Rapid growth in performance, R&D investment, 102 scientific and technological enterprises accepted the release of “vigorization factorâ€
On May 7, the Shanghai Stock Exchange accepted the application for the listing of the two enterprises of Beijing Lianshan Technology Co., Ltd. and Shenzhen Youfang Technology Co., Ltd. So far, the number of enterprises accepted by Science and Technology has increased to 102, and 102 companies have shown remarkable features of rapid profit growth and high R&D investment. The enterprises disclosed at present represent the “energy factor†of China in the field of scientific and technological innovation as a whole, and the overall conforms to the position of the science and technology board.
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On May 7, the Shanghai Stock Exchange accepted the application for the listing of the two enterprises of Beijing Lianshan Technology Co., Ltd. and Shenzhen Youfang Technology Co., Ltd. So far, the number of companies accepted by Science and Technology has increased to 102.
China Securities Journal reporters combed the data of the acceptance prospectus, and found that 102 companies showed significant features of rapid profit growth and high R&D investment. The industry believes that the current disclosure of the company as a whole represents China's "energy factor" in the field of scientific and technological innovation, and the overall compliance with the position of the science and technology board. With the further advancement of the work of the Science and Technology Board, the audit inquiries will be implemented at the next level, and the quality level of the accepted enterprises will be more clearly presented to investors.
Performance "acceleration"
Although the science and technology board has greatly relaxed the profit requirements of the declared enterprises, according to the contents of the prospectus, among the 102 enterprises, a total of 86 companies adopting the standard of the board of the science and technology board, occupying the vast majority, indicating that the acceptance enterprises have a profit scale. Must pursue.
From the perspective of operating income in 2018, 52 companies have revenues of less than 500 million yuan, 22 companies have revenues of 500 million to 100 million yuan, 26 companies have revenues of 1 billion to 5 billion yuan, and 2 companies have revenues of more than 100 million. 100 million yuan, respectively, is 22.6 billion yuan for voice control and 40 billion yuan for China. 102 enterprises achieved an average income of 1.383 billion yuan in 2018.
From the perspective of net profit, the net profit of 64 companies in the year of 2018 is less than 100 million yuan, and 35 companies are between 100 million and 500 million yuan. China Tonghao is the king of profitability in accepting enterprises. In 2018, it achieved a net profit of 3.409 billion yuan, followed by Qiqi Technology and Voice Holdings, which were 773 million yuan and 657 million yuan respectively. In 2012, 102 enterprises achieved an average net profit of 139 million yuan.
Overall, although the total profit of the science and technology board enterprises is not high, the profit growth rate is quite amazing, showing a super high growth. According to statistics from the China Securities Journal, the average growth rate of the returning net profit of 102 enterprises after acceptance in 2018 was as high as 135.87%.
In comparison, the performance of the main board in 2018 increased slightly, while the performance of the small and medium-sized board and the GEM showed a significant negative growth. According to the analysis of the 2018 annual report of the Shanghai and Shenzhen Stock Exchanges recently released, the listed companies in Shanghai stock market achieved a net profit of 2.80 trillion yuan in 2018, a year-on-year increase of 4%. The net profit attributable to the parent company of the GEM was 33.6 billion yuan, down 65.6% year-on-year.
High R&D investment intensity
Compared with the Shanghai and Shenzhen stock exchanges, the science and technology board accepting enterprises obviously have greater advantages in the R&D investment intensity, showing the characteristics of the science and technology board service innovation enterprises.
In 2018, the R&D investment of listed companies in the Shanghai and Shenzhen stock markets increased substantially, driving industrial optimization, upgrading and innovation. The R&D investment of physical entities in Shanghai stock market was about 390 billion yuan, a year-on-year increase of about 21%, but there were only 60 companies with R&D investment accounting for more than 10% of operating income (R&D intensity). The total amount of R&D investment by Shenzhen City was 344.387 billion yuan, a year-on-year increase of 22.30%, and the absolute amount increased significantly for four consecutive years. In 2018, a total of 245 companies developed more than 10% of the strength, accounting for 11.36% of the total number of companies in Shenzhen. There are 48 companies with R&D expenditures exceeding 1 billion yuan, an increase of 10 over the same period last year.
The proportion of enterprises in which the company's research and development expenses accounted for more than 10% of revenues was significantly higher. Among the 102 companies, 31 R&D expenses accounted for between 10% and 20% in 2018, and 14 were higher than 20%. ArcSoft has taken the lead in this data. In 2018, it invested 149 million in research and development, accounting for 32% of the current year's revenue.
From the amount of research and development expenses in 2018, 19 out of 102 companies exceeded 100 million yuan, of which the most research and development investment was China Tonghao, and the investment in the year was 1.324 billion yuan. In addition, Voice Holdings invested 711 million yuan in the year, Zhongwei Semiconductor invested 404 million yuan, Suzhou Hejian chip was 385 million yuan, and Jingchen Semiconductor was 376 million yuan, both at a high level.
However, there are also some R&D investment in the acceptance enterprises. There are 21 companies with 20% research and development expenses accounting for less than 5% of income, such as papaya movement is only 0.71%.
It is worth noting that some companies not only have low R&D investment, but also “painted and smeared†on the main business description, and there have been cases where some edge-oriented businesses with high technology content are described as main business.
According to a prospectus, a company accepts cloud distribution, cloud security and data application integration related products and services for Internet companies, traditional enterprises, and government agencies. However, the prospectus shows that in 2018, the company seems to have a higher technology-based cloud security and data application integration business accounted for only 1.07% and 0.74 of operating revenue, respectively, which is clearly difficult to identify as the company's main product.
"Some brokers do have excessive packaging of the reporting companies, making the main business of the company seem to be more in line with the standards of the science and technology board." An investment banker of Huatai Securities told reporters, but considering the inquiry of the Science and Technology Board At the level of detail, these companies may be fully "exposed" in the first round of inquiries.
Over 10 billion fundraising focuses on R&D
Although the overall R&D investment intensity of the accepting enterprises is relatively high, from the perspective of fundraising purposes, most companies still regard R&D as the focus of future investment.
China Securities Journal reporter found that 102 companies plan to raise more than 99.5 billion yuan, with an average fundraising of about 975 million yuan. Among them, the net amount of funds raised by 71 companies is less than 1 billion yuan, 23 companies are between 1 billion and 2 billion yuan, and 8 companies are over 2 billion yuan. China Tonghao raised RMB 10.5 billion and became the current “fundraising kingâ€.
In the fundraising investment, there are 51 companies in the prospectus that will be used for R&D center/technical center projects, involving about 7.334 billion yuan of funds raised; 8 companies will clearly raise funds of about 4.063 billion yuan. R&D and technology-related projects such as development and technology reserve funds, product development and process upgrade funds. The combined financing of these two types of projects was approximately 11.497 billion yuan, accounting for 11.53% of the total amount of funds to be raised.
Vision Power said in the prospectus that it will use 800 million yuan to raise funds for development and technology reserve funds projects, and is the enterprise that plans to use the most funds raised in the project among the 102 accepted enterprises. According to the prospectus, from 2016 to 2018, the proportion of R&D expenses to operating income was 17.19%, 16.86% and 10.71%, respectively.
It is worth noting that in the financing of these enterprises, about 14.315 billion yuan is used to supplement working capital and working capital. The industry believes that the above-mentioned enterprises raise funds to supplement the liquidity, reflecting the inclusiveness of the science and technology board. Most of these enterprises are growth-oriented enterprises, and the stability of revenue needs to be improved, and the demand for liquidity is relatively large.
“The liquidity of many companies ultimately supports R&D. Before some projects are not established, it is not convenient for companies to classify funds as R&D expenses, but they may eventually spend on R&D,†said Huatai Securities’ investment bankers. If you agree that the company will use the funds raised to supplement the working capital, it means that the restrictions on the way the company funds are used are small. Therefore, it is also necessary to prevent enterprises from increasing the amount of funds raised through the project at will, and increasing the difficulty of fund supervision.
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