semi-annual reports of listed companies show the resilience of china's economy
2024-09-13
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original title: performance improves quarter by quarter, r&d investment continues to increase (lead)
semi-annual reports of listed companies highlight the resilience of china's economy (theme)
wu lihua, a reporter from economic information daily, reports from beijing
enterprises are the basic cells of the economy. as the most active group of enterprises, the overall operating conditions and levels of listed companies can best reflect the true situation of china's economy at the micro level. with the end of the semi-annual report of a-shares, data shows that despite the complex environment at home and abroad, the overall operation of a-share listed companies has remained resilient, while the intensity of r&d has been further improved, new momentum and new advantages have been accelerated, structural optimization and industrial upgrading have been further accelerated, and the trend of high-quality development has become more and more obvious.
the performance of listed companies improved quarter by quarter
overall, in the first half of 2024, a-share listed companies maintained resilience in their operations, with performance improving quarter by quarter, the decline in profits narrowing, and the proportion of loss-making companies decreasing.
data shows that as of august 31, a total of 5,104 listed companies in shanghai and shenzhen have disclosed their 2024 semi-annual reports. in the first half of 2024, listed companies achieved a total operating income of 34.8 trillion yuan and a net profit of 2.9 trillion yuan, down 1.4% and 2.4% year-on-year respectively, and the decline in net profit narrowed compared with the first quarter. the operating income of listed companies was equivalent to 56.5% of gdp in the same period, and the total profit of listed companies was equivalent to 61.3% of industrial enterprises above designated size.
in the first half of 2024, 56.6% of companies in shanghai and shenzhen stock markets had a year-on-year increase in operating income, 77.7% of companies were profitable, and 49.2% of companies achieved a net profit growth. among them, 604 companies achieved a profit growth of more than 100%. excluding the financial industry, listed companies in the real economy achieved revenue of 30.3 trillion yuan and a net profit of 1.6 trillion yuan, down 0.4% and 5.5% year-on-year respectively. the net profit of listed companies in the real economy continued to exceed the profit of the financial industry, accounting for 55.2% of the profits of all listed companies. among the 28 major real industries, 13 industries had positive profit growth in the first half of the year, among which agriculture, forestry, animal husbandry and fishery, social services, electronics, automobiles, utilities and other industries had the highest growth rates.
the decline in net profit narrowed in the second quarter, and the endogenous driving force of corporate profitability was further activated. the overall profitability of listed companies has entered a marginal recovery track, with the net profit of the semi-annual report down 2.4% year-on-year, of which the second quarter fell by 0.4%, a significantly narrower decline than the 4.5% in the first quarter. the continued recovery of the ex-factory price index of industrial products has driven the recovery of the profitability of listed companies, with the gross profit margin up 0.3 percentage points year-on-year to 17.9%; operating profit and loss accounted for 91.3% of the net profit, up 2.2 percentage points year-on-year, and the endogenous driving force of the main business profit has been strengthened. a total of 1,137 listed companies suffered losses, accounting for 22.3% of the number of companies, with a total loss of 185.12 billion yuan, and the proportion of loss-making companies narrowed by 1.9 percentage points compared with the first quarter report.
data from the exchange show that in the first half of 2024, shanghai-listed companies achieved a total operating income of 24.94 trillion yuan, basically the same as the same period last year; net profit of 2.36 trillion yuan, a slight decrease of 1.4% year-on-year; net profit after deducting non-recurring items of 2.26 trillion yuan, a year-on-year increase of 0.3%. about 80% of the companies achieved profitability, of which more than 850 companies had a year-on-year increase in net profit, nearly 240 companies had a net profit increase of more than 50%, more than 120 companies had an increase of more than 100%, and more than 110 companies turned losses into profits. in the second quarter, shanghai-listed companies achieved a total net profit of 1.18 trillion yuan and a net profit of 1.13 trillion yuan after deducting non-recurring items, an increase of 2.4% and 2.6% year-on-year. in the second quarter, the quarter-on-quarter growth rates of operating income and net profit were 4.9% and 0.6% respectively, and the net profit hit a record high in the past four quarters, an increase of 10.6% over the average net profit in the previous four quarters. among them, the operating income, net profit, and net profit after deducting non-recurring items of real enterprises in the second quarter increased by 6.0%, 7.7%, and 5.1% respectively, with more obvious marginal improvements.
in shenzhen stock exchange, as of the end of august, a total of 2,837 listed companies disclosed their operating results for the first half of 2024, with a total operating income of more than 9.88 trillion yuan and a net profit of more than 480 billion yuan after deducting non-operating items. among them, nearly 80% of listed companies achieved profitability. specifically, nearly half of the companies achieved a year-on-year increase in net profit, and 350 companies achieved a year-on-year increase in net profit of more than 100%.
electronics and automobile industries performed well
judging from the performance of key industries, in the first half of 2024, the performance of listed companies in the manufacturing industry showed resilience, and the performance of listed companies in the service and consumption sectors continued to recover.
there are 3,418 manufacturing listed companies in shanghai and shenzhen, accounting for nearly 70%. data shows that in the first half of 2024, the revenue of manufacturing listed companies increased by 1.4% year-on-year, and the net profit decreased by 7.3% year-on-year. the performance of high-tech manufacturing industries such as electronics, automobiles, and communication equipment is outstanding; the capital expenditure of the electronics and communication equipment industries increased by 4.5% and 10.2% year-on-year, higher than the overall manufacturing industry.
specifically, dongguan securities research shows that the automotive industry achieved operating income of 1,795.313 billion yuan in the first half of 2024, a year-on-year increase of 7.27%; achieved a net profit attributable to the parent of 78.339 billion yuan, a year-on-year increase of 22.55%; and achieved a net profit attributable to the parent of 61.617 billion yuan, a year-on-year increase of 34.33%. in terms of profitability, the overall gross profit margin of the automotive industry in the first half of the year was 16.21%, the net profit margin was 4.57%, the return on net assets was 4.47%, and the return on net assets after deducting non-recurring items was 3.52%, all of which increased year-on-year. among them, the profitability of the automotive industry continued to improve in the second quarter, with operating income of 949.178 billion yuan, a year-on-year increase of 6.23% and a month-on-month increase of 12.09%; and a net profit attributable to the parent of 43.32 billion yuan, a year-on-year increase of 25.92% and a month-on-month increase of 23.51%.
in the electronics industry, research by cinda securities shows that ai innovation drives investment opportunities in the industrial chain, and the recovery of terminal demand is gradually transmitted upward. in the first half of the year, 470 listed companies in the electronics industry achieved operating income of 1,550.619 billion yuan, a year-on-year increase of 17.3%, and realized a net profit attributable to shareholders of 64.713 billion yuan, a year-on-year increase of 39.3%. among them, the semiconductor sector achieved operating income of 273.83 billion yuan, a year-on-year increase of 22%; and realized a net profit attributable to shareholders of 17.92 billion yuan, a year-on-year increase of 12%. the optical and optoelectronic sector achieved operating income of 344.71 billion yuan, a year-on-year increase of 8%; and realized a net profit attributable to shareholders of 3.27 billion yuan, a year-on-year increase of 176%. the sector suffered an overall loss in the same period last year. the component sector achieved operating income of 127.31 billion yuan, a year-on-year increase of 13%; and realized a net profit attributable to shareholders of 10.68 billion yuan, a year-on-year increase of 36%.
in the nonferrous metals industry, galaxy securities research shows that the a-share nonferrous metals industry's operating income increased by 1.38% in the first half of the year, and its performance decreased by 1.62% year-on-year; in the second quarter, operating income increased by 6.58% year-on-year, and its performance increased by 27.95% year-on-year. in the second quarter, the overall roe of the nonferrous metals industry reversed upward after four consecutive quarters of decline, setting a new high since the third quarter of 2022. the sales profit margin increased from 3.18% in the first quarter to 4.54% in the second quarter, which is the core factor for the increase in the overall roe level of the industry.
at the same time, judging from the semi-annual report, residents' travel continued to recover, social vitality was further enhanced, and the operating income of listed companies in the airport, tourism and scenic spots, and hotel and catering industries increased by 20.7%, 28.3%, and 3.4% year-on-year, respectively. in the first half of the year, the national railway passenger flow increased significantly, and the net profit of the beijing-shanghai high-speed railway increased by 23.77% year-on-year in the first half of the year, exceeding 6 billion yuan for the first time, setting a new high since its listing. residents' commodity consumption was generally stable, and the net profit of the food and beverage, consumer electronics, and automobile industries increased by 14.1%, 24.4%, and 22.7% year-on-year, respectively. in the first half of the year, most listed companies in the breeding industry achieved a turnaround or reduced losses.
new momentum and new advantages are being cultivated at a faster pace
while overall performance remains stable, a-share listed companies continue to increase their investment in research and development of new technologies and new products, and the new momentum and advantages of china's economy are being cultivated at a faster pace, building momentum for high-quality development.
data shows that in the first half of 2024, the total r&d expenses of listed companies were 709.46 billion yuan, a year-on-year increase of 5.1%; the r&d intensity reached 2.3%, a further increase from 2.2% in the same period last year. 1,099 companies had r&d expenses of more than 100 million yuan in the first half of the year, and the proportion of companies increased from 21.0% to 22.1%. the number of companies with r&d intensity greater than 10% accounted for 7.2%, an increase of 0.2 percentage points year-on-year. the high r&d investment of listed companies has promoted the continuous emergence of scientific and technological innovation results, enabling the accelerated development of new quality productivity.
among them, the total amount of r&d expenses of gem companies reached 88.989 billion yuan, a year-on-year increase of 3.53%. calculated only by the proportion of r&d expenses to operating income, the overall r&d expenses of gem companies accounted for 4.78% of their revenue, among which the r&d expenses of strategic emerging industry companies accounted for 5.89% of their revenue. 286 companies had r&d expenses accounting for more than 10% of their revenue, an increase of 22 companies over the same period last year; 184 companies had r&d expenses greater than 100 million yuan, an increase of 13 companies over the same period last year. high r&d investment has promoted the continuous emergence of scientific and technological innovation results. gem listed companies continue to play a leading role in serving national strategic needs and enabling the accelerated formation of new quality productivity.
data from the shanghai stock exchange show that shanghai-listed companies continue to increase their investment in technological innovation. the total r&d investment of physical companies is nearly 430 billion yuan, an increase of about 4% year-on-year, and 92 companies have won the national science and technology award in 2023. the r&d investment of the science and technology innovation board has reached a new high, with a cumulative investment of more than 78 billion yuan, an increase of about 10% year-on-year, and the median r&d investment intensity reaching 12%; 10,000 new invention patents have been added, and a total of more than 110,000 invention patents have been obtained. high r&d investment has driven investment in high-tech industries. investment in modern service industries represented by software and information technology services has increased by 22%, and investment in high-tech manufacturing industries such as rail transit equipment, aviation equipment, and semiconductors has increased by 35%, 30%, and 18%, respectively.
source: economic information daily
