steady operation of the company's share price steady Zhiyuan
High quality development companies in the capital market have always been scarce. These companies do not necessarily have high-speed growth performance, and the return on investment is not necessarily high. However, they have healthy cash flow, attach importance to R & D, and there are few cases of violation punishment. The profit growth and return on investment are relatively stable, belonging 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. The long-term investment value of high-quality companies is significant.
performance stable growth company
shares perform better
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, securities times · databao respectively calculates the average annual increase of individual stock prices since 2017.
Statistics show that the annual increase in the share price of companies with sustained high growth is higher. The average annual increase in share price of companies with non net profit growth of more than 30% has exceeded 30% since 2017; The average annual increase in share price of companies with net profit growth of more than 30% has exceeded 45% since 2017.
R & D innovation
boost high-quality development
Listed companies pay more attention to R & D year by year. According to data treasure statistics, in 2020, the overall R & D investment of A-share companies exceeded the trillion yuan mark for the first time. As of the latest, it has been disclosed in the annual report of 2021 that the company's R & D expenditure totaled nearly 580 billion yuan, with a year-on-year increase (comparable data) of nearly 30%. Since 2017, the R & D investment intensity (R & D investment / revenue, taking the statistical median) of A-share companies has increased steadily, and has stabilized at more than 4% since 2019.
Technological innovation has a positive effect on enterprise benefits, but its impact on performance lags behind one year. For example, for companies with R & D investment intensity ranging from 10% to 20% in 2020, the median return on net assets (ROE) was 4.19% in 2020 and close to 6% in 2021.
stable cash flow
support share price
Compared with net profit, the net cash flow 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. At the same time, the more abundant the cash flow, the lower the probability of the company's share price retreating sharply.
Data treasure calculates the net operating cash flow of A-share companies (excluding real estate and financial companies) in the past five years and the maximum withdrawal of individual shares over the years, and calculates the average value of the maximum withdrawal of stock prices of companies with positive and negative operating net cash flow respectively. Statistics show that the stock price retreat range of positive net cash flow companies is generally lower than that of negative net cash flow companies. In 2021, the maximum retreating average value of the share price of positive net cash flow companies is slightly higher than that of negative net cash flow companies, which is related to the incomplete disclosure of the annual report in 2021.
good corporate governance
promote steady development
Song Zhiping, President of China Association of listed companies, once said that high-quality listed companies need good standard governance. The following six aspects are important for the construction of listed companies: first, to ensure the quality of shareholders' rights and interests; 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.
Stable performance growth, R & D innovation and abundant cash flow are the basis for ensuring the high-quality development of listed companies. At the same time, governance ability also plays an important role in the development of the company.
From the perspective of ensuring shareholders' equity, the average share price of individual stocks with dividends in the past three years has increased by nearly 1.5 times since 2019, and that of other companies is less than 50%. From the perspective of respecting the interests of stakeholders, for companies whose per capita salary has increased for three consecutive years since 2019, the average share price has increased by nearly 100% since 2019, and other companies are relatively low.
48 high quality development companies released
Data treasure counted the list of A-share high-quality development companies from four dimensions, and a total of 48 companies were selected. These companies have a healthy cash flow, focus on R & D and return, have a stable growth in performance, and are in a high-profile industry.
The statistical conditions are as follows: 1. No violation punishment: there has been no violation lawsuit or punishment since 2017; 2. Stable R & D Investment: R & D investment intensity exceeded 2% from 2019 to 2021; 3. Steady growth of performance: the growth rate of net profit from 2017 to 2021 exceeded 10%; 4. Healthy cash flow: since 2017, the net operating cash flow has been positive for five consecutive years. (Note: the annual report of 2021 is not published, and the company uses semi annual report data)
The 48 listed companies are distributed in 15 industries, among which there are a large number of finalists in pharmaceutical biology, electronics and national defense industry, with 16 and 9 in the first two industries respectively. From the perspective of market value scale, the average market value of 48 companies exceeds 30 billion yuan, and more than 60% of the market value exceeds 10 billion yuan. Those exceeding 100 billion yuan include Chongqing Zhifei Biological Products Co.Ltd(300122) , Imeik Technology Development Co.Ltd(300896) , those exceeding 50 billion include Citic Pacific Special Steel Group Co.Ltd(000708) , Hangzhou Tigermed Consulting Co.Ltd(300347) , and those below 10 billion yuan include Shanghai Sanyou Medical Co.Ltd(688085) , gold cabinet, Shenzhen Lifotronic Technology Co.Ltd(688389) , etc.
In terms of performance, the average growth rate of net profit of 48 companies in 2017 exceeded 100%, of which the growth rate of net profit of Chongqing Zhifei Biological Products Co.Ltd(300122) , Chengdu Kanghua Biological Products Co.Ltd(300841) and Chengdu Kanghua Biological Products Co.Ltd(300841) in that year exceeded 10 times. In the semi annual report from 2018 to 2021, the average growth rate of net profit of the above 48 companies exceeded 40% Jiangsu Hengli Hydraulic Co.Ltd(601100) , Shanghai Microport Endovascular Medtech (Group) Co.Ltd(688016) , Joinn Laboratories (China) Co.Ltd(603127) and other companies' net profit growth has exceeded 40% continuously since 2017.
From the perspective of valuation, the average p / E ratio of the selected companies is 40 times, and more than 80% of the companies have a P / E ratio of less than 40 times Jiangsu Bioperfectus Technologies Co.Ltd(688399) , Yantai Tayho Advanced Materials Co.Ltd(002254) , Sinoma Science & Technology Co.Ltd(002080) and other companies have a P / E ratio of less than 20 times.
In terms of dividends, the 23 companies that have issued the 2021 annual report have an average dividend rate of more than 50% in the past three years (up to 2021), and individual 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%.
As of April 1, the share prices of 48 companies have retreated by more than 15% on average since the high point. The correction range of Beijing Beimo High-Tech Frictional Material Co.Ltd(002985) , Jiangsu Hengli Hydraulic Co.Ltd(601100) and other stocks is relatively high, and Chongqing Zhifei Biological Products Co.Ltd(300122) , Rianlon Corporation(300596) , Sg Micro Corp(300661) and other stocks rose against the trend.
14 companies increased their R & D investment by more than 30% last year
From the perspective of R & D investment, among the 23 companies that have disclosed the annual report, only two companies' R & D investment decreased slightly year-on-year in 2021, and the remaining 21 companies increased by more than 10% year-on-year, of which 14 companies increased by more than 30%, and most companies' R & D investment has exceeded the pre epidemic level.
Specifically, the R & D investment in Wuxi Chipown Micro-Electronics Limited(688508) , Jenkem Technology Co.Ltd(688356) 2021 increased by 100% compared with 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%.
In terms of R & D investment intensity, the R & D investment intensity of 23 companies exceeded 2% in 2021, and that of 4 companies including Beijing Kingsoft Office Software Inc(688111) , Shanghai Microport Endovascular Medtech (Group) Co.Ltd(688016) , Wuxi Chipown Micro-Electronics Limited(688508) exceeded 15%. The R & D investment intensity of the five companies reached a new high in recent five years. In addition to Wuxi Chipown Micro-Electronics Limited(688508) and 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 companies received institutional research this year
From the perspective of institutional research, 24 companies have obtained institutional research this year, 18 companies have more than 10 research institutions, and 5 companies have more than 100 research institutions, namely 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) . The industries in which these companies are located include high-profile industries such as semiconductors, new materials and metauniverse Beijing Huafeng Test & Control Technology Co.Ltd(688200) obtained research from more than 360 institutions, including Goldman Sachs Group, Chongyang investment, JPMorgan Chase and other well-known institutions.
In the list of high-quality development companies, pharmaceutical and biological companies account for one third. At least five companies belong to the CXO concept, 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 top four companies have been investigated by institutions this year.
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 a global provider of cdmo solutions for innovative drugs. It has been investigated by 31 institutions since this year 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 will increase 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 20 high-quality development companies have been upgraded by institutions this year, 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.
Beishang capital plus warehouse high quality development company
There is no doubt that the selected high-quality development companies have made outstanding achievements in the past. Can they continue such high growth in the future? According to the consistent prediction data of institutions, there are 41 companies whose net profit is expected to increase in 2022 and 2023, and 29 companies whose growth rate exceeds 20% in two years, 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 shareholding, there are 15 high-quality development companies that have received additional positions of funds from going north this year, including 11 companies whose net profit growth is predicted to exceed 20% in 2022 and 2023. The largest increase in positions is Beijing Huafeng Test & Control Technology Co.Ltd(688200) , Autek China Inc(300595) and Beijing Beimo High-Tech Frictional Material Co.Ltd(002985) . The net profit of the three companies is expected to increase by more than 30% from 2022 to 2023 Beijing Huafeng Test & Control Technology Co.Ltd(688200) , Shanghai Baosight Software Co.Ltd(600845) won QFII position increase in the fourth quarter of 2021 Imeik Technology Development Co.Ltd(300896) has been increased by northward capital, and the increase of net profit from 2022 to 2023 is expected to exceed 40%.
