editor's note: in recent years, the concept of value investment has become more and more popular, and the fundamentals of listed companies have been paid more and more attention by investors. At present, the A-share market has entered the intensive disclosure period of annual performance in 2021, and various financial indicators of listed companies have gradually surfaced. Statistics show that as of the closing on April 8, 1369 listed companies in the A-share market have disclosed their annual performance in 202 7
analysts generally believe that the financial data can reflect the investment value of listed companies to a great extent, especially the four financial indicators such as net profit, operating income, R & D expenses and cash flow. It is also an important reference basis for screening the growth of white horse stocks. Therefore, from the perspective of these four financial indicators, the Market Research Department of this newspaper combs and analyzes the listed companies that have disclosed their annual performance for the readers
105 companies' annual and quarterly results are expected to "double growth"
As the main force of high-quality development of the real economy, the performance of listed companies is concerned by the market. According to the data, as of the closing on April 8, 1369 A-share companies disclosed their annual performance in 2021, with a total net profit of 3667638 billion yuan, a year-on-year increase of 21.53%. In addition, 239 listed companies took the lead in disclosing the performance forecast for the first quarter of 2022.
Further statistics show that among the above companies that have disclosed the annual report of 2021, a total of 970 have achieved a year-on-year increase in net profit, accounting for 70.85%. Among them, excluding 61 loss making companies, 204 companies doubled their net profit year-on-year, Sichuan Hebang Biotechnology Co.Ltd(603077) with a year-on-year growth rate of 728428%, temporarily ranking first in the net profit growth rate Inner Mongoliayuan Xing Energy Company Limited(000683) followed closely, with a year-on-year increase of 717111% in net profit. In addition, the net profit of 13 companies in 2021 also increased by more than 10 times year-on-year.
A-share listed companies not only handed over a bright performance report card in 2021, but also generally performed well in the first quarter of 2022. Among the 239 released performance forecasts for the first quarter of 2022, 211 companies had good results, accounting for 88.28%. Among them, 85 companies are expected to achieve a year-on-year maximum increase of 100% or more in net profit in the first quarter of this year. At the same time, three companies including Zhongnongfa Seed Industry Group Co.Ltd(600313) , Anhui Zhonghuan Environmental Protection Technology Co.Ltd(300692) , Hunan Haili Chemical Industry Co.Ltd(600731) , etc. disclosed their performance in the first quarter of 2022, and their net profit increased year-on-year during the reporting period.
After further combing the relevant data, it is found that 105 companies are expected to achieve a year-on-year "double growth" in net profit in 2021 and the first quarter of 2022. Among them, 28 companies are expected to double their net profits in 2021 and the first quarter of 2022. Judging from the expected increase of performance in the first quarter, Guangdonghectechnologyholdingco.Ltd(600673) expects the largest year-on-year increase of 128686% in net profit in the first quarter, ranking the first, and the company's annual net profit increased by 110.26% year-on-year last year.
In this regard, Hu Po, manager of Rongzhi investment fund of private placement paipai.com, interviewed by the reporter of Securities Daily, said: "As the concept of value investment becomes more and more popular, the fundamentals of listed companies are paid more and more attention by the market. The continuous growth of net profit is an important dimension to examine the performance of listed companies, so companies with double growth performance have better investment value. However, it is also necessary to make certain predictions and judgments on the future economic environment, so as to infer the future performance of these listed companies. Among them, they benefit from the high-profile biomedical industry and infrastructure The industrial industry, the new energy industry benefiting from the guidance and support of national policies, the mechanical equipment industry benefiting from the favorable industrial upgrading, and the electronic industry benefiting from the accelerated localization process may be the direction worthy of layout in the long term in the future. Especially after the recent correction, the investment value of the leading varieties with stable performance growth in these industries is more prominent. "
From the perspective of industry, the 105 stocks whose net profit is expected to increase in 2021 and the first quarter of 2022 are mainly concentrated in five major industries such as basic chemical industry, electronics, mechanical equipment, non-ferrous metals, medicine and biology, involving 17, 15, 11, 8 and 8 stocks respectively, with a total of 59 stocks, accounting for nearly 60%.
Under the long-term investment concept, performance double growth stocks are more likely to be sought after by "smart funds". Statistics show that among the above 105 stocks, as of the end of the fourth quarter of 2021, 12 blue chip stocks have won QFII positions, and 10 blue chip stocks have become the new key varieties of QFII holdings in the fourth quarter of last year.
Yuan Huaming, general manager of Huahui Chuangfu investment, told reporters about the investment opportunities of blue chip stocks, "Since the second half of last year, the operating pressure of listed companies has increased as a whole, and most of these companies that have achieved double growth in annual and quarterly net profits are in high boom industries. Companies with sustained growth in performance often get financial support for their stock prices when the market is adjusted, and some varieties with better performance than expected may become market hot spots during the financial reporting period with the cooperation of other market factors. Performance is only part of the reason that affects the stock price, and the current market sentiment is more cautious, The matching of performance and valuation has attracted more attention from the market. "
nearly 90% of the company achieved year-on-year growth in operating revenue last year
As the company's main operating results, but also an important guarantee for enterprises to obtain profits, the operating income of listed companies is also the financial index that investors focus on. According to the data, as of the closing on April 8, 1193 of the 1369 companies that have disclosed their annual performance in 2021 have achieved year-on-year growth in operating revenue, accounting for nearly 90%.
Liu Youhua, the research director of private placement network interviewed by the reporter of Securities Daily, said that operating income is an important guarantee for enterprises to realize profits, can fully reflect the operating results and operating status of enterprises, and can also provide a continuous driving force for the survival and development of enterprises. Therefore, operating income is often one of the important reference indicators for investors to analyze whether enterprises have investment value, Among them, companies whose operating income can achieve stable growth for a long time often have more investment value.
From the perspective of operating revenue, last year's achievements of China Petroleum & Chemical Corporation(600028) and Petrochina Company Limited(601857) theoperating revenue of 8 companies including , Agricultural Bank Of China Limited(601288) and others also exceeded 700 billion yuan last year.
In terms of the year-on-year growth of operating revenue, 73 of the above 1193 companies achieved year-on-year doubling of operating revenue last year. Among them, Rongchang biology, Cansino Biologics Inc(688185) , Shanghai Tongda Venture Capital Co.Ltd(600647) and other three companies ranked among the top three, with year-on-year growth of 4675331%, 1717482% and 784.15% respectively.
From the perspective of industry, the above-mentioned revenue growth stocks are mainly concentrated in the four high boom industries of medicine and biology, basic chemical industry, mechanical equipment and electronics, with 124, 116, 115 and 107 respectively.
In this regard, Long Hao, chairman of Jinding assets, told reporters that in addition to their good operation, the "low base" in 2020 is also one of the important reasons for the year-on-year growth of their operating revenue in 2021. The basic chemical, mechanical equipment, electronics and other industries are mainly supported by favorable policies, especially those leading enterprises in subdivided fields have certain capital, brand and R & D advantages, Affected by the epidemic, the demand of the pharmaceutical and biological industry increases. With the development of China's economy and the gradual improvement of residents' health care awareness, the demand of the pharmaceutical and biological industry will be greater.
Some performance growth stocks are also favored by northbound funds. Since March, 225 of the above-mentioned performance growth stocks have received additional positions from northbound funds, with a total of 2.597 billion shares. Six stocks, including Zijin Mining Group Company Limited(601899) , Petrochina Company Limited(601857) , Postal Savings Bank Of China Co.Ltd(601658) , Bank Of Communications Co.Ltd(601328) , Boe Technology Group Co.Ltd(000725) , Bank Of China Limited(601988) , have received more than 100 million shares from northbound funds.
In terms of market performance, since March, 495 of the above 1193 stocks have outperformed the Shanghai Stock Index (with a cumulative decline of 6.08% during the period), accounting for more than 40%. Seven stocks, including Lihang technology, Lushan Xincai, Wankong Zhizao, Chongqingyukaifaco.Ltd(000514) , Shanxi Zhendong Pharmaceutical Co.Ltd(300158) , Shenyang Cuihua Gold And Silver Jewelry Co.Ltd(002731) , Guangdong No.2 Hydropower Engineering Company Ltd(002060) all rose more than 50% during the period, showing strong performance.
In this regard, Hao Xinming, manager of Fangxin wealth investment fund, said in an interview with the reporter of Securities Daily that the growth of operating revenue is an important indicator to support the rise of stock price and reflect the value of the enterprise. The company that has achieved growth in operating revenue should be affirmed first, but the stock price is a reflection of the performance expectation. Only the performance growth exceeding the expectation will lead to the rise of stock price. The growth, valuation and market expectation need to be considered comprehensively. If the stock price has reflected the current valuation and even overdrawn the future performance growth, although the income increases, the stock price may not rise. Therefore, companies with higher than expected potential growth and reasonable relative valuation have good investment opportunities.
"Investment mainly focuses on the future. The investment value of companies that achieved growth in operating revenue last year has been fully reflected in the stock price. Therefore, for such companies, investors should analyze the reasons behind the growth in operating revenue, and then judge the possibility of future growth in operating revenue. Only companies that can maintain steady growth in operating revenue in the future can continue to create value." Liu Youhua said.
Within the last 30 days of the last 30 days, 649 of the above-mentioned performance growth stocks have been among 649 in the last 30 days of the last 30 days, and the institution that has acquired 649 out of 649 of the last 30 days, among which more than 50 percent of more than 50 percent of the above-among the last 30 days of the last 30 of the last 30 days, 649 out of 649 of the above-mentioned performance growth stocks, among which, within the last 30 days, 649 of 649 of the above-mentioned performance growth stocks, among which, among which more than 50 percent of more than 50 percent have been given bulliratings such as "buy" or "buy" or "add" or "hold" or "buy" or "hold" and so on, among which, Ningbo Zhenyu Technology Co.Ltd(300953) 0095 Yunnan Botanee Bio-Technology Group Co.Ltd(300957) \ and other stocks have received optimistic ratings for more than 30 times.
r & D expenses of 1220 companies increased by more than 20% year-on-year
With the disclosure of annual reports of A-share listed companies in 2021, R & D expenses, as an important link for investors to consider the development potential of the company, have attracted much attention.
According to the data, as of the closing on April 8, a total of 1369 A-share listed companies have disclosed the results of 2021. Among them, 1220 comparable companies disclosed R & D expenses, totaling 519893 billion yuan, an increase of 20.26% over the R & D expenses announced in the 2020 annual report (414.55 billion yuan).
Liu Xiangdong, deputy director of the Economic Research Department of the China Center for international economic exchanges, told the Securities Daily that in recent years, the state has continuously guided and encouraged enterprises to strengthen technological innovation, break through the bottleneck of key core technologies, and improve their core competitiveness while moving towards the middle and high end of the industrial chain. Therefore, listed companies need to continuously increase R & D investment. Only by making high investment in the field of innovation can they form competitive scientific and technological achievements, effectively improve the market position of Listed Companies in the industrial chain and supply chain, be concerned by more value investors and obtain higher market valuation.
Zheng Lei, chief economist of Baoxin finance, told reporters that R & D expenses are necessary for enterprises to build long-term competitive advantage. In the short term, the performance is expenses, which will reduce the enterprise profit and cash flow; In the long run, those companies with high technical content of products continue to invest a considerable proportion of R & D expenses, which can ensure that they occupy a favorable position in the market competition.
Among the 1220 listed companies that have disclosed R & D expenses in 2021, 11 companies have R & D expenses of more than 10 billion yuan. Among them, China Railway Group Limited(601390) 's R & D expenses reached 24.756 billion yuan, ranking first temporarily. In addition, 26 companies, including China Energy Engineering Corporation Limited(601868) , Haier Smart Home Co.Ltd(600690) , Byd Company Limited(002594) and others, have invested more than 2 billion yuan in R & D.
In terms of the year-on-year growth rate of R & D input, the year-on-year growth rate of R & D input in research and development is related to the year-on-year growth of the year-on-year growth rate of R & D input on the same year-on-year growth in terms of the year-on-year growth of the year-on-year growth in terms of the year-on-year growth of the year-on-year growth of R & D input in 2021. The R & D input of eight companies, including eight companies including eight companies including eight companies, including the Beihai Gofar Chuanshan Biological Co.Ltd(600538) '' Beihai Gofar Chuanshan Biological Co.Ltd(600538) 8 3535 \morethan times The R & D expenditure of 113 companies including Tibet Rhodiola Pharmaceutical Holding Company(600211) , Nanjing Chemical Fibre Co.Ltd(600889) , Yixintang Pharmaceutical Group Co.Ltd(002727) , Avic Industry-Finance Holdings Co.Ltd(600705) , Huludao Zinc Industry Co.Ltd(000751) , etc. doubled year-on-year.
In terms of the proportion of R & D expenses, the proportion of R & D expenses invested by three pharmaceutical enterprises, including Dizhe pharmaceutical, Shouyao holding and Shanghai Yizhong Pharmaceutical Co.Ltd(688091) in 2021, exceeded 320% of operating revenue. In addition, Shanghai Junshi Biosciences Co.Ltd(688180) , Rongchang biology, Sunshine Guojian Pharmaceutical(Shanghai) Co.Ltd(688336) , gelingshentong, Hundsun Technologies Inc(600570) , Shenzhen Kingsun Science & Technology Co.Ltd(300235) , Shenzhen Chipscreen Biosciences Co.Ltd(688321) , Shenzhen Sinovatio Technology Co.Ltd(002912) , Guangzhou Fangbang Electronics Co.Ltd(688020) , and other 36 companies also accounted for more than 20% of their operating revenue.
After further combing the relevant data, the reporter found that most companies with large proportion of R & D expenses in operating revenue belong to scientific and technological innovation industries, involving computer, medicine, biology and other fields. Zheng Lei believes that in recent years, China's science and technology R & D investment has been increasing and its innovation strength has been improving. The science and technology industry represented by computers, medicine and biology is different from the traditional cycle industry. Those science and technology companies that master core technologies and carry out continuous innovation often need to invest higher R & D expenses to support the sustainable development of the industrial chain.
Zheng Lei believes that under the development trend of digital economy, the computer industry can be expected in the future. The high prosperity tracks provided by the industry, including cloud computing, artificial intelligence and blockchain, have certain investment value. After many reshuffles, the pharmaceutical and biological industry has experienced the development of innovative drugs from scratch. At present, it has entered the golden development period. Innovative drug enterprises with outstanding R & D capacity and high production efficiency are expected to stand out in the future.
The expectations of experts have been confirmed by the market to a certain extent, and some stocks have taken the lead in coming out of a wave of rising market.
Since March, as of the closing on April 8, Cinda Real Estate Co.Ltd(600657) , Hainan Ruize New Building Material Co.Ltd(002596) , Shanxi Zhendong Pharmaceutical Co.Ltd(300158) , Shenyang Cuihua Gold And Silver Jewelry Co.Ltd(002731) , Guangdong No.2 Hydropower Engineering Company Ltd(002060) , Kunming Chuan Jin Nuo Chemical Co.Ltd(300505) , Fujian Tianma Science And Technology Group Co.Ltd(603668) and other stocks have increased by more than 40% during the period.
Among the 1220 listed companies that have disclosed their R & D expenses in 2021, many of their stocks are favored by institutional investors such as social security funds. By the end of the fourth quarter of last year, the number of shares held by the social security fund in Zijin Mining Group Company Limited(601899) , China Jushi Co.Ltd(600176) , Cgn Power Co.Ltd(003816) , Pangang Group Vanadium Titanium & Resources Co.Ltd(000629) , Nanjing Iron & Steel Co.Ltd(600282) , Shandong Nanshan Aluminium Co.Ltd(600219) , China Petroleum & Chemical Corporation(600028) , and other companies exceeded 100 million shares. Among them, China Jushi Co.Ltd(600176) , Zijin Mining Group Company Limited(601899) and other two stocks have been held by the social security fund for five consecutive years.
nearly 50% of the company's cash flow has improved
"An enterprise can have no profit, but it cannot have no cash. Abundant cash flow is the prerequisite for an enterprise to maintain normal operation and expand reproduction." Wang Chunxiu, manager of dongtuo investment fund, told the reporter of Securities Daily.
"A healthy cash flow is the foundation to ensure the healthy operation of the enterprise, which means that the enterprise has a strong 'hematopoietic' ability. If the cash flow is broken, even if the enterprise's balance sheet does not have too big problems, it will also face the risk of default or even bankruptcy pressure. Making good use of cash flow can accelerate the development of the enterprise, which should be paid great attention to by the enterprise," Lei, the chief research official of Xingshi investment, told the Securities Daily
According to the data, as of the closing on April 8, 1369 A-share listed companies had handed over the performance report cards of 2021 (excluding 1300 listed companies in banking, non bank finance and other industries). In 2021, 608 companies (excluding banks and non bank financial companies) achieved year-on-year growth in net cash flow from operating activities per share, accounting for 46.77%, indicating that the operating cash flow of these companies has improved. In addition, there were 378 companies with net cash flow from operating activities of 1 yuan or more per share during the reporting period.
Fang Lei said, "the strong cash flow from operating activities indicates that the enterprise has made greater efforts to collect funds."
After further combing the relevant data, the reporter found that among the companies with year-on-year growth in net profit in 2021, the index of the top 100 companies with net cash flow from operating activities per share exceeded 2.27 yuan, highlighting a better development "money landscape". Among them, the net operating cash flow per share of Kweichow Moutai Co.Ltd(600519) , G-Bits Network Technology(Xiamen)Co.Ltd(603444) , China Mobile, Cosco Shipping Holdings Co.Ltd(601919) and other four companies exceeded 10 yuan, which were 50.97 yuan, 33.65 yuan, 15.37 yuan and 10.67 yuan respectively.
Among the top 12 companies in the above-mentioned industries, there are 17 Companies in the pharmaceutical industry and 17 Companies in the pharmaceutical industry.
Wang Chunxiu said: "most of the three major industries, such as medicine and biology, basic chemical industry and electronics, settle accounts in cash, and there is no large amount of accounts receivable and prepayments, so the operating cash flow is generally good."
As the saying goes, "money is capricious". In the A-share market, the stock price performance of companies with "money view" is also more resilient. Since March, as of the closing on April 8, the A-share market has experienced ups and downs, and the Shanghai Composite Index has fallen by 6.08%. However, among the top 100 companies with abundant cash flow, 37 companies outperformed the Shanghai stock index in the same period, accounting for 37%. Among them, the (12.07%), Yunnan Botanee Bio-Technology Group Co.Ltd(300957) (10.00%) and other 10 stocks increased by 10% or more during the period.
Fang Lei said: "value investors pay more attention to the long-term and stable growth of enterprise performance. The net cash flow from operating activities per share is of guiding significance to value investors in stock selection."
Wang Chunxiu said that the operating cash flow refers to the elevation, which shows that the enterprise is in a strong position in the supply chain and has a certain competitive advantage. In investment activities, if the net cash flow from operating activities of an enterprise is high, it indicates that the enterprise has more investment value.
The top 100 companies with net cash flow from operating activities per share have indeed become the hot target of institutions. Statistics show that among the above 100 companies, by the end of 2021, four major institutions such as social security fund, pension, insurance capital and QFII had appeared in the list of the top 10 circulating shareholders of 48 companies, accounting for nearly 50%.
