★沪深上市公司2024年超七成实现盈利 经济"压舱石"地位进一步凸显

Core Insights - The 2024 annual reports indicate that listed companies in China are showing resilience, with 74% achieving profitability and 48% experiencing positive profit growth [1] - The focus on strategic emerging industries is evident, with over half of the listed companies concentrating on sectors such as new information technology, high-end equipment manufacturing, and new energy vehicles [2] Performance Overview - As of April 30, over 5,100 listed companies reported their 2024 annual results, highlighting a significant increase in cash flow and a faster collection of receivables [1] - The financial sector reported a net profit of 2.7 trillion yuan, marking a 10.3% year-on-year increase, further solidifying the role of listed companies as a stabilizing force in the national economy [1] Innovation and R&D - R&D expenditures for listed companies reached 1.6 trillion yuan in 2024, a 3.1% increase from the previous year, with R&D intensity rising to 2.6% of revenue [2] - The semiconductor and consumer electronics sectors saw substantial growth in R&D spending, with increases of 17.2% and 8.0% respectively, leading to net profit growth of 13.2% and 12.9% [2][3] Economic Activity - Consumer spending is on the rise, with net profits in the home appliance and automotive sectors increasing by 7.1% and 11.1% respectively, driven by government consumption-boosting policies [3][4] - The transportation sector also showed recovery, with net profits increasing by 11.5%, and significant growth in the performance of airlines and airports [4] International Expansion - The share of overseas business income for listed companies reached 14.3%, up 1.2 percentage points from 2023, indicating a growing trend towards internationalization [4] - A notable 63% of listed companies are actively pursuing overseas business opportunities, reflecting a strategic shift towards global markets [4] Financial Sector Recovery - The financial sector's performance improved, with brokerage and insurance companies reporting net profit increases of 16% and 110% respectively [5] - The non-performing loan ratio for listed banks decreased to 1.15%, indicating a healthier banking sector [5] Quality and Returns - Listed companies are increasingly focusing on enhancing efficiency, with a notable reduction in accounts receivable turnover days, indicating improved cash flow management [6] - Cash dividends reached a record high of 1.66 trillion yuan in 2024, with total dividends for the fiscal year amounting to 2.39 trillion yuan, a 7.2% increase year-on-year [7] Market Dynamics - A regularized delisting process is emerging, with 55 companies delisted in 2024, reflecting a commitment to improving market quality [8] - Companies are adopting measures to enhance their fundamentals, including restructuring and improving internal controls, contributing to overall market stability [8]