pokerstarsnet|发展稳健，量质齐升，前景光明——河北上市公司系列研究
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Source: Yuanda Research report
Main points of investment
In 2023, Hebei GDP was 4.3944 trillion yuan, an increase of about 3% over the same period last year.Pokerstarsnet.7%, all listed companies in Hebei achieved a total operating income of 1.0569 trillion yuan in fiscal year 2023, an increase of 3% over the same period last year, and a net profit of 44.8 billion yuan, up 21% from the same period last year. Economic development is consistent with the performance growth trend of listed companies, and the steady development of iron and steel, automobile, coal, power equipment and other industries continue to lead the Hebei economy.
Power equipment industry: the total net profit of listed companies in Hebei power equipment industry was 2.56 billion yuan in 2023, 3.65 billion yuan in 2021, 7.83 billion yuan in 2022 and 9.36 billion yuan in 2023, with a three-year compound growth rate of 54%. In 2023, the total net profit of listed companies in Hebei power equipment industry accounted for 21% of the total net profit of all listed companies in Hebei in fiscal year 2020. The profit growth of the power equipment industry is due to the upgrading of the industry and the power of the new energy track. In the industry, such as Jingao Technology, Haitai Xineng, Naconor and other enterprises photovoltaic battery modules, lithium special equipment business is growing rapidly. In the future, the demand for new energy installation is clear, and the market for new energy vehicles is vast. Hebei power equipment industry is still expected to maintain good growth and will continue to provide momentum for Hebei's economic development.
Electronics industry: the total return net profit of listed companies in Hebei Province's electronics industry is-2.38 billion yuan in 2022,-490 million yuan in 2021, 1.37 billion yuan in fiscal year 2022 and 3.29 billion yuan in fiscal year 2021. Hebei electronics industry has steadily increased its performance in the past four years, turning losses into profits and achieving large-scale profits. Chip semiconductor business layout effect appears.
Private economy: among the 78 listed companies in Hebei, 44 are private enterprises, accounting for about 56%. Their total operating income and return net profit account for more than half of Hebei's overall scale. Private enterprises play an important role in Hebei's economic development. Hebei issued policies covering standardized governance, digital intelligence upgrading, scientific and technological innovation, investment and financing and many other aspects, systematic support for the development of private enterprises It will play a pulling role in the economic development of Hebei.
Industrial policy: it has made a systematic layout for the industrial development of Hebei, taking into account the development of traditional superior industries, strategic emerging industries, high-potential industries and future industries, promoting the quality and growth of economic development, and promoting industrial transformation and upgrading.
It is recommended to pay attention to Hebei automobile, power equipment, coal, electronics and other industries.
Catalogue
General situation of listed companies in Hebei 4
1. Hebei listed companies have a full range of industries, with a market capitalization of $1 trillion.
2. Listed companies are concentrated in the three cities of Shi, Tang and Bao, and the market capitalization of automobile, power equipment, biopharmaceutical and other industries contributes greatly. 6
3. Economic fundamentals continue to improve, and pillar industries lead Hebei economy 8
4. Emerging industries have begun to make efforts, and remarkable results have been achieved in industrial upgrading.
Second, the intensive introduction of relevant policies to boost the economic development of Hebei 12
1. Some measures to promote the development and growth of private economy in Hebei Province (2023) 12
2. "High-quality Development of Manufacturing Industry in Hebei Province" 14th five-year Plan 13
Chart catalogue
Figure 1: industry distribution of listed companies in Hebei (unit: home) 3
Figure 2: regional distribution of the number of listed companies in Hebei (unit: home) 6
Figure 3: regional distribution of market capitalization of listed companies in Hebei (unit: 100 million yuan) 6
Figure 4: industry distribution of the number of listed companies in Hebei (unit: home) 6
Figure 5: total market capitalization of the industry (unit: 100 million yuan) 7
Figure 6: total operating income of Hebei GDP and listed companies in recent two years (unit: 100 million yuan) 8
Figure 7: industry market capitalization structure of Hebei listed companies 8
Figure 8: total revenue industry structure 9
Figure 9: industry structure of homing net profit 9
Figure 10 DV 2020-2024 Q1 net profit of Hebei Electronics Industry (unit: 100 million yuan) 10
Figure 11: net profit of Hebei electric power equipment industry (unit: 100 million yuan) 10.
Figure 12: private contribution of Hebei listed companies (unit: 100 million yuan) 11
Table 1 the market capitalization, total operating income and net profit of Hebei and nationally listed companies
Table 2 Dom 2020-2023 newly listed companies in Hebei 5
Table 3: planning Policy Summary 13
Table 4: emerging Industry Planning 14
Table 5: high potential industries and future industrial planning 15
I. General situation of listed companies in Hebei
1. Hebei listed companies have a full range of industries, with a market capitalization of one trillion yuan.
As of 2024-5-5, there are 5361 listed companies in all A-shares. Hebei has a total of 78 listed companies in the same period, accounting for about 1.45% of the total number of listed companies in China. The total market capitalization of listed companies in China is about 89.383 trillion yuan. In the same period, the total market value of listed companies in Hebei reached trillion yuan, about 1.0922 trillion yuan, accounting for about 1.22% of the total market value of listed companies in China. According to the financial data disclosed in the 2023 annual report, the total operating income of Hebei listed companies is about 1.0922 trillion yuan, while that of national listed companies is about 72.695 trillion yuan, accounting for 1.45%. The total net profit of Hebei listed companies is 44.8 billion yuan. In the same period, the total operating income of national listed companies is about 5.2861 trillion yuan, accounting for about 0.85%.
Table 1 the market capitalization, total operating income and net profit of Hebei and national listed companies
Source: Wind, Yuanda Information Securities Research Institute
Hebei listed companies cover 22 first-tier industries, including medicine and biology, automobile, power equipment, basic chemical industry, machinery and equipment, etc., with a complete range of industry categories, forming a perfect industrial ecology. Among them, the number of listed companies in the basic chemical industry and machinery and equipment industry is the largest, each 10, followed by the power equipment industry, a total of 9, pharmaceutical and biological industry 6, automobile 5, the above industries have a total of 40 listed companies, accounting for 51% of the total number of listed companies in Hebei.
Figure 1: industry distribution of listed companies in Hebei (unit: home)
Source: Wind, Yuanda Information Securities Research Institute
Among them, the listed companies in Shijiazhuang, Tangshan and Baoding are the most rich in resources, with a strong industrial base and active layout of emerging industries, which will play a radiating and driving role in the economic development of the surrounding cities and constitute a good development pattern. From 2020 to 2023, the number of listed companies in Hebei has increased by 23, accounting for nearly 30% of the total number of listed companies in Hebei, showing a steady growth trend year by year. The new listed companies cover semiconductors, new energy and other emerging industries, which can be expected in the future.
Table 2DU 2020-2023 newly listed companies in Hebei Province
资料来源：Wind，源达信息证券研究所
2．上市公司集中于石、唐、保三市，汽车、电力设备、生物制药等行业市值贡献较大
河北上市公司遍布河北多个地市，其中以石家庄，唐山和保定三市最为集中。其中石家庄23家，市值合计3465亿元；唐山13家，市值合计1376亿元；保定8家，市值合计2684亿元。三市上市公司家数合计为44家，超过全省上市公司总数的半数以上，占比56%，市值合计7524亿元，占河北上市公司市值总额的69%。石家庄、唐山、保定三市为河北省经济重镇，具有深厚的工业基础和完备的基础设施，并依托自身优势不断扩展新兴产业，稳固经济重心地位，辐射带动周边协同发展。
从行业分布上来看，基础化工、机械设备、电力设备、医药生物公司数量最多，其中基础化工10家，机械设备10家，电力设备9家，医药生物6家，合计35家，占河北上市公司总数的45%。以医药、化工、机械制造为主，并不断向新材料、新能源、半导体等新兴行业扩展，形成了多元化的产业布局，不断实现产业链的升级和延伸。
图4：河北上市公司家数行业分布（单位：家）
资料来源：Wind，源达信息证券研究所
从河北不同行业所涵上市公司的合计市值来看，汽车、电力设备、公用事业、医药生物市值较大，且均达到了千亿级规模。截至2024/5/5，在河北省所有行业中，汽车是市值规模最大的行业，约为2506亿元，其中包含诸如长城汽车这样的巨无霸企业，单公司市值超过2200亿元。其次是电力设备行业，市值约为1277亿元，所含上市公司积极布局光伏、锂电、电网自动化等符合国家战略方向的新兴行业，在未来依旧具备良好的成长性。排名第三的为医药生物行业，医药生物行业属于河北地区的传统优势行业，覆盖化学制剂、医疗设备、中药、原料药、医疗耗材等众多细分市场，目前市值规模约为1104亿元。公用事业行业市值约为1061亿元，虽偏向于传统的热力服务、燃气、发电等业务，但行业发展相对成熟稳定。其次为电子行业，市值约合876亿元，其中市值最大的公司为紫光国微，市值超500亿元，主要业务布局于在半导体行业中发挥基础性作用的芯片研发领域，前景可期。
图5：行业总市值（单位：亿元）
资料来源：Wind，源达信息证券研究所
3．经济基本面持续向好，支柱产业领跑河北经济
2023河北GDP 约为43944亿元，相较去年同比上涨约3.7%，河北所有上市公司2023财年共实现营业收入10569亿元，相较去年同比上升3%，归母净利润448亿元，相较去年同比上升21%。经济发展与上市公司业绩增长均呈现上升趋势，基本面持续向好，河北上市公司发展前景广阔。
图6：近两年河北GDP与上市公司营业总收入（单位：亿元）
资料来源：Wind，源达信息证券研究所
汽车、电力设备、电子、公用事业、医药生物行业市值规模较大，在河北境内所有上市公司中的营收、归母净利润占比较高，产业地位突出，在河北经济发展中发挥着重要作用。截至2024/5/5，河北上市公司总市值为10922亿元，汽车、电力设备、公用事业、医药生物行业市值规模合计约达6823亿元，占河北上市公司总市值62%，贡献巨大。
图7：河北上市公司行业市值结构
资料来源：Wind，源达信息证券研究所
截至2023/12/31，河北所有上市公司共实现营业收入10569亿元，相较去年同比上升3%，归母净利润448亿元，相较去年同比上升21%。其中归母净利润贡献较大的除汽车、电力设备、公用事业、煤炭、钢铁、交通运输等传统优势行业外，电子行业归母净利润占比7%，行业地位逐渐增强。上述行业2023财年共计实现营业总收入7963亿元，约占同期河北所有上市公司营业总收入的75%，实现归母净利润433亿元，所占比重进一步来到了97%，属于河北经济支柱产业，在河北经济发展中扮演着重要作用，领跑河北经济。
4、新兴行业开始发力，产业升级成效显著
2020-2023年间，受房地产行业景气度下降影响，河北房地产行业归母净利润有较为显著的下滑，上游建筑材料行业也因此受到明显冲击，对河北上市公司归母净利润规模产生了较大不利影响。随着居民负债率逐渐降低，国家房地产支持政策的出台，房地产行业未来有望得到改善。
同期电子、电力设备行业盈利能力实现大幅度增长，反哺了河北上市公司利润规模。2020年河北省电子行业尚未实现盈利，归母净利润为-24亿元，至2023/12/31实现归母净利润33亿元，河北电子行业扭亏为盈并实现规模性盈利，占同期河北所有上市公司归母净利润规模的7%，系受河北积极布局芯片半导体业务所致。近三年来河北电子行业盈利能力不断增强，盈利规模逐渐扩大，未来拥有较大成长空间。
图10：2020-2024 Q1河北电子行业归母净利（单位：亿元）
资料来源：Wind，源达信息证券研究所
The total net profit of Hebei electric power equipment industry was 2.56 billion yuan in 2023, and 9.36 billion yuan in fiscal year 2020, with a compound growth rate of 54% in three years, accounting for 21% of the net profit of all listed companies in Hebei in fiscal year 2023. The profit growth of the power equipment industry is due to the upgrading of the industry and the power of the new energy track. In the industry, such as Jingao Technology, Haitai Xineng, Naconor and other enterprises photovoltaic battery modules, lithium special equipment business is growing rapidly. Although the company's profit is affected by the change of short-term supply and demand to a certain extent, considering the clear demand for new energy installation in the future, the new energy vehicle market is vast, and Hebei electric power equipment industry still maintains good growth, which will continue to provide momentum for Hebei's economic development.
Figure 11: net profit of Hebei electric power equipment industry (unit: 100 million yuan)
Source: Wind, Yuanda Information Securities Research Institute
Second, relevant policies have been introduced intensively to promote the economic development of Hebei.
1. Some measures to promote the development and growth of private economy in Hebei Province (2023)
At present, among the 78 listed companies in Hebei Province, there are 44 private enterprises, and the number of private enterprises accounts for 56%. As of 2024, the total market capitalization of 44 private enterprises is about 593.7 billion yuan, accounting for 54% of the total market capitalization of listed companies in Hebei. In fiscal year 2023, the revenue of Hebei private listed companies was 596.1 billion yuan, accounting for 56% of the total operating income of Hebei listed companies, and the total net profit of Hebei listed companies was 22.5 billion yuan, accounting for 50% of the total net profit of Hebei listed companies. Private enterprises play an important role in the economic development of Hebei. The Hebei provincial government has issued a series of policies to promote the development of private enterprises, including standardized governance, mathematical intelligence upgrading, scientific and technological innovation, investment and financing, and so on. It is expected to play an important role in promoting the economic development of Hebei.
Figure 12: private contribution of Hebei listed companies (unit: 100 million yuan)
Source: Wind, Yuanda Information Securities Research Institute
To guide and help enterprises to promote the reform of the shareholding system, improve the corporate governance structure, standardize business behavior, and establish and improve the modern enterprise system. We will support private enterprises to strengthen risk prevention management and establish a comprehensive risk management system covering enterprise strategy, planning, investment and financing and other fields.
We will encourage private enterprises to take the lead in tackling key core technologies in emerging industries. We will support private enterprises to take the lead in setting up innovative consortia and promote collaborative and integrated innovation among large and medium-sized enterprises, scientific research institutes and institutions of higher learning. We will promote enterprises to integrate resources to become bigger, better and stronger, and create a number of characteristic industrial clusters with strong competitiveness at home and abroad. We will improve the management system and achievement transformation mechanism of institutions of higher learning and scientific research institutions, and support private enterprises to cooperate with scientific research institutions to establish an innovation platform. We will encourage private enterprises to act as the main body of scientific research projects and strengthen basic frontier research and achievements transformation.
We will guide private enterprises to participate in new infrastructure investment construction and application innovation such as data centers and industrial Internet, and support the digital transformation of small and medium-sized enterprises. Guide private enterprises to introduce advanced quality management models, apply big data and artificial intelligence to analyze and control quality risks, preside over or participate in the revision of international, national and industry standards, and undertake national and provincial standardization demonstration pilot projects. We will support private enterprises to strengthen green and low-carbon transformation, speed up the development of flexible manufacturing, enhance the capacity of emergency production expansion and conversion, and enhance the resilience of the industrial chain.
Support private enterprises to actively extend to the design and research and development of core components and high-end finished products. Encourage private enterprises to expand overseas business, establish overseas production bases and participate in overseas projects. Carry out compliance training for foreign trade enterprises, urge enterprises to do a good job in the investigation of relevant risks, and guide them to guard against and deal with all kinds of overseas risk challenges. Strengthen overseas security risk early warning tips, and guide enterprises to formulate and improve overseas security emergency plans.
We will encourage private enterprises to expand the absorption of employment and improve the wage distribution system. We will support private enterprises to participate in investment and development in the central and western regions, the northeast region and the border areas. We will strictly implement the regulations on the Promotion of New Energy Development in Hebei Province, encourage and support private enterprises to participate in promoting carbon neutralization, participate in carbon emission rights and energy use rights trading, and constantly expand the scale of investment in the field of renewable energy. Support and guide private enterprises to participate in rural revitalization, new urbanization, transportation, water conservancy and other major projects and make up for deficiencies in the field of construction.
Strictly implement the capital "traffic light" set up by the state, preferably promote a number of "green light" investment cases, improve the ability of capital supervision, and comprehensively enhance the efficiency of capital governance. We will promote the standardized, healthy and sustainable development of platform enterprises in terms of job creation, consumption expansion and international competition. The list of the top 100 private enterprises in Hebei Province is released every year.
2. The 14th five-year Plan for the High-quality Development of Manufacturing Industry in Hebei Province
The 14th five-year Plan for the High-quality Development of Manufacturing Industry in Hebei Province (hereinafter referred to as the "Plan") proposes that for traditional industries, we will adhere to forging long plates and make up for deficiencies, consolidate and enhance existing advantages, and continue to promote the transformation and upgrading of traditional superior industries. This paper focuses on the development priorities and phased development goals of the iron and steel industry, equipment manufacturing and petrochemical industry, taking into account the overall development direction of other industries, systematically promoting the steady development of Hebei economy and improving the growth rate.
Table 3: summary of Planning Policy
Source: Hebei Provincial Government official website, Yuanda Information Securities Research Institute
The plan points out that Hebei Province will strive to cultivate and strengthen strategic emerging industries, actively enter the track of information technology, biomedicine, new energy and new materials industries, optimize Hebei's industrial structure, and improve the quality of Hebei's economic development. Hebei listed companies will continue to make great strides into the field of high-end industries.
Table 4: planning for emerging industries
Source: Hebei Provincial Government official website, Yuanda Information Securities Research Institute
The plan points out that Hebei will accelerate the layout and development of high-potential industries and future industries. We will keep the proportion of the manufacturing industry basically stable, focus on key manufacturing chains, strive to promote stable, complementary and strong chains, and promote the reform of the industrial chain, the reconstruction of the supply chain, the reshaping of the innovation chain, and the upgrading of the value chain. we will strive to build an advanced manufacturing system with outstanding high-end, intelligent and green characteristics, and build an advanced manufacturing base with global influence.
Table 5: high potential industries and future industrial planning
Source: Hebei Provincial Government official website, Yuanda Information Securities Research Institute
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Analyst statement
The author has the securities investment consulting qualification granted by the China Securities Industry Association and is registered as a securities analyst. With a diligent professional attitude, the author issues this report independently and objectively. The analytical logic is based on the author's professional understanding, and this report clearly and accurately reflects the author's research point of view. It is hereby declared that no part of the author's remuneration has been, is not, and will not be directly or indirectly related to the specific recommendations or opinions contained in this report.
