The revenue side and profit side make concerted efforts to help improve the performance of specialized and special new products. The year-on-year growth rate of operating income of specialized and new “little giant” enterprises far exceeded the average level of the market. In the single quarter of 2022q1, 348 specialized, special and new enterprises achieved a total revenue of 129.9 billion yuan, a year-on-year increase of 39.4%, significantly ahead of the average year-on-year growth rate of 11.5% of all a shares.; The year-on-year growth rate of net profit attributable to the parent of specialized and special new enterprises was as high as 44.0%, significantly ahead of the average year-on-year growth rate of net profit of all A-share listed companies of 3.4%; Specialized special new enterprises increased by 121.7% month on month, higher than the 77.7% month on month increase of average net profit of a shares. Compared with the previous period, the profits of specialized and special new enterprises in the first quarter have been significantly improved. The year-on-year and month on month growth rate of net profit in a quarter is far higher than the average level of A-share listed enterprises, leading the market and highlighting the investment value.
The revenue and net profit of most industries increased significantly year-on-year. On the revenue side, the operating income of specialized and special new enterprises in 22q1 medical services and comprehensive industries increased year-on-year and month on month, leading other industries. In terms of industries, in the single quarter of 22q1, except for water affairs, ground military equipment, computer applications, papermaking, rare metals and other electronics, specialized and new enterprises in various industries achieved positive growth year-on-year, including power supply equipment, aviation equipment, medical services, medical devices and five industries with a year-on-year growth rate of more than 100%. On the profit side, the net profit attributable to the parent company of 22q1 medical service specialized special new enterprises increased by more than 1500% year-on-year and month on month in all industries, and the growth rate of computer equipment and chemical pharmacy exceeded 1500%.
The marginal benefit of capital declines and the marginal benefit of human resources rises. The average ROIC (TTM) of 22q1 specialized special new enterprises was 7.3%, slightly lower than 7.6% of 21q4 and 9.0% of 21q3. The building materials industry was dragged down by the performance of Shandong Yabo Technology Co.Ltd(002323) ( Shandong Yabo Technology Co.Ltd(002323) . SZ) last year, but the overall ROP performance of specialized special new enterprises increased.
The gross profit margin of sales fell slightly, and the expenses during the period were reasonable. 22q1 the average gross profit margin of specialized special new enterprises in a single quarter fell slightly compared with the previous quarter, and the gross profit margin was basically stable under the downward pressure of the economy. In the first quarter of 2022, the average period expenses (sales expenses, management expenses and financial expenses) of the specialized special new sector accounted for 31.2% of the operating revenue, which was within a reasonable range.
R & D investment remains high, and R & D efficiency leads the market. Specialized special new enterprises maintained high R & D investment. In the first quarter of 2022, 348 enterprises specialized in special new “little giant” enterprises had a cumulative R & D investment of 7.65 billion yuan, an average increase of 63.9% over the same period last year, and the average R & D cost rate reached 11.07%. At the industry level, the cost rate of ground military equipment, computer application and communication equipment ranked third.
The performance of specialization and innovation has improved, and the marginal asset liquidity has increased. In the past six quarters (2020q4-2022q1), the year-on-year growth rate of operating income of 348 A-share specialized “little giant” enterprises in a single quarter was higher than that of all A-shares for several consecutive periods, and the scale of operating income increased steadily; In the first quarter, the roe of specialized and special new enterprises increased month on month, rebounding from the low of 1.4% in the fourth quarter of 2021, and the overall profitability of the enterprise showed a good trend; In the past six quarters, except 2021q3, the year-on-year growth rate of △ NWC in other single quarters of specialized enterprises has exceeded the average level of all A-share enterprises, reflecting the better performance of the marginal improvement of asset liquidity of specialized special new enterprises, and the optimization speed of short-term capital structure is faster than that of the market.
Risk warning: statistical error caused by individual data; The financial data of listed companies have limited ability to explain the fundamentals of the industry; There is a time lag between financial reporting and fundamental changes.
