Summary:
More than 100 companies disclosed operating data from January to February, and the growth rate of revenue and net profit was considerable. On March 7, Kweichow Moutai Co.Ltd(600519) took the lead in disclosing the operating data of the first two months “for the first time in history”. Subsequently, Semiconductor Manufacturing International Corporation(688981) , Shanxi Xinghuacun Fen Wine Factory Co.Ltd(600809) , Wuxi Apptec Co.Ltd(603259) , Tongwei Co.Ltd(600438) , Xinjiang Daqo New Energy Co.Ltd(688303) , Bloomage Biotechnology Corporation Limited(688363) and other companies followed suit.
As of March 24, a total of 106 A-share listed companies had disclosed their operating data from January to February, mainly in chemical, electronics, nonferrous metals, medicine, new energy and other industries. Among the companies that have disclosed the operation from January to February, from the perspective of comparable data: 1) 70% of the revenue growth rate exceeds 30%, of which 21 companies have a year-on-year growth rate of more than 100%, 21 have a growth rate of 50% ~ 100%, and 22 have a growth rate of 30% ~ 50%. 2) 60% of the net profit attributable to the parent company increased by more than 30%, of which 35 had a year-on-year increase of more than 100%.
70% of listed companies disclosed the annual report performance in 2021, and the median year-on-year growth rate of non-financial parent net profit of all a was 27%. As of March 24, 3268 companies in Shanghai and Shenzhen had disclosed the performance of 2021 annual report (formal report / notice), with an overall disclosure ratio of 70%. Among them, the performance disclosure ratio of the main board / gem / Kechuang board is 66% / 71% / 100% respectively. From the perspective of the type of notice, the prediction rate of listed companies that have disclosed the annual report notice is 58%, which is lower than 2021q3 (63%). Measured by the median performance, the year-on-year growth rate of non-financial parent net profit of all a in 2021 was 27%, 17 percentage points higher than that in 2020. At the industry level, in 2021, the profits of petroleum, petrochemical, coal, nonferrous metals and other cyclical industries increased significantly year-on-year, while the profits of agriculture, forestry, animal husbandry and fishery, real estate, construction and other industries increased negatively year-on-year.
“Real asset inflation + economic demand deflation”, focusing on profit certainty. On the one hand, under the triple pressure of the economy, the non-financial growth rate of all a will fall rapidly in 2022, especially in the second quarter. On the other hand, with the global liquidity inflection point has reached, the inflation of upstream physical assets remains high. In terms of style, considering the current large macro risk exposure and the significant decline of investors’ risk preference, the preference for profit duration quickly switches from the long-term growth of the enterprise to the stability or certainty of the current performance of the enterprise.
The “top-level design” of hydrogen energy is released, and this issue focuses on the hydrogen energy industry chain. On March 23, the national development and Reform Commission issued the medium and long term plan for the development of hydrogen energy industry (20212035), which defined the energy attribute of hydrogen, affirmed that hydrogen energy will become an important part of the future national energy system, and determined hydrogen production from renewable energy as the main development direction. At present, China’s hydrogen energy industry has begun to accelerate its development. The hydrogen energy industry chain is long, which is mainly divided into: 1) upstream hydrogen preparation; 2) Hydrogen storage and transportation and hydrogen filling in the middle reaches; 3) Production, manufacturing and operation of downstream fuel cells and hydrogen energy vehicles. The current cost of hydrogen energy is higher than that of other new energy sources. Its high cost mainly comes from the hydrogen storage and transportation end. The pace of hydrogen energy infrastructure is expected to be accelerated.
Risk tips: 1) under the repeated epidemic situation, the demand shrinks more than expected; 2) Geopolitical risks; 3) Overseas liquidity tightened more than expected.
