At present, the market volatility has intensified, the uncertainty has increased, and the investment sentiment has been disturbed. In order to ease the tension of investors and restore investors’ confidence in listed companies, some listed companies released the performance from January to February for the first time. As of March 14, we have sorted out the main operating data of 81 listed companies from January to February. From the average value of performance, the operating income of non-ferrous metals, building decoration, electrical equipment and leisure services from January to February was higher, all exceeding 13 billion yuan; The net profit attributable to the parent company of electrical equipment, food and beverage and leisure services exceeded 1 billion yuan, ranking in the forefront. In addition, the average year-on-year growth rate of revenue of real estate, non bank finance, chemical industry, electrical equipment and mechanical equipment exceeded 100%. In terms of year-on-year growth rate of net profit attributable to parent enterprises, the top five industries with average value are public utilities, food and beverage, electrical equipment, communication and non-ferrous metals. Among the 30 stocks focused on, the stocks with higher operating income from January to February were Inner Mongolia Yili Industrial Group Co.Ltd(600887) , Yonghui Superstores Co.Ltd(601933) , Kweichow Moutai Co.Ltd(600519) , China Nuclear Engineering & Construction Corporation Limited(601611) and Tongwei Co.Ltd(600438) , all exceeding 15 billion yuan.
The performance disclosure of 33 listed companies in the first quarter was generally good. As of March 16, 2022, there were 33 listed companies, involving 15 industries, and the results of the first quarter were predicted. Among them, the performance of 13 listed enterprises increased in the first quarter, and the performance of 11 listed enterprises increased slightly in the first quarter. The net profit of 33 listed companies maintained high growth, and the growth rate of net profit forecast of basic chemical industry was the highest. In addition, the first quarter forecast net profit growth of the media, social services, petroleum and petrochemical industries was higher than the average. Judging from the upper limit of the year-on-year growth rate of the first quarter net profit forecast, Sichuan Yahua Industrial Group Co.Ltd(002497) , silinger, Do-Fluoride New Materials Co.Ltd(002407) , Zhejiang Yongtai Technology Co .Ltd(002326) and Nanjing Yunhai Special Metals Co.Ltd(002182) ranked among the top five.
From the perspective of valuation, the industry is generally in the position of undervaluation in the near future. More than 70% of the industry PE valuation is less than 25% of the 10-year valuation quantile. As of March 15, 2022, the current pe10 quantile values of social services, comprehensive, food and beverage, power equipment, automobiles, public utilities, agriculture, forestry, animal husbandry and fishery are higher, all exceeding 60%; The PE quantile values of textile and clothing, real estate, non bank finance, transportation, petroleum and petrochemical, electronics, media, non-ferrous metals and environmental protection are lower, all less than 5%. In terms of Pb valuation, more than half of the industry’s PB valuation is less than 30% of the 10-year valuation quantile. At present, the 10-year quantile value of pb10 in power equipment, food and beverage, beauty care, basic chemical industry and national defense industry is high; The media, textile and clothing, environmental protection, petroleum and petrochemical, comprehensive, real estate, non bank finance and banks have lower Pb quantile values, all less than 5%.
From the perspective of industry and stock selection, according to the published performance and industry prosperity, pay attention to the food and beverage, power equipment, communication and chemical industry with good performance expectation and sufficient valuation adjustment. Although the recent market fluctuations are still large, the impact of sentiment is more obvious. Under the circumstances of China’s stable fundamentals, moderate force of steady growth policy and current reasonable valuation, the meeting of the financial committee has defined the positive policy direction, which will gradually enter the medium and long-term layout stage, and the market is expected to usher in the opportunity of gradual stabilization.
Risk tip: the global epidemic has worsened, the economy has fallen more than expected, and China US trade relations have deteriorated.
