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"how is the company's business going to sea?" This is the time of the recent public offering research of listed companies.JungleJackpotJauntA high-frequency focus.
Wind data show that since the second quarter, in the research records of many listed companies with the top number of public equity fund researchers, "going abroad progress" is the focus. Tianfu Communications, Intermediate Asahi Chuang, Desai Xiwei, Company 9, Australian Endoscope and other companies have been asked about "the expansion of overseas markets" and "the proportion of overseas revenue", involving industries distributed in communications, electronics, auto parts, home appliances, health care, and so on.
The business of "going to sea" has attracted attention.
Judging from the performance of the secondary market, the share prices of a number of companies with outstanding overseas business performance have risen all the way up recently, such as racing wheel tires, which recently reached an all-time high. According to the 2023 annual report, the company's export revenue reached 192.JungleJackpotJaunt.65 billion yuan, an increase of 12.99% over the same period last year, accounting for 74.16% of the total operating income; the gross profit margin was 30.78%, much higher than that of domestic sales.
It is worth mentioning that by the end of the fourth quarter of last year, the products of more than 100 public offering funds had bought the stock, and the total share of public offerings rose from 23.9% at the end of the third quarter to 32.52% at the end of the fourth quarter, according to Wind data. Among them, Dacheng Fund, China Merchants Fund and Southern Fund are among the top holdings, all accounting for more than 3 per cent of the number of shares outstanding.
The race wheel tire quarterly report shows that there are two public offering products into the company's top ten tradable shareholders, respectively, China Merchants Anhua Bond and Dacheng cutting-edge industry mix. In the quarterly report of China Merchants Anhua Bond, the fund manager said that exports may continue to be booming, and companies with advantages in exports and large room for long-term growth deserve continuous research and attention.
In addition, white goods, light industry, construction machinery and other offshore sectors have achieved a "double harvest" of performance and stock prices, such as Hisense Video, Hisense Home Appliances, Haixing Electric Power, Yutong bus and so on.
Fan Kun, a fund manager for financing funds related to the increase of some positions in the export chain in the first quarter, said that the core of increasing the export chain is to see the cost based on the manufacturing industry and the complete advantages of the supply chain. Some export enterprises are gradually moving from the early pure contract manufacturing to overseas channel layout, and even to their own brand building. On the other hand, the rise of cross-border e-commerce and other platforms has also led some high-quality enterprises to go out to sea. In addition, the process of global re-industrialization has accelerated, and the layout of global multi-manufacturing centers has also driven China's exports, and it has been clearly observed that some categories have opened up new markets in Asia, Africa and Latin America.
Two major factors support the high prosperity of export-related industries
From the disclosure of the A-share quarterly report, we can also see that the prosperity of sea-related industries is high.
Take the small home appliance industry as an example, most of the small home appliance enterprises that have announced their results are outstanding in the first quarter. Among the 23 small household appliance listed enterprises, 19 have increased their net profit compared with the same period last year. The main reason for the company's good performance is the increase in export income.
For example, according to the first quarter report of Stone Science and Technology, the revenue in the first quarter was 1.841 billion yuan, an increase of 58.69% over the same period last year, and the net profit was 399 million yuan, an increase of 95.23% over the same period last year. Stone Technology said that the company's early advantage of actively opening up markets at home and abroad has been further extended and expanded. through the deep ploughing and rational layout of channels, the sales volume of the company's products has increased significantly compared with the same period last year. The improvement in operating performance and profitability also led to an increase in net cash inflows from operating activities.
The recent performance of a number of stocks in the industry is also eye-catching, with Corworth up more than 70% and the share price has reached a new high this year. Stone Technology, Company 9, etc., rose by more than 30%.
For the first quarterly report, Agricultural Bank of China Huili Fund Manager Chen Fuquan analyzed that structurally, enterprises with a large proportion of overseas business are more prosperous, and export-related industries and companies have performed well in terms of revenue and profit growth. Shipping, commercial vehicles, tires, light industry, textile and other industries with the above logic performed well in the first quarter.
In his view, there are two reasons for the high boom in the external demand sector: from a short-term perspective, due to the improvement on the overseas demand side, especially after the replenishment of durable goods in the United States in the early stage of the epidemic and the removal of stocks in the later stage of the epidemic, it has re-entered a new replenishment cycle, driving exports to the United States in areas such as furniture, textiles, and hand tools.
From a long-term point of view, the product power of domestic enterprises continues to improve, and the performance-to-price ratio gradually surpasses that of overseas competitors, bringing about a further increase in overseas market share. This is more evident in high-end manufacturing such as machinery, electrical equipment and cars. Judging from the quarterly report, the exports of ships, passenger cars, tires, transformers, electricity meters and passenger cars all showed strong performance, proving the logic of the continuous expansion of the global share of Chinese products after continuously improving their competitiveness.
Export will still be a very important investment opportunity for A-shares.
Recently, a number of fund managers have expressed optimism about the long-term investment trend of export logic.
The relocation of the 10 billion fund manager Xingzheng Global Fund has recently once again expressed its optimism on the medium-and long-term trend of exports. Qiaoqian said that not only the export of manufacturing, but also China has begun to further export to consumer goods and services. At present, the export penetration rate of many typical industries, including new energy, home appliances, mobile phones and services, CXO, including TikTok, is relatively leading in the world.
Qiaoqian believes that compared with low-end manufacturing in exports in the past, the interruption of the global supply chain caused by the epidemic has provided opportunities for the export of China's middle-end, middle-and high-end and even high-end products, and Chinese products have reached the middle-to-high-end level, and the service capacity is also very strong. The product is cost-effective, and this part of the logic can be continued. With the improvement of national strength, the export of consumer goods and culture can be more and more recognized all over the world.
"In a market economy environment, products and companies with excellent cost performance can always stand out in global competition, thus constantly creating new overseas investment opportunities." Chen Fuquan believes that in an environment where domestic industries continue to become entangled, more and more companies will continue to improve their cost control capabilities and constantly polish product design and performance. Their competitiveness in the global market is expected to be further enhanced, and in some countries and fields, there will be opportunities to gain a higher market share. In addition, due to the relatively mild competitive environment in overseas markets, the profit margins of products going abroad are relatively higher, and some export boom companies have stronger upward elasticity in profits.
The market has great concerns about the sustainability of China's exports, but from the actual situation, due to the profit-seeking nature of the market economy, trade exchanges between countries will undergo more structural adjustments, and the core is still the competitiveness of products in the global market. Therefore, as long as Chinese companies continue to improve their product power, there is still much room for Chinese companies to export. From a medium-term investment perspective, exports will still be one of the very important investment opportunities for A-shares.
