The Investment Trend Is Now &Nbsp; The Growth Of Small And Medium Board Gem Is Overweight.

By the end of 2010, there were 500 breakthroughs in small and medium-sized listed companies. Gem There are 150 breakthroughs in listed companies, and the most dynamic and fastest growing group in China's national economy. list The family of the company has already begun to take shape. In the full accounting year of the first joint performance of small and medium-sized boards and gem, although the growth rate of small and medium board growth companies in some projects is not as fast as that of the main board companies, the future growth potential of small and medium sized board companies will depend on how they use their hands. capital 。

As of April 28th, the SME board and GEM companies have basically completed the 2010 annual report. According to Wind statistics, as at 23 o'clock in April 27th (deadline, the same time), there were 566 small and medium board companies and 208 GEM companies which had been published in the 2010 annual report. There were 498 small and medium-sized board companies and 202 GEM companies in 2011.

In 2010, the small and medium-sized board companies achieved operating income of about 918 billion 680 million yuan, up 36.2% compared to the same period (comparable data), and realized net profit of about 82 billion 260 million yuan, an increase of 33.4% over the same period last year, with a weighted average earnings of 0.58 yuan per share. The operating income of GEM companies was about 84 billion 840 million yuan, an increase of 37.9% over the same period last year. Net profit was about 14 billion 670 million yuan, an increase of 31% over the same period last year, and the weighted average earnings per share were 0.67 yuan.

In a quarterly report in 2011, small and medium-sized board companies achieved operating income of about 195 billion 330 million yuan, an increase of 36% over the same period last year, and realized net profit of about 17 billion 970 million yuan, an increase of 31% over the same period last year. The weighted average earnings per share were 0.14 yuan. The operating income of GEM companies was about 20 billion 220 million yuan, an increase of 43% over the same period last year. Net profit was about 3 billion 90 million yuan, an increase of 40.7% over the same period last year, and the weighted average earnings per share were 0.13 yuan.

From the profit side, the small and medium board companies that made profits in 2010 accounted for 97.7% of the annual reports of small and medium-sized board companies, while the growth enterprise board all realized profits, and the companies whose performance grew year-on-year accounted for 85% of the total number of GEM companies.

The first quarter earnings growth is faster than the main board.

The characteristics of large Blue-chip company, small and medium sized boards and gem are compared with their growth. However, the growth rate of small and medium growth enterprise companies in 2010 did not lead the main board companies, even in some projects. But observing the quarterly data in 2011, the growth potential of small and medium sized boards and gem is still huge.

As of the deadline, a total of 1244 Shanghai and Shenzhen two cities A share board announced the 2010 annual report, 865 announced a quarterly report in 2011. The total revenue of these companies in 2010 totaled about 15 trillion and 900 billion yuan, an increase of 35.7% over the previous year, a net profit of about 1 trillion and 500 billion yuan, an increase of 39.5% over the previous year, and a weighted average earnings per share of about 0.5 yuan. In the first quarter of 2011, the main board company achieved operating income of about 1 trillion and 550 billion yuan, an increase of 24.3% over the same period last year, and realized net profit of about 88 billion 920 million yuan, an increase of 14.8% over the same period; the weighted average earnings per share were about 0.11 yuan.

Compared with the data of SME board and gem, the profit growth rate of main board Companies in 2010 is even higher than that of small and medium board and GEM companies. However, from the data of the first quarter of this year, the growth of the motherboard company is weak. Whether it is a horizontal comparison with the SME board or the vertical comparison with the motherboard in 2010, the growth rate of the board is obviously declining. The growth of small and medium sized gem has basically maintained the growth rate in 2010, and the growth rate of gem in the first quarter was obviously faster than that of last year. In terms of growth data other than performance, SME boards and GEM companies also have comparative advantages.

Taking the total assets growth rate as an example, the total assets growth rate of small and medium sized board, gem, Shenzhen main board and Shanghai stock market in 2010 were 48.8%, 123.2%, 22% and 17.8% respectively, and the growth rate of assets of small and medium board and gem was significantly higher than that of main board companies. There are two possible reasons for the higher growth rate of total assets. One is the substantial increase in net assets of the company, and the two is the expansion of liabilities. However, in 2010, the number of small and medium-sized board and GEM listed companies increased rapidly, the scale of equity financing expanded, and more funds were raised. This may be the main reason for the higher growth rate of total assets of the two sectors.

At the same time, from the data of asset liability ratio, the small board, gem, Shenzhen main board and Shanghai stock market board are 51.1%, 17.2%, 68% and 87.8% respectively. The debt ratio of small and medium-sized board and GEM companies is obviously lower, which also supports the above view.

Considering the growth rate of total assets and asset liability ratio, the potential growth of small and medium sized enterprises and GEM companies is much larger than that of the main board companies. But how the potential space is transformed into actual performance will depend on the time when the small and medium-sized board and GEM companies will invest their cash in the entity management, and how to manage the operation to turn into a real growth in performance.

Investment boom

Cash flow data show that the large-scale investment action of small and medium sized board and GEM companies has begun, but it has not been launched in an all-round way. Among them, the small and medium-sized board companies achieved a net operating cash flow of about 101 billion 700 million yuan in 2010, and the gem reached about 6 billion 260 million yuan. The operating cash flow of the motherboard company is about 2 trillion and 400 billion yuan. Comparing the net profit data of the two companies, it can be found that the net cash flow of the main board companies is much higher than their net profits, while the two data of the small and medium-sized board companies are close to that.

The net operating cash flow is much higher than net profit, which may indicate that the non cash cost of the main board company is relatively high, for example, the depreciation is more, thus the net profit is depressed. Considering that the asset liability ratio of the main board companies is also higher, compared with the small and medium sized boards and gem, the main business fixed assets investment projects of the main board companies may have passed the investment period, mostly in the state of being put into use, so there is little room for large capacity release in the future.

The operating cash value of GEM companies is significantly lower than net profit. In addition to the decline in the rate of return and the increase in inventory, the phenomenon may also be due to the expansion of enterprises, the purchase of goods, the development of new products and so on. Because GEM companies have large amounts of fund-raising funds, the net operating cash value is lower than net profit, which indicates that these companies are undertaking large-scale business investment, thus laying the foundation for future performance growth.

It is not only the small and medium sized board enterprises which have more financing in 2010, but also has great potential for growth. The small and medium-sized stock companies listed before 2010 also have higher investment enthusiasm. In the small and medium sized board companies, excluding the companies listed after 2009, the cash inflow in 2010 increased by 7.7% compared with that in 2009, while the cash outflow increased by 217.9% over the same period last year.

With the listing of small and medium sized boards, gem enterprises IPO investment projects and over fund-raising investment projects entering the peak of investment in 2011, the investment intensity of Listed Companies in these two sectors is expected to further enhance. However, since 2011, the central bank has raised the deposit reserve ratio for 3 times and the 2 benchmark interest rate for deposit and loan. Will the tight monetary environment affect the willingness of these companies to invest?

Initially, the answer is No. The investment and fund-raising data of small and medium sized boards and GEM companies in the first quarter of this year showed that the operation of the company did not tend to be conservative. Under the condition of comparable data, the net investment of small and medium sized board companies is nearly doubled in the first quarter when the net amount of financing is not increasing. Visible, small and medium-sized board and GEM companies still maintained a higher investment enthusiasm.

However, as of the deadline, small and medium sized boards and gem have accumulated over 225 billion 640 million yuan from IPO in 2010, and few companies have announced plans to raise funds. There is still a big variable in how to use and use this huge amount of precipitation fund. If a large amount of raised funds or even IPO investment funds are not invested in time, it may become a burden to reduce the company's assets income.