Boosting market confidence has not stopped, and listed companies have gathered to disclose monthly operating data for the first time.
After Kweichow Moutai disclosed its main operating data from January to February for the first time on March 8, SMIC, Shanxi Fenjiu, Tongwei, Pien Tze Huang, WuXi PharmaTech, etc. have all followed suit in the past few days. According to incomplete statistics from China Business News, as of press time at 18:30 on the 10th, 55 listed companies have released relevant data, and most of them are industry leading companies and popular track companies. Overall, these companies have performed well.
In addition to the “February Report”, “fancy” self-help measures also include repurchase and increase in holdings. And good performance expectations will help the market stabilize, especially when A-shares have been adjusted sharply recently. Kweichow Moutai’s stock price continued to rebound after the disclosure of performance data. The decline of A-shares eased on the 10th, and many stocks such as Tianci Materials and WuXi PharmaTech rose by the daily limit or rose sharply.
It is generally believed in the industry that external factors are expected to ease, the policy of stabilizing growth will continue to be implemented, and the hedging effect will appear.
The performance is generally “good start”
These listed companies that disclosed monthly operating data, on the whole, achieved a “good start” in performance from January to February. Among them, the performance of popular track companies such as photovoltaics and lithium batteries whose stock prices were deeply adjusted in the previous period was quite impressive, and some leading stocks handed over a good result of doubling their monthly net profit.
According to the monthly data released by Tongwei, a leading photovoltaic stock, the company expects to achieve an operating income of about 16 billion yuan from January to February this year, a year-on-year increase of about 130%; a net profit attributable to the parent of about 3.3 billion yuan, a year-on-year increase of about 650%.
The sharp rise in Tongwei’s performance was mainly due to the increase in the volume and price of silicon materials in the first quarter, the increase in downstream demand for cells, and the continuous recovery of profitability. “The demand in the entire photovoltaic market in the first quarter exceeded expectations, especially in overseas markets. The price of silicon material is still relatively high. Due to the expectation that the new production capacity will be released at an accelerated rate in the second half of the year, downstream manufacturers no longer hesitate. I’m still quite confident.” An official from an A-share photovoltaic listed company told reporters.
Benefiting from the high prosperity of the industry, when the major stock indexes in the two cities fell, photovoltaics became the most defensive sector in the market recently. Wind data shows that the average decline of 72 photovoltaic stocks in March was less than 1%, only 0.92%, significantly outperforming the ChiNext Index.
Many leading companies in the lithium battery industry have also doubled their performance. The net profit scale of Tinci Materials in the first two months of this year has reached 55% of the level of the whole year of 2021. The company expects to achieve operating income of about 3.3 billion yuan from January to February, an increase of about 260% year-on-year, and achieve a net profit of about 860 million yuan attributable to the parent , an increase of about 470% year-on-year.
Performance fundamentals become a “booster” for stock prices. On the 10th, A shares swept away the sluggish performance of the previous two days, and growth stocks took the lead in rebounding. As of the close, Tianci Materials recorded a daily limit, and Dangsheng Technology closed up 8.31%. The latter expects a year-on-year increase of 113.91% in net profit from January to February.
When the “tech wind” of A shares will return is the focus of investors. SMIC, a leading stock on the Science and Technology Innovation Board, is expected to achieve operating income of about US$1.223 billion in January and February, a year-on-year increase of 59.1%; and a net profit attributable to the parent of about US$309 million, a year-on-year increase of 94.9%. Shanghai Silicon Industry is expected to achieve operating income of 511 million yuan from January to February, a year-on-year increase of 51%; net profit after non-deduction of -8.06 million yuan, a loss of 23.76 million yuan compared with the same period of the previous year, a loss of about 74%.
“Since the beginning of the year, the overall production and sales of semiconductor silicon wafers have been full, and the inventory of most downstream customers is at a low level. The orders for the current month have not been digested and they have already hurried to place orders for the next month. Many leading semiconductor silicon wafers exist. Overbooking situation. Regarding the overcapacity of semiconductors mentioned in the market, there may be some overcapacity in the consumer electronics field. The demand for electric vehicles and 5G industries still maintains a high increase, and the absolute demand for the whole industry has not decreased.” A TMT industry analysts told reporters.
From the perspective of the liquor industry, on the 7th, Kweichow Moutai announced its monthly operating data for the first time. From January to February, the total operating income was about 20.2 billion yuan, a year-on-year increase of about 20%; the net profit was about 10.2 billion yuan, a year-on-year increase of about 20%.
On the 9th, Shanxi Fenjiu and Jinshiyuan successively announced the operating data from January to February, and the overall performance was better than the same period of the previous year. Among them, Shanxi Fenjiu is expected to achieve a revenue of more than 7.4 billion yuan in the first two months, a year-on-year increase of more than 35%; it is expected to achieve a net profit of more than 2.7 billion yuan, a year-on-year growth rate of more than 50%; the performance of the first two months has exceeded 2021. data for the first quarter. In the same period, Jinshiyuan’s net profit also increased by about 26% year-on-year.
Stimulated by this series of news, liquor stocks rose as a whole that day. As of the close, Shanxi Fenjiu and other stock prices rose by more than 7%.
Previously, the market was still worried about whether liquor consumption had a “good start” this year. Cai Xuefei, an expert in the liquor industry, told Yicai that from the second half of 2021, the growth rate of domestic alcohol consumption will show a slowing trend. degree of concern. The early disclosure of operating data by some of the top liquor stocks this time proves that the operating conditions of well-known liquor companies are still healthy.
It is also worth noting that the four major industrial and agricultural banks made a collective announcement on the evening of the 10th.
Repurchase, increase holdings, “fancy” self-help
In addition to disclosing the performance of the “February Report” to support the market, repurchases and increased holdings have also increased significantly.
According to incomplete statistics, including SF Holding, ZTE, Haier Zhijia, Chint Electric, Qi Anxin, 360, Hengli Petrochemical and many other leading companies, listed companies have issued more than 100 share repurchases since this week. Plans or the latest share repurchase progress. On the evening of March 8 alone, more than 20 listed companies got together to issue relevant announcements.
Among them, many companies including Qi Anxin, Peacebird, Aide Bio, Bayi Shikong, Xinhe Co., Ltd., Sanlian Hope, Anke Bio, Tesson Medical, Xinfengming, and Kaizhong Co., Ltd. are repurchasing company shares for the first time.
The reporter noticed that the repurchase amount of many companies exceeded 100 million yuan, or even over 1 billion yuan, and some even implemented huge repurchases within a week.
For example, Hengli Petrochemical plans to repurchase shares for 1 billion to 1.5 billion yuan, and the repurchase price does not exceed 30 yuan per share; Mindray Medical announced that the company spent 1 billion yuan to repurchase 3,249,900 shares have been fully cancelled; SF Express Holding said that since the repurchase was officially implemented on March 3, it has repurchased 10.3266 million shares of the company, and the repurchase fund is about 565 million yuan.
There are more companies that quickly carry out holding increase plans to demonstrate confidence. Yutong Bus stated that the controlling shareholder Yutong Group and its concerted actors plan to increase their holdings by not less than 100 million yuan and not more than 200 million yuan in the next 6 months. In addition, the shareholding plan was quickly implemented by more than half within two days after the announcement, and 6.7713 million shares of the company were increased, with an increase of 59.9949 million yuan.
Market returns to fundamentals
Looking back at the recent trend of A-shares, the three major indexes all closed down in the first two trading days of this week (March 7 and 8). On the 9th, the three major stock indexes fell by 4% intraday, and the Shanghai Stock Exchange fell below 3,200 points, the first time since July 28, 2020.
On the 10th, the situation began to change. The three major indexes closed up collectively, the Shanghai Composite Index rose 1.22%, the Shenzhen Composite Index rose 2.18%, and the ChiNext Index rose 2.67%. Will this be the beginning of a rebound in A-shares?
Huaxin Securities believes that the current A-share price has already priced the possible irrational rise in international energy products. Once the situation in Ukraine eases, international crude oil and commodity prices are expected to peak, which means that the market will begin to pay attention to the fundamentals. The continuous implementation of the stabilizing growth policy and the recovery of the PMI data in February already means that the policy hedging effect has appeared. At the same time, the government work report has been released, and the expected GDP growth rate is set at 5.5%. Determination to stabilize growth, investment is expected to play a major role, and GDP growth is likely to bottom out in the first quarter. For investors, the wide fluctuation of A shares under risk events provides a rare opportunity to buy low.
“The downside of the major stock indexes is already very small. The recent sharp decline is mainly due to the accumulation of almost all negative factors. Some sectors and individual stocks have been oversold by mistake. Investors should still return to fundamental observation and focus on tracking. Sector stocks that are expected to exceed expectations in the first quarter. For example, photovoltaic and semiconductor stocks in the growth track have been relatively resistant to the decline in the past two days. We believe that this is inseparable from the continued high industry prosperity and strong demand, which is expected to drive the continued growth of corporate performance. “One A private equity person in East China told reporters.
Industrial Securities believes that the short-term impact on A shares and Hong Kong stocks may basically end in early March. Guotai Junan proposed that the market is expected to show a range-bound trend in the next 2 to 3 months. It is necessary to do a good job of defense and hedging, and the mid-line allocation opportunity may appear after June.
Dai Kang of GF Securities said that to stabilize the market after a fall, one of two conditions must be met: whether the logic of the market fall has been destroyed, and whether the market’s valuation is very attractive. He believes that, first of all, the Fed needs to turn relatively dovish. At present, under the background of the still high economic prosperity in the United States and the supply and demand gap caused by the new crown epidemic and the situation in Ukraine, it is difficult to turn in the short term; secondly, the valuation of A shares is moderate after the sharp drop. Not yet very attractive, and the future upward discount rate will still constrain the valuation of growth stocks.
Fang Zhiyong, a strategy analyst at Minsheng Securities, said that from the valuation point of view, in fact, after this round of sharp adjustments, A shares, whether from a static valuation level or a risk premium level calculated by 10-year treasury bonds (close to the outbreak of the epidemic) From the perspective of the current level), value stocks are the cheapest in the world, and it is recommended to rebound. Return to Sohu, see more
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