央国企引领专题：央国企改革新征程，北交所价值新机遇

Core Insights - The average market capitalization of state-owned enterprises (SOEs) listed on the Beijing Stock Exchange (BSE) is higher than that of non-state-owned enterprises, with central enterprises having the highest average market capitalization of 7.264 billion [2][57] - In the first three quarters of 2024, local state-owned enterprises reported the highest average revenue of 700 million, while their average net profit was also the highest at 55 million [2][57] - The overall performance of SOEs on the BSE has outperformed the BeiZheng 50 index over the past year, with a cumulative excess return of approximately 35% as of November 10, 2024 [3][70] Company Performance - Among the 24 SOEs on the BSE, 22 reported positive net profits for 2023, with 12 companies showing year-on-year growth in net profit, including Silane Technology with over 60% growth [62] - The average net profit of central enterprises was only 1.6 million, significantly lower than that of local state-owned enterprises, which was 5.5 million [57][58] - Companies like Suzhou Axis and Huayuan Co. have shown strong performance, with Suzhou Axis achieving a net profit growth of 35.04% in the third quarter of 2024 [62][63] Investment Recommendations - Focus on companies with a high historical dividend payout ratio and clear shareholder return plans, such as Zhongfangbiao and Tianfangbiao [4] - Consider companies that are expanding their main product applications or entering new markets, like Jilin Carbon Valley and Suzhou Axis [4] - Pay attention to companies with strong operational performance and good debt repayment capabilities, such as Suzhou Axis and Minshida [4]