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Original title: The performance of A shares improved significantly in the third quarter and net income increased by more than 17% year-on-year.
List of actionsthe companyThe third quarterly report revealed the end,PerformanceCompared to the previous two quarters, the improvement is more evident.
As of November 1, exceptThe storm retreated、SMIC-UThe two companies have not yet disclosed the Shanghai and Shenzhen stock exchanges.Share4,066 listed companies published financial data for the third quarter Revenues for the first three quarters increased 0.45% year-on-year.Net profitA 6.46% year-on-year decrease, compared with the 24.03% decrease in the first quarter and the 18% decrease in the first half of the year, the decrease was significantly reduced.
In single-quarter terms, companies listed on A shares belong to the parent in the first and second quartersNet profitBoth fell more than 10% year-on-year, but turned positive in the third quarter, increasing more than 17%.
According to the industry, with the implementation of economic stimulus policies and the normalization of the epidemic control, the price of A shares in the third quartercompany achievementsSignificant recovery. “One net share in 2020profitYoY increase is expected to be about 0 ~ 5%, ROE (Net assetsYield) reached about 8.5%. “Haitong ValuesMain strategyAnalystXun Yugen waited.
In terms of specific industries, industry performance in the first three quarters has generally recovered. The best performing industries are still primarily concentrated in consumer and technology, but leisure services,trafficNet profit attributable to the parent company in the transportation, trade and commerce sectors continued to decline significantly from year to year. Another obvious phenomenon is that the performance of “early cycle” industries such as chemicals, mining, steel, and automobiles has begun to improve.
Net profit growth in the third quarter recovered substantially
As of November 1, the 4,066 listed companies that released financial data for the third quarter on the Shanghai and Shenzhen Stock Exchanges had achieved cumulative revenue of 37.02 trillion yuan in the first three quarters, a year-on-year increase of 0, Four. Five%; Net profit attributable to parent companies was 3.13 trillion yuan, a year-on-year decrease. 6.46%. After excluding listed companies, cumulative revenue was 29.88 trillion yuan, a year-on-year decline of 1.04%; the net profit attributable to the parent company was 1.51 trillion yuan, a decrease of 5.52% year-on-year.
In terms of single-quarter performance, the data shows that the annual growth rates of income for companies listed in A-shares in the first quarter, second quarter and third quarter were -8.82%, 2.67% and 6.69% respectively; the growth rates of the net profit attributable to the parent company during the same period were: 24.03%, -12.40%, 17.38%.
From this it can be seen that under the impact of the new corona pneumonia epidemic earlier in the year, A-share profit fell dramatically in the first quarter, and performance fell into a deep well; with the implementation of economic stimulus policies and the normalization of the epidemic control, the second and third quarters A The annual growth rate of the net profit of the shares returned to the parent company rebounded quarter by quarter. Among them, the performance in the third quarter recovered significantly and the annual growth rate of net profit was substantially positive.
Posted by Xun YugenInvestigation reportBased on the point of view, investigating the reasons for the change in net profit attributable to the parent, it can be found that the sharp increase in profits is mainly due to the pickup in demand, which drivesproductpriceRepair,PPIThe annual growth rate bottomed out in May to -3.7% and then rebounded to -2.1% in September.companyHairinterest rateIt also rose, but from year-on-year and gross incomeinterest rateLook, the demand hasn’t returned to the pre-epidemic level yet.
According to the data, the gross profit margin (global method) for the first, second and third quarters of companies listed in A shares was 17.75%, 18.57% and 19.30%, respectively.
From the perspective of the major A-share sectors, the Main Board of the Shanghai Stock Exchange, the Main Board of Shenzhen,SMEsboard,To start a businessboard,Science and Technology Innovation BoardThe interannual increase in income was -0.66%, 2.59%, 3.46%, 4.38% and 14.06%; the interannual increase in net profit attributable to the parent company was -10.51%, 3.46%, 14.68%, 21.47% and 50.62%.
In a single quarter, the performance of the Science and Technology Innovation Board has improved the most. In the third quarter, revenue increased 33.86% year-on-year, while revenue in the first and second quarters decreased 9.24% year-on-year and increased 4.78% respectively; The evolution of profits is more evident: the net profit attributable to the parent company in the third quarter of the Sci-tech Innovation Board increased by 86.02% year-on-year, much higher than the 19.33% of the first quarter and 28.29 % of the second quarter.
“The darkest moment of the epidemic’s impact on performance is past. Annual performance has improved quarter-over-quarter. Need to wait for earnings to recover. In 2020, net profit for A shares is expected to reach around 0 ~ 5% YoY, and ROE will reach around 8.5%, “said Xun Yugen.
Looking ahead to 2021, Xun Yugen believes that the earnings recovery trend will continue, combined with the inventory cycle and earnings cycle, the highest point of A-share single-quarter net earnings growth will appear in the first quarter of 2021 and will remain high in the first half of next year. ROE will continue to increase until the end of 2021.
Improved “early cycle” sector performance
Industries with outstanding performance in the first half of the year were mainly concentrated in consumption and technology, the performance of the industry in the first three quarters continued this trend. However, there is an obvious phenomenon that the performance of “early cycle” industries such as the chemical, mining, steel and automotive industries are beginning to improve.
According to the data, in the first three quarters of Shenwan’s tier one industries, the net profit attributable to the matrix of 11 industries increased year on year. Among them, the communications, agriculture, forestry, livestock and fishing industries performed well, increasing 287.04% and 121.71% respectively. These two industries performed well in the first half of the year, with a year-on-year increase in net profit attributable to the parent company of 446.39% and 185.34% respectively.
In the first three quarters, the net income of the electronics and general equipment industry attributable to the parent increased by more than 40% year-on-year, while the electronics, medical and biological, and national defense and military industries increased by more than 20% year-on-year. Also, mechanical equipment,Public Utilities、food and drink, Net profit attributable to the parent of the four building materials industries increased year on year.
Among the 17 industries in which the net profit attributable to the parent company decreased year-over-year, 11 industries experienced a decrease of more than 10%. Among them, the net profit attributable to the leisure, transportation and commercial trade services industries fell severely year after year, 86.47%, 75.03% and 48.67% respectively; computing, mining,Textile and clothingThe net profit of the industry attributable to the parent company has fallen by more than 30% year-on-year.
However, just looking at the third quarter performance, the performance of most industries has improved. In the third quarter, net income attributable to the parent of 23 industries increased year-over-year, and net income attributable to the parent of only 5 industries decreased year-over-year, compared to the first quarter (4 industries increased year-over-year , 24 industries decreased year over year), the second quarter (13 industries increased year over year, 15 industries decreased year over year) performance improved significantly.
In the third quarter, the largest interannual increase in net profit attributable to the parent company was consolidated, which increased by 220.53% interannual; followed byChemical industry, The annual growth rate exceeded 90%; the national defense, agriculture, forestry, livestock and fishing, electrical equipment and mining industries increased by more than 70% year-on-year; the automotive, pharmaceutical and biological industries increased by more than 50% year-on-year; Steel, machinery and equipment increased by more than 40% year-on-year.
Among the 23 industries mentioned, chemical industry, mining, steel, non-bank finance,Nonferrous metals, Household appliances, light industry manufacturing,Textile and clothing、real estateNine industries experienced positive growth in the third quarter as net profit attributable to the parent in the first and second quarters fell year-over-year.
In the third quarter, the five industries whose net profit attributable to the parent company decreased year over year were commercial commerce, transportation, leisure services, computing,Bank。
According to Xun Yugen’s analysis, the outbreak at the beginning of the year directly stimulated demand for medical supplies and services.Agricultural productsFood and groceries are essential consumer goods, and isolation prevention and control measures have also stimulatedInformation economyGreat development. During the epidemic, residents’ travel was restricted, causing a deterioration in the performance of cyclical industries such as transportation, oil, and petrochemicals. After entering the third quarter, the economic environment began to change significantly. The prevention and control of the epidemic in China have achieved remarkable results. The country has gradually carried out normal economic production activities. The performance of the “early cycle” industry has started to improve. The performance of the industry in the post-fourth quarter cycle is expected to continue. to get better.
(Source: China Business News)
(Editor in charge: DF387)
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