Performance overview: from 21q3 to 22q1, the revenue and profit growth of all a and industrial enterprises continued to be under pressure. In terms of total revenue, the cumulative year-on-year growth rate of all a / all a non revenue in 21q4 was 18.4% / 21%, and 22q1 continued to decline to 10.7% / 12.6%; The cumulative year-on-year growth rate of net profit attributable to parent company in 21q4 was 17.9% / 29.4%, and that in 22q1 decreased significantly to 2.9% / 3.8%. At the sector level, the cumulative year-on-year growth rate of 21q4 main board / gem revenue was 18.2% / 23.2%, and 22q1 fell to 11% / 11.2%; The cumulative year-on-year growth rate of net profit attributable to the parent company in 21q4 was 17.1% / 25.9%, and that in 22q1 fell to 3.6% / - 14.7%. In terms of style, the cumulative year-on-year growth rate of revenue of 21q4 finance / cycle / consumption / growth / stable style index was 7% / 28% / 16% / 21% / 15%. In 22q1, except that the stability margin increased by 1%, the other margins decreased by 7% ~ 9%; The cumulative net profit attributable to the parent company was 4% / 106% / - 8% / 37% / - 16% year-on-year in 21q4. The marginal recovery of consumption and stability in 22q1 was 2% and 11% respectively, while the rest fell.
DuPont split: the upstream and downstream net interest rates continue to seesaw, and the downstream is additionally dragged down by the turnover rate. In terms of total volume, the total a / total a non ROE (TTM, the same below) in 22q1 was 9.5% / 8.9%, down 0.2% / 0.1% compared with 20q4, which was mainly dragged down by the net sales interest rate and asset turnover rate. At the sector level, the ROE (TTM) of upstream raw materials / midstream manufacturing / downstream mandatory consumption / downstream optional consumption / Finance / real estate construction / support services were 13.6% / 8.7% / 10.4% / 7.5% / 10.3% / 4.8% / 5.4% respectively. Compared with 20q4, only upstream raw materials increased by 0.6% driven by net sales interest rate and equity multiplier, while the rest decreased by 0.5% / 0.5% / 0.3% / 0.1% / 0.2%. The main drag factor is still net sales interest rate.
Profitability: the gross profit margin of most industries has declined slightly, and the overall cost has maintained a downward trend during the period. 22q1 the gross profit margin of most industries decreased compared with the previous period, and the expense rate and the proportion of non recurring profits and losses tended to decline. 22q1 the gross profit margin of the upstream industry has mostly remained at a high level since 2010, the internal differentiation of consumption in the middle and downstream is significant, and the financial cost rate of real estate commerce and trade is at a high level.
Operation efficiency: the inventory turnover efficiency is improved, and the turnover efficiency of accounts receivable / payable is reduced. 22q1 listed companies' accounts receivable / accounts receivable turnover days increased as a whole, but inventory turnover days decreased. The operation efficiency of the upstream raw material sector is in a historically high state, and the operation efficiency of the other sectors is significantly differentiated.
Debt cycle: in 22q1, the debt of midstream manufacturing and downstream mandatory consumption expanded significantly, and the margin of real estate construction debt continued to tighten. In terms of the debt growth rate in the single quarter of 22q1, the agriculture, forestry, animal husbandry and fishery (54%), food and beverage (26%) and power equipment (24%) industries grew the fastest; In terms of debt growth in the single quarter of 21q4, agriculture, forestry, animal husbandry and fishery (36%), construction materials (21%) and power equipment (16%) industries grew the fastest. The industries with the most significant marginal expansion of debt are agriculture, forestry, animal husbandry and fishery, communication and food and beverage, which are mainly concentrated in the downstream mandatory consumption and midstream manufacturing sectors; The most significant contraction of debt margin is in the upstream raw materials and downstream optional consumption of industries, and the debt margin of real estate construction continues to shrink.
Inventory cycle: the margin of cash expenditure related to overall replenishment slows down, and the upstream raw material inventory increases. The industries with the fastest growth of replenishment in 22q1 are power equipment (41%), household appliances (26%) and transportation (26%), and the industries with the fastest growth in 21q4 are agriculture, forestry, animal husbandry and fishery (40%), power equipment (35%) and transportation (33%). The margin of cash expenditure related to overall replenishment slowed down, the overall inventory of upstream raw materials increased, and the inventory growth rate of the real estate industry fell to a new low since 2010.
Capital expenditure cycle: the overall decline in capital expenditure intensity, and the industries with high fixed asset investment are construction materials, power equipment and automobiles. 22q1 the industries with the highest growth rate of cash paid for the purchase and construction of fixed assets, intangible assets and other long-term assets are agriculture, forestry, animal husbandry and fishery (31%), building materials (24%) and power equipment (23%); 21q4 the industries with the highest growth rate of cash paid for the purchase and construction of fixed assets, intangible assets and other long-term assets are agriculture, forestry, animal husbandry and fishery (42%), beauty care (30%) and building materials (23%). 22q1 all a fixed asset investment intensity decreased significantly, while building materials and automobiles rose against the trend; In terms of M & A activities, the whole a non-financial industry declined slightly. The industries with active M & A activities include beauty care, transportation, non-ferrous metals and building materials.
Risk warning: statistical error; The industry of the Bureau of statistics cannot fully correspond to the industry of Shenwan; The financial data of listed companies have limited ability to explain the fundamentals of the industry.
