Core Insights - The report highlights the performance of the Beijing Stock Exchange (BSE) as being under pressure, with expectations for the performance of the IPO "backups" [5] - As of June 30, 2024, the BSE has 249 listed companies with average revenue and net profit of 600 million and 40 million respectively, excluding extreme values [5] - The average market capitalization, trading volume, and dynamic PE ratio of BSE-listed companies show a strong correlation, with three distinct phases observed from November 2021 to 2024 [5] BSE Development Overview - The BSE has seen a total of 28 new IPO applications from June 21 to June 30, 2024, following a four-month period without new listings [5] - The dynamic PE ratios for BSE, ChiNext, and STAR Market as of June 2024 are 25.5x, 42.9x, and 75.3x respectively, indicating that BSE remains undervalued compared to its peers [5] Industry Composition - The majority of BSE-listed companies are in the manufacturing sector, particularly in strategic emerging industries, with 96.4% of companies classified as such [5] - The top three industries represented on the BSE are machinery equipment (22.5%), electric equipment (10.4%), and basic chemicals (9.6%) [5] - There are 23 state-owned enterprises on the BSE, accounting for 9.2% of the total listings, with 19 being local and 4 central state-owned [5] Dividend Trends - Over the past three years, BSE-listed companies have generally increased their dividend payout ratios, with 28 companies maintaining a dividend yield above the 10-year government bond yield of 2.25% [5] Investment Strategy - The report suggests that the overall valuation level of the BSE is significantly lower than that of ChiNext and STAR Market, indicating potential for valuation recovery [5]
中泰证券【中泰研究丨晨会聚焦】先进产业冯胜：北交所2024年中期策略报告
ZHONGTAI SECURITIES·2024-07-17 23:30