Gansu GDP squeezes water, listed companies go against the trend
Silk Road Jingwei (1) | Gansu GDP squeezes out water, listed companies go against the trend, source WeChat public account: financial breakfast, why can Gansu listed companies maintain rapid growth despite the province’s economic growth decreasing?
This is probably due to the clear property rights management system and equity structure of listed companies, as well as a sound financial reporting system and direct financing costs. In addition, in recent years, Gansu resource-based listed companies have used the nation ‘s financial capital to carry out global resource distribution.At the stage when resource prices bottomed out, these enterprises can directly share the dividends of rising resource prices.
Gansu has long been known as the Longyuan Silk Road and the Silk Road. By combing the characteristics of the development of the capital market in Gansu in recent years, it has launched a series of reports on the Silk Road Jingwei.
This is Part 1.
Gansu Province’s GDP growth rate in 2017 declined by a cliff, only 南京桑拿网 3.
Between 2003 and 2013 before that, the GDP growth rate of Gansu Province maintained a high growth rate of more than 10% for 11 consecutive years, and even during the period of 2014 to 2016, the economic growth rate of Gansu Province maintained.At 8.
Above 6%, the growth rate is higher than the national average.
The 6% GDP growth rate is definitely in sharp contrast to the rapid growth in previous years.
This result occurred in the background of reducing production capacity, adjusting structure, and removing water in Gansu Province in 2017. It can be seen that Gansu Province has made great efforts to reform and has great determination.
However, another happy situation is that the overall operation of listed companies in Gansu Province hit a record high and long-term operating income increased.
The overall net profit of listed companies reached 43, the maximum profit of industrial enterprises in Gansu Province.
It can be seen that listed companies have overlapping positions in the economic composition of Gansu Province.
Currently, there are 33 A-share listed companies in Gansu jurisdiction, of which 16 are listed on the Shanghai Stock Exchange, 8 are listed on the main board of the Shenzhen Stock Exchange, 6 are listed on the SME board, and 3 are listed on the GEM.
On the whole, the in-depth advancement of structural reforms has brought the total market value of listed companies to 340.9 billion, an annual growth of 23%, accounting for 44% of Gansu’s total GDP in 2017. For the first time, three companies entered the “China’s Listed Companies with a Market Value of 500Strong “list.
Why can Gansu’s listed companies still maintain rapid growth despite the cliff-like slope of Gansu’s economic growth?
The author believes that this is due to the clear property rights management system and equity structure of listed companies, as well as a sound financial reporting system and alternative direct financing costs. In addition, these years, Gansu resource-based listed companies have used national financial capital to conduct globalThe layout of resources, so these companies can directly share the bonus of rising resource prices at the stage when resource prices bottomed out.
Therefore, the resource-based listed companies in Gansu Province have won the basis of possession in the right to speak globally to obtain resource prices.
Listed companies with half of GDP ‘s net profit have learned from Gansu ‘s 2018 government work report that the total GDP of Gansu reached 777.6 billion last year.
In terms of economic aggregates, the province’s economy is not as good as second-tier cities in some developed provinces, such as Foshan in Guangdong (9549.
6 billion), Wuxi, Jiangsu (10511.
(Unit: one billion US dollars) Not only the economic aggregate is not high, but because of the slow transformation and upgrading of traditional industrial structures, enterprises are not sensitive to market and policies, resource and environment constraints have converged and tightened, the base has been long in previous years, and some cadres have been inactive.The impact of factor substitution, the GDP growth rate of Gansu last year was only 3.
6% did not meet expectations 7.
In 2017, the province’s investment in fixed assets was 5,696.
300 million, down 40 from the previous year.
Among them, the investment in the primary industry was 382.
0 billion, down 43.
7%; investment in the secondary industry is 1188.
300 million, down 63.
1%; investment in the tertiary industry is 4126.100 million yuan, down 26.
According to the Statistics Bureau of Gansu Province, the rapid decline in the growth rate of fixed asset investment is the continuous growth of industrial investment and its proportion, the tightening of funds in place and the investment in real estate development are not enough to stimulate investment across the province.
Wang Jianjun, a professor at the Gansu Academy of Social Sciences, believes that behind the decline in numbers may also be “squeezing water.”
In fact, the economic fundamentals of Gansu Province did not deteriorate in 2017 and remained stable.
In 2017, Gansu’s “two sessions” clearly stated in the government report that “the number should be clear and the numbers accurate.”
Contrary to the economic growth rate of the whole province of Gansu, the overall operation of listed companies in Gansu has created a new historical high.
As of April 30, 2018, 33 A-share listed companies in the jurisdiction have publicly disclosed their 2017 annual reports as scheduled.
The total market value of listed companies reached 340.9 billion yuan, an increase of 23% year-on-year, accounting for 44% of Gansu’s GDP in 2017, an increase of 5 from the previous year.
Three listed companies, Fangda Carbon, Yinyi Shares, and Silver Nonferrous Metals, entered the list of “Top 500 Listed Companies in China by Market Capitalization” for the first time.
The Air Force Gansu has relatively few companies on the list.
A 55% increase was one of the top ten bull stocks in 2017 (excluding sub-new stocks).
The revenue and net profit of listed companies in Gansu Province achieved double growth, which continued the good trend of last year, and achieved operating income of 1768.
7.9 billion, an annual increase of 16.
5%, higher than the GDP growth rate of 12 in Gansu.
Nine single ones, the income of enterprises above designated size in Gansu increased by 6.
44 partnerships; realized net profit attributable to shareholders of listed companies 106.
6.9 billion yuan, an annual increase of 241.
07% is 12 of the national level.
5 times, 121 higher than the large-scale enterprises in Gansu.
73 advantages have achieved continuous growth since the beginning of the “Thirteenth Five-Year Plan”.
Under the ranking, the profit of industrial enterprises above designated size in Gansu Province increased by 246 in 2017.
900 million US dollars, which means that the net profit of listed companies in Gansu Province accounted for 43 of the total profit of the province.
In terms of profitability: Jiucheng listed companies in Gansu achieved profit, and net profits of 60% of listed companies increased; among the companies that have been profitable for two consecutive years, 11 companies (42%) have a net profit increase of more than 50%; average growth rate earningsIs 0.
25 yuan, an increase of 0 over the same period last year.
17 yuan; total asset compensation subsidy 5.
15%, an increase of 2.
81 mergers; net asset income increased by 8.
5%, an increase of 5 per year.
46 digits; net profit was 85 after eliminating non-recurring gains and losses.
7.7 billion, an annual increase of 293.
08%, achieving a high proportion of growth for two consecutive years.
The reform of fierce medicine is good for listed companies to eliminate backward production capacity and adjust the structure of economic development. Gansu Province is expected to make great efforts. Of course, this also brings certain reform pains to Gansu’s economic development.
At the beginning of 2017, the “Gansu Blue Book: Analysis and Forecast of Gansu Economic Development (2017)” stated that it is expected that the GDP growth of Gansu in each quarter of 2017 will exceed the same period of 2016, and the province’s GDP growth rate will also reach about 8%.
However, the pain caused by the reform is also huge.
The overall GDP growth rate of the five northwestern provinces in 2017 was earlier, and all of them decreased in 2016, while Gansu ‘s displacement was the largest. In 2017, the GDP growth rate of Gansu was only 3%.
6, a year down 2016 with 4 digits.
Tang Renjian, Governor of Gansu Province, who just took office in January 2018, reviewed the economic operation and development in 2017 in the 2018 government work report.
He said that in 2017, Gansu Province faced more difficulties and problems than expected. Due to the slow transformation and upgrading of traditional industrial structures, companies’ insensitivity to markets and policies, tight resource and environmental constraints, base weighting in previous years and inaction of some cadres, etc.Due to the combined effects of multiple factors, the growth of fixed asset investment declined, and the growth rate of industrial added value changed from positive to negative. Gansu Province’s GDP growth rate in 2017 was 3.
6% failed to achieve the expected goal.
However, the mulberry elm that was lost was lost.
The pain index brought by the reform in Gansu Province shows that the more thorough it is in reform, the effect of its reform has been transformed into only 33 listed companies in Gansu Province, and the performance of listed companies has increased.
All seven sectors of Gansu Province listed companies are profitable. Except for the slight decline in net profits of the culture, sports and entertainment industry, the remaining six sectors are showing growth.
The manufacturing industry has achieved remarkable initial operating revenue of 1492.
1.9 billion, an annual increase of 14.
03%; realized net profit attributable to shareholders of the listed company was 76.
5.7 billion, an annual increase of 227.
64%; net asset income return 9.
88%, an increase of 6 from 2016.
52 advantages, profitability has been significantly improved.
Gradually achieve a significant rebound in industry performance. Carbon, steel, titanium dioxide, cement and other sub-sectors have achieved net profit growth of three digits, contributing nearly 70% to the net profit increase of listed companies.
Among them, Fangda Carbon, Jiugang Hongxing, Zhonghe Titanium Dioxide, Shangfeng Cement, Qilianshan and other listed companies are all popular growth stocks in 2017 A-shares.
The semiconductor industry continues to increase new kinetic energy. Huatian Technology, the only semiconductor industry listed company in Gansu Province, has achieved net profit growth in the electronic packaging field for six consecutive years.Compared with the same period of last year, the net profit increased by 57.
78%, new momentum for economic growth continues to increase.
The performance of the mining industry has greatly increased, and the electricity, heat, gas and water production and supply industry has turned around. The mining industry in Gansu Province has lost money in 2017. The net profit attributable to shareholders of listed companies has continued to increase.
34%, the electric thermal power gas and water production and supply industry dedicated to new energy development industry reversed the situation in 2016.
The growth of the real estate industry and the wholesale and retail industry accelerated, and the net profit attributable to shareholders of listed companies increased by 209 respectively.
32% and 71.
The positive image of Ganqi has been rising since the ancient northwest, especially Gansu, and it is the frontier area where the Central Plains culture and the Western Region culture collided most intensely.
Zhishuang and Zhanyi are integrated into the cultural microcosm of Northwesterners.
Therefore, the capital market’s perception of the image of Northwest listed companies will not be too high, but it will not be too serious.
According to the author’s statistics, among the 53 listed companies in Xinjiang, 33 in Gansu, 12 in Qinghai, 25 in Inner Mongolia, 47 in Shaanxi, and 13 listed companies in Ningxia, there was no listed company except Yinguangxia was identified as financial fraud in 2002.Suspected of fraudulent financial data.
This also fully illustrates the characteristics of Northwest listed companies that can perform poorly but also be honest in the end.
With the acceleration of profit growth, listed companies in Gansu Province have become more and more active in the equity market. The awareness and ability to use the rapid development of the capital market has continued to increase, and the function of optimizing the allocation of resources in the capital market has been further exerted.
Regarding the initial public offering of IPOs, the pace of listing has obviously accelerated. Gansu has gradually realized the initial public offering of three listed companies, namely Silver Nonferrous Metals, Manor Ranch, Guofang Group, and the issuance of new shares.
5.0 billion shares, raising funds 19.
4.0 billion, the highest and best level.
In terms of M & A and reorganization, Gansu Province reorganized a total of 6 listed companies to suspend trading and initiate major asset reorganizations 7 times, copying 6 reorganization plans involving transaction value of nearly 20 billion US dollars, completing 4 M & A and reorganizations, with a total transaction value of 142.
310,000 yuan, supporting funds raised 8.
09 billion yuan, an increase of 18.
9.1 billion shares, an increase of about 16 billion yuan in market value.
Yinyi shares led by innovation, from the original professional military real estate development business to the expansion of the “high-end manufacturing + real estate” two-wheel drive development pattern. In 2017, net profit increased by 211%, and the return on net assets increased by 4.
Hengkang Medical achieved effective integration of resources in the east and west through horizontal mergers and acquisitions, and its total assets increased by 152.
97%, the industry competition pattern has been further optimized.
For bond financing, Gansu Power Investment Corporation and Jiugang Hongxing issued corporate bonds to raise funds14.
200 million yuan.
In terms of shareholder dividends, the cash dividend levels of listed companies in Gansu increased at a high level in 2017. 22 listed companies disclosed cash dividend plans, which accounted for 66% of the total number of companies.
USD 3.2 billion, which is nine times the total dividends in 2016, accounting for 69% of the net profit attributable to shareholders of the parent company. The amount of cash dividends reached a record high.
In terms of environmental trust, Gansu-listed companies have continuously enhanced their awareness of environmental protection, and have basically disclosed the construction and operation of key environmental protection indicators and corrective measures. The substantiality, quantification, and credibility of environmental information have increased from the previous year.
In terms of poverty alleviation, as a major poverty alleviation province, listed companies in Gansu Province have also contributed a lot to targeted poverty alleviation. Listed companies have actively promoted industrial development and poverty alleviation through the establishment of poverty alleviation industry funds, business development, training, and participation in poverty alleviation activities., Transfer of employment and poverty alleviation, 18 listed companies disclosed information on targeted poverty alleviation in 2017, an increase of 11 from 2016.
In terms of major contributions, fees and taxes paid by listed companies in Gansu totaled 93.
USD 7.2 billion, an increase of USD 1.7 billion over the previous year, and the net profit realized by all listed companies in Gansu has increased significantly.
In terms of employment, listed companies in Gansu have created more than 130,000 jobs and paid a total of US $ 13.4 billion in employee budgets, an increase of 30%.