Decode The Third Quarter Report Of The Science And Technology Innovation Board

The science and technology innovation board opened the curtain of three quarterly reports.

As of October 21, according to wind data statistics, of the 183 listed companies on the science and technology innovation board, a total of 12 have announced their third quarter results, with a disclosure rate of 6.56%. Among them, the net profit of 11 companies increased year on year, accounting for 91.67%.

In addition, 66 science and Technology Innovation Board companies have announced their third quarter performance forecasts, with a disclosure rate of 36.07%, of which more than 40% of them are expected to be happy.

For the third quarterly report of the science and technology innovation board, institutional people believe that overall, the performance is in line with expectations. This year, the performance of the science and technology innovation board was greatly affected by the epidemic situation, but the third quarter report continued the trend of medium-term report repair. At present, the investment logic of institutions on the science and technology innovation board has been mainly based on the previous valuation, and more turned to profit. Among them, the electrical equipment, medical biology and electronics sectors with high view in the third quarter report of the science and technology innovation board were concerned.

Electrical equipment, medical biology and electronics have made great achievements

There are 12 enterprises on the science and technology innovation board that have published their third quarter reports. Among them, China Resources micro has the highest revenue and net profit attributable to the parent company, which are 1.826 billion yuan and 284 million yuan respectively.

Among the 12 science and Technology Innovation Board companies, 10 companies had a year-on-year increase in revenue, accounting for 83% of the disclosed enterprises. Among them, the growth rate of the majority of special materials was the highest, reaching 62.77%. However, Sansheng Guojian and Xinguang optoelectronics decreased year on year.

At the same time, the net profit of 11 parent companies increased, accounting for 91.67% of the disclosed enterprises. Among them, the growth rate of Broadway technology was as high as 653.45%. The growth rate of China Resources micro and Jianlong micro nano was also more than 100%, 169.14% and 123.90% respectively. Only Sansheng national health growth rate decreased by 97.70%.

According to the forecast, statistics of Societe Generale Securities show that, as of October 19, 61 of the 183 listed companies on the science and technology innovation board have announced their performance forecasts for the third quarter, with a disclosure rate of 33.3%; among them, 24 companies are in advance, with a pre gratification rate of 39.3%; in terms of plate, biomedicine and electronic landscape are at the top, with the pre gratification rates of 50.0% and 40.0% respectively. From the perspective of strategic emerging industries, the expected positive rate of biological and new materials industry is higher than the overall level, 55.6% and 40.0%.

Societe Generale Securities believes that the epidemic is an important factor in enterprise performance forecast volatility.

Affected by the epidemic situation, most of the enterprises on the science and technology innovation board were under pressure in terms of order demand and production resumption speed in the third quarter. For example, Lutheran environment, Tianyi Shangjia and Guangfeng technology were still not able to recover to the level before the epidemic.

However, sales of some vaccines and medical protection enterprises benefited, such as Shengxiang biological, Yuandong biological and Jiete biological products, and their product demand increased significantly during the epidemic period.

"On the whole, the performance of the third quarter of the science and technology innovation board is in line with expectations." As for the performance of the third quarter report of the science and technology innovation board, Yang Delong, chief economist of Qianhai open source fund, said, "since most of the science and technology innovation board are start-ups, it is difficult to fully release the performance. As for the investment in the science and technology innovation board, it depends more on its industry status and technical content, and whether it can achieve a breakthrough in technology in the future

Zhang Ting, a senior Macro Analyst at GESHANG, pointed out that the performance of electrical equipment, medical biology and electronics was better than that of the third quarter, especially the disclosure rate of electrical equipment was more than 70%, and the median growth rate of the forecast was greatly improved, which was the strongest sector of performance certainty. From the perspective of subdivided industries, medical devices, semiconductors and power equipment perform well, which investors can pay attention to.

Profit becomes the wind vane of investment in science and Technology Innovation Board

In recent years, performance has become a weathervane for the fund layout of the science and technology innovation board.

Zhang mengfa, general manager of Haokun investment, said that with the disclosure of the third quarterly reports of the science and technology innovation board, some companies with good performance and expected continuous growth in annual reports have entered the period of low absorption in the middle line.

Tianfeng securities research shows that after the implementation of the interim report, funds have begun to layout the high growth targets in the third quarter, and the absolute return and excess return of the corresponding high growth targets are relatively significant. The research finds that, in the median of the rise and fall since September, the performance of the target with high performance growth is far better than that of the stocks with poor performance growth. Both the absolute return and the excess return relative to the Shanghai composite index are more significant, and there is a certain positive correlation between the stock price performance and the performance growth, especially in the positive growth range.

Tianfeng Securities pointed out that as the credit cycle begins to fall and monetary policy returns to normalization, there is little room for market valuation to continue to rise, but the weight of profits will be further increased. Therefore, "it is suggested to continue to pay attention to the medical devices, semiconductors, power supply equipment and general machinery sectors with high business climate in the third quarter of the science and Technology Innovation Board".

Zhang Ting also pointed out that "for the next market, it is recommended that investors still focus on the profit level and find stocks with good matching degree of profitability and valuation, and the difficulty of stock selection will be correspondingly increased. Under the background of tightening liquidity margin, the space for valuation improvement is relatively limited, and the market volatility will be correspondingly increased, and investors should appropriately reduce the return on investment."

Yuan Huaming, general manager of Huahui Chuangfu investment, believes that from the published data, the third quarter report of science and technology innovation board enterprises will not be bad as a whole. In addition, the 14th five year plan next week should continue to emphasize the expansion of domestic demand and economic transformation, which is also relatively beneficial to the listed enterprises on the science and technology innovation board. To sum up, the scientific and technological innovation board has made full adjustments in the near and medium term, outstanding performance in the third quarter report, or favorable varieties in the 14th Five Year Plan period, which can be focused on in the short term.

However, Xiao Ruijin, a mixed fund manager of Boshi science and technology innovation board, which has been set up for three years, further says that he agrees with the viewpoint of industry leaders in the company's quality research, and he tends to choose the leading ones from three to five industries.

"In the selection of such companies, there are two characteristics worthy of attention: the first is the sustainability of business, that is, the sustainability of business model and products; the second is the extension of the company, that is, whether a company of the same size can be rebuilt in a few years, whether the business model and products of the company can achieve horizontal expansion, or find a second growth curve." Xiao Ruijin said.

However, Yang Delong believes that it is difficult for ordinary investors to choose stocks from the science and technology innovation board. He suggests that investors can directly choose the Kechuang 50ETF index for investment, which can appropriately reduce and disperse the risk. In addition, the proportion of ordinary investors investing in the science and technology innovation board should not be too high, and it is suggested that the proportion of individual investable funds should not exceed 20%.

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