2022 semi-annual report was successfully concluded. Except for some companies that cannot be disclosed on time, the operating conditions of A-share listed companies in the first half of the year have been announced. Judging from the published data, which listed companies are already insolvent? What industries and companies are affected by the repeated disturbances of the epidemic? Which companies have R&D expenses exceed their operating income? Important shareholders have net reductions, and the following list is listed one by one.
insolvency camp is 80% *ST shares
Listed companies Research Institute noticed that as of the end of the first half of this year, many A-share companies were insolvent, with an asset-liability ratio of more than 100%. Among them, *ST Xiyuan ranked first, reaching 219.19%. It is worth mentioning that *ST Xiyuan is also the "poorest" company in A-shares, with only 277,200 yuan in cash on account.
In addition to *ST Xiyuan, as of the end of the first half of this year, there were 30 companies in A-shares incurred, and 80% of them have been hated. *ST Xinwen ranked second in the debt-to-asset ratio, reaching 173.9%; *ST Shunli, *ST Kaile , and *ST Galaxy three shares also have a debt-to-asset ratio of more than 150%, which are 167.72%, 153.09%, and 151.6% respectively; the remaining 26 shares including *ST Zhongan, *ST Shelley, *ST Youfu, *ST Jiyao, Shenzhou Cell, and *ST Jiai are between 100%-150%.
In addition, as of the end of the first half of this year, there were also many stocks such as Tangde Film and Television , ST Anxin , Renzhi Shares, and ST Mall with asset-liability ratios exceeding 99%, which has approached 100%.
It should be pointed out that among the 31 stocks with a total debt-to-asset ratio of more than 100%, 25 stocks have been cast on the spot, accounting for 80.65%. Many of them are in a critical period of stock preservation this year.
Take *ST Yikang as an example. The company's audited net assets at the end of the period in 2021 were negative, and the financial accounting report was issued by the accounting firm with an audit report of the type that could not express an opinion. The company's stock was delisted by the Shenzhen Stock Exchange starting from May 6, 2022. If the company touched the delisting risk warning conditions again in 2022, the company will be delisted.
Companies whose R&D expenses exceed operating income in 2022
R&D expenses account for operating income can reflect to a certain extent the importance listed companies attach to R&D. According to statistics from Ifind data of Tonghuashun, among the companies with R&D expenses announced by A-shares in the first half of 2022, it can be found from the chart that most companies with R&D expenses exceed their operating income are biopharmaceutical companies.
In order to strengthen the global layout of pipelines and steadily advance the commercialization strategy, Yahong Pharmaceutical, which had a net profit attributable to shareholders of 89.6067 million yuan in the first half of the year, also spent 93.049 million yuan to expand its R&D scale. Yahong Pharmaceutical's R&D expenses account for a very high proportion of operating income, nearly 10,000 times.
As a pharmaceutical company with the main business of small molecule anti-tumor drugs research and development, Shouyao Holdings achieved operating income of 1.7852 million yuan in the first half of the year, a year-on-year decrease of 74.50%; net profit attributable to shareholders was 84.0753 million yuan. The company spent 94.4919 million yuan to increase its R&D investment, and the proportion of total R&D investment in operating income was as high as 5293.02%.
Recently, Nvidia's export of high-end GPU chips to China and Russia was subject to new restrictions. Affected by this news, the Science and Technology Innovation Board company Cambrian's stock rose 36% in 2 days, and Cambrian became a popular stock for a while.
Regarding the high R&D expenses, Cambrian stated that in order to ensure the high-quality iteration of smart chip products and basic system software platforms and maintain a leading technological advantage in the fiercely competitive market, the company continues to increase R&D investment, actively introduce outstanding talents, maintain the stability of the company's R&D team, and R&D expenses have increased significantly during the reporting period.
The picture shows: A-share listed companies whose R&D expenses account for more than 100% of operating income
The repeated disturbances of the epidemic and the companies
0 The industries with severe performance shrinkage include comprehensive and social service industries, mainly hotels and catering and other consumer listed companies that are more affected by the epidemic, but their revenue scale is not large, and their overall revenue does not exceed 50 billion yuan.
Repeated disturbances in the epidemic have become the biggest obstacle to the recovery of performance in the large consumer sector.
On the one hand, pessimistic expectations of economic growth have led to a decline in consumer confidence; on the other hand, the epidemic has a great negative impact on offline and contact consumption scenarios, and the low-density and less mobile lifestyle has brought great challenges to many consumer companies, such as tourism, catering, transportation, automobiles, real estate, jewelry, etc. At the same time, China's epidemic prevention and control implemented the "dynamic zero" policy, which better balanced the relationship between epidemic prevention and control and economic and social development.
From the industry perspective, in the tourism industry, China Youth Travel suffered the largest loss in the first half of the year, with a loss of more than 200 million yuan; followed by Huangshan Tourism and ST Caesar, with a loss of nearly 170 million yuan. In the hotel and catering industry, CTO Hotel ranked first with a loss of 384 million yuan, followed by the famous roast duck brand Quanjude, with a loss of 153 million yuan. In the real estate development industry, the A-share listed company with the largest losses is Blue Light Development , with a loss of nearly 5 billion yuan, followed by Sunshine City , with a loss of 3.565 billion yuan.
On the one hand, we are optimistic about the natural recovery of consumption after the impact of the epidemic is weakened, and on the other hand, the country continues to introduce a number of policies to promote consumption, including policies for automobiles, catering consumption coupons, airline subsidies, etc. Supported by the low base in 2022, I believe that the performance of consumer enterprises in 2023 will have a good performance.
Net reduction of holdings by important shareholders: "Lithium King" was reduced by 8.7 billion yuan, ranking first
This year, A-share market has experienced a certain structural market, and the track stock market has been drastically differentiated. However, judging from the performance in recent years, popular tracks such as new energy and CRO are still bull market trends. Under the volatile and differentiated situation, the "impulse" of shareholders to reduce their holdings remains high.
As of now, the pharmaceutical and biological industry ranked first in the net reduction of holdings by important shareholders this year, with net reduction of more than 34.9 billion yuan; followed by the basic chemical industry, with net reduction of more than 34.6 billion yuan in important shareholders. In addition, the two major industries of power equipment and electronics have been netted by important shareholders by more than 20 billion yuan. Petroleum and Petrochemical and Bank have become the "only two" industries for net increase in holdings of important shareholders, with net increase of more than 3 billion yuan and more than 1.8 billion yuan respectively.
individual stock , the stock that has been reduced by important shareholders the most is Salt Lake Shares , known as the "lithium king". According to the "Net Reduction of Net Shares by Important Shareholders" by Databao, Yanhu Shares has been reduced by more than 8.7 billion yuan this year by shareholders, including Qinghai State-owned Assets and Sinochem Group , both of which have undergone major reductions.
0,000 Huache ranked second in the ranking, with a cumulative net share reduction of 8.436 billion yuan, and shareholder Prime Partner International Limited continued to reduce its share reductions.
track stocks have become a concentration camp for major shareholders to reduce their holdings. In addition to the aforementioned Salt Lake Co., Ltd., the leader of inverter , which has the largest increase of more than 40 times since 2019, was netted by shareholders by more than 4.2 billion yuan this year, ranking third in the list of shareholders; CRO giant Kanglong Huacheng, wind power leader Mingyang Intelligent, medical beauty giant Betani, lithium battery diaphragm leader Enjie Co., Ltd. , etc., were all netted by shareholders by shareholders by more than 3 billion yuan this year. Some of the stocks that have been ranked first in
have performed very impressive in the semi-annual report. Among them, the net profit growth rate of individual stocks such as Salt Lake Co., Ltd., Mingyang Intelligent, Shengbang Co., Ltd., and other stocks all exceeded 100%, while the net profit growth rate of individual stocks such as Jinlang Technology, Beitaini, and Enjie Co., Ltd. all exceeded 50%. From the perspective of valuation, the price-to-earnings ratios of individual stocks such as Yanhu Shares and Mingyang Intelligent are all lower than 20 times.
(The individual stocks mentioned in the article are for example analysis only, and no trading suggestions are made. If there is any infringement, please contact us to modify it)
Author: NetEase Finance Qiming
Email: zhongqiming@corp.netease.com
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