The industry with manufacturing as the core is the ballast stone of the Chinese economy. At present, China's manufacturing industry is mainly concentrated in the eastern coastal areas, especially the Pearl River Delta, the Yangtze River Delta and the Bohai Sea. The inland areas are distributed along the rivers and railway lines in the central and western regions. In the current pressure of manufacturing, what is the operation of micro-enterprises? This group collects the data of the three quarterly reports of more than 1,200 A-share manufacturing listed companies, and analyzes the overall operation status of the Yangtze River Delta, the six central provinces, and the western provinces. This is actually a mirror image of China's real economy.
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Compared with the same period of last year, the total revenue and total net profit growth of manufacturing enterprises in the Yangtze River Delta showed a slowdown. Among them, the net profit of private enterprises achieved a growth rate of 13.4%, and the growth rate fell by nearly 18 percentage points.
In the Yangtze River Delta region, which accounts for about 20% of the national economy, as of the end of the third quarter of this year, the number of listed companies in the manufacturing industry reached 724, accounting for about 30% of the A-share manufacturing enterprises.
The important weight of the manufacturing enterprises in the Yangtze River Delta has made it a benchmark for measuring the warmth and warmth of the national real economy.
According to Wind data, the 21st Century Business Reporter’s analysis of the 724 A-share manufacturing enterprises in the three provinces and cities in the Yangtze River Delta region found that in the cold winter of the capital market and the high-quality development of the economy, compared with the same period last year, The total revenue and total net profit growth of the triangular manufacturing enterprises all showed a slowdown. Among them, the net profit of private enterprises achieved a growth rate of 13.4%, and the growth rate fell by nearly 18 percentage points.
The slowdown of the micro-economy or the general phenomenon in the country, but from the perspective of sub-regions, Zhejiang, which is dominated by private enterprises, still shows strong profitability in the three provinces and cities; although Shanghai has a small number of listed companies, the size of the monomer Large, playing a stabilizing role in the real economy; Jiangsu's manufacturing companies still maintain a stable style.
Among the top 50 companies in terms of net profit, there are 7 specialized equipment manufacturing, 3 pharmaceutical manufacturing, 4 computer equipment manufacturing, 4 general equipment manufacturing, and 8 electrical machinery and equipment manufacturing industries. Half of the seats show that the relevant companies have better growth and are the basis for the development of high-end manufacturing in the Yangtze River Delta.
Total revenue and net profit growth slowed down
In the first three quarters, the total operating income of 724 manufacturing industries in the Yangtze River Delta region was 319.3 billion yuan, a growth rate of 13.6%, compared with 26.3% in the same period of the previous year. The net profit attributable to the company was 217.8 billion yuan, a growth rate of 16.5%, compared with 28% in the same period last year.
The profitable head companies were SAIC (600104.SH), Baosteel (600019.SH), Hikvision (002415.SZ), Yanghe ((002304.SZ) and Huayu (17.740, 0.00). , 0.00%) (600741.SH), consistent with last year's ranking, and is a clear-cut state-owned enterprise.
In the top ten list, four private enterprises were squeezed into: Nangang (600282.SH), Zhejiang Longsheng (600352.SH), Hengrui Medicine (600276.SH), Zhengtai Electric (601877. SH).
Further from the growth rate, a total of 462 companies achieved profit growth, of which 71 were more than doubled, and 5 were more than 10 times, respectively, Jingu (002488.SZ) and Tongda Power (002576.SZ). , East China Heavy Machinery (002685.SZ), Radio and Television Electric (601616.SH), China Nuclear Technology (000777.SZ), net profit growth rate of up to 4309%, 2974%, 1367%, 1265% and 1021%.
Of the 35 companies that lost money in the same period last year, 18 companies turned losses. However, there are also three companies whose business conditions have deteriorated significantly. Among them, *ST Hairun (600401.SH) has expanded its losses from RMB 880 million last year to 1.05 billion yuan; Jinlong Electromechanical (300032.SZ) and Shanghai Lai Shi (002252. SZ) turned from last year's profit to huge loss, with a loss of 1.55 billion yuan and 1.29 billion yuan respectively; Huadong Science and Technology (000727.SZ) suffered a huge loss of 1.58 billion yuan, becoming the "loss king" in the first three quarters.
The reasons for the losses of the three companies mentioned above are not the same. They are debt risk, stock loss and insufficient blood production capacity. These are the typical problems faced by current A-share companies.
In terms of market capitalization performance, the total market value of manufacturing enterprises in the Yangtze River Delta was 598.69 billion yuan, compared with 742.95 billion yuan in the same period of last year. The market value evaporated by 144.6 billion yuan, a decrease of 24.1%.
However, under the overall downward trend of A-shares, there are still 97 companies that have achieved contrarian growth. There are 13 companies that have increased by more than 10 billion, and the top five in value-added are: Hengrui Medicine (600276.SH) increased by 65 billion yuan. Yanghe shares increased by 39.9 billion yuan, Hesheng Silicon Industry (603260.SH) increased by 37 billion yuan, SAIC Group increased by 36.1 billion yuan, and Rongsheng Petrochemical (002493.SZ) increased by 32.4 billion yuan.
In the Yangtze River Delta region, the advancement and retreat of state-owned enterprises and private enterprises has always been a controversial topic. From the perspective of corporate profits in the first three quarters, the profitability of state-owned enterprises was stronger. 77 state-owned enterprises achieved a net profit of 91.28 billion yuan, an increase of 21.7%. 579 private enterprises realized a net profit of 117.99 billion yuan, an increase of 13.4%.
In the same period of last year, the growth rate of net profit of state-owned enterprises in the Yangtze River Delta was 27.7%, and the growth rate of private enterprises was 31%. The net profit of private enterprises fell significantly.
The reason is related to the industry concentrated by state-owned enterprises. The steel and chemical industries are ushered in this year's price hikes. The profits of state-owned enterprises in the chemical raw materials and chemical industries have doubled, and the profit growth rate of state-owned enterprises in ferrous metal smelting and rolling processing has reached 36%. The rise has offset the downward pressure on the economy to some extent.
On November 14, a senior analyst in the steel industry told the 21st Century Business Herald: "Steel companies are mostly concentrated in state-owned enterprises, and rising prices have a greater impact on downstream private enterprises."
Private enterprises contribute 90% of Zhejiang manufacturing profits
When the de-leverage superposition of A-shares declined overall, the financing problem of private listed companies has always been the focus of attention of all parties. Large shareholders have a high proportion of pledge risks, rising financing costs, high costs, and blocked financing channels, whichever is enough to make private enterprises into trouble.
However, if compared with the central region, the vitality of the Yangtze River Delta private capital can still be seen. The net profit of state-owned manufacturing enterprises in the central region increased by 79.7%, and private enterprises only increased by 8.7%. This shows that although the profit growth of the manufacturing enterprises in the Yangtze River Delta is slightly lower than that of state-owned enterprises, it is more the result of industry changes.
Moreover, as a place where private capital is active, the profitability of Zhejiang's manufacturing industry is leading the way in the Yangtze River Delta.
In the first three quarters, Zhejiang's 307 manufacturing enterprises achieved a total net profit of 82.5 billion yuan, a year-on-year increase of 21.9%; Jiangsu's 284 manufacturing enterprises had a total net profit of 58.7 billion yuan, a year-on-year increase of 13.5%; Shanghai's 133 manufacturing enterprises' total net profit 76.6 billion yuan, an increase of 13.3%.
Among the listed companies in Zhejiang manufacturing industry, the proportion of private enterprises reached 89%, and the proportions of Jiangsu and Shanghai were 80% and 60% respectively. In other words, nearly 90% of the profit sources of listed companies in Zhejiang are contributed by private enterprises.
Since the beginning of this year, news about the explosion of mines by Zhejiang private enterprises due to financing problems has frequently appeared in newspapers. For example, companies such as Busen (002569.SZ) and Jinlong Electromechanical have suffered from crisis due to stock pledge. However, from the perspective of total volume, the profitability of Zhejiang enterprises is not inferior in the Yangtze River Delta.
On November 14, Zhou Weilin, director of the Institute of Urban Economics of Fudan University, analyzed the 21st Century Business Herald reporter: "There are many private enterprises in Zhejiang, and the private enterprises have strong adaptability and adjustment ability, flexible mechanism, and can quickly adapt to changes in the capital market. In addition, The strong profitability indicates that the main business has not been affected, and Zhejiang enterprises still have certain advantages in the use of human capital and even urban space."
Chen Hao, dean of the Shanghai Zhangjiang Platform Economic Research Institute, further said: "The problems faced by Zhejiang private enterprises are the problems faced by the entire A-share enterprises. However, the transformation and upgrading of Zhejiang enterprises is relatively early, and it has reached a concentrated harvest period."
In fact, from the macro data point of view, Zhejiang's manufacturing industry is also in a leading position in the Yangtze River Delta region. In the first three quarters of this year, the growth rate of industrial added value of above-scale industries in Shanghai, Jiangsu and Zhejiang was 2.2%, 5.5% and 8% respectively. Only Zhejiang has outperformed the national line.
High-end manufacturing "disappearance"?
From the perspective of the industry, the ranks of the Yangtze River Delta's net profit are in the forefront: automotive manufacturing, chemical raw materials and chemical manufacturing, ferrous metal smelting and rolling processing, electrical machinery and equipment manufacturing, pharmaceutical manufacturing and computers, Communications and other electronic equipment manufacturing.
The net profit scale of the above-mentioned industries reached 46.7 billion yuan, 23.35 billion yuan, 22.26 billion yuan, 18.44 billion yuan, 15 billion yuan, and 13.84 billion yuan. Among them, ferrous metal smelting and rolling processing industry achieved a 43% increase, chemical raw materials and chemical products manufacturing achieved 54.6% growth, pharmaceutical manufacturing only achieved 3.8% growth, electrical machinery and equipment manufacturing, as well as computers, communications and other electronics The net profit of the equipment manufacturing industry is declining.
For the Yangtze River Delta, where advanced manufacturing such as biomedicine, integrated circuits and high-end equipment are at the leading position in China, the above-mentioned profit growth rate is mostly based on traditional industries.
In this regard, Chen Wei believes: "The innovation drive consists of two parts, one is to cultivate emerging industries, and the other is the high-tech upgrade of traditional industries. For example, the traditional leading automobile industry in the Yangtze River Delta is actually doing cross-border integration of industries. Intelligent technological transformation and model innovation are all part of high-end manufacturing. It cannot be said that traditional industries have no technological progress."
"In addition, it should be pointed out that listed companies are generally large-scale enterprises, showing more traditional industries. Therefore, the establishment of science and technology board is very necessary. After listing, it will further aggregate various factor resources, make good use of capital market, and cultivate The industry leader of new kinetic energy." Chen Yu said.
Traditional leading enterprises are rushing forward in technological innovation. The third quarterly report of SAIC Group showed that the company's research and development expenses were 9.4 billion yuan, an increase of 2.308 billion yuan year-on-year; Baosteel's research and development expenses were 2.86 billion yuan, an increase of 1.72 billion yuan over the previous year.
However, the decline in profitability of the machinery manufacturing and communications equipment industry reflects the weak link in the manufacturing industry in the Yangtze River Delta.
Zhou Weilin believes: "At present, the high-end manufacturing industry in the Yangtze River Delta is relatively scattered, and has not yet formed a strong leading enterprise, and there is a certain gap from the world-class industrial cluster."
The data shows that there are 85 listed companies in the computer, communication and other electronic equipment manufacturing industries in the Yangtze River Delta region, 91 in the electrical machinery and equipment manufacturing industry, 65 in general equipment manufacturing and 60 in special equipment manufacturing. Despite the large number, the scale and growth rate of net profit in the third quarter of this year was not satisfactory.
“The manufacturing enterprises in the Yangtze River Delta should make good use of the integration of the Yangtze River Delta, the Science and Technology Innovation Center and the Free Trade Zone to increase the technological content of enterprises. On the one hand, they should play a leading role in core enterprises, and on the other hand, they must support small and medium-sized enterprises. The pace of transformation and upgrading will accelerate," Chen said.
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