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As of May 2, the annual report of the National Small and Medium Enterprise Share Transfer System (hereinafter referred to as the “National Share Transfer System†was disclosed. Among the 11,113 listed companies, 10,554 companies completed the disclosure of the annual report.
According to statistics, all new three-board companies that disclose annual reports have a total operating income of 1.7 trillion yuan, an average of 165 million yuan per company, a year-on-year increase of 17%; net profit totaled 116.1 billion yuan, an average of 11 million yuan per company, an increase of 11% over the same period last year. %.
The New Third Board market has always been regarded as a gathering place for small and medium-sized enterprises in the country, and the annual report of centralized disclosure has become the most intuitive sample to observe the survival status of small and medium-sized enterprises in China.
It is worth noting that the proportion of enterprises in emerging industries in the listed companies of the New Third Board is not small. As an embodiment of economic vitality, the transcripts of emerging industry enterprises in 2016 are also receiving market attention.
According to the industries covered by China's strategic emerging industry planning, the reporter selected energy conservation and environmental protection industries, new generation information technology industry, biological industry, high-end equipment manufacturing industry, new energy industry, new materials industry, new energy automobile industry, digital creative industry, Companies such as high-tech service industries are referenced as templates for emerging industry industries.
According to the statistics of 21st Century Business Herald, there are currently 2,753 companies belonging to strategic emerging industries, which account for 25% of all enterprises.
Unsuccessful performance of emerging industries
But in fact, the strategic emerging industry listed companies' performance in 2016 is not satisfactory. Among the 2,753 companies, 2,621 companies published annual reports, and the remaining 131 companies failed to publish annual reports before the annual disclosure deadline, and were suspended by the national share transfer system.
Among the 2,621 companies, 1,196 companies experienced a decline in 2016. Among them, 67 companies have net profit declines of more than 1000% in 2016.
At the profit level, 643 of the 2,621 companies experienced losses in 2016, and the proportion of loss-making enterprises accounted for 25% of all enterprises. This ratio also tended to be the proportion of losses among all listed companies.
“But in fact, in the New Third Board, the growth of enterprises in emerging industries is higher than that of ordinary companies. This also gives feedback to the high P/E ratios required by enterprises when financing. Therefore, regardless of the loss ratio or the growth rate of performance Both of these can be seen that in 2016, emerging industrial enterprises have encountered growth troubles to a certain extent.†An investment bank official from CITIC Jiantou told reporters.
From the perspective of the whole market, emerging industries in the strategic industry cannot be ranked in the forefront of the market. In contrast, residential services, repairs, and other services are the highest in all industries, both in terms of revenue growth and net profit growth. None of these three industries are companies in strategic emerging industries.
In addition to residential services, repairs and other services, the top five operating income growth is in education, an increase of 45%; health and social work, an increase of 34%.
After reviewing the annual reports of a large number of emerging industry companies, the reporter found that a major factor contributing to the decline in the performance of listed companies in emerging industries is the intensified competition in the industry.
Taking the listed company Soubo E-commerce (835325) as an example, the company explained why the net profit in 2016 has fallen sharply. It is because the strategic adjustment and fierce market competition lead to a decrease in business volume, which leads to a decrease in operating income, which in turn affects the company. Performance.
In addition, the high cost in 2016 has also become one of the important factors to curb the growth of emerging industry companies. An Chang Network is the representative of this.
In fact, in 2016, Anchang Network's operating income increased, and its operating income was 47.59 million yuan, an increase of 37.98%. However, the company's net profit was -15.4 million yuan, down 575% year-on-year.
The company’s board secretary told the reporter: “The increase in operating income is due to the increase in orders and the corresponding increase in sales brought about by the continuous expansion of the company’s continuous expansion of new customers and stock customers. On the other hand, due to the increase in company orders, the required hardware equipment And the network resources are also correspondingly expanded. At the same time, the company is still in the stage of vigorous product research and development, national resource allocation and platform construction, resulting in the increase of network resource cost at this stage, higher than the increase in revenue, and the expansion of personnel due to the expansion of the company's operating scale. It also grows larger."
According to the financial report, the cost is too high to increase the market's efforts, and the increase in advertising expenses has made the Anchang network's gross profit margin decline significantly, which ultimately hindered the company's continued growth.
"The new three board market is small and medium-sized enterprises, so this kind of emerging industry companies will actually experience unstable high growth, but in the case of scale expansion and increased costs, most companies will have problems growing. Therefore, this is why we should recommend the enterprise with higher growth at the fundamental level and already have a certain scale and relatively stable profitability.†Hualong Securities SME financing department told reporters.
Annual report "dehydration"
Then, in addition to the fierce competition in the industry and the rising cost, what other factors have caused the troubles of the growth of strategic emerging industries in 2016?
A brokerage analyst at Zhongtai Securities said that whether the growth of net profit in strategic industries is down, or the scale of operating income is reduced to a certain extent, it has a great relationship with the high level of accounting requirements of the annual report in the New Third Board market.
Prior to this, the reporter learned that the national share transfer system had convened various intermediaries to train the annual report disclosure matters before the annual report was intensively disclosed.
One of the participants told reporters that the main purpose of the relevant training sessions was to do a good job in auditing and disclosure of the listed company's 2016 annual report, improve the quality of financial data, and prevent financial incidents such as financial fraud.
The reporter learned that the accounting department of the China Securities Regulatory Commission also put pressure on intermediaries in the near future.
A person from the investment banking department of CICC told the reporter: "In fact, careful analysis of the reasons for the slump in the performance of some emerging industry companies is not an industry or cost factor. When the company should cash in, it has experienced a decline in performance. This situation is very It may be the dehydration of the annual report after discussion with the auditing agency."
It is worth noting that the large-scale accounting firm Ruihua was fined in the process of disclosure of the domestic annual report, which also echoed the above statement from the regulatory authorities.
“Ruican has given the market a wake-up call. In the annual report, especially the financial report, the requirements for the review of the New Third Board are constantly improving, and the supervision is also strengthening. Now, although there are potential institutional innovation expectations, the premise is honesty and trustworthiness and standard operation. Fu Lichun, head of the Northeast New Securities Third Board Research Center.
The reporter also learned that the supervision of the entire New Third Board market will be further upgraded, and the inspection of the annual report disclosure or the practice of accounting firms is the beginning.
“The annual report disclosure period of some new three board white horse stocks, especially the performance of emerging industry companies has changed many investors to step on the thunder, so after the annual report 'dehydration', some companies with low performance and low valuation may welcome more institutions. Concerns." A team from Silicon Valley Paradise told reporters.
Abstract According to statistics, disclosed in annual reports of all three new board company, total operating income of 1.7 trillion yuan, an average of each company 165 million yuan, an increase of 17%; total net profit of 116.1 billion yuan, an average of each company 11 million yuan, an increase of 11%. As of...
According to statistics, all new three-board companies that disclose annual reports have a total operating income of 1.7 trillion yuan, an average of 165 million yuan per company, a year-on-year increase of 17%; net profit totaled 116.1 billion yuan, an average of 11 million yuan per company, an increase of 11% over the same period last year. %.