川财证券研究所晨报

Core Insights - The overall operating situation of central enterprises is stable, with steady revenue growth. In 2023, central enterprises achieved operating income of 39.8 trillion yuan, a 0.5% increase from 2022, and total profit of 2.6 trillion yuan, remaining flat compared to 2022. The net profit attributable to shareholders was 1.1 trillion yuan, while local regulatory enterprises reported total profits of 1.9 trillion yuan. The total assets of central enterprises reached 86.6 trillion yuan, a year-on-year increase of 6.4% [10][19][37] - Central enterprises have a higher dividend payout compared to other types of listed companies, with total cash dividends steadily increasing. From 2020 to 2022, the cumulative cash dividends of central enterprise listed companies were 689.39 billion yuan, 907.21 billion yuan, and 1,111.63 billion yuan, respectively, showing a year-on-year growth trend [10][37] - The valuation of central enterprises is generally low, with a significant number of listed companies having a price-to-earnings (P/E) ratio below 10. As of January 30, 2024, there were 33 central enterprise listed companies with a P/E ratio below 10, accounting for 7.21% of the total [20][38] Market Trends - The three major exchanges have fully resumed IPO acceptance and review meetings, indicating a recovery in the IPO market. The North Exchange accepted three IPO applications on June 21, marking the resumption of IPO acceptance after three months. The Shanghai and Shenzhen exchanges also accepted one IPO application each on June 20, resuming after a six-month hiatus [7][12] - The market is advised to focus on sectors such as semiconductors, public utilities, and vehicle-road collaboration, especially in light of the recent developments at the Huawei Developer Conference, where it was stated that the HarmonyOS kernel has surpassed the Linux kernel [9][30] Industry Developments - The Ministry of Industry and Information Technology released the "2024 Automotive Standardization Work Points," emphasizing the strengthening of automotive chip standard supply. This includes accelerating the development of standards for automotive chips, electric vehicle chips, and related technologies [12][26] - The central enterprises are expected to play a crucial role in stabilizing the economy and capital markets, as highlighted in the 2023 Central Economic Work Conference, which called for deepening state-owned enterprise reforms to enhance core functions and competitiveness [28][37]