In the capital market, the Matthew effect of high-quality companies is becoming more and more significant and important. Securities Times · databao comprehensive multi-dimensional indicators to screen the list of high-quality A-share listed companies. These companies have a healthy cash flow, focus on R & D, return, stable performance growth, and are in a high-profile industry.
high quality company with stable performance growth
In the A-share market, performance plays an important role in supporting the stock price trend. According to the classification of the growth rate of net profit and deduction of non net profit from 2017 to 2021, the average annualized rate of return since 2017 is calculated respectively.
Obviously, companies with sustained high growth have a higher annualized rate of return. Companies with non net profit growth of more than 30% have an average annualized rate of return of more than 30% since 2017; The average annualized rate of return of companies with net profit growth of more than 30% has exceeded 45% since 2017.
R & D innovation promotes high-quality development
Listed companies also pay more attention to R & D year by year. According to the statistics of databao, the overall R & D expenditure of A-Shares exceeded trillion yuan for the first time in 2020. Up to now, the total R & D expenditure of the company in the disclosed annual report is nearly 580 billion yuan, with a year-on-year increase (comparable object) of nearly 30%. From the perspective of R & D investment intensity (R & D expenditure / revenue, calculated by the median of individual stocks), it has increased steadily since 2017 and has stabilized at more than 4% since 2019.
The empirical study found that technological innovation has a positive effect on enterprise performance, and has a significant impact on the performance with a lag of one year. For example, for companies with R & D investment intensity of 10% to 20% in 2020, the median return on net assets (ROE) in 2020 is 4.19%; Roe (median) is close to 6% in 202 7
the greater the net cash flow, the stronger the risk tolerance of the enterprise
The amount of cash flow generated from operating activities can better reflect the real operating results of the enterprise. The greater the net cash flow, the stronger the risk tolerance of the enterprise. The more abundant the cash flow, the lower the probability of the company's share price retreating sharply.
Data treasure takes the net cash flow of A-share companies (excluding real estate and financial stocks) in the past five years and the maximum pullback of individual stocks over the years as the object, and calculates the average maximum pullback of positive and negative companies respectively. It is not difficult to see that the withdrawal range of positive net cash flow companies is generally lower than that of negative net cash flow companies. In 2021, the maximum pullback of positive net cash flow companies averaged 33.04%, slightly higher than that of negative net cash flow stocks.
high quality companies need good governance system
Song Zhiping, President of China Association of listed companies, once said that high-quality listed companies need good standard governance. To build a high-quality listed company, the following six aspects are particularly important: first, to ensure the rights and interests of shareholders; Second, ensure the independence of the company; Third, standardize information disclosure; Fourth, give play to the core role of the board of directors in corporate governance; Fifth, respect the interests of stakeholders; Sixth, give full play to the role of internal control mechanism.
From the analysis of the above three aspects, it can be seen that stable performance growth, R & D innovation and abundant cash flow are the basis to ensure the "high quality" of listed companies; At the same time, with the increase of the number of companies, corporate governance plays an important role in high-quality development.
From the perspective of dividends, dividend paying stocks in the past three years have increased by nearly 1.5 times on average since 2019, and other companies are less than 50% ; Since 2019, the per capita salary has increased for three consecutive years, with an average increase of nearly 100% since 2019, and other companies are relatively low.
high quality company list released
There has never been a lack of high-quality listed companies in the capital market. These companies do not necessarily have high-speed growth performance or high return on investment, but they have healthy cash flow, focus on research and development, few cases of violation punishment, relatively stable profit growth and return on investment, and belong to low-key slow bull stocks. They may not rise sharply when the market rises sharply, but they are relatively resistant when the market falls sharply.
Based on the following conditions, databao screened a number of "high-quality" lists, and a total of 48 companies were selected. The screening conditions are as follows:
1. No violation punishment: there has been no violation lawsuit and punishment since 2017, and it will be listed before 2021;
2. Stable R & D Investment: the R & D investment intensity in 2019 and 2020 is more than 2%, and the annual report (interim report) in 2021 is more than 2%;
3. Steady growth of profits, with net profit growth exceeding 10% from 2017 to 2020, and annual report (interim report) of 2021 exceeding 10%;
4. Healthy cash flow: since 2017, the net cash flow has been greater than 0 for five consecutive years.
From the basic aspect of this list, 48 shares are distributed in 15 industries, including medicine, biology, electronics, national defense and military industry, with 16 and 9 in the first two industries respectively; In terms of scale, the average market value of 48 shares exceeds 30 billion yuan, and more than 60% of them exceed 10 billion yuan. Chongqing Zhifei Biological Products Co.Ltd(300122) , Imeik Technology Development Co.Ltd(300896) ; Over 50 billion Citic Pacific Special Steel Group Co.Ltd(000708) , Hangzhou Tigermed Consulting Co.Ltd(300347) etc. are included. Shares with a market value of less than 10 billion yuan include Shanghai Sanyou Medical Co.Ltd(688085) , gold cabinet, Shenzhen Lifotronic Technology Co.Ltd(688389) , etc.
From the perspective of valuation, the average price earnings ratio of the "high-quality" list is 40 times, and the market value of stocks below 40 times exceeds 80% Jiangsu Bioperfectus Technologies Co.Ltd(688399) , Yantai Tayho Advanced Materials Co.Ltd(002254) , Sinoma Science & Technology Co.Ltd(002080) and other stocks have a P / E ratio of less than 20 times.
From the dividend situation, the dividend rate of 23 shares that have issued the 2021 annual report has exceeded 50% on average in the past three years (up to 2021), and individual Haoqi companies such as Citic Pacific Special Steel Group Co.Ltd(000708) , Willfar Information Technology Co.Ltd(688100) , Shanghai Baosight Software Co.Ltd(600845) , etc. have exceeded 100%.
From the perspective of market performance, as of April 1, 48 shares had an average discount of more than 15%. The correction of Beijing Beimo High-Tech Frictional Material Co.Ltd(002985) , Jiangsu Hengli Hydraulic Co.Ltd(601100) and other stocks was large, and Chongqing Zhifei Biological Products Co.Ltd(300122) , Rianlon Corporation(300596) , Sg Micro Corp(300661) and other stocks rose against the trend.
r & D expenditure of 14 shares increased by more than 30% year-on-year
From the perspective of R & D expenditure, only 2 of the 23 shares disclosed in the annual report decreased slightly year-on-year in 2021, and the remaining 21 shares increased by more than 10% year-on-year, most of which exceeded the investment level in 2019 before the epidemic, and 14 shares increased by more than 30% year-on-year.
Specifically, Wuxi Chipown Micro-Electronics Limited(688508) , Jenkem Technology Co.Ltd(688356) R & D expenditure in 2021 increased by 100% over the previous year, and the growth rates of Imeik Technology Development Co.Ltd(300896) , Beijing Huafeng Test & Control Technology Co.Ltd(688200) , Beijing Kingsoft Office Software Inc(688111) , etc. were more than 50%.
From the perspective of R & D investment intensity, the R & D investment of 23 shares exceeded 2% in 2021, and the R & D investment of Beijing Kingsoft Office Software Inc(688111) , Shanghai Microport Endovascular Medtech (Group) Co.Ltd(688016) , Wuxi Chipown Micro-Electronics Limited(688508) and other 4 shares exceeded 15%. The R & D investment intensity of five shares reached a new high in recent five years. In addition to Wuxi Chipown Micro-Electronics Limited(688508) , there are Shanghai Baosight Software Co.Ltd(600845) , Willfar Information Technology Co.Ltd(688100) , Sinoma Science & Technology Co.Ltd(002080) and Hg Technologies Co.Ltd(300847) .
24 shares won institutional research
4 CXO concept shares listed
From the perspective of institutional research, 24 "high-quality" companies have obtained institutional research this year, and 18 research institutions have exceeded 10. There are more than 100 shares, including Beijing Huafeng Test & Control Technology Co.Ltd(688200) , Willfar Information Technology Co.Ltd(688100) , Shenzhen H&T Intelligent Control Co.Ltd(002402) , Citic Pacific Special Steel Group Co.Ltd(000708) and Changsha Jingjia Microelectronics Co.Ltd(300474) . These companies are currently involved in high-profile industries such as semiconductor, new materials and metauniverse. Among them, Beijing Huafeng Test & Control Technology Co.Ltd(688200) has been investigated by more than 360 institutions, including Goldman Sachs, Chongyang investment, JPMorgan Chase and other well-known institutions. The top management of the company continues to be optimistic about the performance in 2022.
One third of these high-quality lists are in the biological sector of traditional Chinese medicine. At least five shares belong to the concept of CXO, namely Asymchem Laboratories (Tianjin) Co.Ltd(002821) , Xi'An Manareco New Materials Co.Ltd(688550) , Pharmablock Sciences (Nanjing) Inc(300725) , Hangzhou Tigermed Consulting Co.Ltd(300347) and Joinn Laboratories (China) Co.Ltd(603127) . The first four shares have been investigated by institutions.
CXO, commonly known as pharmaceutical outsourcing, is divided into three links: CrO (R & D outsourcing), CMO / cdmo (production outsourcing) and CSO (sales outsourcing). Asymchem Laboratories (Tianjin) Co.Ltd(002821) is an industry-leading global provider of cdmo solutions for innovative drugs. Since this year, it has been investigated by 31 Institutions Pharmablock Sciences (Nanjing) Inc(300725) involves cro and cdmo links and has been investigated by 4 institutions. Professional institutions believe that the global R & D capital investment of innovative drugs is increasing year by year. With the gradual promotion of centralized purchase and reduction of social security fees in China, CXO industry is expected to become a stable investment choice.
It is worth noting that compared with the end of last year, the latest ratings of 20 "high-quality" stocks were raised, including Maccura Biotechnology Co.Ltd(300463) , Guangdong South New Media Co.Ltd(300770) , Beijing Beimo High-Tech Frictional Material Co.Ltd(002985) , Changsha Jingjia Microelectronics Co.Ltd(300474) , Ningbo Yong Xin Optics Co.Ltd(603297) , etc.
11 stocks with sustained and stable performance were increased by going north this year
There is no doubt that the past performance of "high-quality" 48 shares is very bright. What is the future performance? According to the institutional forecast data, the institutions unanimously predict that there will be 41 stocks with net profit growth in 2022 and 2023, and 29 stocks with growth rate of more than 20%, including Asymchem Laboratories (Tianjin) Co.Ltd(002821) , Imeik Technology Development Co.Ltd(300896) , Beijing Huafeng Test & Control Technology Co.Ltd(688200) , etc.
From the perspective of foreign capital holdings, there are 15 shares that have been put on the north north capital from the north to the north this year from the perspective of foreign capital holdings. From the perspective of foreign capital holdings, there are 15 shares this year. Among them, the agency's forecast that the net profit growth in 2022 and 2023 will both exceed 20% in 2022 and 2023. Among them, there are only 11 high-quality stocks. The \ \at the end of 2021, the position was increased by QFII on a month on month basis; The net profit growth of Imeik Technology Development Co.Ltd(300896) 20222023, which has been slightly increased by foreign capital, is expected to exceed 40% Shanghai Baosight Software Co.Ltd(600845) 2021: QFII added positions at the end of the year.
