09 Annual Report Analysis Of Shenzhen Stock Exchange'S Multi-Level Capital Market Listed Companies

Preface

As of April 30, 2010, 938 listed companies of Shenzhen Stock Exchange disclosed 2009 annual reports, of which 485 were main board companies, 395 were SME Board companies, and 58 were GEM companies.

This is the first collective appearance of the main board, SME board and GEM listed companies in the form of annual report since the Shenzhen Stock Exchange promoted the construction of a multi-level capital market.

We should promote the construction of multi-level capital market, aiming at providing financing platform for enterprises with different growth stages and different risk characteristics, and deepening support for SMEs and independent innovation enterprises.

Based on the annual reports of Listed Companies in 2009 and combined with the recent three years' annual reports and prospectus data, this report reflects the construction of multi-level capital market through empirical analysis of the operating performance of the main board, small and medium board and GEM companies.

As small and medium sized boards, especially the growth enterprise market, have not been launched for a long time and the number of samples is limited, the results of statistical analysis of annual reports need to be followed up and tested in the future.

According to the statistical analysis of the 938 annual reports, our preliminary conclusions are: (1) in the 2009 year, the performance of listed companies has achieved remarkable growth in the whole, achieving an average earnings per share of 0.3539 yuan, an increase of 27.76% over the same period last year, and the net assets yield 10.35%, up 1.45 percentage points compared with the same period last year.

The continuous growth of small and medium-sized board performance and the high growth of the growth enterprise market are more prominent. The multi-level market supports the quality enterprises in the real economy to achieve results. (2) in the 2007-2009 years, the main board, SME board and GEM listed companies have significant plate characteristics in the performance and performance change factors, reflecting the characteristics of the various levels of the market system in various aspects. (3) three sectors have different degrees of performance differentiation, high growth sustainability and high pfer, which need attention.

　　一、2009年度上市公司業(yè)績總體情況

In 2009, the impact of the global financial crisis is continuing. In response to the impact of the financial crisis, the central government has adopted a series of positive macroeconomic policies and measures, and promoted the pformation of the mode of economic development with the aim of enhancing the capability of independent innovation.

Against this background, the listed companies have taken active measures to improve their management level. A number of listed companies have grasped the opportunities brought by industry integration, industry recovery and emerging industries, and have achieved rapid growth.

In 2009, the overall performance of the main board, SME board and GEM companies achieved overall growth (see Table 1).

1., the performance of listed companies on the main board showed strong recovery.

In 2008, the financial crisis led to a steep decline in the performance of the main board: the average operating profit of the 485 companies dropped from 277 million 461 thousand yuan to 156 million 319 thousand and 900 yuan, and the average profit decreased from 304 million 754 thousand and 300 yuan to 19251.08, and the average net profit fell from 214 million 967 thousand and 300 yuan to 132 million 119 thousand yuan.

The decline in the three profit indicators is as high as 40%.

In 2009, the motherboard company's performance increased and its average business income increased by 6.39% over the same period last year.

The profit level has rebounded strongly, the average net profit has increased by 54.46% compared with the same period last year, and 63.51% of the company has achieved profit growth, and the overall profitability has been rebounded sharply compared with 2008.

The average operating profit was 258 million 71 thousand and 400 yuan, with an average profit of 293 million 232 thousand and 800 yuan, with an average net profit of 205 million 326 thousand and 800 yuan, basically returning to the level of 2007.

Most of the 485 companies on the main board of Shenzhen Stock Exchange have been listed for more than 10 years, and the differentiation is very obvious.

A number of companies have become prominent and industry-leading blue chip companies. A number of companies have actively optimized and integrated the industrial chain through mergers and acquisitions and overall listing, laying the foundation for sustainable growth.

Analysis of the 2009 annual report is that the rapid recovery of the company's performance has led to a substantial increase in the average performance of the motherboard company.

In addition, 485 main board companies are mainly distributed in traditional industries. The cyclical characteristics of industry boom are sensitive to macroeconomic fluctuations.

The major fluctuations in the profitability of the main board in 2008 and 2009 reflect the overall change of the national economy in the past two years. It is also a reflection of the first recovery of China's economy in the global financial crisis.

2. small and medium-sized board listed companies have high quality and steady growth.

In the financial crisis, small and medium-sized board companies showed strong ability to resist risks.

In the 2008 most severe financial crisis, the growth of performance has slowed down, but the absolute level has not declined.

In the 2008 year, the average operating profit was 99 million 289 thousand and 200 yuan, with an average profit of 106 million 531 thousand and 700 yuan and an average net profit of 84 million 864 thousand and 800 yuan, basically unchanged from the 97 million 300 thousand yuan, 103 million 837 thousand and 500 yuan and 80 million 575 thousand yuan in 2007 years before the outbreak of the financial crisis.

In 2009, the small and medium-sized board companies reentered the track of steady growth: the average operating income of the 395 companies increased by 7.59% over the same period, the average net profit increased by 27.08% compared with the same period last year, and the net profit of the 77.22% companies increased year by year, of which 233 business income and net profit increased by two times, accounting for 58.99%.

It is worth noting that the overall performance level of small and medium-sized board companies has been increasing for sixth consecutive years in 2009.

Especially in 2004, the 38 companies listed on the first board of small and medium sized boards, most of the performance did not show the phenomenon of "one year, two years, three years," and maintained a sustained high growth momentum. The average operating income compound growth rate was 31.21% from 2004 to 2009, and the average net profit compound growth rate was 39.44%.

Even in the 2008, which was most affected by the financial crisis, the average net profit still maintained a growth rate of 37.67%.

In 2009, only 2 companies suffered losses from the downturn in the industry.

The quality growth of small and medium-sized board companies is shown as follows: (1) net profit growth is far beyond the increase of operating income.

In 2009, the operating revenue growth rate of small and medium-sized board companies was 7.59%, while the net profit growth rate was 27.08%.

The increase in net profit is obviously higher than the increase in operating income, which indicates that the company's profitability has improved. (2) the growth of performance is mainly from the main business, and the proportion of non recurring gains and losses is relatively low.

Of the 2009 profit components, 88.91% came from the main business, and 6.47% came from operating expenses such as government subsidy income, and 4.62% came from investment income.

In addition, the total profit and loss of fair value change is only 15 million yuan, which accounts for only 0.03% of the total profit, and has little impact on the overall performance. (3) half of the companies achieve double growth of net profit and operating cash flow.

The average net cash flow from operating activities was 168 million yuan, an increase of 62.26% over the previous year, which is 1.55 times the average net profit of that year.

The operating cash flow of the 234 companies is higher than the net profit realized, accounting for 59.24%, and 207 companies achieve double growth of net profit and operating cash flow, accounting for 52.41%.

3. the outstanding features of the growth performance of GEM listed companies appear initially.

In the three markets, the performance of GEM companies showed the strongest growth trend.

The total revenue of 58 companies in 2009 was 17 billion 522 million yuan, an increase of 33.3% over the same period last year, of which 8 companies exceeded 50%, 3 companies exceeded 100%, operating profit 3 billion 643 million yuan, an increase of 48.02% over the previous year, and the total net profit of owners belonging to the parent company was 3 billion 354 million yuan, an increase of 45.3% over the same period.

In 2009, the weighted average earnings per share were 0.71 yuan.

The growth of GEM listed companies is outstanding, but two factors may reduce the reliability of cross sector comparison: (1) in 2009, most of the GEM listed companies experienced the baptism of the financial crisis in 2008, and still achieved high growth. The results were excellent and excellent. They were used for comparative analysis, and the samples were biased. (2) the sample size was relatively small, and the time span after the listing of the company was relatively short, and the analysis results were not enough to support the trend judgment.

4., the capital market supports the development of high-tech enterprises with remarkable results.

As the backbone of China's independent innovation, the hi-tech enterprise group has become the key supporting object of the capital market. With the development of multi-level capital market, small and medium sized boards and gem have become the main channel for hi-tech enterprises to enter the capital market.

The cooperation research between the Shenzhen Institute of comprehensive research and the torch center of the Ministry of science and technology shows that in the newly certified high-tech enterprises in 2008, there were 347 listed companies from 2005 to the end of April 2010, of which 281 and 60 were listed on the SME board and gem.

By the end of April 2010, about 70% of the small and medium-sized board and about 80% of the GEM companies were "new high enterprises".

Listing has created favorable conditions for hi-tech enterprises to increase R & D input intensity, and listed companies are gradually increasing R & D input intensity in order to enhance competitiveness.

According to the 2009 annual report, the average R & D investment of 261 new high enterprises in the small and medium sized board was 32 million 900 thousand yuan, an increase of 66.16% over the 19 million 800 thousand yuan before the listing, and the proportion of R & D investment in the main business revenue was 5.48%, representing a 25.97% increase compared with 4.35% in the previous year.

On GEM, in 2009, the total amount of R & D expenditure of 58 companies amounted to 823 million yuan, and the average R & D expenditure of each company accounted for 6.6% (average arithmetic value), which was 14.58% higher than that of 5.76% in 2008.

Among them, the R & D expenditure of the computer application service industry is relatively large.

　　二、近三年主板、中小板、創(chuàng)業(yè)板公司業(yè)績的板塊特征分析

Due to the different positioning of the main board, small and medium board and growth enterprise market, there are three differences between the listed companies in terms of scale, growth stage and industry attributes.

Theoretically, the performance, performance change and performance factors of Listed Companies in three levels should show the plate characteristics that can be observed.

In order to analyze the plate characteristics of the three markets more deeply and systematically, we have chosen 2007-2009 years and three years' performance data to further analyze the growth performance of the company's profitability reflected by the average gross profit margin level, the growth rate of the main profit indicators and the factors affecting the profit composition.

1. company profitability differences

In 2007-2009, the average gross profit margin of the main board, small and medium sized board and GEM listed companies showed a steady upward trend, and gross profit increased year by year.

At the same time, the average gross profit margin showed a cascade distribution from the main board to the small and medium sized boards and the gem.

Among them, the average gross profit margin of GEM companies has reached 36%-41% in the past three years, almost two times that of the small and medium-sized boards (21%-23%) and the main board (16%-18%).

Note: the average statistics of the 485 listed companies of the main board in 2009 were taken as samples, and 6 Financial and securities companies were excluded due to the fact that the structure of the statements was not comparable.

The main business revenue and cost are adjusted according to the company's disclosure of profit statement data.

Similar to the distribution of the average gross profit rate, the annual compound growth rate of the average profit index of listed companies also showed a cascade distribution from the main board to the small and medium sized boards and the gem.

Among them, the average operating profit, average gross profit and average net profit compound growth rate are -3.56%, -1.91% and -2.27% respectively; the medium and small boards are 14.12%, 14.30% and 15.69% respectively, and the gem is 42.30%, 42.10% and 40.20% respectively.

In addition to the growth difference of average profit index, the average annual compound growth rate of the company's average operating income from 2007 to 2009 also showed an obvious ladder type distribution in the three level market, of which the motherboard was 9.2%, the small and medium board was 15.7%, and the growth enterprise market was 36.7%.

3. factors affecting company performance change

The overall situation and changing trend of the profit structure of the main board, medium and small board and GEM companies in the past 3 years are analyzed. There are obvious systematic differences in the influencing factors of the performance change in the three levels of the market.

The main business of the motherboard company has been growing steadily, but the non recurrent items fluctuated greatly.

The main business profits increased steadily in recent years, with a compound growth rate of 17% from 2007 to 2009.

However, from the perspective of overall profit composition, non principal and non recurrent projects account for a high proportion of total profits and large fluctuations.

The main findings are as follows: (1) annual investment income, net operating income and net profit and loss of fair value change account for about 30% of total profits; (2) three expenses account for a high proportion, and the fluctuation range is large, affecting the annual profit changes; (3) assets impairment losses of main board companies account for more than 10% of the total profits in each year, and 2008 of the assets impairment losses account for 33.79%, while 2009 annual falls to 12.94%, which is the primary factor causing the sharp decline of the motherboard company's performance in 2008; (4) in addition, some of the main board companies rely on non recurrent projects to make profits, and the unsustainability of these projects also aggravates the overall earnings volatility of the main board companies (see Table 4).

Small and medium-sized board companies have less impact on non recurrent projects, and the main business contributes steadily.

The general change trend of profit composition in the three years of small and medium-sized board companies basically reflects the characteristics of the trough in 2008, but the fluctuation range is far below the motherboard. The main characteristics are: (1) the annual investment income, net operating income and fair value change and profit and loss of small and medium-sized board companies account for only about 10% of the total profits, and the proportion of non recurrent and non operating earnings is lower than that of the main board. (2) in the past three years, asset impairment accounts for a relatively low percentage, even in 08 years, and it does not exceed 10% of the total profit, and further decreases in 09.

The main business of gem is outstanding, and the proportion of non recurrent projects is the smallest.

(1) from 2007 to 2009, the total profit of the GEM listed companies mainly came from the main business: (6.7%) the share of the gem investment income, net operating income and net income and the changes in fair value accounted for 5.7%, 6.7% and 7.6% of the total profits respectively, and the lowest in the three sectors; (2) the total assets impairment, even in the peak period of 2008, accounted for less than 4% of the total profits, and little change between the years; (3) in 2009, the total increase in three fees of the GEM companies was slightly lower than that of the main business income, and accordingly, the proportion of total profits in the total profits decreased by 11.14%.

　　三、需要關注的主要問題

Analysis of the 2009 annual report, combined with the company's performance after listing, the following issues need attention.

1., the performance differentiation of listed companies intensified.

As time goes on, the performance of listed companies will gradually split up. This rule has been reflected to varying degrees in the main board, small and medium board and gem.

The differentiation of the main board companies is the most significant.

The specific performance is: (1) the concentration of earnings is high.

In 2009, the net profit of the main board ranked the top 50 companies, accounting for 73% of the total net profit of the 485 companies.

Among them, the first 10 companies in 2009 total net profit of 30 billion 874 million yuan, accounting for 31% of the total net profit.

In addition, the net profit of the first 10 companies increased by 65.95% over the 2008 year and the total net operating cash flow increased by 76.73% compared to the same period in the previous 2009 years, all significantly ahead of the overall growth rate of the motherboard company; (2) the deterioration of some performance companies.

As of April 30, 2009, the main board implemented a risk warning for delisting and suspended 64 listed companies, of which 32 were 2009 loss companies, with a total loss amounting to 7 billion 680 million yuan, representing 52% of the total loss of the main board.

Most of the main businesses in these companies are at a standstill, usually relying on non recurrent projects.

The differentiation trend of small and medium-sized board companies continues.

The net profit of the top 10 companies in 2009 was 1 billion 216 million yuan, with an average growth rate of 35%, higher than the overall growth rate of small and medium-sized boards.

The net profit of the 10 companies totaled 1/3 of the total net profit of the small and medium board.

The net cash flow of 10 companies' business activities was further optimized, with an average net income of 2 billion 846 million yuan in 2009, 2.34 times the average net profit.

While the overall performance of small and medium-sized board companies increased significantly in 2009, 13 companies suffered losses, with a total loss of 1 billion 222 million yuan, with an average loss of about 94 million yuan.

In addition, after the 2009 annual report, there are 1 special processing companies in the small and medium-sized board, 2 delisting risk warning companies, and 1 other listed companies.

The differentiation of GEM companies is beginning to emerge.

There are 39 companies on GEM, whose operating income growth rate in 2009 is lower than that in 2008, of which 3 business income growth rates have dropped significantly, and the 2007-2009 year compound revenue growth rate of the two companies is negative.

The growth rate of net profit of 27 companies slowed down, of which 9 GEM companies had a net profit growth of less than 20%.

A small number of companies were affected by industry policies, and significant performance declines in the second half of the year.

At present, the number of GEM companies is relatively small, and the time for listing is short.

2. the sustainability of high growth is under pressure.

In 2009, the overall performance of the main board, small and medium board and GEM companies increased significantly.

However, judging from the law of the growth of listed companies, the sustainability of high growth is a question that needs objective evaluation.

The average net profit of the motherboard company increased by 54.46% in 2009.

It should be noted that this increase was achieved on the basis of a sharp decline in net profit in 2008.

At present, under the condition that the foundation of economic stabilization and recovery is still not stable, whether the main board company's net profit in 2010 can continue to maintain the high growth rate of 2009 remains to be seen.

The growth of operating income and net profit of gem in 2009 was 33.3% and 45.3% respectively over the same period last year.

This is closely related to the life cycle of most of the GEM companies that are in the process of rapid growth. With the change of enterprise life cycle and the expansion of scale, the difficulty of rapid growth of profits will also increase.

In addition, the capital raising fund of GEM companies is relatively large, resulting in a substantial increase in net assets. It is more difficult to find suitable investment projects in the short term, and a large number of excess fund-raising funds are idle.

Part of the company's net assets yield has a sharp drop in risk.

3. there are hidden worries about high delivery.

In 2009, many small and medium sized companies and GEM companies launched a high proportion of red shares and capital reserve funds.

Among them, there are 18 companies in the 58 companies of gem, which send more than 10 shares to every 10 shares, and there are 30 companies between the 5 shares and 10 shares.

There are a total of 23 companies sending 10 shares to every 10 shares in small and medium sized boards, and there are 59 companies between the 5 shares and 10 shares.

Comparatively speaking, the main board high pfer company is less, only 10 shares are sent to 5 shares or more, only 26.

As a dividend policy or business strategy, the "high pfer" itself is understandable.

However, a large number of listed companies are keen on "high sending and pferring", and there are still some hidden troubles in addition to the possible market speculation and insider trading.

Large scale expansion of capital stock of listed companies, if not sustained high growth support, may reduce earnings per share in the next few years due to the synchronization of net profit growth and equity expansion.

In fact, after a large scale expansion of equity, some companies' performance growth is simply not enough to support the expansion of capital stock, and individual companies even decline in performance.

Disclaimer: the data used in this report come from the annual reports and prospectus of the listed companies. The conclusion of this report is the objective statement and independent analysis made by the research group of the Shenzhen comprehensive research institute annual report, which does not constitute the confirmation, promise or guarantee of the authenticity, accuracy, completeness and timeliness of the annual report data of the listed companies, nor does it represent the position or opinion of the Shenzhen Stock Exchange.

Any content of this report does not constitute investment advice, and any group of analysis reports of the annual report of the Shenzhen Institute of comprehensive studies does not bear any responsibility for any investment losses or other losses caused by the direct or indirect use of the content of this report.

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