Third quarterly disclosure of a-share market last week

The third quarterly disclosure of a-share market last week, investors to the 2013 listed companies in the heart of the overall number.

Affected by the moderate macroeconomic recovery, the performance of listed companies generally improved. The first three quarters 2,489 a-share companies to achieve total operating income of 19.51 trillion yuan, a growth of 9.08% per cent, to achieve net profit of 1.72 trillion yuan, an increase of 14.18%, and last year in the first three quarter net profit growth fell 1.1%.

The daily economic news reporter found that if the financial companies and "two barrels of oil", the listed companies in January-September net profit growth reached 14.34%, and the first half of this figure is only 4.6%, last year, the third quarter is a year-on-year decline of 19.8%.

From the current published annual report forecasts, listed companies on the four-quarter forecast is obviously optimistic. Flush IFind statistics show that in 2,489 listed companies, a total of 1222 companies three quarterly performance growth, 133 losses, the total accounted for the ratio of 54.4%. In the 949 companies that have already released their performance forecasts, 594 are in advance, accounting for 62.59%, and the proportion is further rising.

Three industry performance explosion-type growth

Of the 23 industrial classifications, a total of 18 sectors have achieved positive growth in net profit, while net profit in 17 sectors has been increasing after deducting non-recurrent gains and losses. The best of all was the most miserable ferrous metal industry of the last year. 2012 years ago three quarter, the overall loss of ferrous metal industry 3.528 billion yuan, and this year for the overall profit of 6.071 billion yuan. Even after deducting non-recurrent gains and losses, the situation in the ferrous metal industry has improved markedly. In the first three quarters of this year, the industry deducted a net profit of 4.794 billion yuan, compared with a loss of 12.026 billion yuan in the same period last year.

There has also been an explosion of performance in two sectors of utilities and information equipment. Public utilities mainly by the electricity, water, environmental protection and other companies, the first three quarters of 95 companies to achieve a total net profit of 71.037 billion yuan, growth of 73.75%, the power Giant-Huaneng International (600011,SH), the most outstanding performance, In the first three quarters, the net profit after deducting non-recurrent gains was 9.964 billion yuan, up 141.52% from a year earlier.

"Daily economic news" reporter noted that information equipment companies also outstanding performance: 95 companies to achieve a total net profit of 9.225 billion yuan, an increase of 66.73%. The net profit after the Non-recurrent profit was 4.569 billion yuan, which grew 58.86%. This is the industry of this year's Daniel Stock. such as the first landing on the gem of the 28 "veteran" one of the Net-bed technology (300017,SZ), the first three quarters to achieve net profit of 134 million yuan, the year-on-year growth of 147.94%, the deduction of non-recurrent gains and losses after the net profit growth rate is reached 161.46%. This year, the company's share price has risen 330.2% (after the right to recovery), creating a record high.

These industries have been so eye-catching this year that they have to do with their own industry cycles, such as electricity, which benefits from falling coal prices, and, on the other, from macroeconomic recovery and national policy support. such as network technology as a CDN and IDC integrated service leader, by the recent State Council "on the promotion of information consumption to expand domestic demand", "broadband China" strategy and implementation of a number of policy measures such as the positive factors, the company's high profit CDN product sales accounted for a rise, The first three quarters, whether the size of the income or gross margin has risen sharply, the company's first three quarter to achieve 801 million yuan, the growth of 43.96% per cent, the gross margin has also been further increased to 40.22%, as its performance and share price of the basis of double rise.

Still, there are cyclical industries that have not bathed in the spring of a macro economic recovery. such as 78 agriculture, forestry and fishery companies in the first three quarters only achieved net profit of 5.382 billion yuan, down 13.65%;

Overall performance expected to continue to improve in four quarters

However, the good performance is also the past. Investors are more concerned about the unfinished four quarter and the final report. And from the published annual report performance forecasts, the majority of listed companies on the four-quarter business optimistic attitude.

According to IFind statistics, as of November 1, a total of 949 listed companies issued 2013 annual performance forecasts. Among them, 594 pre-XI (performance forecast type of advance, slightly increased, continued surplus, loss), accounted for 62.59%; More than 116 companies have forecast net profit year-on-year growth rate of more than 100%, indicating a strong recovery in some sectors, and corporate confidence is growing.

This phenomenon complements the results of a survey conducted by the statistical office. It is reported that the National Bureau of Statistics for understanding and accurate judgment of the late economic trends, 400,000 enterprises surveyed, of which 250,000 are industrial enterprises above the scale. Survey results show that industrial enterprises in the four quarter or a period of time after the economy and three quarter compared to the basic proportion of 65.1%, think the Four seasons than the third quarter to the good direction, production is likely to accelerate the accounting for 22.8%, think four quarter may not be as three quarters of 12.1%.

However, in terms of performance forecasts, companies that have a particularly large number of performance changes are still benefiting from non-recurrent gains or losses or cyclical factors. If the current ranking of the net profit growth rate in the first three quarters of Ikea real Estate (000150,SH) only achieved net profit of 12.6602 million yuan, but this year is expected to profit 100 million yuan, an increase of 4190.37%, the reason is " During the reporting period, the joint venture company Xiangtan Real Estate company developed the property has been carried forward, the subsidiary of the Ikea Real estate company and Meizhou Real Estate company to develop the property according to the plan can also be completed in the fourth quarter of the completion of the delivery. "The second St in the Crown is due to the transfer of property to achieve profitability, the annual net profit is expected to 6 million ~900 million, year-on-year growth 2526.2%~3739.3%."

The daily economic news reporter found that there are still some companies rely on the main business to achieve a sharp increase in net profits.

Main industrial automation, electrical and electronic and information systems integration of the system products of the company Sea Control (002184,SZ) is expected to achieve a full year net profit of 30 million ~3500 million, year-on-year growth 1263.14%~1490.33%; the reason is " According to the current external environment and the status of orders in the fourth quarter of 2013, the operation will continue to maintain growth ", taking into account the company in the first three quarters only achieved a net profit of 4.7961 million yuan, which means that the company's four-quarter confirmed revenue will explode in growth.

In addition, the same belongs to the SME, Hua Feng spandex (002064,sz) also announced that the whole year will achieve net profit of 250 million ~3.1 billion, year-on-year growth 1258.5%~1584.5%, net profit growth rate than the third quarterly 733.97% further increase significantly. In this respect, the company said: "The main reason for the substantial growth of the company's performance, the market demand has improved markedly, the price of product sales increased significantly; the second is the company to achieve full load driving, improve production, while the cost has been reduced, the third is the price of raw materials to improve the product ”

TMT Industry Valuation Department has a high level of history

In this year's a-share market, TMT (Science and technology, media, communications) industry is undoubtedly the most concerned, including the leader of the 300052,sz (300104,sz), 300027,sz, Huayi Brothers, Oriental Wealth (300059,SZ) performance eye-catching, The stock price rose by more than 1 time times.

"Daily economic news" reporter noted that the first three quarters of the TMT industry have a good performance. IFind data shows that the electronic components industry in the first three quarters of the total operating income reached 242.007 billion yuan, an increase of 20.34% per cent, the communications industry revenue 432.79 billion yuan, the year-on-year increase of 13.84%; the overall revenue of the media industry is 70.35 billion yuan, up 14.3% The computer industry's revenue in the first three quarters was 158.907 billion yuan, up 7.6% per cent year-on-year.

Electronic components industry revenue promotion, to a large extent, benefited from the LED industry this year's overall recovery, such as the 600460,sh (002449,SZ), the State Starlight Electric (and so on) led shares of net profit are significantly rebounded, including the first three quarterly revenue for 1.17 billion yuan, the year-on-year growth of 20.58% , net profit is a big increase of 404.74%, the state Starlight revenue rose 20.3% year-on-year, net profit rose 17.26%.

For the market's most concerned about the hand travel industry, according to IFind statistics, a-share has 24 listed companies through direct or indirect way into the field of hand travel. Of the 24 companies, 9 have experienced a decline in the first three quarters and 15 have grown in varying degrees.

Among them, known as "Hand Tour first share" of the palm of the Technology (300315,SZ) in the first three quarters to achieve operating income of 244 million yuan, an increase of 53.48% per cent, achieve net profit of 91.716 million yuan, an increase of 78.55%. In the same gratifying performance, the company's first three quarters operating income of 180 million yuan, an increase of 41.72%, net profit of 27.2791 million yuan, an increase of 107.16%.

However, the other hand tour concept shares Obit (300053,SZ) performance is clearly difficult to make investors satisfied. On June 22 this year announced the investment in Guangzhou Wolf Flag, as a result of the game concept, its share price 3 months the highest rise to 54.6%. But three quarterly reports show that the total operating income of the first three quarters of the Obit was 110 million yuan, down 11.41% year-on-year, net profit of 24.8654 million yuan, down 5.68% year-on-year.

Cultural media industry, according to the daily economic news reporter Comb, the majority of cultural media plate company three quarterly performance rose to varying degrees, such as the Light Media (300251,SZ) in the first three quarter net profit growth of 75.05%, province wide shares (002400,SZ) increase of about 67.78%.

The computer is the TMT industry in the bottom of the sub-industry, a brokerage analyst on the Daily Economic news reporter said that the PC industry is now limited growth, compared to cloud computing, RFID, perhaps more opportunities. In addition, with the gradual popularization of 3G network, micro-letters, mobile phone payments and many other modules have begun to change the lives of people, this part of the company or will continue to attract funds attention. Reporter noted that 35 interconnection (300051,SZ) before the three-quarter net profit of 2.43 million yuan, the growth of 124.69% per cent, Dr. Peng (600804,sh) The first three quarterly net profit of 321 million yuan, the year-on-year increase of 94.11%

TMT industry Although this year performance dazzling, but the overall valuation is too high, Qilu Securities in the research report mentioned that the TMT industry overall valuation in the history of a higher level, the past 12 months p values are: media (52.15 times times) > Gem (51.17 times times) > Electronic components (48.45 times times) > Computer (43.44 times times) > communication (43.36 times times).

Premium blue-chip valuation advantages Highlight

From the three quarterly data, the market expected in the early year of the gem will be more than 40% of the year's performance growth is difficult to achieve. In the first three quarters of this year, 355 gem companies to achieve a total net profit of 18.586 billion yuan, a micro-increase of 5.1%. Performance is not up to expectations of the gem pressure multiplier, since late October, gem refers to the cumulative decline has been more than 10%.

Flush IFind data show that 355 gem companies, only 196 companies in the three quarterly net profit to achieve positive growth; Net profit fell Year-on-year companies have 159, accounting for up to 44.79%, and even 40 companies of the withholding of net profit is still in the red.

It is noteworthy that the first three quarters of the net profit growth of more than 2215.8% of the Kang, the net profit absolute only 8.7923 million yuan, three quarterly single quarter net profit is only 262,400 yuan. Daniel Stock Huayi Brothers Although the first three quarter net profit of 412 million yuan, ranking gem first, but the third quarter net profit only 8.9104 million yuan, year-on-year decline of 69.02%.

The daily economic news reporter noted that some of the relatively low valuations of blue-chip companies were notable compared with the higher valuations and less-than-expected performance of the gem. Among them, China Unicom (600050,SH) The first three quarters to achieve pre-tax profit of 11.13 billion yuan, net profit of 2.78 billion yuan, year-on-year growth of up to 51.8%. China Unicom said it benefited from the growth of its mobile business and the steady growth of its fixed-line business. In the first three quarters, China Unicom mobile users accumulated net increase of 33.452 million households, reached 273 million households.

Four big insurance companies also have the news. In the first three quarters of this year, China life to achieve a net profit of 23.689 billion yuan, an increase of 218.9% per cent, Ping an net profit to achieve 23.339 billion yuan, an increase of 45.1%; China's Tai Bao also achieved a net profit of 8.08 billion yuan, an increase of 157.8% Xinhua insurance to achieve a net profit of 3.95 billion yuan, an increase of 70%.

Guotai analyst Chonglin also bullish on the insurance stocks in the research paper: from the performance point of view, the insurance industry to highlight the increase in profitability, business development concerns to eliminate; From the policy perspective, social security issues into the "383" programme focus area, is expected to plenary after the tax deferred pension policy expectations warming; from the game of money, Insurance stocks into the can be kept.