The first batch of listed companies of the Beijing stock exchange focus on the main business and deeply cultivate the subdivided fields. Their profitability, growth and valuation can be comparable to those of listed companies on the A-share main board.
The Beijing stock exchange, which attracted much attention, opened today. Its breakthrough innovation has become a major event in the capital market this year. 81 listed companies are about to embark on a new journey. Since the establishment of the official announcement of the Beijing stock exchange, the activity of the new third board companies, including the selection layer, innovation layer and foundation layer, has increased significantly.
According to the statistics of securities times · data treasure, the median weighted return on net assets of 81 companies about to land on the Beijing stock exchange in 2020 is nearly 17%; The median P / E ratio is less than 30 times and the median P / B ratio is about 3 times; Over 60% of the company’s R & D expenses increased year-on-year last year. the first batch of listed companies are mainly concentrated in industries with strong scientific and technological attributes such as software, pharmaceutical manufacturing and special equipment manufacturing.
pay attention to scientific and technological innovation
60% of the company’s R & D investment increased by
Compared with other companies on the new third board, the first 81 companies listed on the Beijing stock exchange (hereinafter referred to as “81 companies”) pay more attention to scientific and technological innovation. The median R & D investment of 81 companies in 2020 was 13.88 million yuan, a year-on-year increase of 5.13%. The R & D expenses of 51 companies increased year-on-year, accounting for more than 60%, and the R & D expenses of 16 companies increased by more than 30%, accounting for nearly 20%. The R & D expenses of 6 companies increased by more than 50%, including Airong software, Liancheng CNC .
From the perspective of specific companies, beiteri, Yingtai biology and Hanbo hi tech will spend more than 100 million yuan on R & D in 2020. beiteri invested nearly 250 million yuan in R & D in 2020. The company is currently the leading enterprise in the field of lithium battery cathode materials in China. Compared with the three companies in 2020, the number of companies with R & D expenses of more than 100 million yuan in the first three quarters of this year has reached five, Liancheng CNC and Changhong energy both entered the ranks of R & D enterprises with R & D expenses of 100 million yuan in the first three quarters of this year.
From the perspective of R & D investment (R & D expenditure / operating revenue), in 2020, the overall R & D investment of 81 companies was 4.24%, 40% of the companies exceeded 5%, and the R & D investment of Northland, Chuangyuan instruments, digital people exceeded 30%, belonging to high R & D investment technology enterprises.
Specifically, in 2020, there were 11 companies with R & D investment exceeding 10%. Last year, the R & D investment of Northland reached 58%. The company is a R & D-oriented high-tech enterprise focusing on the development of biological products for treatment. In the first three quarters of this year, the R & D investment of 81 companies reached 4.63%, the highest level since 2016; The number of enterprises with R & D investment exceeding 10% increased to 14, and the R & D intensity of Northland reached 85% in the first three quarters.
At the same time, the R & D efforts of many companies have been maintained at a high level throughout the year. According to data treasure statistics, since 2016, there are 9 companies with R & D investment of more than 10%, including digital people, Chuangyuan instrument, Airong software, yunchuang data .
High R & D investment is mainly concentrated in science and technology enterprises. According to the statistics of data treasure, among the first 81 companies, the median R & D investment in software and information technology services, instrument manufacturing and pharmaceutical manufacturing ranked the top three in 2020, exceeding 9%, 8% and 6% respectively.
strong profitability
more than 30% of the company’s return on net assets exceeds 20%
From the perspective of industry distribution, the listed companies of Beijing stock exchange are in a high-quality science and technology track. The top three industries of 81 companies are software and information technology service industry, pharmaceutical manufacturing industry and special equipment manufacturing industry , accounting for 14.81%, 9.88% and 8.64% respectively. The above three industries are the main gathering industries of science and technology enterprises.
The profitability of the first listed companies of the Beijing stock exchange is generally strong. According to data treasure statistics, the median weighted return on net assets of 81 companies in 2020 was 16.85%, more than 8 percentage points higher than the current median return on net assets of a shares. Last year, the return on net assets of 29 companies exceeded 20%, accounting for 35.8%, and Jilin Carbon Valley ranked first with a weighted return on net assets of more than 61%.
Vertically, the profitability of 81 companies continued to be high, and the median return on net assets in recent 7 years was more than 15%. In addition, the median net profit margin on sales, another measure of profitability, continued to rise, less than 7% in 2014 and 15.4% in 2020.
From the perspective of valuation, the P / E ratio of companies listed on the Beijing stock exchange is relatively low. According to data treasure statistics, the median P / E ratio of 81 companies is less than 30 times. Excluding one negative company, the average p / E ratio of 80 companies is only 36 times. Companies with a P / E ratio of less than 20 times accounted for 10%. The P / E ratios of Zhisheng information, Dadi electric and Tongxin transmission were less than 15 times, while those of Tongli Co., Ltd., Zhonghuan Co., Ltd., jingsai technology, Guangdao high tech and Kaitian gas were less than 20 times, and only 5 companies with a P / E ratio of more than 70 times.
From the perspective of P / B ratio, the median P / B ratio of 81 companies is 3.41 times, and that of 6 companies is less than 2 times. The P / b ratios of Qilu Huaxin, Guoyuan technology, Bio Valley and Yingtai biology are the lowest, 1.85 times, 1.88 times, 1.91 times and 1.92 times respectively.
good growth
the compound growth rate of three-year net profit of nearly half of the companies exceeded 20%
Small scale is an important feature of Listed Companies in Beijing stock exchange. In terms of the latest market value, the market value of 81 companies ranged from 600 million yuan to 91.2 billion yuan, with a median of 1.54 billion yuan, lower than the median issuance market value of the first batch of listed companies on the science and innovation board, which reached 6.525 billion yuan.
Across regions, the market value of the seven companies exceeds 5 billion yuan, accounting for 8.6%, and the market value of beiteri reaches 91.2 billion yuan, making it the largest company in the Beijing stock exchange at present. Beiteri is a typical representative of high growth enterprises. The company has entered the Beijing stock exchange all the way from the new third board. The market value of the company has increased more than 20 times in recent three years.
The net profit scale of the first listed companies of Beijing stock exchange is relatively small as a whole, but the growth is good. According to data treasure statistics, the median net profit attributable to the parent company of 81 companies was 48.6 million yuan, and the net profit of 8 companies exceeded 100 million yuan.
In terms of growth, the median compound growth rate of net profit of 81 companies in recent three years was 18.99%, nearly 10 percentage points higher than that of A-Shares as a whole. The compound growth rate of net profit of 39 companies in recent three years has exceeded 20%, accounting for nearly half. Specifically, for listed companies, Xujie technology, Tongxiang technology, Jinhao medical, Tongli Co., Ltd., xin’anjie, Hanbo hi tech and other companies have increased their net profit by more than 20% in recent three years, of which Tongxiang technology exceeds 80% and xin’anjie exceeds 50%.
On the whole, most of the listed companies about to land on the Beijing stock exchange are undervalued, high R & D investment, strong profitability, small-scale and good growth enterprises.
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(data treasure)
