The Performance Of A-Share In The Interim Report Is Higher Than That In 2019 When The "Great Leap Forward" Price Rise Is Realized, And The Performance Of Nonferrous Metals Is Greatly Increased

The interim report disclosure of A-share listed companies will be officially closed in 2021.

As of the early morning of August 31, 4454 A-share listed companies have all disclosed the main financial data of the first half of 2021.

With Chinese enterprises out of the impact of the epidemic, the listed companies quickly showed a strong rebound strength, the performance not only increased significantly compared with the same period in 2020, but also achieved a double-digit leap forward compared with 2019 before the outbreak of the epidemic.

Wind data shows that in the first half of the year, A-share listed companies achieved a total operating revenue of 30.65 trillion yuan, a year-on-year increase of 26.2%, an increase of 24.7% over the same period in 2019; The total net profit was 2.76 trillion yuan, up 43.7% year-on-year and 22.9% compared with the same period in 2019.

Among them, in the second quarter, A-share listed companies achieved a total operating revenue of 16.25 trillion yuan, a year-on-year increase of 22.56%, net profit attributable to the parent increased by 34.82% year-on-year and 9.03% month on month. On the whole, the A-share listed companies that have released the semi annual report have maintained a high performance growth and development toughness.

In some industries, such as chemical industry, transportation and other cyclical industries, and growth industries such as computer and military industry, the earnings of interim report increased significantly compared with the first quarter. In the second quarter of 2021, the net cash flow generated by the listed companies in the interim report totaled 923.162 billion yuan, nearly twice as much as 309.217 billion yuan in the same period of last year, and nearly 38% lower than that of 1.48 trillion yuan in the first quarter of 2021.

From the perspective of different types of enterprises, private enterprises still have the problem of increasing income but not increasing profits. Commodity prices are generally running at a high level. Private enterprises and midstream enterprises are affected by high commodity prices, and their profit margins are obviously squeezed; On the other hand, the combination of the epidemic situation and the flood situation has a certain impact on the downstream demand and the benefits of industrial enterprises.

"A shares are still in the period of performance improvement, and the performance of a shares may continue to improve in the future. Judging from the situation in the second quarter, although the domestic real GDP growth rate has decreased, under the influence of high price factors, the performance of A-share after excluding the influence of the base is still better than expected. In the second half of the year, under the faster than expected nominal GDP growth, the profit growth rate of A-share market may exceed the expectation, which will be the most solid foundation for the market to rise in the year. " Everbright Securities strategy analyst Zhang Yusheng pointed out.

Hot view bio's performance growth tops a shares

The group of A-share listed companies shows strong resilience and growth potential.

In the second quarter of 2021, A-share listed companies achieved a total operating revenue of 16.25 trillion yuan, a year-on-year increase of 22.56%. After excluding finance, petroleum and petrochemicals, the year-on-year growth rate of operating revenue of A-share listed companies reached 23.86%, and the growth rate of net profit reached 29.7%, both of which achieved double-digit growth.

In terms of sectors, the net profit of the science and technology innovation board increased significantly, and its performance was significantly better than those listed on the main board and gem.

In the first half of 2021, the Shanghai Stock Exchange main board, Shenzhen Stock Exchange main board, growth enterprise market and science and technology innovation board respectively achieved 21.94 trillion yuan, 7.24 trillion yuan, 1.17 trillion yuan and 0.3 trillion yuan, respectively, with a year-on-year increase of 23.9%, 31.3%, 32.7% and 55.1%; The net profit attributable to the parent company was 2085.1 billion yuan, 519.6 billion yuan, 112.7 billion yuan and 43.3 billion yuan, respectively, with a year-on-year increase of 43.5%, 42.7%, 34.6% and 105.3%.

Specifically, among the 4454 listed companies that have disclosed interim financial data, 3378 enterprises have a positive growth in income, and 3221 enterprises have a positive growth in net profit attributable to their parents, accounting for more than 70%. The net profit of 11 enterprises returned to the parent company increased by more than 100 times, among which hot scene biological Co., Ltd. had the largest increase, ranking the entire A-share market.

In the first half of 2021, the revenue of thermal landscape biology reached 3.6 billion yuan, with a year-on-year increase of 3904.13%; The net profit attributable to the parent company was 1.453 billion yuan, with a year-on-year increase of 74261.79%. It is the fastest growing enterprise in the A-share market.

As for the reasons for the soaring performance, rejing bio explained in its annual report that the company's new coronavirus 2019 ncov antigen detection kit (front nasal cavity) and new coronavirus 2019 ncov antigen detection kit (saliva) of the company's two new types of rapid detection reagent products for coronavirus antigen on March 2 and March 22, respectively, It has been certified by the German Federal Institute of drugs and medical devices (bfarm) for free testing at home. It can be sold in supermarkets, pharmacies and Internet stores in Germany, resulting in the explosive growth of foreign trade orders of the company.

In terms of profit scale, large state-owned enterprises and financial institutions still occupy the leading position. In the first half of the year, ICBC made a profit of 148.790 billion yuan, an increase of 9.87% year-on-year.

In the first half of 2021, a total of 561 enterprises returned to their parent companies with negative net profits, of which 21 enterprises lost more than 1 billion yuan.

Among them, due to repeated epidemic situation and other factors, shipping is still the hardest hit area in this year's losses, such as Air China, China Eastern Airlines and China Southern Airlines. Although the loss margin of Air China, China Eastern Airlines and China Southern Airlines has narrowed significantly compared with the same period last year, they still lost 6.486 billion yuan, 5.208 billion yuan and 4.688 billion yuan respectively.

In the first half of this year, the revenue of Huaxia happiness was 21.068 billion, down 43.68% year on year; Net profit loss was 9.48 billion, a year-on-year decrease of 256.38%, and the data fell across the board.

In addition, due to the impact of multiple rounds of epidemic situation superimposed by macroeconomic environment, industry environment and credit environment, huaxiaxingfu's liquidity has become tense at different stages. As of July 31, 2021, huaxiaxingfu has failed to repay the principal and interest of debts totaling 81.566 billion yuan.

However, the operating conditions of most enterprises are much better than that of the same period in 2020, and the profit level of some enterprises is significantly higher than that of the same period in 2019.

"Even after excluding the low base effect, the growth rate of A-share interim profit continues to improve, and the quarter on quarter net profit growth basically conforms to the seasonality." Dai Kang, a strategist at GF Securities, said.

With the rapid growth of performance and substantial improvement of profitability, many listed companies plan to pay dividends in 2021. According to wind data statistics, up to now, 130 listed companies have announced medium-term profit distribution plans, of which 7 companies, such as Zhonghong medical, Jiangshan oupai and You'an design, have a medium-term dividend ratio of more than 10 yuan per 10 shares.

Nonferrous plate attracts the most attention

From the perspective of industry, in the first half of the year, except for the overall performance of agriculture, forestry, animal husbandry and fishery and real estate, all the other industries resumed positive growth. Transportation, mining, leisure services, chemical industry, nonferrous metals and steel industry ranked first, reaching 2077.95%, 641.06%, 511.61%, 483.13%, 253.85% and 227.52%, respectively.

Specifically, non ferrous metals, iron and steel, chemical industry and other pro cyclical industries have the highest performance growth rate. With the sharp rise of downstream demand, product prices rise under the stimulation of both supply and demand, and the gross profit rate of cyclical industries is at a high level, leading to continuous growth of performance.

In the non-ferrous industry, the price rise and performance of copper are the most significant. As a necessity of key industries such as home appliances, automobiles and infrastructure construction in the lower reaches, in the first half of 2021, multiple factors led to the high operation of bulk commodities. In addition, many factors, such as the goal of "carbon neutrality" and the impact of the new epidemic situation on the supply side, jointly promoted the rise of copper prices, and the performance of related enterprises also rose significantly.

Zijin mining, Jiangxi copper, western mining, Tongling Nonferrous Metals and other copper enterprises' performance more than doubled. The net profit of parent company increased by 174.60% (6.649 billion yuan), 308.30% (3.043 billion yuan), 336.41% (1.411 billion yuan) and 251.65% (1.321 billion yuan).

At the same time, due to the dual impact of demand recovery and supply chain disruption, the global aluminum price also continued to rise. From the horizontal comparison, the aluminum price on the London Metal Exchange has increased by nearly 40% so far this year, and the performance of related aluminum smelting listed companies has also reached a new high.

Wind data shows that among more than 100 nonferrous listed companies, the growth rate of net profit attributable to parent company of Chinalco group is the highest. In the semi annual report of 2021, Chalco realized the current net profit attributable to parent company of 3.075 billion yuan, up 8511% year-on-year, reaching the profit peak since mid-2007. In addition, the net profit growth of Yunnan Aluminum, Tianshan aluminum, Mingtai aluminum, Jiaozuo Wanfang and Shenhuo shares also exceeded 100%.

In addition, since this year, under the background of large sales of new energy terminal vehicles, the performance of the new energy industry chain has been released rapidly. The performance growth of Listed Companies in the new energy vehicle industry chain ranks first among all listed companies in a share market, and it also promotes the rise of upstream lithium, cobalt and other materials.

According to the statistics of wind lithium battery sector, 79 constituent stocks achieved a total revenue of 463.838 billion yuan in the first half of this year, with a year-on-year growth of more than 50%; The net profit was 41.721 billion yuan, up 156.7% year on year.

Among them, lithium battery leader such as Ningde times achieved a net profit of 4.484 billion yuan in the first half of the year, up 131.45% year on year. As of the end of June, the power battery and energy storage system capacity of Ningde times was 65.45gwh, the output was 60.34gwh, and the capacity utilization rate was as high as 92.2%. The net profit of lithium battery materials such as rongbai technology, Tianci materials and greenway also increased by 491.36%, 151.13% and 151.1% respectively.

With the increase of market penetration of new energy vehicles, the capacity utilization rate of midstream battery enterprises and upstream lithium battery materials is high, and the lithium resource enterprises dominated by Ganfeng lithium industry and Tianqi lithium industry, which are the "two giants of lithium mine", are also ushering in a "bumper harvest period".

In the first half of 2021, Ganfeng lithium industry will release the production capacity of 50000 tons of lithium hydroxide production line with an annual output of 50000 tons, with the sales volume and price of products rising simultaneously, realizing the operating revenue of about 4.064 billion yuan, with a year-on-year increase of 70.27%; The net profit was about 1.417 billion yuan, an increase of 805.29% year on year. Tianqi lithium industry achieved an operating income of 2.351 billion yuan, with a year-on-year increase of 25.13%; The net profit attributable to the shareholders of the listed company was 85.7975 million yuan, with a year-on-year increase of 112.32%.

Li Rui, fund manager of Dongfang fund, pointed out in an interview: "the sales volume of new energy vehicles and the high increase of power battery output caused by sales volume may drive the high growth of performance in all links of the whole industrial chain. In terms of prices, the upstream prices of lithium, cobalt, nickel, copper, lithium hexafluorophosphate have also continued to rise since the beginning of the year. In 2021, the electric vehicle sector will be one of the few plates with high prosperity and strong sustainability. "

Rise of raw materials pressure on private enterprises

A few families are happy and some are sad. Under the pressure of rising raw materials, many downstream companies are under pressure.

Traditional industries such as cement, real estate and other traditional industries are greatly affected by the continuous rise in the prices of steel and other raw materials in the first half of the year. Many real estate projects delayed the start-up time, buffering the negative impact of the rise in raw materials, and showed signs of slowing down in the growth of construction and sales.

As an important raw material, the price of cement is also affected by the decrease of demand caused by shutdown and slow start-up, and the gross profit rate generally declines significantly. In the first half of the year, the company realized an operating revenue of 80.433 billion yuan, an increase of 11.12% over the same period of last year; The net profit was 14.951 billion yuan, down 6.96% over the same period of last year.

Due to the sharp rise of raw coal price and the increase of cost, the gross profit rate of conch cement grade 42.5, grade 32.5 and clinker decreased by 4.33%, 2.97% and 4.30% respectively year on year. The comprehensive gross profit rate of aggregate and gravel was 64.62%, a year-on-year decrease of 6.17 percentage points; The comprehensive gross profit rate of commercial concrete was 20.08%, with a year-on-year increase of 3.33 percentage points.

From the perspective of different types of enterprises, affected by the overall high operation of commodity prices, among the middle and lower stream companies, the pressure on private enterprises is the most significant. As the profit space is obviously squeezed, the problem of increasing income without increasing profit is more serious.

According to wind data, more than half of the 2757 private listed companies in the market grew faster than their revenues. Among them, 518 enterprises have positive revenue growth, but the net profit is declining.

The 21st century economic reporter concluded that, on the one hand, the intensified market competition and the high price of bulk commodities led to the obvious squeeze of private enterprises' profit space; On the other hand, the superposition of the epidemic situation and flood situation has a certain impact on the downstream demand and the benefits of industrial enterprises.

For example, Jinfa technology achieved an operating revenue of 19.288 billion yuan in the first half of the year, up 13.92% year on year; However, the corresponding net profit attributable to the parent company was about 1.581 billion yuan, down 34.44% year on year.

In the semi annual report, Jinfa technology said that during the reporting period, the new crown vaccine was gradually popularized, and the epidemic situation was gradually controlled. In addition, the national implementation of the "ban and restriction of plastic products", the downstream demand continued to increase. However, due to the impact of overseas epidemic situation and extreme weather, the supply of main raw materials required by the company's products was in short supply and the prices soared, It brings unprecedented pressure and challenge to the company's supply guarantee and operation quality.

However, in a relatively loose financial environment, compared with the same period last year, the pressure on the capital chain of A-share listed companies is significantly reduced.

In the first half of this year, the total financial expenses of A-share listed companies (including only the enterprises that disclosed the interim report and the data of the same period last year, the same below) totaled 289.251 billion yuan, a decrease of 4.20% compared with the same period last year of 301.921 billion yuan. Meanwhile, the net cash inflow from operating activities of more than 2000 private enterprises in the first half of the year totaled 354.632 billion yuan, an increase of 1.37% compared with 349.828 billion yuan in the same period last year.

"Recently, the central bank held a forum on the analysis of the monetary and credit situation of financial institutions. The meeting stressed the need to" increase the support of credit to the real economy, especially small and medium-sized enterprises, and enhance the stability of the growth of total credit ". That is, in view of the pressure on economic recovery, we should enhance the stable growth of credit in the aggregate, and pay attention to the weak links such as small and micro enterprises in the structure, Therefore, banks should continue to promote capital replenishment to ensure their lending capacity. " Bohai Securities strategy analyst Yan Peipei pointed out.

It further added, "this week's interim report disclosure of listed companies is coming to an end, and the driving force of performance on the market will weaken. Considering the current state of steady and loose liquidity, it is expected that thematic opportunities in the market are expected to gradually become active after the end of the performance release period."

?