Scanning Of Capital Market "Specialization And Innovation": 421 A-Share Listed Companies Are Warmly Welcomed By Funds, And "Little Giant" Has Become An Important Reserve Force For Listing

Recently, the meeting of the Political Bureau of the CPC Central Committee proposed to speed up the solution of the "neck sticking" problem and develop "specialized, special and new" small and medium-sized enterprises.

As of July 2021, the Ministry of industry and information technology has announced three batches of 4762 specialized and special new "little giant" enterprises, mainly focusing on the new generation of information technology, high-end equipment manufacturing, new energy, new materials, biological medicine and other high-end industries.

Wind data shows that up to now, a total of 421 A-share listed companies or their subsidiaries have been included in the list of "specialized and special new" small giants. The reporter noted that since 2021, the market of specialized and special new "little giant" enterprises has continued to outperform the market, and has also performed well in profitability and growth.

In the first half of this year, the overall operating income and net profit of 421 enterprises increased by 44.71% and 72.27% respectively, compared with the same period of the same period, the overall operating income and net profit of a shares increased by only 26.27% and 43.53% year on year.

Even in 2020, which was negatively affected by the new crown epidemic, the specialized and special new enterprises still achieved 12.86% revenue growth and 23.48% net profit growth in the same year. Compared with the year-on-year growth rate of A-share, the growth rate of net profit was only 1.82%.

It is worth mentioning that up to now, there are 38 small giants in the process of IPO review (pass and pending vote), and the declaration plate is mainly concentrated in the science and technology innovation board and the gem. In the future, with the implementation of the Beijing stock exchange, some people in the industry pointed out that the specialized and special new giant is expected to become an important reserve force for A-share listing.

"Since 2021, the net worth of" small giant "enterprises with specialized specialty and special innovation has continued to outperform the market. First, the" specialized and special new "belongs to the hard technology track; second, since the second quarter of this year, the market style has changed to medium and small market value, and" little giant "has a dominant style. To further explore investment opportunities, we can pay attention to the IPO new shares under inquiry, focus on" mass entrepreneurship and innovation ", high-end manufacturing, strategic technology, and medicine Three major industries of medicine and biology, "Hua'an Securities Research Institute pointed out.

Scanning of 421 "specialized and special new" giants

Wind data shows that at present, 421 "specialized and special new" companies in the A-share market are mainly concentrated in the midstream manufacturing field.

The most concentrated industries are mechanical equipment (98), chemical industry (61), pharmaceutical biology (48), electronics (43) and electrical equipment (38). Among them, although mechanical equipment and chemical industry still belong to the mid cycle manufacturing industry in the traditional sense, if further subdivided, most enterprises are still concentrated in emerging industries and high-end manufacturing upgrading fields, such as mechanical equipment segmentation, new energy equipment, photovoltaic, industry 4.0, semiconductor materials, new materials and environmental protection in chemical industry.

In terms of market value distribution, as of September 13, the total market value of 421 enterprises was 5.94 trillion yuan, including 10 "specialized, special and new" companies with a market value of more than 100 billion yuan. Among them, Zijin mining, with the highest market value, has reached 311.981 billion yuan. The total market value of Enjie shares and pianzai Huang also exceeded 200 billion yuan.

However, on the whole, most of the "specialized and special new" companies have a small market value. At present, the total market value of 288 enterprises is less than 10 billion yuan, accounting for more than 68.40%. Among them, the smallest market value is Swan shares, which integrates the concepts of network security and supply and marketing cooperatives. As of September 13, its total market value was only 1.356 billion yuan.

Although the "size" is small, the growth of these companies is not weak, and they are basically the leaders of various subdivided industries. In the first half of this year, 421 specialized and special new enterprises achieved a total revenue of 897.231 billion yuan, a year-on-year increase of 44.71%, and a total net profit of 94.702 billion yuan, a year-on-year increase of 78.27%.

At the same time, in terms of profitability, in 2020 and the first half of this year, the average roe of specialized and special new companies is 11.69% and 6.74%, which is higher than the average value of all a shares, which is 8.90% and 5.68% respectively. Compared with the main board (9.02%, 5.70%), growth enterprise market (6.28%, 5.18%) and science and technology innovation board (8.76%, 5.37%) are also obviously superior.

Pan Helin, executive director of the Digital Economy Research Institute of Central South University of Finance and law, pointed out that in China's industrial fields, such as automobile manufacturing, equipment manufacturing and electronic manufacturing, "small giants" are mainly distributed in the upstream, and the industry agglomeration effect is obvious.

It is worth mentioning that, with the support of high growth and high profitability, the "specialized and special new" group has also gained more fund attention in the secondary market.

Wind data shows that since 2021, excluding 56 enterprises listed after 2021 (there is no comparable data), the total market value of the remaining 365 specialized and special new enterprises has increased by 26.56% since 2021, far higher than the 6.90% increase of the general market (Shanghai Stock Index) in the same period. The share prices of 33 companies doubled.

Chen Jiemin, an analyst at Changjiang Securities, believes that under the background of China's industrial upgrading, the process of localization and high-end is speeding up, and the "small giant" enterprises specialized in various key segments of the card manufacturing industry are gaining momentum, and the growth of enterprises is gradually entering the cash period. Driven by the policy dividend, the "small giant" enterprises with special expertise are expected to usher in Davis double-click with a resonance of valuation and profit in the future, which will become the main line of the market in the next stage, and its overall investment value deserves long-term attention.

"Little giant" becomes an important listed reserve army

It is worth mentioning that in addition to the "little giants" that have been listed, there are more specialized and special new enterprises are rushing into the capital market.

According to incomplete statistics by the reporter, as of August 24, there were 38 enterprises belonging to three groups of "small giants" and undergoing IPO examination (pass and pending vote), all from the "innovation and entrepreneurship" sector. Among them, 17 are on the science and technology innovation board and 21 are on the gem.

In terms of industry distribution, professional equipment manufacturing, computer, communication and other electronic equipment manufacturing, and chemical raw material manufacturing were among the top three, with 9, 5 and 4 respectively. It can be seen that the new equity investment of "little giant" still focuses on high-end manufacturing, strategic technology and pharmaceutical biology.

In addition, with the implementation of the Beijing stock exchange, it will also provide a more efficient financing platform for "specialized, special and new" small and medium-sized enterprises. According to the Listing Rules of Beijing stock exchange (Trial) (Draft for Soliciting Opinions), when an issuer applies for public offering and listing on the Beijing stock exchange, its market value and financial indicators shall meet at least one of the four criteria:

Including the expected market value not less than 200 million yuan, the net profit of the last two years is not less than 15 million yuan, and the weighted average return on net assets is not less than 8%, or the net profit of the latest year is not less than 25 million yuan and the weighted average return on net assets is not less than 8%;

The market value is expected to be no less than 400 million yuan, and the average operating income in the last two years is no less than 100 million yuan, and the growth rate of business income in the latest year is not less than 30%, and the net cash flow generated from operating activities in the latest year is positive;

The market value is expected to be no less than 800 million yuan, and the operating revenue in the latest year is no less than 200 million yuan. The total R & D investment in the last two years accounts for no less than 8% of the operating revenue in the last two years;

The market value is expected to be no less than 1.5 billion yuan, and the total R & D investment in recent two years is no less than 50 million yuan.

After sorting out the list of three batches of specialized and special new "little giant" enterprises, a total of 86 third board enterprises have met the listing standards of Beijing stock exchange and the title of specialized and special new.

Among them, in the middle reporting quarter of 2021, the growth rate of revenue and net profit of new third board enterprises meeting the listing standard of Beijing stock exchange and the new title of specialty and specialty were 43% and 93%, respectively. During the same period, the growth enterprise market (GEM) showed that the growth rate of revenue and net profit was 38% and 30%, and that of Kechuang 50 was 53% and 50%, which reflected the high growth of these new third board companies, It covers the high-quality track and high-speed growth ability of specialized and special new enterprises.

Pan Helin believes that the capital market promotes the development of the industry with financing, providing the most powerful support for the "little giant" enterprises to continuously invest in R & D. The capital market helps to improve the corporate governance system, make the enterprise development more standardized, strengthen the management efficiency, and enhance the competitiveness of enterprises. At the same time, it can also increase the visibility of "little giant" enterprises. In addition to promoting sales, it can also gather more industrial capital cooperation through the communication effect of the capital market, so that more strategic investors can provide technical and other strategic support for "little giant" enterprises.