Source: People's Daily
Source: China Association of Listed Companies, etc
Recently, listed companies in mainland China have successively disclosed their 2022 annual reports. Listed companies are an important force driving China's economic growth, and the performance of listed companies reflects the overall situation of mainland economic development from one side. What are the highlights of this annual report "report card"? What impact have a series of capital market reform measures brought to the development of listed companies? Combined with the annual report, the reporter walked into some listed companies to feel the pulse of China's high-quality economic development.
The overall performance grew steadily
Last year, nearly 40% of domestic listed companies maintained double growth in revenue and net profit
In the workshop of Ningbo Haitian Precision Co., Ltd., high-end CNC machine tools are coming off the production line in an orderly manner, and they will be sent to the new energy vehicle production workshop to help realize the batch and efficient processing of integrated die-cast body parts.
"The company's main products are high-end CNC machine tools, which are the working machine of high-end equipment manufacturing industry. Last year, by deploying and accelerating the establishment of a digital production system in the field of new energy vehicles, the company's domestic and overseas sales revenue hit a record high. Xie Jingbin, secretary of the company's director, told reporters that last year, although the global economic uncertainty increased, the domestic economy faced "triple pressure", and difficulties and challenges in all aspects increased, transformation and upgrading and business expansion added resilience to the development of the enterprise, and the company achieved operating income and net profit growth of 16.37% and 40.31% respectively in 2022.
In 2022, many listed companies like Haitian Precision will stick to their main business, deeply integrate into the modern industrial system, and continue to promote digital, high-end and green development, not only to achieve their own high-quality development, but also to promote the overall performance of listed companies to maintain steady growth. According to statistics from the China Association of Listed Companies (hereinafter referred to as the "China Association of Listed Companies"), as of April 29, a total of 5,067 domestic listed companies disclosed their 2022 annual reports, achieving a total operating income of 71.53 trillion yuan last year, a year-on-year increase of 7.2%; The net profit was 5.63 trillion yuan, a year-on-year increase of 0.8%. Among them, nearly 40% of the companies maintained double growth in revenue and net profit.
Physical companies are showing good momentum. The operating income and net profit of Shanghai entity listed companies increased by 8% and 3% respectively year-on-year, both higher than the overall level of the main board of the Shanghai market. Shenzhen real companies achieved a year-on-year increase in net profit of 7%, of which nearly eighty percent of companies achieved profits, and the quality of earnings increased steadily.
In terms of sectors, the innovation sector has achieved remarkable results. The annual revenue growth rate of the STAR Board enterprises was leading, reaching 29.3%; ChiNext led the growth rate in net profit, reaching 11.3%; The profitability of enterprises on the Beijing Stock Exchange exceeded 90%. "This reflects the development momentum of the modern industrial system, and strategic emerging industries such as new energy, high-end manufacturing, and technology software and hardware have achieved high growth." Li Qiusuo, strategic analyst and managing director of CICC Research, said.
In terms of industries, high-quality listed companies are clustered, showing a good pattern of coordinated development of the industrial chain and supply chain. Shanghai's new infrastructure sector, represented by 5G, UHV, intercity high-speed railway and rail transit, is linked to huge investment and demand, and leads the escalating strong consumer market, and gradually becomes a new engine of economic growth. A number of high-quality chain main enterprises have emerged in the fields of electronic communications, medicine and biology, and new energy in Shenzhen City, which effectively ensure the stability of the industrial chain and supply chain. "In 2022, the overseas business revenue of A-share listed companies will increase by nearly 20%, which will become a strong support for the overall stable development. This also proves that China's 'large, long and complete' industrial chain shows more obvious advantages in the context of the intensification of the international competition pattern. Li sought analysis.
The overall performance of listed companies to maintain steady growth is inseparable from the support of national policies. According to data from the China Shanghai Association, listed companies received a total of 0.85 trillion yuan in tax refunds in 2022, a year-on-year increase of 120%, and the total tax refunds accounted for 6% of the company's net operating cash flow, which helped enterprises bail out the policy effect obviously.
"Generally speaking, the mainland's business environment has been continuously optimized, enterprises are expected to gradually stabilize, and the industrial chain and supply chain have been continuously repaired and consolidated, which have strongly supported the stable development of listed companies and formed a high-quality development trend." Tian Lihui, dean of the Institute of Financial Development of Nankai University, said.
The innovation character is more distinct
In 2022, the average R&D intensity of listed companies in the whole market will be 2.32%, an increase of 0.25 percentage points year-on-year
Automatic screw locking, automatic high-speed mounting, fully automatic packaging and transfer... In the workshop of the Guangdong Huizhou intelligent factory of Beijing Stone Century Technology Co., Ltd., the assembly manipulator waved non-stop, and the workers were busy monitoring and managing the operation of the equipment, and an average of three sweeping robots were transmitted from the production line every minute and transported to consumers.
"Sweeping robots are becoming more and more 'smart', able to recognize maps and clean efficiently, relying on many technologies independently developed by us, such as lidar and positioning algorithms, multi-sensor fusion motion control modules, navigation algorithms based on artificial intelligence technology." Cheng Fei, senior vice president of Stone Technology, told reporters that in 2022, the company's R&D investment will be 489 million yuan, a year-on-year increase of 10.85%, and R&D investment will account for 7.38% of operating income.
In 2022, the science and technology innovation board enterprises where Stone Technology is located adhered to the positioning of "hard technology", and the average R&D intensity among the three innovation sectors was the highest, reaching 10.53%. ChiNext, which mainly serves growth innovation and entrepreneurship enterprises, increased R&D investment by 20.3% year-on-year in 2022, and the overall R&D intensity of the sector was 4.9%. The Beijing Stock Exchange, which is committed to building the main position of serving innovative small and medium-sized enterprises, increased the R&D expenditure of listed companies by 18.03% year-on-year in 2022, with an average R&D intensity of 4.46%.
Not only are enterprises in the innovation sector taking the lead, but from the perspective of the whole market, the characteristics of innovation are also more distinct. According to statistics from the China Shanghai Association, in 2022, the total R&D investment of listed companies in the whole market will be 1.66 trillion yuan, an increase of 0.27 trillion yuan over the previous year, and the average R&D intensity will be 2.32%, an increase of 0.25 percentage points year-on-year.
The ultra-large diameter shaft drilling rig has created a "steel and iron bone" for the "high-difficulty and sophisticated" underground project, the pile beam integrated bridge building machine realizes a new bridge construction mode of intelligent erection, and the targeted drug for lung cancer has entered the clinical phase III. The continuous growth of R&D investment in listed companies has driven the continuous improvement of the transformation and industrialization level of scientific and technological achievements.
At the same time, the R&D capabilities of listed companies continue to increase, helping high-level technology to stand on their own two feet: wet two-step precursor production technology breaks the technical monopoly of international carbon fiber giants, high-current high-frequency switching power supply technology effectively alleviates the dilemma of mainland copper foil technology, and the successful application of the first deepwater underwater oil and gas production system in China breaks the technology monopoly... According to data from the China Shanghai Association, the cumulative number of patents disclosed by domestic listed companies exceeded 1.4 million at the end of 2022, an increase of more than 17% over the previous year.
Innovation-driven, high-end manufacturing, and green development have increasingly become the key to supporting the market value and growth momentum of listed companies. According to statistics from the Shanghai Stock Exchange, as of the end of 2022, the average P/E ratio and price-to-book ratio of companies listed on the main board of Shanghai with R&D investment of more than 100 million yuan and R&D intensity exceeding 5% reached 46 times and 3.59 times, respectively, higher than the average valuation levels of 36 times and 3.15 times of other companies. According to data from the China Shanghai Association, the revenue of listed companies in high-tech manufacturing increased by 14.6% last year.
"The role of the capital market in promoting the positive circulation of industry, capital and technology has been further highlighted, and the overall quality, structure and ecology of listed companies have been further improved." Li Qiusuo said.
Reform injects strong impetus
The reform of the stock issuance registration system has been comprehensively implemented to enhance the ability of the capital market to serve the real economy
"We have personally experienced the efficiency of stock issuance review brought about by the registration system reform." Wang Shiyue, chairman of Zhejiang Haisen Pharmaceutical Co., Ltd., said. On April 10 this year, the first batch of 10 companies registered on the main board of the Shanghai and Shenzhen Stock Exchange sounded the gong and went public, and Haisen Pharmaceutical was one of them.
Wang Shiyue introduced that after the company shifted from the main board review system to the registration system, it took only 49 days from the acceptance of the exchange to the meeting, registration and listing bell ringing, and from the meeting to the registration approval, it took only 3 days. ”
Accelerating the listing will play a key role in enhancing the company's R&D capabilities and competitiveness. "The funds raised are mainly used to invest in the construction of technical transformation projects and R&D centers for API production lines with an annual output of 200 tons of atorvastatin calcium." Wang Shiyue said that the fundraising and investment project will help the company develop into the research and development and production of chemical preparations on the basis of refining and strengthening APIs, and build a comprehensive modern pharmaceutical enterprise.
The reform of the stock issuance registration system has been fully implemented, and the reform has created institutional dividends for more and more listed companies and improved the ability of the capital market to serve the real economy. "Fully implementing the stock issuance registration system, improving the function of the capital market, and increasing the proportion of direct financing will help broaden the financing channels of enterprises, promote industrial transformation and upgrading, and improve the efficiency of resource allocation." Li Qiusuo said.
In the Science and Technology Innovation Board, where the registration system was first implemented, and the ChiNext and Beijing Stock Exchange, which subsequently carried out the pilot of the registration system, the vitality of reform was surging, and the group of listed companies continued to grow, leading the trend of high-quality development. Among the newly listed companies in 2022, there are 354 companies on the ChiNext Market, the Science and Technology Innovation Board and the Beijing Stock Exchange, accounting for 83%. In 2022, there were 9 companies on the STAR Board that were not profitable at the time of listing, and the net profit before and after deduction was positive for the first time after listing, successfully "picking U". Since 2022, 226 new listed companies have been added to the Shenzhen market, including 173 new companies on the ChiNext Market, and the annual revenue and net profit of the newly listed companies have increased by 17.4% and 3.6% year-on-year, respectively, both higher than the average level of the Shenzhen market.
To widen and properly control the "entrance gates," it is also necessary to unblock the "exit gates." In 2022, the delisting reform has been implemented. According to the statistics of the China Shanghai Association, there were 51 delisted companies in 2022, of which 42 were forced to delist, exceeding the total of the 10 years before the delisting reform, and the normalized delisting situation was basically formed. Driven by the reform of the registration system, a series of basic system reforms of the capital market, such as issuance underwriting, trading, mergers and acquisitions, continuous supervision, and delisting, are accelerating and advancing to further improve the efficiency of the capital market in serving the real economy.
Tian Lihui believes that a series of reforms not only enable more enterprises to enter the capital market for financing, provide more enterprises with a platform for intertemporal pricing, but also bring the expectation that many enterprises can be listed and private equity investors can exit, accelerating the formation of a virtuous circle of "private equity investment - enterprise growth - public market issuance - high-quality development of listed companies".
"In the future, the capital market should continue to promote high-quality information disclosure, high-standard corporate governance and high-level market pricing, continuously expand the depth and breadth of the market, drive more high-quality enterprises to go public and develop, and at the same time set benchmarks for more non-listed enterprises, provide better corporate governance templates, and comprehensively promote the high-quality development of the real economy." Tian Lihui said.