中上协发布报告：上市公司高端制造业五年“快步跑”

Core Insights - The report indicates that China's high-end manufacturing sector has experienced significant growth over the past five years, with both the number of companies and asset scale increasing at a rate higher than the overall A-share market [1][2]. Group 1: Company Growth and Financial Performance - The number of high-end manufacturing companies increased from 1,661 in 2020 to 2,503 in 2024, with a compound annual growth rate (CAGR) of 10.80%, surpassing the overall A-share growth rate [1]. - By the end of 2024, the total market capitalization of this sector reached 32.47 trillion yuan, and total assets exceeded 27 trillion yuan, demonstrating strong resilience and a high-quality transformation [1]. - The total assets of high-end manufacturing companies grew at a CAGR of 13.98%, compared to 9.40% for the A-share market, while operating revenue increased from 9.36 trillion yuan in 2020 to 15.41 trillion yuan in 2024, with a CAGR of 13.27% [1]. - Net profit also showed a CAGR of 12.28%, indicating sustained profitability and growth potential [1]. Group 2: Economic and Social Contributions - In 2024, high-end manufacturing companies contributed 253.90 billion yuan in taxes, with a CAGR of 10.85%, and employed 10.35 million people, reflecting a CAGR of 9.00% [2]. - The sector has become a significant force in stabilizing employment and promoting innovation [2]. Group 3: Research and Development - R&D expenditure as a percentage of revenue increased from 5.06% in 2020 to 6.06% in 2024, with total R&D spending reaching 934.12 billion yuan in 2024, reflecting a CAGR of 18.51% [2]. - The number of R&D personnel rose from 1.17 million to 1.84 million, with a CAGR of 12.07%, driving technological advancement and industrial upgrades [2]. Group 4: International Expansion - From 2020 to 2024, overseas revenue for high-end manufacturing companies grew from 2.09 trillion yuan to 4.31 trillion yuan, with a CAGR of 19.81%, significantly outpacing the overall A-share overseas revenue growth [2]. - The share of overseas revenue in total A-share overseas income increased from 32.53% to 41.96%, indicating the sector's growing role in the international market [2]. Group 5: Market Management and Investor Returns - In 2024, total dividends paid by high-end manufacturing companies reached 362.95 billion yuan, an increase of 60.3 billion yuan year-on-year, with a dividend payout ratio of 52.59% [3]. - Share buybacks totaled 83.93 billion yuan, with sectors like semiconductors, communication equipment, and electronics leading in market value growth, reflecting corporate confidence in future development [3]. Group 6: Future Outlook - The report emphasizes that during the "14th Five-Year Plan" period, the high-end manufacturing sector transitioned from "catching up" to "keeping pace" and even "leading" [3]. - Looking ahead to the "15th Five-Year Plan," the report calls for a focus on new productive forces, targeting emerging fields such as low-altitude economy, quantum technology, and biomanufacturing, while also addressing key areas like integrated circuits and high-end medical equipment [3].