Our reporter Meng Ke
CommScope Chemicals and Jiuling Technology were listed on the Beijing Stock Exchange on December 21, resulting in the number of companies listed on the Beijing Stock Exchange rising to 150.
Zhu Haibin, general manager of the Beijing Stock Exchange Research Center of Kaiyuan Securities, told “Securities Daily” reporter that since September, the pace of companies’ listing on the Beijing Stock Exchange has accelerated, and the number of companies listed in a single month has remained at a high level. Among the 44 companies listed on the Beijing Stock Exchange since September, 22 are specialized, special and new “small giant” companies, with an average market value of more than 1.371 billion yuan, a three-year average net profit compound growth rate of more than 70%, and an average R&D expenditure ratio is close to 7%, which is the backbone of CBEX’s development.
According to data from Oriental Fortune Choice, as of press time December 21, the total market value of the Beijing Stock Exchange was 209.484 billion yuan, including five major industrial clusters of biomedicine, high-end equipment manufacturing, mass consumption , TMT and new chemical materials. Among the 150 enterprises, 59 are state-level specialized and special “small giant” new enterprises, accounting for 39.33%.
From Zhu Haibin’s point of view, specialized, specialized and new enterprises generally have relatively good growth and financial performance. Companies listed on the Beijing Stock Exchange include many leading companies in sub-industries, with good growth and low valuations, and there may be more investment opportunities in the future.
For example, CommScope Chemicals, listed on the stock exchange on December 21, was classified as a “little giant” enterprise in Chongqing, specializing in specialization and innovation. In the first three quarters of 2022, CommScope Chemical’s revenue was 264 million yuan, a year-on-year increase of 123.79%; net profit attributable to shareholders of the parent company was 78.2361 million yuan, a year-on-year increase of 248.38%.
Another example is Tetris, which went public on December 13th. It belongs to the special equipment manufacturing industry and is a nationally specialized and special “little giant” enterprise. In the first three quarters of 2022, operating profit will be 432 million yuan, a year-on-year increase of 3.51%; net profit will be 43.5533 million yuan, a year-on-year increase of 3.37%. The company has obtained 98 patents, including 14 invention patents. The R & D expenditure in the first three quarters of 2022 is 18.1648 million yuan, and the R & D intensity is 4.21%.
On the one hand, the listing of new shares on the Beijing Stock Exchange has accelerated significantly, and on the other hand, most of the new shares have “broken” after the listing. Statistics show that since December 17 of the 20 new stocks have fallen below the issue price on the first day of listing.
Soochow Securities believes that at the end of the year, the market has strong risk aversion. Under the influence of market style, the North Exchange sector represented by small-cap stocks performed poorly, resulting in a concentrated phenomenon of ” breakout”. At the same time, the liquidity margin has narrowed since November. During the period of rising government bond yields, CBEX is particularly limited by liquidity. This is also one of the reasons for the frequent “breakout” of new shares on CBEX.
While waiting for the market outlook, Soochow Securities said that risk aversion and tighter liquidity margins are obvious short-term disruptors, so there is no need to worry and high-quality targets are on the hunt. of business. On the one hand, due to various short-term disturbance factors, the stock prices of a large number of high-quality lenses will fall, leaving a more sufficient margin of safety; on the other hand, as short-term disruptors gradually fade away (support from fiscal and monetary policy, industrial policies, etc., market risk preference), long-term value will eventually return.
Tian Lihui, dean of Nankai University’s Financial Development Research Institute, told the “Securities Daily” reporter that some high-quality stocks currently on the Beijing Stock Exchange have great investment value. Investment strategies should support value investments, analyze industry development prospects and corporate cash flow, and carry out risk discounting.
(Editor in charge: Ma Changyan)
