It's the end of the year again. The fundamentals of this year's economic operation may be glimpsed from the performance of listed companies.
Nandu reporter combed wind data and found that as of December 21, the number of companies that announced this year's annual performance forecast increased to 75, of which 78% were pre-happy, nearly 80%. As of December 15, 58 companies were pre-happy: 9 continued to profit, 23 pre-increased, 25 slightly increased, 1 reversed loss, accounting for 86% of the total, media, chemical, pharmaceutical, electronics and other industries performed more prominently. Another 6 companies decreased slightly, 1 first loss, 2 continued losses.
It should be noted that the polarization of the high-risk, high-yield pharmaceutical and biological industry is gradually becoming obvious, and the net profit of many enterprises has soared, which makes other "neighbors" who are also listed companies envious, but there are also a considerable number of pharmaceutical companies that are either dragged down by high research and development investment, or have serious losses due to increasingly fierce competition.
Nandu reporter also noted that the overall performance of Shenzhen enterprises is good, although only 5 companies have predicted the performance of 2021, but the net profit is positive, and the net profit of the company has risen 3 times. However, for some companies with soaring net profits, the lower performance base last year also needs to be weighed.
Net profits in electronics, transportation and other industries soared
According to the performance forecast rules, the Shanghai market stipulates that listed companies are expected to have three types of situations such as losses, turnarounds into profits, and net profits that may increase by more than 50% year-on-year throughout the year, and should make performance forecasts; the Shenzhen market stipulates that it is expected that the net profit will be negative during the reporting period, the loss will be turned into a profit, the profit will be realized and the net profit will rise or fall by more than 50% year-on-year, the net assets at the end of the period will be negative, and the annual operating income will be less than 10 million yuan, and the performance forecast should be made.
It can be seen that the listed companies that have made performance forecasts are more prominent in terms of profits and losses, although they do not cover all A-share listed companies, but to a certain extent, they also reflect the fundamentals of this year's economic operation.
So, which companies are the leaders of this performance forecast, and in which areas are they hidden?
In terms of net profit, Focus Media, Longbai Group, Goertek, Shuangxing New Materials, Dia, Haili Wind Power and other 6 enterprises have exceeded 1 billion yuan. Among them, Focus Media temporarily ranked first with a net profit of more than 6 billion yuan.
In terms of net profit growth, there are 14 companies with more than 100%, including: Dongxin Shares, Yiyatong, Jiahe Meikang, Bowling Bao, Juxin Technology, Power Diamond, Hualan Shares (301093), Puran Shares, Yanan Bikang, Longbai Group, Dia, Kaipu Biological, Longhua New Materials, Zuoli Pharmaceutical.
Among them, the net profit of Dongxin shares, which was listed for one week and turned into a profit last year, soared, increasing by more than 1128%. In addition, the net profit of Eternal Asia, Jiahe Meikang and Baolingbao all increased by more than 300%.
It is worth noting that the industries in which these companies with soaring net profits are: electronics, transportation, machinery and equipment, pharmaceuticals and biology, chemicals, light industry manufacturing, etc.
Among them, there are 4 pharmaceutical and biological companies, namely Zuoli Pharmaceutical, Kaipu Biological, Yanan Bikang and Hualan Shares.
The polarization trend of the performance of the biomedical industry is gradually emerging
Nandu reporter noted that with the current performance forecast, the biomedical industry is quite special, and the polarization trend is more obvious: the net profit of many companies is far ahead, but there are also a considerable number of companies that appear in the loss list.
Specifically, among the top ten companies in the lower net profit, 3 are biomedicine, including Yanan Bikang, Enhua Pharmaceutical and Kaipu Bio.
Among the 14 companies that doubled their net profit growth, 3 belonged to biomedicine, namely Hualan Shares, Yanan Bikang and Kaipu Bio.
However, the biomedical industry also includes 3 loss-making enterprises: the first loss is Berry Gene, the annual net profit of this year is about -90 million yuan - 60 million yuan, down 128% - 143% from the same period last year. There are 2 companies that continue to lose money, of which Di Zhe Pharmaceutical (688192. SH) net profit of about -680 million yuan - 610 million yuan, Baekje net profit of about -11012 million yuan - 8542 million yuan.
In the announcement, Berry Gene explained the reasons for the loss, mainly including: first, because of the conclusion of the customer's previous research projects, the procurement of phased scientific research services decreased; second, the number of hospital diagnosis and treatment in the post-epidemic stage recovered slowly, the growth rate of the number of prenatal tests slowed down, and the market competition intensified to reduce the price of tests.
In fact, in the context of the global new crown nucleic acid reagents, the decline in the unit price of tests and the increasingly fierce business competition, related genetic companies may return to the sluggish growth range. Similar to the "Huaxiao" of Berry Gene, the performance growth of BGI Gene in the first three quarters of this year is not strong, and the revenue and net profit are down compared with the same period last year. From the beginning of the year to the close of trading on December 16, BGI's stock price fell by about 29%.
For the other two loss-making biopharmaceutical companies, research and development is a key word that drags down performance.
On December 15, 2021, BeiGene was listed on the Science and Technology Innovation Board, becoming the world's first biotechnology company listed on the NASDAQ Composite Index, the Hong Kong Stock Exchange and the Shanghai Stock Exchange, with an issue price of up to 192.6 yuan per share. However, the market does not seem to be willing to "pay" for the high price, and it was broken on the first day of listing, falling by more than 16%.
For this year's performance loss, Baekje explained that since the company is a biotechnology company and currently maintains a continuous high investment in research and development, as of the date of signing of this prospectus, the company has not yet achieved profitability, so there is a risk that cash dividends will not be available for the foreseeable period.
Nandu reporter inquiry found that the biotechnology giant's research and development costs are amazingly high, with research and development investment of up to 6.5 billion yuan in the first three quarters of 2021. What is this concept? The research and development expenses of Hengrui Pharmaceutical, the "first brother of medicine" in China, in the first half of this year were only about 2.6 billion yuan.
In response to the reasons for the continuous loss of performance, Di zhe Pharmaceutical, which was recently listed, also said that the main company has increased its investment in clinical pipeline research and development. As of the date of signing of the prospectus, the core products of Dizhe Pharmaceutical are still in the research and development stage, have not yet carried out commercial production and sales, and the company has not yet made a profit.
Obviously, time is the best litmus test for the pharmaceutical industry, where high returns coexist with high investment and high risk.
Shenzhen's overall performance is good
As of December 15, there are not many Shenzhen companies that have released 2021 annual performance forecasts, only 5, namely Yiyatong, Dia, Dingyang Technology, Jinjia Shares, Qiangrui Technology, and overall good performance.
In terms of the increase in net profit, the above five companies were 345.56%, 143.23%, 86.18%, 35%, -23.78%, respectively. Although the growth rate of Qiangrui Technology, which ranked last, was negative, the net profit was also positive, and the lower limit of net profit was 49 million yuan.
In terms of net profit, the supply chain enterprise Yiyatong temporarily ranked first, and the lower limit of net profit exceeded 500 million. For such a significant increase in the company's performance, Yiyatong explained that the first is that the company's operating income continues to grow, while vigorously promoting the adjustment of business structure, and the proportion of brand operation and marketing business continues to increase; secondly, the company completed the non-public issuance of new shares in July 2021, optimized the financing structure, and effectively reduced financing costs.
It is worth mentioning that it is the only Qiangrui Technology with a negative net profit growth rate. It is an enterprise mainly engaged in the research and development, design, production and sales of fixtures and equipment for tooling and testing, and is also one of Huawei's suppliers. The decline in the performance of the division is greatly related to Huawei.
According to data released by the division, the net profit attributable to shareholders of the parent company for the full year of 2021 is expected to be 49-54 million yuan, a change of -23.78% to -13.58% compared with 2020.
In fact, the company's net profit attributable to the owners of the parent company in the first three quarters of this year has decreased by 24.05% year-on-year. At that time, the division explained that an important reason was that the company's core customer Huawei was sanctioned by the United States, and its purchase orders for the company fell sharply, resulting in the company's order saturation being less than expected, and the expenses increased during various periods but the revenue declined slightly.
Last year, despite the impact of the epidemic, the overall performance of listed Shenzhen enterprises still showed a recovery of growth, the ability to resist risks was enhanced, and the basic situation of the real economy was consolidated. This year, the performance of hundreds of listed companies in Shenzhen is worth looking forward to.
Written by: Nandu reporter Wang Yufeng