Since the opening of the market, a batch of hard science and technology enterprises have gone to the capital market through the Science and Technology Innovation Board (STIB), which is moving into a new stage, whether in terms of regional radiation, industry coverage, or industry chain completeness.
Science and Technology Enterprises Gathering Ground
As a "testing ground" for capital market reform, the establishment of KTB and the pilot registration system have a significant and profound impact on the change of China's financing structure, which is mainly based on indirect financing, the construction of a perfect multi-level capital market, and the cultivation of a number of internationally competitive science and technology enterprises. It is of great and far-reaching historical significance to change China's predominantly indirect financing structure, build a perfect multi-level capital market, and cultivate a group of internationally competitive science and technology enterprises.
On December 28, the number of companies on the KTEM board officially passed the 500 threshold with the landing of Fluorite Networks and Qingyue Technology on the board. At the beginning of the opening of the science and innovation board, the first batch of listed companies only 25, increased to 70 at the end of 2019, by the end of 2020 to break through 200, at the end of 2021 to cross the 370, the latest number has reached 500, which lasted three years and five months.
Securities Times - Data Treasure statistics, since July 22, 2019 (the opening day of the Science and Technology Board), A-share new listed companies total more than 1,500, of which the number of companies on the Science and Technology Board accounted for nearly 30%, more than the main boards of Shanghai and Shenzhen, the Growth Enterprise Board and the Bejing Stock Exchange, become the main market for technology enterprises to go public and raise funds.
Since the opening of the market, the initial fund-raising amount of the Science and Innovation Board accumulated 759.4 billion yuan, accounting for more than 40% of the total amount of A-share IPOs during the same period, also exceeding the amount of fund-raising of the Shanghai and Shenzhen main boards, the GEM boards and the Beihai Stock Exchange. During this period, *** there are 16 companies debut fund-raising amount of more than 10 billion yuan, of which the science and innovation board companies accounted for 6. Wafer foundry leader Semiconductor Manufacturing International raised 53.2 billion yuan in its debut, ranking first, and also the highest debut fund-raising amount of technology companies in the history of A-share.
Many leading companies in the fields of high-end manufacturing, new energy and new infrastructure have debuted on the A-share market through the Semiconductor Manufacturing Board. The medical imaging equipment leader Union shadow medical landing in August this year, debut fund-raising amount of nearly 11 billion yuan, become this year's debut fund-raising amount of the highest technology companies. Photovoltaic module leader JinkoSolar landed in January this year, debut fund-raising amount of 10 billion yuan, breaking the record of IPO fund-raising in Jiangxi Province. Similarly, Daquan Energy, a leading high-purity polysilicon company in China, raised 6.447 billion yuan in its debut, breaking the record for IPO fundraising in Xinjiang.
Industry leaders emerge
Since the opening of the market, the size of the market capitalization of the Science and Technology Innovation Board (STB) has also been growing.At the end of 2019, the A stock market value of the STB companies was less than one trillion yuan. As of the latest, the combined A stock market value of the KTC companies is 5.85 trillion yuan. From the point of view of market capitalization distribution, nearly 70% of the companies' A stock market value is less than 10 billion yuan, of which the market value is in the highest proportion of less than 5 billion yuan, reaching 43%.
As a gathering place for scientific and technological innovative enterprises, the Science and Technology Innovation Board (STIB) has produced a number of industry leaders and "invisible champions", providing strong support for the industry chain to fill in the gaps, make up for the short boards, and forging the long boards, and promoting the in-depth integration of China's industrial chain and innovation chain. After more than three years of growth, Science and Technology Innovation Board (STB) has begun to mature both in terms of regional radiation, industry coverage, and industry chain completeness, and has produced a number of outstanding enterprises with world-class original innovative technologies.
Data Bao statistics, as of now, according to the Shenwan level division, *** there are 10 science and innovation board companies A stock market value among the top ten in their respective industries. The most ranked is Kingsoft Office, Huaxi Biological, the two market value ranked computer, beauty care, respectively, second; followed by the United Medical, Haikuang information, Times Electric, respectively, ranked sixth in the pharmaceutical and biological, electronic, mechanical equipment industry.
Split into regions, the number of companies from economically developed provinces of the Science and Technology Board is clearly superior. Data treasure statistics, Jiangsu, Shanghai, Guangdong, Beijing, Zhejiang and other five places Science and Technology Innovation Board company number are more than 40, which Jiangsu, Shanghai, Guangdong, the number of companies together accounted for half. Shanghai, Jiangsu two places science and innovation board companies A stock market value of more than trillion yuan, plus Guangdong, three places science and innovation board companies A stock market value of nearly 3 trillion yuan, accounting for more than 50% of the total market value of science and innovation board.
Hard science and technology nature highlights
Data treasure statistics, science and technology innovation board listed companies, belonging to a new generation of information technology industry, bio-industry, high-end equipment manufacturing industry, the number of companies in the new materials industry accounted for close to 90% of the These four major industries science and technology board A stock market value of a total of 4.9 trillion yuan, accounting for more than Eighty percent. which involves a new generation of information technology industry, the number of companies in the bio-industry are more than 100, and the combined A stock market value are more than trillion yuan.
"Specialized special new" companies with small and medium-sized enterprise leader of the aura, the national level to introduce measures to encourage the cultivation. The "14th Five-Year Plan" proposes to cultivate specialized, special new "small giants" and manufacturing single champion enterprises. The KTB is the most concentrated market for "specialized, special and new" enterprises.
The data treasure statistics, *** there are more than 240 science and innovation board companies belong to "specialized, special new" enterprises, accounting for 49% of the total number of science and innovation board companies. During the same period, the proportion of "specialized, special and new" enterprises to the total number of A-shares was 21.26%, which means that the proportion of "specialized, special and new" enterprises on the Techchina board is 2.3 times that of the A-shares as a whole.
R&D investment determines future core competitiveness, and as the home of China's "hard science and technology" enterprises, the high R&D investment of KTB companies is remarkable, with the growth rate of R&D expenditures, the percentage of R&D personnel, and R&D investment higher than the overall level of the A-share market. The R&D intensity of Techchip companies has continued to improve after listing, and the average R&D intensity is the highest among all A-share markets.
Data Bao statistics, the first three quarters of this year, Keyboard companies R & D expenditures totaled 79.6 billion yuan, the total R & D investment has exceeded the entire year last year, of which 9 Keyboard companies R & D expenditure of more than 1 billion yuan, including Baji Divine, Semiconductor Manufacturing International Corporation (SMIC), Junshi Biologicals Corporation (JCBC), Transfluent Holdings Corporation (THCC), and Chianxin, among others. The overall R&D intensity (R&D expenditure as a percentage of revenue) of Techtronics Board is 9.67%, which is 5.3 times higher than the overall level of A-shares in the same period. 62 Techtronics Board companies have an R&D intensity of more than 30%, including Yahong Pharmaceuticals, Shou Pharmaceuticals Holding, Maiwei Biologicals, Cambrian, and Allied Pharmaceuticals, among others.
Science and Technology Innovation Board (STB) companies have gathered a large number of research and development personnel, providing a constant impetus for enterprises' scientific and technological innovation. Data treasure statistics, 2021 science and technology innovation board research and development personnel accounted for 23.15% of the total number of employees, during the same period of A-share research and development personnel accounted for only 9.32%. In the first half of this year, the proportion of research and development personnel in the Science and Innovation Board to the total number of employees rose to 24%.
Chen Lei, chief economist and director of the research institute of Chuan Cai Securities, said that the year-on-year increase in R&D expenditures is conducive to the continuous enhancement of the strength of corporate R&D, which will promote the overall quality of listed companies in the A-share market, and promote the benign and healthy development of China's economy. At the same time, increased R & D investment is also conducive to accelerate the speed of scientific and technological innovation, and promote the high-end development of China's industrial chain.
Full growth potential
In the high boom track, combined with the company's good internal governance, even in the external environment under the huge changes, these "hard science and technology" enterprises can still show strong growth resilience, the average growth rate of net profit is significantly higher than other enterprises.
Data treasure statistics, 2019 to 2021 for three consecutive years, science and technology innovation board overall revenue successively over 300 billion yuan, 700 billion yuan mark, during the period of revenue, net profit growth rate continued to rise, and are far more than the same period of the A-share level. In the first three quarters of this year, Science and Innovation Board (S&I Board) companies' overall revenue exceeded 800 billion yuan, up 33.24% year-on-year; net profit of 86.7 billion yuan, up 18.47% year-on-year. The revenue growth rate and net profit growth rate are 25.24 and 16.94 percentage points higher than the A-share market as a whole in the same period.
Quite a number of KTC companies have highlighted their high growth. Data treasure statistics, more than 60% of the company from 2019 to 2021 revenue to achieve continuous growth, more than 40% in the above three years net profit to achieve continuous growth. In the first three quarters of this year, more than 120 companies' net profit continued the growth status in the past three years, high-end medical equipment leader Lianying Medical, new generation information technology leader Hai Guang Information, new energy industry leader Pai Neng Technology, as well as Semiconductor Manufacturing International, China Microelectronics Corporation, Wo Mai shares, and other industry-leading companies are listed among them.
In the above continuous growth in the science and technology board companies, there are still many companies with high growth potential in the future. Data treasure statistics, according to more than 5 institutions unanimous forecast, 55 companies in the next three years net profit growth rate are expected to exceed 30%. Core original shares - U, Yuneng Technology, Pai Energy Technology, Top Jing Technology, Wo Mai shares, Hai Guang Information and other 6 companies net profit growth rate is expected to reach more than 100% of the average value.