【财经分析】何以持续“领跑”——广东上市公司高质量发展透视

Core Viewpoint - Guangdong listed companies have demonstrated strong high-quality development during the "14th Five-Year Plan" period, with significant achievements in both quantity and quality, positioning themselves as leaders in the national market [1][2]. Group 1: Growth and Performance - As of November 2025, the total market value of listed companies in Guangdong is expected to exceed 30.75 trillion yuan, with a net increase of 14.55 trillion yuan over five years, surpassing the province's GDP for 2024 [2]. - The revenue compound annual growth rate (CAGR) for Guangdong listed companies is 9.2%, with total revenue projected to exceed 10 trillion yuan by the end of 2024 and net profit expected to surpass 800 billion yuan by 2025 [2]. - Over 70% of companies are profitable, with a return on equity of 7.97%, and key operational metrics such as asset turnover are above the national average, indicating strong profitability and operational efficiency [2]. Group 2: Structural Optimization - Among newly listed companies, 237 are technology-based, accounting for 95.18%, an increase of 6.4 percentage points from the end of the "13th Five-Year Plan" [3]. - Guangdong has 413 companies listed on the "Dual Innovation Board," ranking first in the country, creating a new matrix of technology-driven and gradient-growing enterprises [3]. - During the "14th Five-Year Plan," Guangdong listed companies raised over 4.95 trillion yuan through various channels, with high-tech and strategic emerging industries leading in financing amounts [3]. Group 3: Return to Investors - Guangdong listed companies have increased their cash returns to investors, with a cumulative dividend amount exceeding 1.2 trillion yuan during the "14th Five-Year Plan," accounting for 11% of the total dividends paid by listed companies nationwide [4]. - The dividend payout ratio has been steadily increasing, with projected ratios of 41% and 42% for 2023 and 2024, respectively, both above the overall market level by 2 percentage points [4]. Group 4: Innovation and R&D - Innovation is recognized as the greatest advantage and competitiveness of Guangdong listed companies, with 628 high-tech enterprises accounting for 71% of the total, the highest in the country [6]. - R&D personnel in Guangdong listed companies have exceeded 750,000, with a CAGR of R&D investment at 12% and a research intensity of 3.96%, leading to nearly 600,000 intellectual property rights [6]. Group 5: Industrial Structure and Ecosystem - Guangdong has formed a modern industrial system led by advanced manufacturing and strategic emerging industries, with 548 listed companies in key sectors like electronic information and high-end equipment manufacturing [7]. - The province has established nine trillion-yuan industrial clusters, with significant contributions from listed companies in driving the industrial ecosystem and enhancing international competitiveness [9]. - The overseas revenue of Guangdong listed companies increased from 1 trillion yuan in 2020 to 1.9 trillion yuan in 2024, with 78.6% coming from new productivity sectors [9].