Key investment points:
Taking advantage of the policy east wind, the development of “specialized and special new” small and medium-sized enterprises meets a good opportunity: China has formulated a series of policies from the central to local governments to support the high-quality development of “specialized and special new” small and medium-sized enterprises. At present, three batches of specialized new “little giant” enterprises have been published, with a total of 4922 enterprises on the list, mainly distributed in the Yangtze River Delta, Pearl River Delta and Beijing Tianjin Hebei economic belt. The construction of multi-level capital market also facilitates the financing of “specialized and new” small and medium-sized enterprises. Financial institutions provide more powerful support for enterprise financing, which is the focus of the establishment of Beijing stock exchange.
The listing performance of the Beijing stock exchange is bright, and the sector liquidity is improved: most of the main bodies of the companies of the Beijing stock exchange have shifted from the selected layer of the new third board. From November 19 to December 31, 2021, the index of Beijing stock exchange rose by 4.88%, the index of science and Innovation Board rose by 0.57% and the gem index fell by 2.82%. Since listing, the listed companies of Beijing stock exchange have performed well and the turnover rate has also increased. In terms of style, the Beijing stock exchange presents a large market value style. In the large market value, enterprises in the fields of automobile, basic chemical industry and electronics have performed well.
From the perspective of financial data and valuation level, the enterprise allocation value of Beijing stock exchange is prominent:
From the perspective of revenue growth, the financial report from 2020 to now shows that the revenue growth rate of enterprises on the science and innovation board is the highest, the growth rate of gem ranks second, and the growth rate of A-Shares of beisse is slightly lower than that of gem. In 2021, the average revenue growth rate of Q3 Beizheng A shares was 26.66%, about three times that of the same period in 2020. From the perspective of profit performance, the profit growth rate of Q3 Beizheng A-share in 2021 was 27.79%, second only to the growth rate of 40.35% of the science and innovation board, reflecting good business ability. In the same period, the average roe of beisse A shares, gem and Kechuang board were 9.12%, 11.60% and 8.73% respectively. Beisse A shares had strong profitability. From the perspective of valuation, the PE and PS of Q3 beisse A shares in 2021 were 34.37 times and 7.57 times. Compared with gem and science and innovation board, beisse A shares have more allocation value under the background of rapid performance growth.
The enterprises of the “little giant” in the technical secondary school of Beijing stock exchange have valuation advantages: as of February 16, among the three batches of “little giant” lists published by the Ministry of industry and information technology, 17 enterprises in the company of Beijing stock exchange were on the list. The average pe-ttm of these 17 companies is 31.22 times, and the average pe-ttm of non specialized special new small giant enterprises is 27.94 times. At present, there is no significant difference between the valuation of specialized special new enterprises and non specialized special new enterprises of the Beijing stock exchange. For the specialized new “little giant” enterprises of Beijing stock exchange with high growth, high market share and policy support, the current valuation advantage is significant and deserves special attention. In terms of industry configuration: 1) the transformation and upgrading of manufacturing industry continues to accelerate, and highlights in the subdivided fields of high-end manufacturing industry emerge; 2) Innovation leads the construction of a powerful country in science and technology, and the information technology track is improving for a long time.
