SourceJokerpokervideopokerFinancial magazine
The annual reports of listed companies have become a mirror reflecting the macro-economy.
Wen | Wang Ying, a reporter from Caijing
Editor | Yang Xiuhong
The report in 2023 came to an end, and the transcripts of A-share listed companies were announced, behind which the data revealed the warmth and coolness of the industry.
According to Wind data, 5351 listed companies in the A-share market disclosed their financial data in 2023, with nearly 80% of them making profits, with overall revenue reaching 72%.Jokerpokervideopoker70 trillion yuan, an increase of 0% over the same period last yearJokerpokervideopoker.86%JokerpokervideopokerThe net profit reached 5.29 trillion yuan, down 1.21% from the same period last year; the net operating cash flow increased by 5.75% compared with the same period last year, and the cash flow of listed companies continued to improve.
Among the companies that disclosed their financial results, 57% of the companies achieved an increase in operating income compared with the same period last year, 51% of the companies achieved a year-on-year increase in net profit, 656 companies had double their net profit, and 79 companies had a net profit of more than 10 billion yuan.
From the perspective of the industry, among the 31 emergency industries, architectural decoration, petroleum and petrochemical, transportation and banks are the largest revenue earners. In terms of net profit, banking, petrochemical and non-bank finance ranked in the top three, while the performance of real estate, agriculture, forestry, animal husbandry and fishery and other industries lagged behind.
In terms of performance growth, the recovery in the consumer sector is obvious. In terms of business income growth, the social service industry grew the fastest in 2023, growing 28% over the same period last year, leading 31 industries applying for million. In terms of net profit growth, trade, retail, social services, and media ranked among the top three. The real estate industry, agriculture, forestry, animal husbandry and fishery continued to be in the doldrums, and the net profit of returning home fell by 239% and 125% respectively.
Photovoltaic and lithium electricity once again face periodic fluctuations, how to get out of the "cycle curse" has become a topic in front of the relevant listed companies.
Who is the A-share "profit king"?
Judging from the performance distribution of the annual report, half of the companies achieved net profit growth. Among them, 74 had an increase in net profit of more than 500 per cent, 582 by 100 per cent, 427 by 50 per cent, 409 by 50 per cent and 1241 by less than 30 per cent respectively. The net profit of 2621 companies fell.
In 2023, the listed companies with the top 50 net profits made a total profit of 3.3 trillion yuan, 72.9 billion yuan less than in 2022. The net profit of eight listed companies returned to their parents exceeded 100 billion yuan, 1 less than in 2022, and Cosco Marine Control withdrew from the "100 billion Club".
The financial and oil industries occupy the top six in the top ten of net profits. Industrial and Commercial Bank of China and Construction Bank ranked in the top two with a net profit of more than 300 billion yuan, followed by the Agricultural Bank of China and the Bank of China, with net profits of 269.4 billion yuan and 231.9 billion yuan respectively. The net profits of PetroChina and CNOOC both exceed 100 billion yuan.
Excluding oil and financial companies, the top five companies in net profit in 2023 are China Mobile, Guizhou Moutai, China Shenhua, China Construction, and Ningde era.
Ningde era became the "profit king" of gem with a net profit of 44.121 billion yuan, while Mindray Medical and Sunshine Power ranked second and third. Jingke Energy has become Science and Technology Innovation Board's "profit king" with a net profit of 7.44 billion yuan, while Daquan Energy and Tsinghua Holdings rank second and third.
In terms of net profit growth, 35 companies' net profit growth rate is more than 10 times. Shengtun Mining, Lijiang shares and Huicheng Environmental Protection ranked at the top, with performance increases of 12770%, 5972% and 5500%, respectively.
Among the top 50 listed companies in net profit, 70% of the companies' net profit increased compared with the same period last year, and 13 of them grew by more than 10%. The growth rates of BYD, Ningde era and China Communications and Construction were 80.72%, 43.58% and 23.61% respectively compared with the same period last year. Ningde's ranking in the net profit rankings jumped from 27 in 2022 to 19 in 2023.
Most of those at the top of the revenue rankings are still state-owned enterprises. Sinopec and PetroChina both continued to top the A-share revenue list with revenues of more than 3 trillion yuan. China Construction, China Railway and China Railway Construction ranked third to fifth respectively, with revenues of 2.3 trillion yuan, 1.3 trillion yuan and 1.1 trillion yuan respectively.
In terms of revenue growth, 77 companies doubled their revenue. Among the top 50 listed companies by revenue, BYD has the fastest growth rate, up 42.04% from a year earlier. Poly Development and Ningde era ranked second and third, with revenue growth of 23% and 22% respectively.
The recovery of consumer industry is obvious.
According to Wind data, 28 of the 31 emergency industries are profitable, 19 industries are growing in revenue, 15 industries are increasing their net profit, and 11 industries are achieving both revenue and net profit growth.
In terms of revenue, architectural decoration, petroleum and petrochemical, transportation, banks and cars are the largest revenue earners, most of which are more than 4 trillion yuan, while those of power equipment, non-ferrous metals, electronics and non-silver finance are more than 3 trillion yuan. The revenue scale of environmental protection, social services, comprehensive and beauty care ranks at the bottom.
In terms of net profit, the financial sector is still the most profitable. Banking, petroleum and petrochemical, non-bank finance and electronic equipment continued to occupy the top four places in the list. Real estate, agriculture, forestry, animal husbandry and fishing, and comprehensive industries suffered losses.
In terms of revenue growth, social services, cars and power equipment ranked in the top three, with growth rates of 31%, 16% and 8%, respectively. From the perspective of Shenwan secondary subdivision industry, the social service industry's tourism, catering, transportation and other major consumer sectors such as airports show a bright performance, showing a trend of recovery. The revenue of airports and tourist attractions doubled, and the revenue growth of hotel catering also ranked at the top.
Among the top 20 A-share companies with revenue growth, there are six tourism companies. Many tourism companies said that due to the substantial recovery in the industry, the company's performance has increased significantly.
Lijiang shares' operating income in 2023 increased by 152.37% compared with the same period last year, and its net profit increased by 5971.91% year-on-year. It said that since 2023, the tourism market has ushered in a rapid recovery and the number of tourists received has rebounded significantly. Zhongxin Tourism's revenue in 2023 increased by 551% compared with the same period last year, and its net profit increased by 115% compared with the same period last year. It said that the market scale of the tourism industry in 2023 is growing rapidly, multiple favorable policies stimulate the new vitality of the industry, and the consumption of the "holiday economy" is hot. National travel tracks spread all over the world, and consumer demand is released at an accelerated pace.
Dongguan Securities believes that 2023 is the year when consumption rebounded explosively after the optimization of epidemic prevention and control, and consumption of services such as tourism consumption rebounded sharply. According to the Ministry of Culture and Tourism, the number of domestic trips in 2023 was 4.891 billion, an increase of 93.3 percent over the same period last year, and the total spending of domestic tourists was 4.91 trillion yuan, an increase of 140.3 percent over the same period last year. Driven by the rebound in tourism consumption, Citic consumer service industry segments are profitable in 2023. The net profits of scenic spots, tourism services, hotels, catering and other sectors have doubled.
The recovery of the tourism consumer market is expected to continue. AVIC Securities believes that this year's "May 1" travel data are bright, and are optimistic that the tourism economy will continue to improve in 2024. With the gradual recovery of the domestic tourism market, the operating conditions of major tourist attractions are also showing an overall recovery, and the performance of relevant listed companies is expected to boost.
Benefiting from the economic recovery and the pick-up in shipping demand, the four major airlines have substantially reduced their losses, totaling more than 100 billion yuan compared with the same period last year. China Southern Airlines and China Eastern Airlines lost 4.2 billion yuan and 8.2 billion yuan respectively, while Air China lost the least, 1.046 billion yuan, while HNA Holdings took the lead in turning losses into profits, realizing a net profit of 310 million yuan.
In terms of net profit growth, trade and retail, social services and media led the growth rate, at 87.5%, 237.82% and 133%, respectively. The net profit growth rate of textile, clothing and transportation is more than 60%.
Against the backdrop of weakening global commodity prices, the overall performance of the resource products industry, such as steel, coal and non-ferrous metals, was poor in 2023, with both revenue and net profit declining. While the utilities sector benefited from lower coal prices and demand growth brought about by the economic recovery, net profit rose 64%.
Real estate photovoltaic is tested
No matter in terms of net profit or net profit growth, real estate, agriculture, forestry, animal husbandry and fishing, and comprehensive industries all performed poorly in 2023.
The real estate industry, which had sustained high growth in previous years, experienced a significant decline in 2023.
Of the 116 stocks in Shenwan real estate, 36% of listed real estate companies recorded losses in 2023, and 14 lost money for the first time in nearly five years. Greenland Holdings is the housing company with the largest loss in the A-share market, with a net loss of 9.556 billion yuan. In addition, the net losses of * ST Shimao, * ST Jinke, Oct A, Shoukai shares (rights protection), Huaxia Happiness and ST Zhongnan all exceeded 5 billion yuan.
Greenland Holdings said that the loss was mainly controlled by objective factors such as the industry downturn, including: the real estate market continued to decline, resulting in a decline in asset prices, taking into account the provision for asset impairment of more than 10 billion yuan; the real estate industry and infrastructure and other related industries are in the doldrums, three years of industry difficulties have not been effectively improved, resulting in a year-on-year decline in operating income, settlement gross profit margin is also down from the same period last year, the performance continues to be under pressure.
Since 2024, real estate support policies have been issued continuously. On the demand side, four first-tier cities in the north, Shanghai, Guangzhou and Shenzhen have relaxed purchase restrictions one after another, and core second-tier cities such as Chengdu and Changsha have lifted purchase restrictions; on the financing side, the real estate city financing coordination mechanism has been promoted rapidly.
Citic Construction Investment believes that the meeting of the political Bureau of the CPC Central Committee on April 30 proposed to digest the stock of real estate and optimize incremental housing, and future supply-side policies are expected to be introduced one after another. With the support of the policy, the market of high-energy cities is expected to be the first to be repaired, while housing enterprises focusing on high-energy cities will benefit first.
In addition to real estate, listed pig enterprises have also become major losers. In 2023, pig prices remain in the doldrums, and listed pig enterprises generally lose money. Although pig prices have warmed up as a whole since 2024, the current price of nearly 15 yuan / kg is still near the cost line of major pig enterprises. In this context, a number of listed pig enterprises still lost money in the first quarter of this year. Wen's shares, Muyuan shares and New Hope had net losses of 1.236 billion yuan, 2.379 billion yuan and 1.934 billion yuan respectively.
"after nearly three years of low pig prices, the industry has gradually begun to eliminate production capacity, and investors have a more rational understanding of the decline in pig prices. A greater decline in pig prices will bring more obvious capacity elimination, and then usher in a reversal and upward trend of the pig cycle more quickly. " The new hope expressed to Caijing.
The photovoltaic industry is facing the severe test of periodic fluctuations.
Of the 86 constituent stocks of the Wind photovoltaic concept, 40% of the net profit in 2023 fell compared with the same period last year, and nearly 30% of the stocks fell by more than 40%. By the first quarter of 2024, the situation became even more serious, with 26 companies reporting net losses.
Longji Green Energy, TCL Central and Tongwei shares lost 2.35 billion yuan, 880 million yuan and 787 million yuan respectively. The last time the three companies reported quarterly losses was 11 years ago, 14 years ago and 8 years ago, respectively.
Longji Green Energy is the world's largest monocrystalline silicon manufacturer, for the reasons for the loss in the first quarter of 2024, it said, "in the first quarter of 2024, the product prices of all links of the photovoltaic industry chain continued to decline, and the company's overall gross profit margin declined significantly. Provision for inventory and impairment of fixed assets is 2.8 billion yuan; due to the sharp decline in silicon prices, the investment income confirmed by participating silicon companies has dropped sharply by 1.082 billion yuan compared with the same period last year."
On May 8, the latest quotation from the Silicon Branch of the China Nonferrous Metals Industry Association showed that the average transaction price of N-type rod silicon was 45300 yuan / ton, down 7.93% from the previous month; the average transaction price of P-type compact material was 39000 yuan / ton, down 8.88% from the previous month; and the average transaction price of N-type granular silicon was 40, 000 yuan / ton, down 6.98% from the previous month.
"compared with the high point of more than 300000 yuan / ton in 2022, the price of silicon has fallen by nearly 90%. This price has reached or even fallen below the cost line of most enterprises. " An analyst told Caijing.
TCL Central said that by the end of the first quarter of 2024, the capacity of each link of the photovoltaic industry chain exceeded 1000GW (gigawatts), there was a phased mismatch between supply and demand on the supply side and terminal installation, the photovoltaic industry was still at the bottom of the market cycle, and backward production capacity was accelerated to be phased out.
Also experiencing cyclical fluctuations is the lithium industry. However, the performance of the industry chain is divided. Ningde, the leader of power batteries, has made outstanding achievements in the era, but it is not easy for lithium miners in the upper reaches of the lithium industry chain.
Seven of the 10 companies in the Wind lithium mining concept sector saw their net profits fall by more than 45 per cent in 2023. Lithium mine leader Tianqi Lithium Industry and Ganfeng Lithium Industry dropped 70% and 76% respectively in 2023, and both dropped out of the top 50 list of net profits.
Affected by oversupply and overstocking in the industry, the price of lithium carbonate, known as "white oil", has fluctuated since it reached a high of 567600 yuan per ton in December 2022. The average price of lithium carbonate (99.5 per cent battery grade / domestic) fell to 109700 yuan per tonne on May 13, down more than 60 per cent from its peak in 2023, according to Wind.
In the first quarterly report this year, Tianqi Lithium Industry and Ganfeng Lithium Industry both reported losses. Tianqi Lithium Industry had a net loss of 3.897 billion yuan. The day after the performance forecast, the company's share price fell to a limit. The company explained that due to fluctuations in the lithium product market, the sales price of lithium products dropped significantly year-on-year; the results of important associate company SQM in the first quarter dropped significantly year-on-year, which was the main reason for the loss.
