The appointment for the 2024 semi-annual report has been completed, and the investment opportunities for interim reports and new productivity have been grasped
·Guide·
- Weekly topic: 249 companies have completed semi-annual report appointments, and 2 companies have issued semi-annual forecasts
- Zhou's view: We have a more optimistic attitude towards the Beijing Stock Exchange market, and it is recommended to actively seize the plate allocation window
- Market situation: The overall PE valuation of Beijing Stock Exchange A-shares fell to 18.5X, and the average daily turnover fell to 2.7 billion yuan
- New shares: 3 companies have been terminated, and 7 companies have responded to the inquiry letter for updates
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Weekly topic: 249 companies have completed semi-annual report appointments, and 2 companies have issued semi-annual forecasts
According to the appointment schedule, Langhong Technology is expected to be the first semi-annual report disclosure company on the Beijing Stock Exchange, with a date of July 22. In addition, Huitong New Materials and Guangsha Huanneng plan to disclose financial reports on July 26 and July 31 respectively, the above companies are the only three companies that are expected to disclose semi-annual reports in July, and the remaining 246 are disclosed in August, of which 33 are disclosed on August 29. In addition, Jinbo Biotech and Air China COSCO have released the 2024 semi-annual performance forecast, among which Jinbo Biotech, a leading recombinant humanized collagen company, is expected to achieve a net profit attributable to the parent company of 290 million yuan to 310 million yuan in the first half of 2024, a year-on-year increase of 165%-183.28%, and continue to maintain high growth; Air China COSCO, a high-quality dry bulk freight company, expects a net profit of 60 million to 80 million yuan in the first half of 2024, a year-on-year increase of 263.27%-384.36%, and the overall dry bulk transportation market price will have a good support in 2024. From the perspective of market valuation, the overall PE of BSE A-shares has dropped to 18.5X, which is lower than the median PE from 2021Q3 to 2024H1 (20.98X), and is also far lower than the 34X of the Science and Technology Innovation Board and the 27X of the ChiNext Board. In addition, at present, there are 76 companies on the Beijing Stock Exchange, PETTM is in 0-15X, and 27 of them have a growth rate of more than 10% in revenue and net profit attributable to the parent company in 2024Q1. Regardless of the comparison with the historical valuation of BSE A-shares and the valuation of the STAR Market and ChiNext, the valuation of BSE A-shares at the current time is relatively cost-effective and the potential upside in the future is relatively large. Zhou's view: We have a more optimistic attitude towards the Beijing Stock Exchange market, and it is recommended to actively seize the plate allocation window
At present, all companies on the Beijing Stock Exchange have completed the appointment for the disclosure date of the 2024 semi-annual report, and it is expected that with the advent of the disclosure window, it is expected to open the Beijing Stock Exchange's interim report market. In addition, Guoyuan Securities Co., Ltd. and Wuhu City jointly established an equity investment fund focusing on the theme of the Beijing Stock Exchange - Anhui Guoyuan High-tech Beijing Stock Exchange Theme Equity Investment Fund, focusing on innovative small and medium-sized enterprises in the upstream and downstream of the industrial chain with a strong chain and complementary chain effect, especially high-quality enterprises such as "specialized, special and new" and "invisible champions". Or investment opportunities in the second half of the year, such as Keqiang shares, Xinghao Pharmaceutical, Combit, Wantong Hydraulics, Li Tong Technology, Jianbang Technology, etc. In addition, some opportunities for large industrial cycle dimensions will benefit with the development of the industry, one is the recovery of semiconductors and domestic substitution chain, including CapitaLand Quartz, Hualing shares, etc.; the second is the equipment renewal and industrial prosperity chain, including Kleite, Kekang Instruments, Tiangang shares, etc.; the third is in the intelligent network industry chain, including Audiwell, Yishi Precision, Weimao Electronics, etc.; Fourth, in the computing power service industry chain, including parallel technology, Guangmai technology, etc.; Fifth, in the new material industry chain, including Meibang Technology, Tianli Composite, CommScope Chemical, Tianma New Materials, etc.
Market situation: The overall PE valuation of Beijing Stock Exchange A-shares fell to 18.5X, and the average daily turnover fell to 2.7 billion yuan
This week, the overall PE valuations of ChiNext, STAR Market and BSE A-shares have all fallen, of which the overall PE of ChiNext has fallen from 27.76X to 27.01X, the overall PE of STAR Market has fallen from 34.77X to 33.73X, and the overall PE of BSE A-shares has fallen from 19X to 18.54X. From the perspective of liquidity performance, the average daily turnover rate of Beijing Stock Exchange A-shares dropped to 2.52%, the average daily turnover rate of the Science and Technology Innovation Board was 1.65%, and the average daily turnover rate of ChiNext was 4.29%. In terms of indexes, the ChiNext Index, the Beijing Stock Exchange 50, the Science and Technology Innovation 50 Index and the CSI 300 Index fell this week, and the Beijing Stock Exchange 50 Index PE TTM 29X.
New shares: 3 companies have been terminated, and 7 companies have responded to the inquiry letter for updates
From July 1, 2024 to July 5, 2024, 7 companies, including Dongang Technology, Keli Co., Ltd., Hongtian Xinye, Baiyuan Equipment, Shengye Electric, Sankyo Motor and CIFI Electric, updated their audit status to Inquired; The three companies of Ive, Hengsheng Medical and Tongfang Ruifeng updated their audit status to termination. Analyst:
诸海滨：S0790522080007
Zhao Hao: S0790522080002 report date: July 7, 2024
Risk warning: the risk of policy implementation not meeting expectations, the risk of data statistical error, and the risk of macro environment
1. Weekly view: 249 companies have completed the semi-annual report appointment, and 2 companies have issued semi-annual forecasts
249 companies on the Beijing Stock Exchange disclosed the appointment time of semi-annual reports. According to the appointment schedule, Langhong Technology is expected to be the first semi-annual report disclosure company on the Beijing Stock Exchange, with a disclosure date of July 22. In addition, Huitong New Materials and Guangsha Huanneng plan to disclose financial reports on July 26 and July 31 respectively. The above-mentioned companies are the only 3 companies on the Beijing Stock Exchange that are expected to disclose their semi-annual reports in July, and the remaining 246 are all disclosed in August, of which 33 are disclosed on August 29.
In addition, Jinbo Biotech and Air China COSCO have released the 2024 semi-annual performance forecast, among which Jinbo Biotech, a leading recombinant humanized collagen company, is expected to achieve a net profit attributable to the parent company of 290 million yuan to 310 million yuan in the first half of 2024, a year-on-year increase of 165%-183.28%, and continue to maintain high growth; Air China COSCO, a high-quality dry bulk freight company, expects a net profit of 60 million to 80 million yuan in the first half of 2024, a year-on-year increase of 263.27%-384.36%, and the overall dry bulk transportation market price will have a good support in 2024.
From the perspective of market valuation, the overall PE of BSE A-shares has dropped to 18.5X, which is lower than the median PE from 2021Q3 to 2024H1 (20.98X), and is also far lower than the 34X of the Science and Technology Innovation Board and the 27X of the ChiNext Board.
In addition, at present, there are 76 companies on the Beijing Stock Exchange, PETTM is in 0-15X, and 27 of them have a growth rate of more than 10% in revenue and net profit attributable to the parent company in 2024Q1.
From the perspective of investment strategy, at present, all companies on the Beijing Stock Exchange have completed the appointment of the disclosure date of the 2024 semi-annual report, and it is expected that with the advent of the disclosure window, it is expected to open the Beijing Stock Exchange's interim report market. In addition, Guoyuan Securities Co., Ltd. and Wuhu City jointly established an equity investment fund focusing on the theme of the Beijing Stock Exchange - Anhui Guoyuan High-tech Beijing Stock Exchange Theme Equity Investment Fund, focusing on innovative small and medium-sized enterprises in the upstream and downstream of the industrial chain with a strong chain and complementary chain effect, especially high-quality enterprises such as "specialized, special and new" and "invisible champions". Or investment opportunities in the second half of the year, such as Keqiang shares, Xinghao Pharmaceutical, Combit, Wantong Hydraulics, Li Tong Technology, Jianbang Technology, etc. In addition, some opportunities for large industrial cycle dimensions will benefit with the development of the industry, one is the recovery of semiconductors and domestic substitution chain, including CapitaLand Quartz, Hualing shares, etc.; the second is the equipment renewal and industrial prosperity chain, including Kleite, Kekang Instruments, Tiangang shares, etc.; the third is in the intelligent network industry chain, including Audiwell, Yishi Precision, Weimao Electronics, etc.; Fourth, in the computing power service industry chain, including parallel technology, Guangmai technology, etc.; Fifth, in the new material industry chain, including Meibang Technology, Tianli Composite, CommScope Chemical, Tianma New Materials, etc.
2. Market performance of the Beijing Stock Exchange: The overall PE valuation of Beijing Stock Exchange A-shares fell to 18.5X
This week, the overall PE valuations of ChiNext, STAR Market and BSE A-shares have all fallen, of which the overall PE of ChiNext has fallen from 27.76X to 27.01X, the overall PE of STAR Market has fallen from 34.77X to 33.73X, and the overall PE of BSE A-shares has fallen from 19X to 18.54X.
From the perspective of liquidity performance, the average daily turnover of BSE A-shares this week (2024.7.1-2024.7.5) was 2.681 billion yuan, down 8.40% from last week. The average daily turnover rate of BSE A-shares fell this week, reaching 2.52% (-0.42pcts); The average daily turnover rate of the Science and Technology Innovation Board this week was 1.65% (-0.48pcts); The average daily turnover rate of GEM this week was 4.29% (-0.33pcts). Note: The turnover rate is the interval turnover rate (arithmetic mean).
From the perspective of the BSE 50 index, the BSE 50 index fell overall this week, and the BSE 50 index PE TTM was 28.90X. Judging from the performance of the rise and fall of several major indexes, the Science and Technology Innovation 50, CSI 300, and ChiNext indices fell this week. As of this week (2024.7.5), the Beijing Stock Exchange 50 Index was reported at 692.04 points, down 2.39% from last week's closing price; The CSI 300 Index was at 3,431.06 points, down 0.88% from last week's closing price; The STAR 50 Index was reported at 698.85 points, down 1.86% from last week's closing price; The ChiNext index was at 1,655.59 points, down 1.65% from last week's close.
3. Listing on the Beijing Stock Exchange: The average first-day increase of newly listed companies in 2024 is 115%
From January 1, 2023 to July 5, 2024, a total of 87 companies will be newly listed on the Beijing Stock Exchange. Among them, there will be no new companies listed on July 1 ~ July 5, 2024.
From January 1, 2023 to July 5, 2024, the average issue price-earnings ratio of 87 listed companies is 16.82X, the median value is 15.99X (Kangle Guardian and Parallel Technology are loss-making companies, not considered for the time being), the average first-day increase and decrease is 63.60%, the median first-day change is 34.66%, and the average first-day increase of 10 listed companies in 2024 is 115%; Among them, the top 3 companies with the largest increase on the first day so far in 2023 are maintained by Awite (+1008.33%), Kunbo Seiko (+244.46%), and West Magnetic Technology (+237.45%).
4. List of IPO reviews on the Beijing Stock Exchange: A total of 7 companies have made inquiries and updates this week
According to the latest audit status, the information will be updated from July 1, 2024 to July 5, 2024: 7 companies, including Dongang Technology, Keli Co., Ltd., Hongtian Xinye, Baiyuan Equipment, Shengye Electric, Sankyo Motor and CIFI Electric, have updated their audit status to Inquired; The three companies of Ive, Hengsheng Medical and Tongfang Ruifeng updated their audit status to termination.
5. Risk warning
The risk that the policy implementation does not meet expectations, the risk of data statistical error, and the risk of macro environment
END
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