The third quarterly report of A shares ended. Up to now, a total of 4,511 listed companies have disclosed their third quarterly reports for 2021.During the reporting period, 2958 companies were attributable to listed companiesshareholderofNet profitAchieve year-on-year growth, accounting for 65.57%.
From an industry perspective, the revenue and net profit of listed companies on popular tracks such as innovative drugs, semiconductors, chips, new energy, and lithium batteries have achieved rapid growth. Many companies are affected by favorable factors such as economies of scale and high premiums for innovative products.interest rateConstantly rising, the year-on-year growth rate of net profit exceeded the year-on-year growth rate of revenue.In contrast, many “big guys” cyclical stocks single quarterPerformanceThe growth rate is showing signs of declining.
Technological and innovative enterprises are dazzling
FromOperating incomeIn terms of the year-on-year growth rate, in terms of innovative drugs, innovative biological preparations,Innovative medicalThe operating income of listed companies on the Science and Technology Innovation Board represented by equipment ranked among the top year-on-year growth, and the products gradually entered the harvest period.
Specifically, in the first three quarters of 2021, among the top 10 listed companies with year-on-year growth in operating income, innovative drug companies in the field of tumor treatmentEllis-U, Innovative vaccine manufacturersCansino-U, Innovative biopharmaceutical R&D and industrialization development enterprisesShenzhou Cell-U, In-vitro diagnostic reagents and instrument manufacturersThermal Scene BiologyAll rank among them. Related listed companies were affected by factors such as the approval of new products and the rapid increase in sales, and their performance rose rapidly during the reporting period.
Chen Li, chief economist of Chuancai Securities, said that technological innovation companies have always been a hot spot in the market, especially in the pharmaceutical industry, which are very flexible and perform very well, in line with market expectations.
In addition, the operating income of listed companies related to the industry chain such as semiconductors, chips, new energy, and lithium batteries has also seen rapid year-on-year growth. While the revenue growth rate of such fast-growing enterprises is high, the net profit growth rate is also rising.Many high-prosperity track companies are affected by favorable factors such as economies of scale and high premiums of innovative products.interest rateConstantly rising, the year-on-year growth rate of net profit exceeded the year-on-year growth rate of revenue. But it needs to be pointed out that the stock price and PE value of such companies are also at historical highs.
Chip and integrated circuit representative companiesGuokeweiThe third quarter report shows that in the first three quarters of 2021, the company achieved operating income of approximately 1.876 billion yuan, a year-on-year increase of 398.75%; net profit attributable to shareholders of listed companies was approximately 181 million yuan, a year-on-year increase of 11918.1%. Among them, in the third quarter, the company achieved operating income of approximately 924 million yuan, a year-on-year increase of 404.72%; realized net profit attributable to shareholders of listed companies of approximately 192 million yuan, a year-on-year increase of 783.27%.
After the results are released,GuokeweiThe stock price gained 2 consecutive daily limit.The company announced abnormal stock fluctuations on the evening of October 25announcementChina reminds that according to the data on the official website of China Securities Index Co., Ltd., as of the announcement date, the company’s latest static price-earnings ratio is 412.35 times, the latest rolling price-earnings ratio is 361.51 times, and the price-to-book ratio is 23.38 times. The latest static P/E ratio of the company’s “C39 Computer, Communication and Other Electronic Equipment Manufacturing” is 46.62 times, the latest rolling P/E ratio is 36.16 times, and the P/B ratio is 4.43 times.
Cyclical stocks single-quarter growth rate dropped
From the perspective of net profit growth, the chemical, semiconductor, coal mining, steel, non-ferrous, power, paper and other industries have the highest net profit growth. Among the top 10 listed companies with a year-on-year growth rate of net profit in the first three quarters, 4 were chemical companies. However, judging from the single-quarter performance of the third quarter, the growth rate of many companies in the third quarter has declined to a certain extent compared with the first half of the year.
Benefiting from rising coal prices, many coal mining companies have become top performers in terms of net profit and growth rate. From the perspective of market trading sentiment, coal stocks have changed from a situation where trading was only hot in the early winter, and has emerged from the bull market year-to-date.
Institutions generally believe that, with the full implementation of supply guarantee work in various regions, the problem of coal shortage has been effectively alleviated, and the current domestic coal production has exceeded the level of the same period last year. Affected by the traditional peak season, downstream demand also maintained a positive year-on-year growth. Coal prices have been significantly lower in the short term, and subsequent price trends are mainly affected by the demand side.
Regarding the substantial improvement in cyclical industry performance, Fu Lichun, founding partner and chief economist of Yuntai Capital, said that there are not only short-term factors such as energy and raw material supply, but also long-term factors such as “dual carbon” energy saving and emission reduction. Factors should be considered comprehensively.
Layout of investment opportunities in the fourth quarter
Fu Lichun said that in the first half of the year, especially the first quarter, there was a large base effect, so the year-on-year growth rate in the first three quarters has been greatly improved. However, with the end of the first half and the fourth quarter, the business of many companies and industries has returned to normal. At this time, the single-quarter growth can better reflect the recovery and improvement of corporate fundamentals, as well as the potential for future performance growth. It is recommended to pay attention to companies that have continued to improve their performance in the second half of the year, especially those companies and tracks whose prosperous prosperity can continue beyond 2022.
Regarding the investment layout in the fourth quarter, Pan Helin, executive dean of the Institute of Digital Economy, Zhongnan University of Economics and Law, pointed out that in the fourth quarter, new energy stocks are still optimistic about the short-term, including new energy vehicles, new energy power, energy storage and other fields. Energy is still the current focus. Under the “dual-carbon” goal, the optimization of the energy structure promotes the improvement of these industries. In addition, high-quality Internet stocks whose share prices have fallen sharply will also have opportunities to buy bottoms. Affected by rising shipping costs, the shipping and shipbuilding industry will be operating at a high level in 2021, and the prosperity will continue in the future. After the explosion of new energy vehicles, hydrogen fuel may also receive capital attention, including air compression and other energy storage. .
Qianhai Open SourcefundChief economist Yang Delong said that it is recommended to make profit in the fourth quarter to close cyclical stocks and actively deploy the wrongly killed consumer white horse stocks and new energy leading stocks. From a long-term perspective, this is the direction in which economic transformation will really benefit.
In terms of the new energy vehicle industry chain, Yang Delong said that at present, many new car-making forces, including some companies that focus on new energy vehicles, have received extensive attention from the market, and traditional auto companies have also turned to the production of new energy vehicles.new energyAutomobile industryThe ever-increasing market value shows that capital is optimistic about the future development potential of new energy vehicles. In the future, with the gradual transformation of traditional auto companies to launch new energy vehicles, competition in the industry will inevitably intensify. At this stage, it is still a more rational approach to invest in leading stocks in the industry.
Chen Li believes that the fourth quarter will focus on companies with relatively low valuations and leading companies in various industries. Among them, the consumer industry, driven by the “Double Eleven” and the Spring Festival, can be focused on.
(Source: China Securities Journal)
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