北交所2024年中期策略报告

Group 1 - As of June 30, 2024, there are 249 companies listed on the Beijing Stock Exchange (BSE), with average revenue and net profit of 600 million yuan and 40 million yuan respectively, excluding extreme values [3][58] - The BSE companies are predominantly in the manufacturing sector, focusing on strategic emerging industries, with 240 out of 249 companies classified as such, representing 96.4% [68] - The average dividend payout ratio of BSE companies has been increasing over the past three years, with 28 companies maintaining a dividend yield above the 10-year government bond yield (2.25%) [4][66] Group 2 - The average market capitalization of BSE companies has shown a downward trend, and the monthly average trading volume has also decreased after an initial surge following the exchange's opening [9][10][24] - Compared to the Sci-Tech Innovation Board and the ChiNext, the BSE has a relatively low valuation, with a dynamic price-to-earnings ratio of 25.5 times as of June 2024, significantly lower than the 42.9 times and 75.3 times of the other two boards [12] - The BSE has a focus on supporting innovative small and medium-sized enterprises, particularly in advanced manufacturing and modern service industries [16][56] Group 3 - The mechanical equipment sector on the BSE is facing pressure on growth, profitability, and operational capabilities, with average net profit and revenue growth rates turning negative [70] - The electric equipment sector is primarily composed of battery, grid, and photovoltaic equipment companies, with 11 battery-related companies making up the largest share [81] - The lithium battery industry is showing signs of recovery, with a projected increase in production and sales of new energy vehicles, indicating a potential end to the lithium battery deflation cycle [82]