Our reporter Meng Ke
On December 21, CommScope Chemicals and Jiuling Technology were listed on the Beijing Stock Exchange. As a result, the number of listed companies on the Beijing Stock Exchange increased to 150.
Zhu Haibin, general manager of the Beijing Stock Exchange Research Center of Kaiyuan Securities, told the “Securities Daily” reporter that since September, the pace of listing companies on the Beijing Stock Exchange has accelerated, and the number of listed companies 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 “little 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 expense ratio Nearly 7%, it is the backbone of the development of CBEX.
According to data from Oriental Fortune Choice, as of press time on 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 companies, 59 are state-level specialized and special new “little giant” 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. The companies listed on the Beijing Stock Exchange include many leading companies in subdivided industries, with good growth and low valuations, and there may be more investment opportunities in the future.
For example, CommScope Chemicals, which went public on December 21, was rated 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%; the 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 13. It belongs to the special equipment manufacturing industry and is a national-level specialized and special “little giant” enterprise. In the first three quarters of 2022, the operating income will be 432 million yuan, a year-on-year increase of 3.51%; the 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 research and development expenditure in the first three quarters of 2022 is 18.1648 million yuan, and the research and development intensity is 4.21%.
On the one hand, the listing of new shares on the Beijing Stock Exchange has significantly accelerated, and on the other hand, most new shares have “broken” following listing. Statistics show that since December, 17 of the 20 new stocks fell below the issue price on the first day of listing.
Soochow Securities believes that at the end of the year, the market has a strong risk aversion sentiment. Under the influence of the market style, the North Exchange sector represented by small-cap stocks performed poorly, resulting in a concentrated “breakout” phenomenon. At the same time, the margin of liquidity has tightened since November. During the period of rising government bond yields, CBEX is particularly constrained by liquidity. This is also one of the reasons for the frequent “breakout” of new shares on CBEX.
Looking forward to the market outlook, Soochow Securities stated that risk aversion and tighter liquidity margins are obvious short-term disturbance factors, so there is no need to worry, and high-quality targets are placed on bargain hunting. On the one hand, under a variety of short-term disturbance factors, the stock prices of a large number of high-quality targets will go down, leaving a more sufficient margin of safety; Market risk preference), the 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 are of great investment value. Investment strategies should uphold value investing, analyze industry development prospects and corporate cash flow, and carry out risk discounting.
(Editor in charge: Ma Changyan)