This week, the three major indexes of the A-share market continued to sort out, and the market was still depressed. On April 15, the central bank decided to reduce the deposit reserve ratio of financial institutions by 0.25 percentage points on April 25, 2022 (excluding financial institutions that have implemented the 5% deposit reserve ratio). Analysts said that with the increase of market liquidity, A-Shares are expected to usher in the trend of shock repair, and the probability of performance wave formed by industries and companies with strong performance certainty is increased.
Therefore, Securities Daily analyzed and combed the profit data and industries of 1782 companies that had disclosed their annual reports in 2021, and found that the growth of net profit attributable to parent companies in four industries, namely, transportation, petroleum and petrochemical, textile and clothing, and basic industry, ranked first. Today, the above industries are specially interpreted for readers.
petroleum and petrochemical: total net profit attributable to parent company of 19 companies
year on year growth of 161.18%
According to the data, as of April 15, 19 companies in the petroleum and petrochemical industry had disclosed their annual reports for 2021, with a total net profit attributable to the parent company of 188553 billion yuan, a year-on-year increase of 161.18% according to comparable data, ranking second in the Shenwan industry.
In terms of profit, the net profit attributable to the parent company of Petrochina Company Limited(601857) , China Petroleum & Chemical Corporation(600028) , Hengli Petrochemical Co.Ltd(600346) and other three companies exceeded 15.5 billion yuan. Among them, Petrochina Company Limited(601857) net profit attributable to the parent company reached 92.161 billion yuan, ranking first temporarily.
Among the 19 companies, the net profit attributable to the parent company of 14 companies increased year-on-year, accounting for 73.68%. Among them, nine companies including Maoming Petro-Chemical Shihua Co.Ltd(000637) , Petrochina Company Limited(601857) , Hunan Yussen Energy Technology Co.Ltd(002986) and Bomesc Offshore Engineering Company Limited(603727) , Hengli Petrochemical Co.Ltd(600346) achieved year-on-year doubling of the net profit attributable to the parent company, and the net profit attributable to the parent company of Bomesc Offshore Engineering Company Limited(603727) , Hengli Petrochemical Co.Ltd(600346) .
Under the support of performance, the share prices of most companies rose. As of April 15, the share prices of Hunan Yussen Energy Technology Co.Ltd(002986) , Hengli Petrochemical Co.Ltd(600346) , Guanghui Energy Co.Ltd(600256) , Hy Energy Group Co.Ltd(600387) , Hy Energy Group Co.Ltd(600387) The share prices of North Huajin Chemical Industries Co.Ltd(000059) , Offshore Oil Engineering Co.Ltd(600583) , Daheng New Epoch Technology Inc(600288) , Sinopec Oilfield Service Corporation(600871) , Petrochina Company Limited(601857) .
Citic Securities Company Limited(600030) analyst Wang Zhe said that 2022 will be a year for the transformation of the global energy structure and the continuous deepening of China’s “double carbon” goal. It will also be a year for China’s economy to make progress while maintaining stability and for macro policies to advance. In the current complex environment of repeated global epidemics, tightening expectations of overseas liquidity and continuous rise of crude oil prices, the energy and chemical industry is also facing challenges and opportunities.
Chen Shuxian, an analyst at Cinda securities, said that under the policy guidance of the petrochemical industry planning of the 14th five year plan and the “double carbon” goal, the general direction of structural integration, transformation and upgrading of the petrochemical industry remains unchanged, the pace of energy transformation and substitution is accelerated, the head effect of refining and chemical integration enterprises with the advantages of whole process industrial chain, scale effect, high utilization rate of raw oil and diversified products is prominent, and the oil is reduced and increased, the raw materials are lighter The cleaning of self-produced energy has become the main development direction of large-scale refining in the future. Optimistic about undervalued leading enterprises, actively explore new opportunities and open up market growth space. Recommend relevant listed companies: Rongsheng Petro Chemical Co.Ltd(002493) , Hengli Petrochemical Co.Ltd(600346) etc.
In addition to the above two stocks recommended by Cinda securities, in the past 30 days, China Oilfield Services Limited(601808) , China Petroleum & Chemical Corporation(600028) , Petrochina Company Limited(601857) , Sinopec Shanghai Petrochemical Company Limited(600688) , Guanghui Energy Co.Ltd(600256) , Sinopec Oilfield Service Corporation(600871) , Offshore Oil Engineering Co.Ltd(600583) and other stocks have been rated as “buy” or “overweight” by institutions, and the future performance is worthy of attention.
basic chemical industry: 152 companies’ total net profit attributable to parent
year on year growth of 146.05%
According to the data, as of April 15, 152 companies in the basic chemical industry disclosed their annual reports for 2021, with a total net profit attributable to the parent company of 131.72 billion yuan, a year-on-year increase of 146.05% based on comparable data, ranking fourth in the Shenwan industry. Looking at the secondary sub industry of Shenwan under the basic chemical industry, the year-on-year growth rate of net profit attributable to the parent of chemical raw materials, chemical fiber and agrochemical products ranked among the top three, with 273.41%, 216.03% and 152.21% respectively.
From the perspective of the company, the net profit attributable to the parent company of 10 companies including Sichuan Hebang Biotechnology Co.Ltd(603077) (728428%), Inner Mongoliayuan Xing Energy Company Limited(000683) (717111%), Jiangsu Yida Chemical Co.Ltd(300721) (349626%), Do-Fluoride New Materials Co.Ltd(002407) (249080%), Qinghai Jinrui Mineral Development Co.Ltd(600714) (206083%) increased by more than 1000% year-on-year in 2021. In addition, the net profit attributable to the parent company of 45 companies increased by more than 100% year-on-year in 2021.
Long Hao, chairman of Jinding assets, told the reporter of Securities Daily: “The substantial increase in net profit of the basic chemical industry in 2021 is mainly due to the rise in the price of chemical products, and is also related to the loose monetary policies implemented by various countries and the gradual improvement of China’s manufacturing industry’s competitive advantage in the world. Especially under the background of carbon neutralization policy, emission reduction measures such as’ limiting production ‘and’ reducing load ‘have led to a mismatch between supply and demand under the dual control of energy consumption, and the prices of some basic chemical products continue to be high, resulting in high performance of the company Increase the amplitude. “
Ma Cheng, chairman of juze investment, told reporters: “from the perspective of phosphorus chemical enterprises that have disclosed their performance, the explosive growth in the demand for lithium iron phosphate in the downstream industry has directly led to the improvement of the prosperity of ‘phosphate rock yellow phosphorus phosphoric acid iron phosphate’, and the resonance of the whole phosphorus chemical industry chain is obvious, especially the performance of upstream enterprises has increased significantly.”
In terms of market situation, since April, as of April 15, the Shanghai index has fallen by 1.26% during the period, while among the basic chemical stocks that have published the annual performance report of 2021, 48 stocks have outperformed the Shanghai index during the period. Among them, Shuanghuan technology and Shandong Haihua Co.Ltd(000822) period increased by more than 20%, 22.67% and 20.82% respectively.
Companies in the basic chemical industry have also become the subject of positions held by major institutions. According to the statistics, among the companies in the basic chemical industry that have published the annual performance report for 2021, by the end of 2021, four major institutions including satellite chemistry, Jiangsu Shuangxing Color Plastic New Materials Co.Ltd(002585) , Shandong Haihua Co.Ltd(000822) , Shandong Hualu-Hengsheng Chemical Co.Ltd(600426) , Xinxiang Richful Lube Additive Co.Ltd(300910) and other top ten circulating shareholders of 52 companies have appeared in the list of social insurance funds, pensions, insurance funds and QFII, which has become an important target of institutional layout.
textile clothing: total net profit attributable to parent company of 18 companies
year on year growth of 156.32%
According to the data, as of April 15, 18 listed companies in the textile and clothing industry had disclosed their annual reports for 2021. The total net profit attributable to the parent company of 18 companies was 7.21 billion yuan, and the total net profit attributable to the parent company in 2020 was 2.813 billion yuan, a year-on-year increase of 156.32%.
Among them, 14 textile and clothing companies achieved year-on-year growth in net profit attributable to their parent in 2021, accounting for nearly 80%.
Faced with the profit growth of the textile and clothing industry last year, China International Capital Corporation Limited(601995) said that the global textile supply capacity is in short supply, the textile manufacturing industry has abundant orders, and the exemption of commodity tariffs enhances the order receiving efficiency. Since the second half of 2020, the global epidemic has stabilized, clothing consumption has recovered steadily, the order volume of the textile manufacturing industry has increased rapidly, and the export of the industry has also continued to increase steadily. In addition, the US Trade Office recently re exempted 352 product tariffs (including knitted garment accessories and other categories), which is objectively conducive to the improvement of order receiving efficiency and production profitability of China’s textile manufacturing companies with production capacity layout.
Specifically, in terms of companies, excluding the companies that reversed losses in 2021, the net profit attributable to the parent company of 8 companies increased by more than 20% year-on-year in 2021, the net profit attributable to the parent company doubled year-on-year in the reporting period of Wuhu Fuchun Dye And Weave Co.Ltd(605189) to 105.39%, and the net profit attributable to the parent company of 3 companies, including Zhejiang Semir Garment Co.Ltd(002563) , Shandong Nanshan Fashion Sci-Tech Co.Ltd(300918) , Comefly Outdoor Co.Ltd(603908) also increased by more than 50% year-on-year.
With the steady growth of textile and garment exports, the prosperity of the industry has gradually increased. According to the data released by the General Administration of Customs on April 13, China’s exports of textile yarn, fabrics and products in the first quarter of 2022 were US $36.565.9 billion, a year-on-year increase of 15.1%, while China’s exports of textile yarn, fabrics and products in the first quarter of 2021 were US $31.781.9 billion; In the first quarter of 2022, China’s export of clothing and clothing accessories reached US $35.684.9 billion, a year-on-year increase of 7.4%.
In this regard, Deng Lijun, the Northeast Securities Co.Ltd(000686) chief strategist interviewed by the reporter, said that there were two reasons for the backflow of orders in the textile and garment industry in 2021: on the one hand, Southeast Asia was impacted by the epidemic and there were problems in the supply chain, so orders were transferred to China from Indonesia, Vietnam and the Philippines; On the other hand, compared with Southeast Asia, Chinese textile enterprises have obvious advantages in design, equipment and supply chain, as well as supporting infrastructure such as logistics and power. In the short term, the export of China’s textile and garment industry is greatly affected by the international epidemic, and the foothold lies in whose supply chain is more stable. In the medium term, China’s textile and garment industry design, equipment upgrading, infrastructure protection, and the integration and layout of upstream and downstream industrial chains are still the advantages that Southeast Asia is difficult to catch up with.
In terms of market performance, since April, the textile and clothing industry index has fallen by 4.1% and underperformed the Shanghai Composite Index (1.26% in the month). Nevertheless, there were still seven stocks with year-on-year growth in net profit attributable to the parent company last year, and Comefly Outdoor Co.Ltd(603908) performed most prominently, with a cumulative increase of 41.83%.
For investment opportunities in the textile and apparel industry, Liu Wenting, a researcher of private placement network, told reporters: “Relatively optimistic about the investment opportunities of the textile and clothing sector: first, the dividend rate of the textile and clothing sector is high. In the current environment of cautious market investment, the safety margin brought by the high dividend rate makes the textile and clothing sector with low valuation more attractive; second, under the influence of industry events, domestic clothing brands have ushered in a good opportunity to rise. Major domestic clothing brands have made efforts to market, the brand influence has increased significantly, and domestic clothing products The market share of brand is expected to increase; Third, the multi-point frequent outbreak of the epidemic since March has also affected the end consumption of clothing to a certain extent. With the gradual improvement of the epidemic and seasonal factors, it is expected to drive the demand of the clothing market. “
transportation: 69 companies’ total net profit attributable to the parent
year-on-year growth of more than 2 times
According to the data, as of April 15, 1782 listed companies in the A-share market have disclosed the annual report of 2021, of which 69 companies in the transportation industry have disclosed the annual report. In 2021, the total net profit attributable to the parent company was 131502 billion yuan, and in 2020, the total net profit attributable to the parent company was 40.503 billion yuan, a year-on-year increase of 224.67%, temporarily ranking first in the year-on-year growth rate of the net profit attributable to the parent company of Shenwan industry last year.
Further analysis shows that among the above 69 companies, 49 achieved year-on-year growth in net profit attributable to parent companies last year, accounting for more than 70%. Among them, Chang Jiang Shipping Group Phoenix Co.Ltd(000520) (813.52%), Cosco Shipping Holdings Co.Ltd(601919) (799.52%), Eternal Asia Supply Chain Management Ltd(002183) (310.29%) and other three companies achieved year-on-year growth in net profit attributable to parent companies last year.
In terms of policy, the transportation industry also ushered in good news. Recently, the Ministry of transport, the State Railway Administration, the Civil Aviation Administration of China, the State Post Office and China National Railway Group Co., Ltd. jointly issued the implementation opinions on accelerating the high-quality development of cold chain logistics transportation, which mentioned the need to optimize the layout of cold chain facilities at hub ports and stations, improve the network of production and marketing cold chain transportation facilities, promote the application of intelligent temperature control facilities and equipment, and innovate the organization mode of cold chain transportation.
Under the multiple good news, the transportation industry has strengthened. Since April, the transportation industry index has risen by 3.43% in total, significantly outperforming the Shanghai index in the same period (falling by 1.26% in total). 37 stocks in the industry have outperformed the market in terms of year-on-year growth in net profit attributable to their parent company last year, and three stocks, including Eastern Air Logistics Co.Ltd(601156) , Shanghai International Port (Group) Co.Ltd(600018) , China Merchants Energy Shipping Co.Ltd(601872) , have increased by more than 13% in total, showing strong performance. Since April, 12 of the 49 blue chip stocks have received northbound capital increase, with a total of 457856 million shares. The number of northbound capital increase shares during Tangshan Port Group Co.Ltd(601000) and Shandong Hi-Speed Company Limited(600350) periods ranks first, with 148721 million shares and 126866 million shares respectively.
Liu Yan, chairman of anjue assets, said in an interview with the reporter of Securities Daily that the transportation industry has not only been supported by the growth performance, but also the expectation of rising transportation demand after the opening of the epidemic, so it has been relatively excellent in the market.
For the investment opportunities in the transportation industry, Zhu Xiaoyan, a senior researcher of Yuanrong investment stock department, told reporters that the current industry investment opportunities are mainly concentrated in the aviation sector, which has certain difficulties and reversal expectations. For airlines, the epidemic control will always end, and the travel demand that has been suppressed for a long time in the future will erupt intensively. It is expected that the performance will be flexible.
China International Capital Corporation Limited(601995) said that investors are advised to focus on four types of opportunities: first, opportunities for post epidemic repair and improvement of supply and demand in the airport sector; Second, with the continuity and pattern improvement of regulatory policies, the express sector has strong certainty of performance growth; Third, high growth stocks subdivided into logistics tracks; Fourth, the future of Internet logistics may usher in the valuation return after the risk of platform regulatory policies is implemented.
Hu Bo, manager of Rongzhi investment fund of private placement paipai.com, told reporters that the logistics sector has strong public utility attributes, the overall valuation is at a reasonable level and has certain defensive characteristics. It remains to be seen whether the market of this sector can continue.
