The First Annual Examination Of Ke Chuang Board: The Overall Slowdown In Performance Growth, And The Electronics Industry.

The annual report hit the market, carrying the deepening of the reform of capital market, and formally accepted the market performance.

Recently, 89 of the 91 listed companies of the science and technology innovation board have released a performance bulletin, which has taken the lead in the "annual examination".

Overall, the total revenue of 89 science and technology enterprises reached 141 billion 460 million yuan, an increase of 13.1% over the same period last year, and realized net profit of 16 billion 840 million yuan, an increase of 24.6% over the same period last year. Performance has been divided: 68 net profit growth in 2019 has been year-on-year growth, of which 4 have increased by 100% over the same period. Meanwhile, 68 net profit growth in 2019 has slowed down compared with the previous year.

In terms of industry, the overall profit growth of computers, communications and other electronic equipment manufacturing industry is the fastest, and the pharmaceutical manufacturing industry presents overall losses due to individual unprofitable enterprises.

"Generally speaking, the company has maintained a good growth, and 68 companies have increased their net profit to their mothers, of which 49 companies have a net profit growth of over 20% over the same period of the year, while at the same time, the performance differentiation is obvious, and the proportion of enterprises with negative performance growth is over 20%." A market analyst pointed out in the interview that "the science and technology board enterprise is small in scale and has great changes in performance, so investment needs to be more cautious." In the future, we will pay more and more attention to the achievements in the investment opportunities of the science and technology board, because with the expansion of the target market, the market will return to reason, and the stock fund will be reconfigured inside the science and innovation board.

Overall performance slowdown + differentiation

From the scale of revenue, in 2019, 89 companies launched a total of 141 billion 460 million yuan, operating income of 13.1% yuan, an increase of 9.5 percentage points over the previous year. Two companies have more than 10 billion revenues: China's total number and its voice holdings, respectively, achieving revenues of 41 billion 650 million yuan and 25 billion 310 million yuan.

From the profit situation, the 89 companies launched a total of 16 billion 840 million yuan net profit to the parent company, an increase of 24.6% over the previous year, a 15.1 percentage point slower than the previous year. The earnings scale of China's general tone and its voice holdings ranked the top two, respectively, 3 billion 820 million yuan and 1 billion 730 million yuan.

It is not hard to see that the overall growth rate of the company in 2019 has slowed down. At the same time, there is a trend of structural differentiation: 16 companies have more than 30% revenue and profit growth, and 8 companies' revenue and profit growth have declined.

Specifically, 68 enterprises achieved a positive growth rate in 2019, accounting for 76.4%. Among them, a total of 22 enterprises net profit growth is higher than 50%, accounting for 24.72% of the total published results, and 21 other companies have negative growth in profits.

Among them, five companies, including Po Po bio, voice holdings, stone technology, China micro company and cross control technology, ranked the top five in the net profit growth rate, the growth rates were 301.76%, 162.45%, 154.52%, 107.51% and 91.8% respectively.

The steady growth of the main business is a common factor for these enterprises to achieve growth. Moreover, the twenty-first Century economic report reporter noted that the development trend of its industry is crucial to the growth of enterprises.

Innovative pharmaceutical enterprises, said Bao Bao biology, the sustained growth of performance is mainly due to the continuous growth of the scale of sales in the bio pharmaceutical industry. At the same time, the sales of the products have not yet reached the expected value in the past year. The main products in the reporting period have been widely used in the related treatment fields, and the sales of the party have increased substantially.

It is known as the king of African mobile phones. During the reporting period, the company continued to maintain strong profitability in the African market. At the same time, the India market was in a good position through reducing tariffs and optimizing product mix. The company's performance growth in 2019 has benefited from the development of the semiconductor industry and the competitive advantage of the company's products, the company said.

In fact, the performance differentiation of the science and technology board has appeared since the three quarterly report. In 2019, the differentiation trend of the year was further revealed, and there were 21 negative growth of the company's profit. The reason is that both industries and enterprises have sudden factors.

Among them, the net profit growth rate of the best cut is the largest, and the net profit of the net profit is 21 million 67 thousand and 600 yuan, down 72.71% compared with the same period last year.

There has been a lot of doubt in the market for the excellent performance of the products. The excellent announcement also issued a Clarification Announcement. The reasons for the decline in net profit mainly include the price reduction of products, the increase in the cost of server depreciation caused by the increase in investment, the slowdown in the overall growth of the Internet industry and the fierce competition in the cloud computing market. In order to expand the scale of the market, we have made appropriate transfer of the price, and the result is revenue growth, but profits will decline.

The net profit of Rong Bai technology ranked second, and realized net profit of 94 million 824 thousand and 800 yuan, down 55.46% from the same period last year. Yung Pak technology net profit cut in the market is expected, because the downstream client Beek power 200 million yuan accounts receivable overdue, although the company's operating income increased in 2019, but the corresponding accounts receivable bad debt loss engulfed profits.

The growth of the electronics industry is outstanding.

Sticking to the positioning is a consistent principle since the founding of the science and technology board. The science and technology board supports and encourages the "hard technology" enterprises to go public, focusing on supporting the new generation of information technology, high-end equipment, new materials, new energy, energy saving, environmental protection and biological medicine and other high-tech industries and strategic emerging industries.

According to the industry classification of the SFC, at present, 89 science and technology innovation board enterprises are concentrated in the manufacturing industry of computers, telecommunications and other electronic equipment (19), software and information technology service industries (16), special equipment manufacturing industry (20), and pharmaceutical manufacturing industry (11).

Among them, computers, telecommunications and other electronic equipment manufacturing industry achieved a net profit of 5 billion 210 million yuan, an increase of 38.6% over the same period last year; the special equipment manufacturing industry achieved a net profit of 2 billion 480 million yuan, an increase of 20.3% over the same period last year; the software and information technology service industry achieved a net profit of 1 billion 990 million yuan, an increase of 19.8% over the same period last year.

More subdivision, according to the classification of Shen Yi industry, the electronics industry achieved a net profit of 4 billion 720 million yuan, ranking first in the growth rate of 39.6%, becoming the highest growth industry in the industry.

There are 17 electronics related enterprises of the science and technology innovation board, covering the chip design to semiconductor materials, semiconductor equipment and the IDM industry chain integration company.

Among them, Huarun micro ranked first on revenue of 5 billion 745 million yuan, and the net profit of LAN Qi technology to 933 million yuan is far more than that of other companies.

LAN Qi technology is engaged in the chip design business. The main reason for its net profit growth is: with the increase of the sales of the new generation products of the DDR4 memory interface chip, the average sales unit price of the memory interface chip products of the company has increased, which has promoted the growth of gross profit margin and net profit. Its industry boom and its bargaining power can be seen.

"National policy supports the development of semiconductor equipment industry for a long time." The valuation of Ke Chuang board enterprises is mainly due to growth, especially in the opportunities of domestic substitution, and the performance of semiconductor leading companies will also be accelerated. An electronic industry broker pointed out.

From the performance of the two tier market, Ke Chuang board semiconductor company is also favored by the market. Of the top 10 companies in the company, 4 belong to the semiconductor related industry chain. As of March 11th, the price of micro and micro companies increased by 415.2% relative to the issue price, followed by JIT, ranked second.

The market performance of micro and micro companies also reflects the trend of "performance is king". As mentioned above, the company's net profit growth in 2019 ranked fourth in the science and technology board. According to the company, the overall development of the company was good last year. Relying on the company's technological superiority and good customer base, its business scale continued to expand and sales revenue grew steadily.

The growth of machinery and equipment industry is also noteworthy. In 2019, the industry achieved a net profit of 6 billion 700 million yuan, an increase of 19.2% over the same period last year. China's general currency ranked first in net profit of 3 billion 816 million yuan, followed by stone technology, which achieved a net profit of 780 million yuan.

It is worth mentioning that stone science and technology is a science and technology board star company, the title of "the first high priced stocks of science and Innovation Board", while maintaining its net profit scale, it also showed higher growth. Last year, the net profit growth rate reached 154.52%.

But compared to the rapid rise of the semiconductor industry, the machinery and equipment industry represented by stone technology has entered the "growth" and "maturity" period of the valuation system. For stone technology, with the increase of market participants, Ecovacs and appliance giants such as the United States and Haier will face competition.

The epidemic brings new challenges.

Due to the current outbreak of new coronavirus pneumonia, after the end of the year, the company will face a new test.

The broker said, "we believe that in the peak of 3-4 months of performance disclosure, we need to pay attention to the achievement of the CB board and pay close attention to the impact of the epidemic on business operations."

In March 10th, two new science and technology innovation companies reported in the prospectus referred to the impact of the new coronavirus pneumonia epidemic and made a risk warning on the related risks.

In the prospectus of South Asia's new timber, it was said that due to the impact of quarantine measures, traffic control and other epidemic prevention and control measures, the procurement, production and sales of issuers were all affected to a certain extent in the short run. The overall impact of the "new crown epidemic" on CCl industry is still difficult to accurately estimate. If the epidemic spread over the world and last for a long time, it will have a comprehensive impact on the global electronics industry chain, which will have a greater negative impact on the issuer's operation.

The new materials will be included in the force majeure factor and suggest the corresponding risk. The company said that if all kinds of unexpected events such as earthquakes, SARS outbreak, new crown virus transmission, and so on, the necessary regulatory measures at home or abroad will lead to difficulties in production or operation of the company or company's suppliers or company customers in a certain period, which will have adverse effects on the company.

The impact of the epidemic is also reflected in it. Due to the slow pace of pre IPO, it also brought some subtle changes to the science and technology board market.

Since the outbreak of the disease caused less supply of science and technology board, since 2020, the new shares of the science and technology board have repeatedly staged a dramatic rise after the opening, such as the February listing of stone technology, Bo Tai, Amethyst storage, Hua Runwei in the opening of the market has seen a skyrocketing situation.

"Less supply plus the overall rebound in technology stocks under the epidemic situation, at present, the overall valuation of Ke Chuang board is high. Although the forecast of current performance is good, the overall growth of the science and technology board is better, but it is difficult to reach the risk of high valuation." The market analysts pointed out.

According to the latest data, the average price increase of the company is still 127%, and the average price earnings ratio is 116 times.

Dong Dengxin, director of the financial and Securities Research Institute of Wuhan University of Science and Technology, told reporters that "the epidemic affected the expansion of the whole market of the" Chuang Chuang "board. Because the market size of the science and technology innovation board is too small and the capacity is too small, if it can not effectively expand the capacity, then there is no way to carry the long-term settlement of large organizations and large funds. After the implementation of the new third board selection board to the Ke Chuang plate, it may help the expansion of the science and technology board, but before that, we must increase the speed of expansion.

It was not until March 11th that the Municipal Committee of the science and Technology Board considered the application for issuing and listing of Trina Solar and Jin Bo carbon, and the IPO rhythm of the board was fully restored. Prior to this, the upper Municipal Committee meeting was held in January 17th.

However, some market participants believe that in the current market situation, with the help of the capital of the science and technology board, it is expected to optimize the financing support of enterprises under the new crown epidemic situation. In recent years, Shanghai has proposed to support quality control companies related to the prevention and control of epidemic diseases in the listed companies.

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