With the completion of the disclosure of the three quarterly reports of A-share listed companies and public funds, the income of the fixed increase market in the first three quarters of this year has also been clarified.
According to the data, as of October 31, under the structural market conditions of hot high-speed switching and relatively extreme market style interpretation during the year, the latest stock prices of 61 companies have doubled compared with the fixed increase issue price (post-re-right), most of which are from high-prosperity industries such as new energy, photovoltaics, and electronics, and the performance volume and price rise together to catalyze the rise in stock prices.
There are 77 companies with negative fixed-increase yields, of which 11 stocks have a discount of more than 20% from the fixed-increase issue price, and most of these stocks are in a continuous downward trend.
Since the beginning of this year, the market style has changed significantly compared with last year, and the more extreme style has also made the fixed increase market differentiated significantly.
61 stocks are set to double their profits
Since the beginning of this year, popular gold tracks such as photovoltaics, new energy vehicles, and semiconductors have been favored by funds, and the continuous high performance of individual stocks has catalyzed stock price performance. The top individual stocks in the fixed increase yield are also concentrated in the above areas, which also makes the institutions participating in the fixed increase earn a lot of money.
The first financial reporter to the fixed increase in shares issued and listed in the year of the company as a statistic, the data show that of the 61 companies that doubled the fixed increase and floating profit, 4 of the fixed increase and floating profit ratio reached more than 5 times, Mai Wei shares (300751. SZ) has the highest fixed-increase rate of return, at 10.43 times.
According to the announcement, at the beginning of February this year, Maiwei shares issued an additional 5.04 million shares to Zhou Jian and Wang Zheng, the company's controlling shareholders, actual controllers and co-actors, at an issue price of 120.7 yuan per share, raising a total of 608 million yuan.
In April, Maiwei shares were transferred to a high rate, and after the restoration, the above fixed increase price was about 66.9 yuan / share. As of the end of the third quarter, Maiwei shares were quoted at 765 yuan, with a fixed increase of 10.44 times, and zhou Jian and Wang Zheng's book floating wins had exceeded 6 billion yuan.
Maiwei Co., Ltd. is mainly engaged in complete sets of equipment for solar cell screen printing production line, and its products are mainly used in the midstream cell production link of the photovoltaic industry chain. In the first three quarters of 2021, Maiwei shares maintained rapid growth in performance, and the company achieved operating income of 2.185 billion yuan, an increase of 35.33% year-on-year; net profit attributable to the mother was 456 million yuan, an increase of 66.22% year-on-year.
The reporter further combed the data and found that the stocks with the highest fixed increase rates were from emerging hot tracks and the performance of the first three quarters remained high. Specifically, Hesheng Silicon (603260. SH), Shengxin Lithium Energy (002240. SZ), SilanWei (600460. SH), polyfluoride (002407. SZ) fixed increase yield of 797.44%, 597.95%, 352.46%, 274.85%, ranking first.
Under the high prosperity of new energy and semiconductors during the year, the above-mentioned leading stocks achieved high performance, which in turn catalyzed a sharp rise in stock prices. According to the third quarterly report, the net profit attributable to the mother in the first three quarters of polyfluoride increased by more than 53 times year-on-year to 737 million yuan, and the net profit attributable to the mother of Silan Micro increased by 1543% year-on-year to 727 million yuan.
Hesheng Silicon Industry is mainly engaged in silicone and industrial silicon industry, in the first three quarters of this year, the company achieved operating income of 14.115 billion yuan, an increase of 123.34% year-on-year; achieved a net profit of 5.003 billion yuan, an increase of 596.08% year-on-year, a record high.
The "safety cushion" of the fixed issue price and the sharp rise in the stock price of individual stocks have not only benefited institutional investors, but also obtained high returns for industrial capital.
In terms of industrial funds, in July last year, SilanWei issued an additional 82.35 million shares to the State Integrated Circuit Industry Investment Fund Co., Ltd. (hereinafter referred to as the "Big Fund") at an issue price of 13.63 yuan to purchase 19.51% of the equity of Jihua Investment and 20.38% of the equity of Silan Jixin held by the big fund.
At the end of 2020, The stock price of Silan Micro was launched, opening a wave of 8 months of rising market. As of the latest closing day, Silan Micro's stock price was reported at 58.58 yuan, an annual increase of more than 134%, and the floating profit of the big fund has exceeded 3.7 billion yuan.
The change in market style has made the fixed increase income differentiated significantly
After the introduction of refinancing rules in 2020, the fixed increase market of A-shares has picked up significantly compared with the past. Wind statistics show that as of the end of the third quarter, a total of 545 A-share listed companies issued pre-increase plans during the year, an increase of more than 60% year-on-year; the scale of fundraising also expanded, and the total amount of funds to be raised exceeded 1.01 trillion yuan, an increase of more than 120% year-on-year. Among them, a total of 339 listed companies have landed, an increase of more than 50% year-on-year.
Entering 2021, under the background of maintaining a high level of new issuance plans and abundant stock projects, the discount rate of the fixed increase issue price of listed companies continues to remain at a high level of more than 15%, and the opportunities for the "golden pit" of fixed increase are not few.
Wind data shows that as of the end of the third quarter, a total of 52 securities companies participated in the fixed increase during the year, with 350 subscriptions, an increase of 68.3% year-on-year, and the subscription scale of CITIC Securities, CICC and Guosen Securities ranked among the top 10 in the whole market. Among them, Guotai Junan participated in the subscription of listed companies the most times, participating in a total of 54 listed companies with a total subscription amount of 6.342 billion yuan
Judging from the yield differentiation of the fixed increase market so far - 61 stocks have doubled their income and 77 have floated losses, which is obviously different from 2020, the continuous differentiation of the fixed increase market after the new rules on refinancing.
Looking further at the landing of the fixed increase market during the year, the data shows that in the first three quarters of this year, about 30% of the listed companies' fixed increase and fundraising showed a shrinkage phenomenon, accounting for an increase compared with the same period last year.
In the view of a Shanghai private equity fund manager, the further differentiation of market styles during the year is the main reason for the differentiation of the fixed increase market.
"The style of this year's market has been more extreme than last year for a considerable period of time, and individual stocks in several major industries such as photovoltaics, semiconductors, cycles, and new energy vehicles have risen sharply, accompanied by the rise of small and medium-cap blue chips represented by the CSI 500 from a low level." This means that individual stocks that conform to the market style are more attractive in the fixed increase market, and in industries where the underlying logic and fundamentals change due to the introduction of policies, the market 'votes with their feet' will also make the fixed increase market 'cold'. He said.
With a fixed increase and floating profit ratio loss of more than 50% of the University of Education (000526. SZ) as an example, in the month of the launch of the "double reduction" policy, the stock price of Xueda Education fell by more than 30%. Due to the company's training time and training fees for discipline-based education products, which were affected by the "double reduction" policy, the operating income and profit in the third quarter showed a significant decline.
According to the financial report, in the first three quarters of 2021, Xueda Education achieved revenue of 2.152 billion yuan, an increase of 11.2% year-on-year; The net profit attributable to the parent shareholders was 44.7767 million yuan, an increase of 47.19% year-on-year. Among them, the third quarter performance loss, the quarterly operating income of 570 million yuan, a decrease of 10.77% year-on-year; the net loss of 66.01 million yuan, an increase of 390.92% over the same period last year.
Xueda Education pointed out in its financial report that due to the policy requirement to complete the "business to non-business" work of discipline-based training institutions in the compulsory education stage by the end of 2021, with the release of relevant documents and the company's future business development needs, the company has successively optimized and adjusted the investment plans and investment quotas of wholly-owned and controlled subsidiaries, private non-enterprise units, and for-profit training schools in the K12 system and education-related upstream and downstream business industries.