The performance of listed companies maintained resilient growth and achieved a net profit of 5.63 trillion yuan last year, a year-on-year increase of 0.8%
Last year, the net profit was 5.63 trillion yuan, a year-on-year increase of 0.8%——
Performance of listed companies maintains resilient growth
The China Association of Listed Companies recently released a report stating that as of April 29, 2023, in addition to announced plans to delay disclosure, delisting, and restructuring companies, a total of 5,067 companies in the three stock exchanges in Shanghai, Shenzhen, and North have disclosed their 2022 annual report. Report. Statistics show that last year, the overall performance of listed companies maintained resilient growth, the capital market’s role in promoting the positive cycle of industry, capital, and technology was further highlighted, and the overall quality, structure, and ecology of listed companies were further improved.
Maintained steady growth overall
In 2022, there will be 424 domestic IPO companies, and the total number of A-share companies will increase to 5,079.
According to the data of 5,067 companies that have disclosed their annual reports, domestic listed companies achieved a total operating income of 71.53 trillion yuan, a year-on-year increase of 7.2%; realized net profits of 5.63 trillion yuan, a year-on-year increase of 0.8%, and the overall performance maintained a steady growth trend. In terms of sub-sectors, the annual revenue growth rate of the Science and Technology Innovation Board is leading, reaching 29.3%; the growth rate of net profit of the Growth Enterprise Market is leading, reaching 11.3%.
From the perspective of competitiveness and profit quality, the average net sales rate of listed companies in the non-financial industry in 2022 will be 5.16%, and the average return on net assets will be 8.27%, which are 0.41 and 0.77 percentage points lower than the same period last year; the overall cash flow situation has improved. The net operating cash flow was 5.85 trillion yuan, a year-on-year increase of 5.2%, which was higher than the growth rate of net profit. The average operating cash ratio was 9.48%, and the operating cash ratio of 50% of the companies increased year-on-year.
Excluding the financial industry and the “three barrels of oil”, nearly 60% of the listed companies achieved year-on-year growth in operating income, nearly 50% of the companies achieved year-on-year growth in net profit, and nearly 40% of the companies maintained both revenue and net profit growth.
1,035 entities listed companies were at a loss, accounting for 21.0%, and the area of loss expanded by 4.6 percentage points compared with the same period last year. Over 30% of the loss-making companies came from the computer, pharmaceutical, biological, electronics, and mechanical equipment industries.
From the perspective of holding types, the quality and efficiency of the reform of central enterprises have improved, the private economy has continued to maintain resilience, and the growth rate of local state-owned listed companies has relatively slowed down. 379 central state-owned listed companies achieved a total revenue of 24.69 trillion yuan and a net profit of 1.30 trillion yuan, with a year-on-year growth rate of 10.4% and 4.8% respectively. The revenue and net profit accounted for 34.5% and 23.0% of all listed companies respectively . 3,197 natural person-controlled listed companies achieved a total revenue of 16.50 trillion yuan and a net profit of 0.88 trillion yuan, with year-on-year growth rates of 13.2% and 1.9% respectively.
The industrial structure is evolving rapidly
In terms of industries, among the 18 national economic sectors to which listed companies belong, 11 sectors have positive growth in revenue, and 8 sectors have positive growth in net profit. Losses were recorded in real estate, accommodation and catering, education, resident services, repairs and other services. The overall net profit of the manufacturing industry has declined slightly. Among the 29 major manufacturing industries, 12 major categories such as electrical machinery and equipment manufacturing, and agricultural and sideline food processing industries have both increased in revenue and net profit.
In terms of sub-sectors, benefiting from the rise in commodity prices, industries related to upstream resource products (coal, petroleum, non-ferrous metals, etc.) have achieved high growth. The overall net profit growth rate of the industry is higher than 20%, and the revenue and profit of many companies have doubled. The transformation of the energy structure has driven the rapid development of many industries in the field of new energy. The installed capacity of photovoltaics and wind power has increased significantly. The production and sales of new energy vehicles are booming, and the scale of the power battery industry has expanded rapidly. The overall revenue growth rate of photovoltaic and new energy vehicle sector companies reached 57.7% and 27.4%. Benefiting from the safety and self-controllability of the industrial chain, semiconductor equipment companies have achieved high growth rates. The revenue of listed high-tech manufacturing companies increased by 14.6%, and the growth momentum of technology-based companies continued to explode.
Affected by the continuous spread of the epidemic, contact consumer service industries such as air transportation, film and television theaters, hotels, catering, and tourism will still be in a state of loss in 2022, and the overall net profits of textile, apparel, and media industries will decline. Real estate companies continue to slump, and it will take time to clear risks and restore balance sheets. The release of performance in industries related to the real estate industry chain such as steel, building materials, architectural decoration, and home appliances is still limited.
In 2022, exports will form a huge driving force. The average net profit growth rate of listed companies with overseas business accounting for more than 30% will exceed 10.3%, far exceeding the average level of listed companies. Foreign trade will show strong resilience, and advantageous companies will accelerate their international deployment.
Under the impact of multiple unexpected factors, the country’s timely introduction of a series of corporate bailout policies has shown the effect. In 2022, listed companies will receive a total of 0.85 trillion yuan in tax and fee rebates, a year-on-year increase of 120%. The total tax and fee rebates will account for 6% of the company’s net operating cash flow.
Significantly improved capital market functions
In 2022, the domestic stock market will raise nearly 590 billion yuan in initial offerings, refinancing (including convertible bonds) of more than 940 billion yuan, and various entities will raise 6.45 trillion yuan through bond issuance on exchanges. Among the newly listed companies in 2022, there are 354 on the Growth Enterprise Market, the Science and Technology Innovation Board, and the Beijing Stock Exchange, accounting for 83%. There are more than 2,500 listed companies in strategic emerging industries across the market, and the market structure continues to be optimized. Cheng Fengchao, president of Zhongguancun Guorui Finance and Industry Research Association, believes that under the comprehensive registration system, the financing channels of high-quality technological innovation companies will be further smoothed, and the capital market will inject strong impetus into the real economy.
A total of 51 companies delisted throughout the year, of which 42 were forced to delist, exceeding the sum total of the 10 years before the delisting reform, and a normalized delisting situation was basically formed.
Financial listed companies in the entire market will realize revenue of 9.85 trillion yuan in 2022, a year-on-year decrease of 1.9%, and net profit of 2.45 trillion yuan, a year-on-year increase of 0.9%. The asset scale of the 42 listed banks maintained high growth, with an average growth rate of 11.4%. Technology loans, manufacturing loans, and green credit balances maintained high growth rates, supporting the real economy, focusing on key areas, and serving major national strategies. The overall net interest margin of listed banks is under pressure, the growth rate of revenue and net profit has slowed down compared with last year, and the asset provision ratio has decreased during the same period.
Enhanced momentum of innovation and development
In 2022, the total R&D investment of listed companies in the market will be 1.66 trillion yuan, an increase of 0.27 trillion yuan over the previous year, and the average R&D intensity will be 2.32%, a year-on-year increase of 0.25 percentage points. Among the three innovation boards, the average R&D intensity of the Science and Technology Innovation Board is the highest (10.53%), and the R&D intensity of high-tech manufacturing companies in the entire market reaches 6.71%.
Sun Jinju, assistant to the president of Kaiyuan Securities and director of the research institute, said that listed companies give full play to the role of the main force driving demand, and promote the transformation of scientific and technological achievements and the continuous improvement of industrialization. Data show that by the end of 2022, the cumulative number of disclosed patents will exceed 1.4 million, an increase of more than 17% over the previous year.
In 2022, the investment of listed companies will show resilience, with capital expenditure of 4.83 trillion yuan, a year-on-year increase of 0.36 trillion yuan. Digital transformation has injected a new engine into high-quality development. The annual revenue of digital industrialization listed companies increased by 8.9%, and the demand for industrial digital transformation is strong.
According to the annual report data, in 2022, listed companies in the entire market will realize a total added value of 18.23 trillion yuan, a year-on-year increase of 4.9%, accounting for 15.1% of the total GDP, and the proportion will further increase. (Reporter Zhu Huichun)