"digging for gold" in shandong state-owned a-share companies' half-year report card: wanhua chemical profits nearly 8.2 billion, weichai power dividends exceed 3.2 billion
2024-09-02
한어Русский языкEnglishFrançaisIndonesianSanskrit日本語DeutschPortuguêsΕλληνικάespañolItalianoSuomalainenLatina
as the a-share semi-annual reports enter the final stage, the "report cards" of shandong state-owned listed companies are also presented to investors.
the economic herald reporter noticed that although the a-share market as a whole has shown a downward trend this year, the performance of shandong state-owned a-share companies in the first half of the year was quite outstanding, with overall revenue and net profit showing a steady growth trend, which gave market investors reassurance.
among them, more than 10 companies such as lubei chemical (600727.sh) and zhongtong bus (000957.sz) achieved outstanding performance, with net profit attributable to parent companies increasing by more than 100% year-on-year; and more than half of the companies such as shandong yaobo (600529.sh) and inspur software (600756.sh) had a significant increase in return on net assets compared with the same period last year, highlighting the improvement in core competitiveness.
therefore, this newspaper will analyze the semi-annual reports of shandong state-owned a-share companies from multiple aspects such as profitability, r&d capabilities, institutional holdings, and investor returns, and combine the market value performance since the beginning of this year to explore investment targets worthy of attention.
40 state-owned shandong stocks made profits of over 100 million yuan
as of august 30, 81 of the 85 shandong state-owned a-share listed companies have released their operating results (including performance reports and performance forecasts) for the first half of 2024. these companies achieved a total revenue of more than 642.7 billion yuan and a net profit attributable to their parent companies of 40.5 billion yuan, both exceeding the performance of the same period last year.
among the 81 companies, 63 companies achieved profits in the first half of the year, accounting for 78%.
among them, wanhua chemical, whose actual controller is the yantai state-owned assets supervision and administration commission, achieved the highest net profit attributable to the parent company, reaching 8.174 billion yuan. yankuang energy followed closely behind, achieving a net profit attributable to the parent company of 7.568 billion yuan in the first half of the year. the company's largest shareholder is shandong energy group co., ltd., whose actual controller is the shandong provincial state-owned assets supervision and administration commission. weichai power (000338.sz), which has the same actual controller as yankuang energy, ranked third in profitability, achieving a net profit attributable to the parent company of 5.903 billion yuan during the reporting period.
statistics show that in the first half of the year, the number of shandong state-owned a-share companies with profits exceeding 100 million yuan reached 40. among them, the number of companies controlled by shandong provincial enterprises reached 24, accounting for 60%, with a clear advantage. for example, qingdao port (601298.sh), hualu hengsheng (600426.sh), shandong gold (600547.sh), and shanjin international (000975.sz) achieved net profits attributable to their parent companies of more than 1 billion yuan in the first half of the year.
in addition, the local state-owned assets sectors in yantai, qingdao, weifang, jinan, zibo, binzhou and linyi performed well, with the number of listed companies with profits exceeding 100 million yuan in the first half of the year reaching 5, 3, 4, 1, 1, 1 and 1 respectively. among them, tsingtao brewery (600600.sh), whose actual controller is the qingdao state-owned assets supervision and administration commission, achieved a net profit attributable to the parent company of 3.642 billion yuan, ranking fourth; shandong yaobo (600529.sh), whose actual controller is the yiyuan county finance bureau, achieved a net profit attributable to the parent company of 475 million yuan, which was also quite outstanding.
lubei chemical's profit increased more than 10 times
in terms of profitability, among the 81 state-owned shandong stocks that disclosed their performance, 47 saw an increase in net profit attributable to their parent companies year-on-year, accounting for nearly 60%, showing the stable performance of this sector.
among them, the number of companies whose net profit attributable to parent companies increased by more than 100% year-on-year in the first half of the year reached 16. lubei chemical, whose actual controller is wudi county finance bureau, had the largest increase, achieving a net profit attributable to parent companies of 146 million yuan, a year-on-year increase of 1063.27%; chang aluminum co., ltd. (002160.sh), whose actual controller is jinan state-owned assets supervision and administration commission, followed closely, achieving a net profit attributable to parent companies of 32 million yuan during the reporting period, a year-on-year increase of 993.49%.
in addition, chengzhi co., ltd. (000990.sz), whose actual controller is qingdao huangdao district state-owned assets development center, and hongxing development (600367.sh), whose actual controller is qingdao state-owned assets supervision and administration commission, also achieved significant performance growth, with their net profit attributable to parent companies increasing by 617.67% and 491.96% year-on-year in the first half of the year, respectively.
overall, the performance growth of small-cap stocks was obvious, while that of large-cap stocks was more stable, which were the characteristics of the performance growth of state-owned shandong stocks in the first half of the year.
correspondingly, the core competitiveness has also been improved. statistics show that among the 81 state-owned shandong stocks, 43 companies have seen a year-on-year increase in return on net assets, accounting for more than 50%.
on the one hand, this is because some companies had a low base last year and the prosperity of their industries has rebounded significantly this year. for example, the net profits of lubei chemical and chang aluminum fell sharply in the first half of last year, but they made substantial profits this year, so their return on net assets has increased significantly. on the other hand, companies have strengthened technological research and development, consolidated their market position, and further improved product competitiveness. for example, china national heavy duty truck group (000951.sz), whose actual controller is the state-owned assets supervision and administration commission of shandong province, had a return on net assets of 2.75% in the first half of last year, but this year it has risen to 8.13%.
economic herald reporters found that listed companies with improved return on net assets also saw a significant increase in their r&d expenses, showing a trend of technological innovation driving improved competitiveness.
for example, china national heavy duty truck group's r&d expenses increased by more than 104.49% year-on-year in the first half of this year. in addition, fuyi co., ltd. (002083.sz), whose actual controller is gaomi state-owned assets operation center, had a net asset return rate of 9.60% in the first half of this year, a significant increase from 3.98% in the same period last year. the company's r&d expenses in the first half of this year also increased by 47.49% compared with the same period last year.
21 companies distributed dividends of nearly 7 billion yuan
supported by stable performance, state-owned shandong stocks have increasingly attached importance to returns to investors, and mid-year dividends have increased significantly.
wind information statistics show that in the first half of this year, 21 out of 81 companies have announced cash dividend plans, with a total amount of 6.963 billion yuan.
among them, weichai power's cash dividend amount reached 3.243 billion yuan, followed by wanhua chemical with 1.633 billion yuan. hualu hengsheng, shandong gold, sinotruk, shandong yaobo, furi shares, and walterdyne (000915.sz), whose actual controller is the shandong provincial state-owned assets supervision and administration commission, all paid dividends of more than 100 million yuan.
perhaps due to the dual attraction of performance and cash dividends, long-term funds, mainly from social security funds, also increased their layout in state-owned shandong stocks in the first half of the year.
statistics show that there are currently 14 state-owned shandong stocks on the social security fund's shareholding list at the end of the second quarter.
hualu hengsheng is quite popular. among the top ten shareholders at the end of the second quarter, there are the social security fund 114 and 101 portfolios, and the holdings of these two portfolios have increased compared with the end of the first quarter. dongfang electronics (000682.sz), whose actual controller is the yantai state-owned assets supervision and administration commission, has also received attention from the social security fund. among the top ten shareholders at the end of the second quarter, there are the social security fund 503, 101, and 404 portfolios.
securities firms focus on investment opportunities
it is worth noting that although state-owned shandong stocks have performed well in terms of performance and institutional layout, their market value performance has not been good this year due to the overall decline in the market value of a shares. in the view of industry insiders, this also gives investors an opportunity to layout at a low level.
statistics show that as of august 29, the total market value of state-owned shandong stocks fell from 1,287.716 billion yuan at the beginning of the year to 1,181.58 billion yuan, a decrease of 8%. among them, wanhua chemical's market value fell the most, reaching 18.8 billion yuan; tsingtao brewery and hualu hengsheng's market value also fell by more than 10 billion yuan.
the performance is stable but the market value is declining. under such circumstances, the investment indicators such as the price-to-earnings ratio and price-to-book ratio of some companies are already "shining", attracting the attention of many investors.
for example, wanhua chemical and hualu hengsheng currently have a price-to-earnings ratio of only 13 times, yanzhou coal mining energy has a price-to-earnings ratio of less than 7 times, and binglun environment (000811.sz), whose actual controller is the yantai state-owned assets supervision and administration commission, has a price-to-earnings ratio of 9.4 times; while the price-to-book ratios of companies such as fuyi co., ltd. and chang aluminum co., ltd. are still hovering below 1 times.
of course, the investment indicators of some stocks with growing market capitalization are still in a low range. for example, qingdao port’s market capitalization has increased by 16.9 billion yuan this year, while the company’s current price-to-earnings ratio is only 12 times and its price-to-book ratio is less than 1.5 times.
many companies have attracted the attention of securities firms. tianfeng securities believes that qingdao port is the largest foreign trade port in northern china controlled by shandong state-owned assets. as the impact of the epidemic subsides and foreign trade recovers, qingdao port's container business is expected to increase in both volume and price in 2025, and profits may increase significantly, so it gave a "buy" rating; dongxing securities said that hualu hengsheng has continuously improved its ability to reduce costs and increase efficiency, and the launch of new products in the future is also expected to improve the company's profitability, so it gave a "strong recommendation" rating.
(reporter shi chao of dazhong news and economic herald)
