with a net profit growth rate of more than 20% in the first three quarters.

　　In the Shanghai stock market, the overall performance of the manufacturing industry is also relatively bright.

The third-quarter net profit of special equipment manufacturing such as construction machinery, medical treatment, environmental protection, energy and heavy equipment increased by 18% and 16% year-on-year and month-on-month respectively, and the gross profit margin in the first three quarters increased by 0.4 percentage points compared with the first half of the year.

The third-quarter net profit of the transportation equipment manufacturing industry increased by 27% year-on-year and 13% month-on-month respectively, driving the year-on-year growth rate of the first three quarters to turn positive.

The electrical machinery and equipment manufacturing industry maintained a growth momentum, and the net profit in the first three quarters continued the growth rate of over 30% in the first half of the year.

　　Zhou Maohua said that the performance of the main board manufacturing industry has increased significantly, mainly due to the recovery of domestic demand, the comprehensive reflection of the government's bailout and assistance, supply and price stabilization, and stable growth policies.

　　In addition, the long-term asset purchase and construction expenditure of the main board manufacturing industry in the Shanghai Stock Exchange maintained rapid growth, with a total expenditure of 554.5 billion yuan, a year-on-year increase of 21%, nearly 15 percentage points higher than the overall investment growth rate of real enterprises.

Affected by the strong supply chain of the manufacturing industry, driven by industrial upgrading, automobiles, electrical machinery, chemicals, non-ferrous metal processing, and papermaking performed prominently, with investment growth rates of 23%, 21%, 35%, 84%, and 22%, respectively.

　　Continuously optimize resource allocation

　　"From a functional point of view, the main board is mainly responsible for relatively mature listed companies, so blue-chip companies and many sub-sector champions mostly choose to list on the main board." Chen Li said that in the current multi-level capital market system in China, according to the company's Different scales are positioned to provide diversified financial services. Most of the manufacturing industries, especially the traditional manufacturing industries, have relatively stable cash flow and a certain market revenue scale. They are more suitable for listing on the main board, and the main board market can also provide ample supply. The liquidity can help manufacturing enterprises realize equity financing and help enterprises become better and stronger.

　　Since the beginning of this year, Shenzhen main board companies have expanded direct financing channels through various tools, and 131 companies have raised a total of 177.253 billion yuan.

The main board companies continue to support technological innovation and industrial upgrading through various financing methods, and boost the rapid growth of performance.

Among the listed companies that have implemented refinancing in the past three years, 116 have a net profit growth rate of over 30% in the first three quarters of this year, and 54 have a growth rate of over 100%.

　　For example, SF Holding has raised a total of more than 25 billion yuan in the past three years, and continuously improved the automation and intelligence of equipment. The company achieved revenue of nearly 200 billion yuan in the first three quarters, an increase of 46.58% year-on-year, and a net profit of 4.472 billion yuan, an increase of nearly 150% year-on-year. ; JA Solar will raise a total of 10 billion yuan in 2020 and 2022 for projects such as batteries and silicon wafers. The company achieved revenue of nearly 50 billion yuan in the first three quarters, an increase of 89% year-on-year, and a net profit of 3.3 billion yuan, a year-on-year increase of more than 150%.

　　As an important means to optimize resource allocation and improve the quality of listed companies, mergers and acquisitions are playing an increasingly important role.

Since the beginning of this year, Shenzhen main board companies have completed 25 major asset restructurings, an increase of 4 over the same period last year, involving an amount of 128.653 billion yuan.

The reorganization of listed companies in machinery and equipment, basic chemicals, pharmaceutical biology, public utilities and other industries accounted for more than 50%, and the reorganization was relatively active.

Among the listed companies that have implemented restructuring in the past three years, 32 of them have a net profit growth rate of over 30% in the first three quarters of this year, and 21 have a growth rate of over 100%.

　　In addition, the Shenzhen Main Board has continued to improve the financing capabilities of private enterprises to solve the problem of difficult and expensive financing. In the past three years, private enterprises have refinanced a total of 430.886 billion yuan, accounting for nearly 50% of the overall sector, effectively promoting the healthy development of the private economy.

　　As an important part of my country's socialist market economic system, the non-public economy is the most innovative, exploratory and flexible economic form. There are currently 875 private enterprises on the Shenzhen Main Board, accounting for nearly 60% of the total, mainly focusing on pharmaceuticals Biological, basic chemical, mechanical equipment, electronics, power equipment and other physical fields.

In the first three quarters, the private enterprises on the Shenzhen main board achieved an operating income of 4.94 trillion yuan and a net profit of 255.804 billion yuan, of which 168 had a net profit increase of more than 50%.

　　In the Shanghai stock market, as financing demand continued to pick up, financing costs were stable with some declines, which strongly supported investment activities in the real economy.

In the first three quarters, the financing cash inflow of entities on the main board of the Shanghai Stock Exchange totaled 9.76 trillion yuan, a year-on-year increase of 7%; the cost of interest-bearing liabilities was about 3.7%, a year-on-year decrease of 1.1 percentage points.

　　Zhou Maohua said that the capital market is of great significance in promoting direct financing in my country, promoting companies to improve their governance capabilities, optimize resource allocation, promote industrial transformation and upgrading, and serve the high-quality development of the real economy.

In the context of the continuous promotion of the comprehensive registration system reform, the ability to support transformation and upgrading is expected to reach a new level, and the capital market's ability to serve the development of the real economy will also be further improved.

　　Ma Chunyang