"Five months ago, we invested in more than 20 selected companies, and now our positions have been concentrated in seven companies." Mr. Jiang, a professional investor living in Beijing, told the economic information daily on the 13th that among the first 81 listed companies in the Beijing stock exchange, there are many high-quality companies, among which there are many "invisible champions" in specific industries, with strong growth and innovation, This is an important reason to attract his investment. Zhu Haibin, assistant general manager of Anxin Securities Research Center, said in an interview with the reporter of economic information daily a few days ago that the first batch of listed companies on the Beijing stock exchange have a strong attribute of "specialization and innovation", many of them are still "invisible champions" in the industry, and there are many large market capitalization companies, showing strong growth; In terms of industry, it is mainly distributed in five industrial clusters, and the most is TMT (technology, media and communication) industry. According to the data of tonghuashun Ifind, from the announcement of the establishment of the Beijing stock exchange on September 2 to the last trading day of the selection layer on November 12, 65 of the 71 companies on the selection layer of the new third board rose, with an average increase of 57.24%, and the market's enthusiasm for the Beijing stock exchange increased significantly. "Specialized and new" enterprises account for more than half Beijing stock exchange is positioned as a service innovative small and medium-sized enterprise. Among the 81 companies listed in the first batch, there are a large number of "specialized, special and new" enterprises. Statistics show that more than half of the first 81 listed companies are "specialized and new" enterprises. Among the 71 selected companies in this shift, 13 are national specialized and new "little giant" enterprises, accounting for 18.31%, and 31 selected enterprises are provincial and above specialized and new "little giant" enterprises. Taking the 10 companies directly listed on the Beijing stock exchange on November 15 as an example, Tongxin transmission, Zhonghuan Co., Ltd. and Keda automatic control are national specialized special new "little giant" enterprises, and jingsai technology, Dadi electric, Hanxin technology and Henghe Co., Ltd. are provincial specialized special new enterprises. In terms of industry distribution, 81 companies cover 25 major industries of the national economy. Advanced manufacturing, modern service, high-tech manufacturing, high-tech service and strategic emerging industries account for 87%, with an average R & D intensity of 4.2% and an average R & D expenditure of 25.36 million yuan. "On the whole, there are most companies in the TMT industry," Zhu Haibin said. From the distribution area, most of the listed companies in North China, the Yangtze River Delta and other places are listed. These listed companies have a strong attribute of "specialization and innovation". Many of them are still "invisible champions" in the industry, and there are many large market capitalization companies, showing strong growth. Taking beiteri as an example, the company is the R & D and manufacturer of new energy materials. Its main business includes three business segments: lithium ion battery cathode materials, cathode materials and graphene materials. According to the financial report, from January to September this year, the company realized an operating revenue of 6.851 billion yuan, a year-on-year increase of 154.18%; The net profit attributable to the shareholders of the listed company was 1.090 billion yuan, a year-on-year increase of 207.91%; The gross profit margin on sales is 27.34%, the net profit margin on sales is 16.27%, and the weighted average return on net assets is 16.20%. Another example is Fujida, whose products are widely used in the communication and defense markets. It is a core supplier of 5g new infrastructure supporting RF connectors and a key defense supporting enterprise. According to the financial report, from January to September this year, the company realized an operating revenue of 452 million yuan, a year-on-year increase of 15.46%; The net profit attributable to the shareholders of the listed company was 72.8488 million yuan, a year-on-year increase of 54.00%. The gross profit margin of the company's sales is 40.21%, the net profit margin of sales is 17.48%, and the weighted average return on net assets is 12.46%. In addition, Haixi communication, Guandian defense, Changhong energy, Hanbo high tech and other companies have also attracted market attention. "The profitability of these companies is no less than that of Listed Companies in Shanghai and Shenzhen." Mr. Jiang said, "uniqueness" is one of the important criteria for him to choose the investment target. In the future, the Beijing stock exchange will gather more "specialized and new" enterprises, which is an important reason to attract him to invest in listed companies on the Beijing stock exchange. Enhanced overall profitability Zhu Haibin told the economic information daily that from the main financial indicators, the first batch of listed companies on the Beijing stock exchange showed strong growth. "After the official opening of the selection layer last July, the average revenue of these companies was about 200.3 billion yuan, and the profit was only 40.5 million yuan. Now the profit has increased to the average level of 60.7 million yuan." According to the data of flush Ifind, 75 companies that have disclosed the three quarterly reports have achieved a total operating revenue of 42.242 billion yuan, with an average of 563 million yuan, a year-on-year increase of 34.74%, of which 10 companies have increased by more than 50%; 75 companies realized a total net profit attributable to the parent company of 4.644 billion yuan, with an average of 61.9152 million yuan, a year-on-year increase of 33.12%. Among them, the revenue of 30 companies increased by more than 30%, accounting for 40%. Jiaxian Co., Ltd. is the company with the largest increase in revenue. The company is mainly engaged in the R & D, production and sales of new environmental protection heat stabilizers and additives for PVC. Its main business is the production and sales of dibenzoyl methane and stearoyl benzoyl methane, and its own export business of the above products. The company is a specialized and new enterprise in Anhui Province. In the first three quarters of this year, the company realized an operating revenue of 331 million yuan, a year-on-year increase of 237.43%. The company said that on the one hand, the significant increase in revenue was caused by the inclusion of the subsidiary shafeng new materials in the consolidated statements. On the other hand, the production capacity of the parent company Jiaxian new plant was gradually enlarged and the market demand was strong. The company firmly grasped the favorable market opportunity, strengthened market development and realized the simultaneous increase of volume and price in product sales. Among the 75 companies that have disclosed the third quarterly report, Kodak controls has the largest increase in net profit. The company is committed to the R & D and application of new generation information technology and intelligent manufacturing technology, mainly in the fields of smart mines, smart cities and industrial Internet. In the first three quarters of this year, the company realized an operating revenue of 135 million yuan, a year-on-year increase of 52.84%; The net profit attributable to the owners of the parent company was 11.1835 million yuan, a year-on-year increase of 3264.71%. The company said that the major increase in performance was mainly due to the increase in the demand for intelligent construction this year and the increase in the company's business expansion outside the province compared with the previous year. In terms of gross profit margin, in 2020, the sales gross profit margin of 81 companies ranged from 9.12% to 90.48%, the average sales gross profit margin was 38.76%, and the median was 35.05%. Among them, 49 companies have a gross profit margin of more than 30%, and the top five companies are biomedical companies. Among them, Northland ranks first among 81 companies with a gross profit margin of 90.48%. Northland is an innovative biopharmaceutical enterprise, specializing in the R & D, production and sales of gene therapy drugs, recombinant protein drugs and ophthalmic drugs. In the first three quarters of this year, the company realized an operating revenue of 35.3553 million yuan, a year-on-year increase of 5.31%; The net profit attributable to the owner of the parent company was -37.8646 million yuan, and the loss continued to expand. In fact, since the company's main products are still in the R & D stage and the R & D expenditure is large, Northland has continued to suffer losses since 2013. "Due to the large investment and long cycle of innovative drug R & D funds, Northland's continuous loss is excusable." Mr. Jiang said that the company's listing on the Beijing stock exchange this time fully reflects the inclusiveness of the listing system of the Beijing stock exchange. The valuation is expected to be further improved Among the first 81 listed companies, 71 companies shifted from the selected layer of the new third board. In terms of industry category, there are 71 selected enterprises, classified by Shenwan industry (primary industry), including 11 mechanical equipment, 9 pharmaceutical and biological, 8 computers, 7 chemical, 6 electrical equipment, 5 automotive, 4 agriculture, forestry, animal husbandry and fishery, 3 electronics, public utilities, light industry manufacturing and communication, 2 building decoration and non-ferrous metals, national defense and military industry, building materials There are 1 food material, 1 media and 1 comprehensive. Tonghuashun Ifind data show that from the announcement of the establishment of the Beijing stock exchange on September 2 to the last trading day of the selected layer on November 12, 65 of the 71 selected layer companies on the new third board rose. Among them, the cumulative increase in the stock price range of 9 companies exceeded 100%; There are two with an increase of more than 200%, namely Tonghui information and Wuxin tunnel installation, with an interval increase of 246.43% and 242.16% respectively; Shares of 35 companies rose more than 50%. Overall, the average range of share prices of 71 companies increased by 57.24%. From the perspective of the 10 companies launched this time, their issuance P / E ratio (diluted) ranges from 10.93 times to 45.34 times, with an average issuance P / E ratio of 21.47 times and a median of 17.59 times. The 10 companies plan to raise a total of 1.995 billion yuan (including issuance expenses). It is worth noting that on September 2, the day the Beijing Stock Exchange announced its establishment, the turnover rate of 58 selected companies increased significantly. As of November 12, the turnover rate of only 3 of 71 selected companies decreased. Among the 68 selected companies that have announced the turnover rate, the average turnover rate is 3.07%. The day before the announcement of the establishment of the Beijing stock exchange, the average turnover rate of the 66 selected companies announced was only 0.92%. "The change of turnover rate data shows the improvement of market trading activity, and the liquidity of Beijing stock exchange should be greatly improved in the future." Yuan Zhen, a senior analyst of Founder Securities, told the economic information daily that the valuation of these companies is expected to be further improved after listing. Zhu Haibin pointed out that generally speaking, enterprises of the Beijing stock exchange have shorter lock-in period and relatively larger initial circulation. Under the superposition of the two, the lifting pressure of major shareholders has less impact on the market and is easier to accelerate the digestion speed of the company's valuation. In the future, the increase in market participation is expected to drive the increase in the amount of funds on the floor, and the overall sector valuation may move up. (outlook new era)