With the sharp decline at the end of 2023, investor confidence in the A-share market was very sluggish, which also gave birth to new reform measures.
In the new "National Nine Articles" released on April 12, a new dividend risk warning content has been added, as shown in the figure below.
Taking the main board as an example, if the net profit of the most recent fiscal year is positive, and the undistributed profit of the parent company at the end of the statement year is positive, the total cumulative cash dividends of the last three fiscal years are less than 30% of the average annual net profit of the last three fiscal years, and the cumulative dividend amount of the last three fiscal years is less than 50 million yuan.
However, the regulatory policy is more tolerant of technology-based listed companies, and there are exemptions in dividend requirements, involving listed companies on the Growth Enterprise Market and the Science and Technology Innovation Board.
On the whole, the regulator attaches great importance to the dividends of A-share listed companies.
It is worth mentioning that the 2023 annual report of the A-share market has not yet been disclosed, according to the calculation of Guojin Securities, if according to the new dividend risk warning standard in the new regulations, according to the financial data and dividends of listed companies in the three years from 2020 to 2022, there are 142 listed companies that do not meet the dividend standard, including 107 on the main board, 33 on the Growth Enterprise Market and 2 on the Science and Technology Innovation Board.
Which listed companies should be on the "black list" in terms of dividends? and which companies should be on the "red list" in terms of dividends?
Motherboard "black list": Jinbei car is quite outrageous, more than 20 years "a dime"
Wind data shows that in the main board markets of Shanghai and Shenzhen, from 2020 to 2022, 36 companies did not pay any cash dividends, including Shangao Huaneng, New Mileage, Gengxing Shares, Anel, Antong Holdings, Jinbei Automobile, etc.
It is reported that Jinbei Automobile is also a relatively well-known company, but since the company was listed in 1992, it has not had a dime for more than 20 years, which can be called a full "iron rooster".
Moreover, from the perspective of performance, Jinbei Automobile's profit performance in recent years is not bad, and it has continuously achieved profitability from 2020 to 2022, of which the net profit in 2022 is 150 million yuan.
In fact, there are not a few A-share companies like Jinbei Automobile, which have been listed for many years but have never been red, and it is a mess in terms of returning shareholders.
In addition, Wind data shows that from 2020 to 2022, there are 766 A-share main board companies with accumulated cash dividends in the range of 0-100 million yuan, accounting for 23.93% of all main board companies, accounting for a large proportion.
Wind data also shows that from 2020 to 2022, there are 439 main board companies with total cash dividends in the range of 100 million yuan to 200 million yuan.
On the whole, although after continuous improvement over the years, many A-share main board companies are still not very good about dividend awareness, and it is not excluded that some companies are not qualified to pay cash dividends because of poor performance, but more companies may not care about the interests of shareholders.
Among them, there are also some main board companies that have raised a lot of funds in the market since their listing and have made money, but they don't want to pay dividends at all, or just a symbolic share, and completely treat the A-share market as a "blood bag".
Main Board "Red List": State-owned Enterprises Continue to Dividends, Industrial and Commercial Bank of China "Throws Money"
However, there are still companies in the A-share market that are willing to pay dividends.
Wind data shows that from 2020 to 2022, only the Industrial and Commercial Bank of China (601398.SH) has a total cash dividend of more than 200 billion yuan, and the Industrial and Commercial Bank of China will announce another 109.203 billion yuan in 2023, which is a real "big moneymaker".
In addition, during the period from 2020 to 2022, there are 4 main board companies with cumulative dividends in the range of 100 billion yuan to 200 billion yuan, including Agricultural Bank of China, Bank of China, PetroChina (601857. SH), Kweichow Moutai (600519. SH), all four companies have also announced that they will continue to pay large dividends in 2023.
Among them, Kweichow Moutai's profit scale is still relatively large compared with Industrial and Commercial Bank of China and PetroChina, but the company's dividend intensity has been significantly strengthened in the past two years, and it has also paid dividends in the middle of the year, and its performance in total cash dividends is outstanding.
In addition, from 2020 to 2022, there are 5 main board companies with cash dividends in the range of 50 billion yuan to 100 billion yuan, including Sinopec, China Shenhua, China Merchants Bank, Ping An of China, and Industrial Bank, another 48 main board companies with cash dividends in the range of 10 billion yuan to 50 billion yuan, and 405 main board companies with cash dividends in the range of 1 billion yuan to 10 billion yuan.
It is not difficult to find that these top main board companies in terms of total cash dividends are basically well-known state-owned enterprises. Another feature is that in terms of cash dividends, the main board companies actually show obvious polarization, and the top few state-owned enterprises contribute the vast majority of cash dividends.
"Entrepreneurship and Entrepreneurship" and "Black List": Many companies are not profitable, and nearly half of the companies have dividends of less than 100 million
It should be pointed out that the main board market brings together traditional mature industries, while in the "entrepreneurship and innovation" market (i.e., the Growth Enterprise Market and the Science and Technology Innovation Board), there are mostly innovative enterprises, which have a greater demand for funds, so the dividend situation is also worse than that of the main board enterprises.
Wind data shows that in the "double creation" market, from 2020 to 2022, there are 13 companies with 0 cash dividends, including Fulin Seiko, Shanghai Yizhong, Yihuatong-U, etc., and 907 companies have total cash dividends in the range of 0-100 million yuan, accounting for 47.39% of "double creation" companies, accounting for 47.39% of the "double creation" companies, accounting for more than the main board companies.
It is worth noting that, unlike the main board companies, most of the "double creation" companies focus on emerging technology fields, and from the comparison of listing time, they are generally more "new" than the main board companies. In addition, the "double creation" companies not only have a greater demand for funds, but the key is that some "double creation" companies are still in the red, and they are unable to pay dividends, especially the enterprises on the science and technology innovation board, such as the above-mentioned Yihuatong-U.
According to the data, Sinohytec-U, which is mainly engaged in fuel cell systems and related technology development and technical services, has been in the red in the past three years.
Therefore, it is relatively normal for "double creation" companies to be inferior to the main board enterprises in terms of dividends.
"Entrepreneurship and Entrepreneurship" and "Red List": Most of the companies on the Growth Enterprise Market (GEM) are on the Growth Enterprise Market, and Mindray Medical is divided into another 5.2 billion
In addition, Wind data shows that in the "entrepreneurship and entrepreneurship" market, from 2020 to 2022, there are two companies with a total cash dividend of more than 5 billion yuan, namely Wen's shares, Mindray Medical (300760. SZ), among which Mindray Medical also announced that it would share another 5.214 billion yuan in 2023, while Wen's shares are expected to suffer huge losses in 2023 and fail to continue to pay dividends.
In addition, from 2020 to 2022, there are 10 "entrepreneurship and entrepreneurship" companies with total cash dividends in the range of 2 billion yuan to 5 billion yuan, including China General Signal, Lens Technology, CATL (300750. SZ), Transsion Holdings, Zhifei Biotechnology, etc., Flush, Inovance Technology, and Oriental Fortune also rank among the top companies in terms of cash dividends.
Roughly speaking, most of the top cash dividends in the "entrepreneurship and entrepreneurship" market are well-known industry leaders in all walks of life, and most of them are GEM companies, and there are only a few companies on the STAR Market.
epilogue
Cash dividends are an important way for listed companies to reward shareholders and the basis for guiding long-term value investment. In Hong Kong's immediate market, some investors even see investing in blue-chip stocks such as HSBC Holdings, Cheung Kong and Hang Seng Bank as an alternative savings because they are generous in dividends.
Although there are also companies in the A-share market such as Industrial and Commercial Bank of China, Kweichow Moutai, and Yangtze River Electric Power that continue to pay dividends, there are still too few such companies, and the proportion in the entire market is not high, which may also be a major reason why the value investment atmosphere in the A-share market is not strong and investors are keen to chase the rise and fall.
Fortunately, in recent years, the regulator has frequently introduced policies to guide A-share companies to pay attention to rewarding shareholders, and the introduction of the new "National Nine Articles" is expected to achieve positive results.
Author: Yun Zhifeng Qi