In 2019, driven by multiple domestic and international changes, China's new economic development has entered a historical turning point. In this process, the key symbol of leveraging the comprehensive transformation and upgrading of all factors such as China's policies, industries, and market is that the growth and growth of science and technology innovation enterprises represented by strategic emerging industries has become the core promoter of the new momentum in the new economy.
On May 31, the "Financial World 2019 Value Discovery Carnival and the Second China Enterprise Value Development Forum" guided by the China Venture Capital Committee of the Ministry of Science and Technology and the Shenzhen Local Financial Supervision and Administration Bureau, sponsored by the Financial Industry and co-organized by the China Parent Fund Alliance was held in Shenzhen. In this forum, the Financial Listed Companies Research Institute announced its annual major product under the quantitative evaluation system of "Z3" listed companies - "Digital High Quality II: A Comparative Study of Chinese-funded Listed Companies in Strategic Emerging Industries". This report is the second comprehensive report product launched by the financial industry in a quantitative evaluation of the high-quality development of Chinese listed companies in strategic emerging industries under the background of the tide of science and technology innovation, with strategic emerging industries as the core of research.
In the report, the Financial Listed Company Research Institute found through research on 63 Chinese listed companies in the capital markets of A-shares, , Hong Kong stock and US stocks, which found that in the entire industry, leading companies have comparative advantages in profitability, operating efficiency, technical level, etc. The mechanical manufacturing, aerospace and defense segments have developed well, and the intelligent manufacturing field is accelerating its expansion. Overall, under the new wave of scientific and technological revolution and industrial revolution, enterprises still need to accelerate technological innovation and management innovation, and only by using a new industrial development model can they "survive".
The advantages of leading enterprises are obviously concentrated in the mechanical manufacturing, aerospace and defense sub-industry
Report In the special chapter of the high-end equipment manufacturing industry, the overall situation of listed companies in the industry and the data statistics of leading enterprises for high-quality development were conducted separately. From the perspective of listing place selection, in the high-end equipment manufacturing industry, the top Chinese listed companies with high-quality development tend to be listed on the A-share listing financing, which is mainly due to the obvious state-owned assets of the leading companies, and most of the products of the company are related to national defense strategic needs. High-end equipment manufacturing companies in emerging fields prefer to list on the US and Hong Kong stocks, which is mainly based on the needs of their own global development strategies.
Chartmaking: Financial Industry Listed Company Research Institute Data source: Juling Finance
From the perspective of sub-industry, according to the GICS3-level industry classification, in the high-end equipment manufacturing industry, the machinery manufacturing, aerospace and defense industries are one of the industries with the most concentrated high-tech technologies, and their technical thresholds and capital thresholds for R&D are very high. The top 30 listed Chinese companies are located in the machinery manufacturing, aerospace and defense industries. This is related to China's actual situation. First, China is one of the three countries in the world that independently master manned aerospace technology. It has a large amount of high-end technology reserves and advantages in the aerospace field. Enterprises in this industry have received great support from the state; second, China has the most perfect industrial system in the world. After 30 years of reform and opening up, a number of enterprises with international competitiveness in the field of high-end equipment manufacturing have emerged in recent years.
Chart: Financial Listed Company Research Institute Data source: Juling Finance
From the perspective of operating conditions, in the high-end equipment manufacturing industry, the revenue scale of the top Chinese listed companies with high-quality development reached 925.952 billion yuan, accounting for 60.18% of the overall revenue scale of the industry. From the performance comparison, it can be clearly seen that the net profit attributable to shareholders of leading enterprises is even higher than that of the overall industry, which is mainly due to the loss in the high-end equipment manufacturing industry, 12 Chinese listed companies suffered losses in 2018, with a loss scale of 32.095 billion yuan.
According to the analysis in the report, in the high-end equipment manufacturing industry, the top Chinese listed companies with high-quality development have obvious advantages in terms of technical strength, scale expansion, profit efficiency, etc. Benefiting from the good industrial development situation, the industry status of these companies has become increasingly consolidated, which has led to a continuous increase in industrial concentration.However, in traditional mechanical manufacturing and other sub-sectors, most enterprises develop early and still adopt extensive development methods, making them inefficient and weak technological innovation capabilities. In the new industrial environment, we face the risk of being eliminated. Therefore, these companies need to accelerate technological innovation and management innovation to "survive" with new industrial development methods.
Aerospace and defense fields have good growth potential in the automotive industry. The intelligent manufacturing field has accelerated its expansion
Graphics: Financial Listed Company Research Institute Data source: Juling Finance
According to the report analysis, in 2018, the total year-on-year growth rate of total assets in the automotive industry in the high-end equipment manufacturing industry was the highest, reaching 71.06%. This is mainly because there are currently few companies in the intelligent manufacturing field involving autonomous driving and unmanned driving in this industry, with a small size, and in recent years, it has been in a period of rapid development of the industry, resulting in the rapid expansion of the asset scale of enterprises in this industry. It was also found that there were only three Chinese listed companies in the industry, and two of them were listed on the US stock market in 2018. The average total assets in the aerospace and defense sectors rank second in the year-on-year growth rate, mainly because the aerospace sector is an important area for the development of advanced manufacturing technology. In recent years, intelligent manufacturing has continued to promote the transformation, upgrading and innovative development of the aerospace industry. In addition, with the acceleration of military-industrial reform and military-civilian integration, the capital market investment has increased, which has led to the accelerated expansion of the scale of enterprise asset management in the industry, which indirectly reflects that the industry has good growth potential.
Chart: Financial Listed Company Research Institute Data source: Juling Finance
From the perspective of R&D situation, in the field of high-end equipment manufacturing, except for the automobile and metal and mining sub-industry, the proportion of R&D investment in other sub-industry is relatively small. Among them, the average R&D investment in the automotive segment accounted for as high as 31.98%, which is due to the fact that NIO went public in the United States in 2018, and its 80.75% R&D investment accounted for increased the overall level of the industry. There is only one company in the metal and mining and electronic equipment, instruments and components segments, and it is not of universal reference significance. From this point of view, in the entire high-end equipment manufacturing industry, aerospace, defense and machinery manufacturing are the two sub-industry with the highest proportion of R&D investment, which is related to the industry characteristics of high-end and sophisticated technologies.
Compared with foreign countries, my country's high-end equipment manufacturing companies still have insufficient R&D investment. Taking aerospace as an example, data shows that my country is far inferior to the United States in terms of space aerospace budget in terms of relative or absolute values. In 2018, my country's space budget expenditure was only US$2 billion, about one-tenth of that in the United States.
In the new round of scientific and technological revolution reshape the international industrial division of labor pattern, high-end equipment manufacturing has become a key industrial field that China supports and develops and has high hopes for.
In the long run, with the continuous release of industrial policy dividends and the vigorous development of new technologies, new business forms and new models, my country's high-end equipment manufacturing industry faces a large market space, but it is more important to realize that countries are currently targeting the high-end equipment manufacturing industry and implementing the "re-industrialization" strategy. In the future, enterprises will face fierce market competition. In the short term, the recent increase in friction between China and the United States over strategic emerging industries has become a major uncertain factor in the development of my country's high-end equipment manufacturing industry.
Click to read the full text of the report
