Panoramic Perspective Of A-Share Quarterly Report: Growth Rate Of Net Profit Of Science And Technology Innovation Board Led The Rise, And The Performance Of Cycle Plate Was The Strongest

In 2021, the first quarter report will be officially closed.

Up to now, 4276 of the 4287 A-share listed companies have disclosed the first quarter report of 2021. Except for 11 companies such as * ST stetai, * ST Beixun and Dongrui Co., Ltd., the first quarter reports of other enterprises have been disclosed.

In the past year of 2020, affected by the new pneumonia epidemic sweeping the world, the global economy suffered a heavy blow, especially in the first half of 2020, a large number of domestic enterprises stopped production. However, with the effective control of the epidemic situation in China, the economic operation gradually returned to normal.

As the first year of the 14th five year plan, China's economy has strong resilience and development vitality, and there are many bright spots in the first quarter of 2021. Due to the impact of the new crown pneumonia epidemic last year, the performance of Listed Companies in the first quarter of 2021 has increased dramatically.

Wind data shows that in the first quarter of 2021, A-share listed companies achieved a total operating revenue of 14.17 trillion yuan, a year-on-year increase of 30.6%; The total net profit was 1288.1 billion yuan, with a year-on-year increase of 53.3%.

After excluding finance, the net profit of A-share non-financial enterprises in the first quarter was 642.2 billion yuan, with a year-on-year increase of 166.04%. After excluding financial petroleum and petrochemical industry, the net profit of A-share non-financial petroleum and petrochemical enterprises was 596.6 billion yuan, with a growth rate of 114.98%, both of which were the largest increase in recent years.

However, according to Chen Guo, strategic analyst of Anxin securities, even after excluding the influence of low base in the same period of last year, the annual growth rate of net profit attributable to parent company in the first quarter of 2021 is still 8.57% compared with that in the first quarter of 2019, and the annualized growth rate of all a (non bank finance) reaches 15%, "which fully verifies the strong resilience of the fundamentals of a shares that we have repeatedly stressed before.".

More gratifying is that since this year, the R & D investment and intensity of listed companies have also continued to increase. The R & D intensity of enterprises listed on the science and technology innovation board is higher, which constitutes a new driving force for future economic growth.

The growth rate of science and technology innovation board is leading

Specifically, in the first quarter of 2021, 3463 companies achieved positive growth in net profit, accounting for 80.99%. Among them, 2722 companies had a net profit growth of more than 30%, 2295 companies had a net profit growth of more than 50%, and 1716 companies had a net profit growth of more than 100%.

Among them, the net profit of Kewell, Hangzhou Jiebai and redview bio increased by more than 1000 times, and the net profit of 11 enterprises, including Colin electric, Shanghai Phoenix, Chongqing Iron and steel, Taiji shares, e-shang display and Mingde biology, increased by 10000%.

In terms of sectors, the growth rate of income and performance of enterprises on the science and technology innovation board and the growth enterprise market is significantly higher than that of the main board.

In the first quarter of 2021, the Shanghai Stock Exchange main board, Shenzhen Stock Exchange main board, growth enterprise market and science and technology innovation board respectively achieved 10.25 trillion yuan, 3.32 trillion yuan, 0.51 trillion yuan and 0.1 trillion yuan, with year-on-year growth of 26.41%, 41.87%, 46.89% and 71.29%; The net profit attributable to the parent company was 997.3 billion yuan, 229.8 billion yuan, 49.3 billion yuan and 11.7 billion yuan respectively, with a year-on-year increase of 45.43%, 80.60%, 110.01% and 213.36%.

"On the one hand, in terms of scale and volume, the enterprises on the science and technology innovation board and the growth enterprise market belong to the companies with strong growth, and there is a large space for performance improvement, while most of the main board enterprises have been very mature and their performance is relatively stable; On the other hand, the innovation and R & D capabilities of enterprises play an important role in the development. Enterprises with high innovation ability can also maintain a high growth; Of course, at the beginning of last year, due to the impact of the epidemic, many companies had a low base in the same period of last year, which led to a significant increase in enterprise performance in the first quarter of this year. In addition, the seasonal change of normal operation also needs to be taken into account. " A medium-sized securities firm in South China pointed out in an interview.

From the perspective of industry performance, excluding the impact of low base, the cyclical sector has become the most robust growth area. According to the data of Anxin securities, in the first quarter of 2021, the annualized growth rate of net profit attributable to parent company of iron and steel, nonferrous metals, chemical industry and mining industry reached 50.79%, 48.61%, 36.08% and 27.33% respectively, and the year-on-year growth rate of the first quarter of 2021 increased by 240.43%, 205.49%, 6228.88 and 1124.26% month on month in the first quarter of 2021.

"From the perspective of secondary industries, gold and rare metals of nonferrous metals have brought high profits. Chemical fiber and chemical raw materials in chemical industry contribute the most to the growth of chemical industry, and oil exploitation is the main contributor to the growth of profits in the mining industry," Chen Guo pointed out

In addition, although the performance growth rate of public utilities and building materials ranked the last in the middle and upper reaches of resource products, they still achieved growth. In the first quarter of 2021, compared with the first quarter of 2019, the annualized growth rates of net profit attributable to parent company of the two industries were 7.08% and 9.29% respectively; The year-on-year growth rate in the first quarter of 2021 will increase by 31.05 percentage points and 82.72 percentage points compared with 2020.

Cash flow improved significantly

With the gradual recovery of domestic economy, the cash flow situation of A-share listed companies in the first quarter of 2021 is also better than that of last year.

In the first quarter of this year, the net operating cash flow inflow of all A-share listed companies totaled 1.48 trillion yuan, significantly higher than that of - 148.145 billion yuan in the same period of last year.

In terms of quantity, in the same period last year (the first quarter of 2020), a total of 2308 listed companies in the A-share market had negative operating net cash flow, accounting for more than 54%. In the first quarter of this year, the number of enterprises with negative operating net cash flow in the A-share market narrowed to 2255, accounting for 52.40% of the total listed companies.

During the same period, the financial pressure of enterprises has also been significantly alleviated. In the first quarter of 2021, the financial expenses of A-share listed companies totaled 142.694 billion yuan, which was 8.57% lower than that of 156.072 billion yuan in the first quarter of 2020.

It is worth mentioning that since 2020, under the epidemic situation, the global liquidity has been relaxed, the market interest rate has declined as a whole, and the financing cost of enterprises has been significantly reduced.

According to the data of China Central Clearing Corporation, bond yields in 2020 will be lower than those in the previous year. The daily average yield of 10-year Treasury bonds decreased by 24bp to 2.9441%, the daily average yield of 10-year national development bank bonds decreased by 24bp to 3.3682%, and the daily average yield of 10-year corporate bonds decreased by 25bp to 4.0744%.

Under the background of significant reduction of financing cost and gradual recovery of economy, listed companies also pay more and more attention to endogenous growth and continue to increase R & D investment.

According to wind data, up to now, 3777 listed companies have disclosed their R & D investment in the first quarter of 2021, with a total investment of 202.980 billion yuan, an increase of more than 40% compared with 142.455 billion yuan in the first quarter of 2020.

The R & D investment of 14 enterprises is higher than the total operating revenue of the company in the current period, including 8 enterprises on the science and technology innovation board, 3 enterprises on the gem and 3 enterprises on the main board. The Cambrian is a typical example. In the first quarter of 2021, the company's total operating revenue is 36.131 million yuan, while the investment in R & D in the current period is as high as 195 million yuan.

In addition, there are 525 listed companies whose R & D investment intensity (R & D expenses account for the proportion of operating revenue) exceeds 10%. Most of the listed companies with the highest investment intensity come from the pharmaceutical and biological field, and most of them are science and technology innovation board enterprises.

"As the industry benchmark, listed companies play a leading and exemplary role in the development of the entire scientific research market, and promote the construction of a powerful country with science and technology." Pan Helin, executive director of the Digital Economy Research Institute of Zhongnan University of Finance and law, said. In its view, at present, the listed companies benefit from the strengthening of the state's protection of intellectual property rights, can recover costs through scientific research investment, and obtain profits, so the enthusiasm of increasing R & D investment is naturally higher and higher.