NEW POWER(SZ:300152) Jin Rong Shi Bao·2025-11-28 02:01Core Insights - China's high-end manufacturing industry has achieved historic breakthroughs in innovation, digital transformation, and modernization of the industrial chain during the "14th Five-Year Plan" period, transitioning from "catching up" to "keeping pace" and then to "leading" [2] Group 1: Growth and Performance - The number of high-end manufacturing listed companies in China reached 2,503 by the end of 2024, a growth of over 50% from 1,661 in 2020, with a compound annual growth rate (CAGR) of 10.80%, significantly higher than the overall A-share market's 6.52% [3] - The total market capitalization of these companies rose to 32.47 trillion yuan, and total assets reached 27.24 trillion yuan, reflecting a 68.79% increase over five years, with an annual CAGR of 13.98%, surpassing the A-share market's 9.40% [3] - Revenue for high-end manufacturing companies increased from 9.36 trillion yuan in 2020 to 15.41 trillion yuan in 2024, with a CAGR of 13.27%, while net profit maintained a high CAGR of 12.28%, indicating strong internal growth [3] Group 2: Contributions to Economy - In 2024, tax contributions from high-end manufacturing companies reached 253.90 billion yuan, with a five-year CAGR of 10.85%, while the number of employees grew to 10.35 million, reflecting a CAGR of 9.00%, highlighting their role in job creation and talent absorption [4] Group 3: Innovation and Internationalization - R&D intensity in high-end manufacturing companies increased, with R&D spending as a percentage of revenue rising from 5.06% in 2020 to 6.06% in 2024, totaling 934.12 billion yuan in annual R&D expenditure, with a CAGR of 18.51% [5] - The number of R&D personnel grew from 1.17 million to 1.84 million, with a CAGR of 12.07%, supporting technological advancement and industrial upgrades [5] - Overseas revenue for high-end manufacturing companies surged from 2.09 trillion yuan to 4.31 trillion yuan from 2020 to 2024, with a CAGR of 19.81%, increasing their share of total A-share overseas revenue from 32.53% to 41.96% [5] Group 4: Market Management and Future Outlook - The total market capitalization of high-end manufacturing companies increased by 3.36 trillion yuan in 2024, with significant growth in sectors like semiconductors and communication equipment, which saw market value increases exceeding 15% [6] - The total dividend payout reached 362.95 billion yuan in 2024, with a dividend payout ratio of 52.59%, up by 14.68 percentage points from 2023, indicating a focus on shareholder returns [6] - The report emphasizes the need for high-end manufacturing to focus on new production capabilities and strategic emerging industries, aiming to strengthen the supply chain and address critical component issues [6][7] - With ongoing support for technological innovation and the emergence of industrial clusters, China's high-end manufacturing sector is expected to play a crucial role in the global industrial landscape and contribute to long-term economic growth [7]