85% of national-level specialized, specialized and new enterprises are not listed
“Beijing Stock Exchange Reserve Army” has sufficient strength
Our reporter Sun Qiru
From sitting on the bench in the past, to now becoming a hot spot of concern known as the “reserve army of the Beijing Stock Exchange”, specialization, specialization and innovation is undoubtedly a high-profile force in today’s social and economic development. At the recently held 2022 “Zhongguancun Innovation and Entrepreneurship Season” series of key events, the first Specialized, Specialized, Specialized Technology Innovation Conference and Scientist Innovation and Entrepreneurship Forum, “2022 Beijing Stock Exchange “Specialized, Specialized, Specialized and New” Enterprise Investment Value Research Report” released. According to the report, 85% of the national-level “specialized, special and new” enterprises have not yet been listed, and the Beijing Stock Exchange has sufficient reserve force for small and medium-sized enterprises.
Six major areas are the main body of specialization and new listing
CLP Huada, which develops security chips for the Internet of Things, Internet of Vehicles, intelligent transportation and other industries, Tianke Heda, which is engaged in the research and development of third-generation semiconductor silicon carbide chips, and a number of technologies that develop smart wearable devices… At the national level and in Beijing In the city’s “specialized and special new” list, the elements driven by technological innovation are increasingly prominent. Wang Wei, director of the Planning Department of the Ministry of Industry and Information Technology, recently disclosed publicly that the average R&D intensity of “little giant” enterprises specializing in new products has reached 10.3%.
Specialized, refined and new, refers to the characteristics of small and medium-sized enterprises with specialization, refinement, specialization and novelty. Wang Bin, co-founder and president of Yiou, explained in the release of the “2022 Beijing Stock Exchange’s “Specialized, Specialized and New” Enterprise Investment Value Research Report” that specialized, refined and new have the characteristics of “four highs”, that is, high gross profit margin, high capital High expenditure growth rate, high revenue, and high R&D investment intensity. These “four highs” can be used as an important criterion for judging whether a project is specialized and new.
However, not all enterprises with the characteristics of “specialization, specialization and newness” can be recognized by capital. The report shows that since the launch of the “Specialized, Specialized and New Little Giants” enterprise cultivation campaign in 2018, a total of 4,922 enterprises have won the national “Specialized, Specialized and New”, including 361 A-share listed companies and 391 NEEQ-listed companies. There are 4169 companies that have not yet entered the capital market, accounting for nearly 85%.
The report finds that the industries of specialized, specialized and newly listed companies are mainly distributed in ten fields: electric power equipment, biomedicine and high-performance medical equipment, new materials, new generation information technology, high-end CNC machine tools and robots, energy-saving and new energy vehicles, aviation Aerospace equipment, agricultural machinery equipment, advanced rail transit equipment, marine engineering equipment and high-tech ships. Among them, the four major fields of aerospace equipment, agricultural machinery equipment, advanced rail transit equipment, marine engineering equipment and high-tech ships are mostly supported by the government, the degree of marketization is relatively low, and the willingness to capitalize is also low. Therefore, the top six fields are currently Occupy the main body of specialized, specialized and newly listed companies.
“Equal emphasis on soft and hard” is more attractive to capital
What is the core attraction of Specialized Specialty New to investors? Wang Shihai, the manager of the second phase of the National Advanced Manufacturing Industry Investment Fund and the managing director of SDIC China Merchants Investment Management Co., Ltd. shared his investment expertise and new methodology, said: “Our logic is six words: hard technology + digitalization. Both One is indispensable.” He said that people now refer to investing in “hard technology” more, but if it is a hard technology without digital attributes, they will be more cautious when investing.
Wang Bin analyzed that from the perspective of investment, the “three elements” to judge the investment value of specialization and new products are: first, the downstream penetration rate, that is, what is the current market revenue of enterprises; the second is the domestic substitution rate of specialization and new products; leading market share.
Taking the penetration rate as an example, scanning the penetration rate of sub-tracks in the six major fields of “specialized, refined and new”, the report found that industries with a penetration rate of less than 10% are still in the early stage of large-scale commercialization, such as cloud native, aviation equipment and other industries , more suitable for early concept investment; industries with a penetration rate of 10% to 70% are in the growth stage, and have the value of exploring investment opportunities in the industry chain; industries with a penetration rate greater than 70% have entered a mature stage, and generally such industries are not “” Emerging industries”, the industry scale growth rate is not good.
Combining the data from securities companies and public information, the report selects seven potential tracks in the six major fields of “specialized, refined and new”: power battery, carbon fiber, servo system, EDA software, photovoltaic support, BI software, preclinical CRO . The domestic market share of these seven potential tracks is less than 40%. Among them, the concentration of Chinese companies in power battery, carbon fiber, servo system and EDA software is relatively high, while photovoltaic stent, BI software and preclinical CRO etc. The concentration of Chinese companies on the track is low, and different degrees of concentration lead to differences in future investment opportunities.
“When the market concentration is too low, the market structure is not clear, and it is difficult for the leaders to fully exert their competitive advantages; when the market concentration is too high, the market is in a state of monopoly, oligopoly or monopolistic competition, and the leading enterprises have little room for improvement.” The report reads.
Businesses should pay close attention to cash flow
When the growth of specialized, specialized and new enterprises has become the focus of the industry, the industry has also put forward new requirements for the implementation of the “high-cold” technology industry. In the face of “specialized and new” small and medium-sized enterprises, many industry experts who have been deeply involved in industrial services and project implementation have all emphasized that start-ups must pay close attention to cash flow and that “survival is more important”.
Nie Lixia, general manager of Beijing Zhongguancun Venture Street Technology Service Co., Ltd., said that for an enterprise, the strategic layout, capital layout, and business layout of entrepreneurs must be matched. Specialized and new enterprises need to pay attention to cash flow and seek more sources of capital for non-equity investments.
“Don’t want income without profit, and don’t want profit without cash flow, just survive.” said Wu Xuexiu, vice president of Cathay Ventures Group and CEO of Cathay Aobei Science Park.