川财证券研究所晨报

Core Insights - The overall revenue of A-share listed companies in 2023 reached 72.48 trillion yuan, a year-on-year increase of 1.48%, while net profit fell by 2.70% to 5.26 billion yuan, primarily due to the drag from the real estate industry chain [3][21][23] - In Q1 2024, A-share companies achieved a revenue of 16.88 trillion yuan, a slight year-on-year increase of 0.16%, but net profit decreased by 4.74% to 1.43 trillion yuan [4][23] - The recovery in consumer sectors is notable, with industries such as retail, social services, textiles, and automotive showing significant profit growth, particularly the automotive sector which saw a profit increase of 48.12% [4][23] Revenue and Profit Analysis - The revenue growth in 2023 was steady, but profit was significantly impacted by declines in the real estate, construction materials, and coal industries [3][23] - Consumer sectors are recovering well, with rapid profit increases in retail, social services, textiles, and automotive industries, indicating a positive trend in domestic consumption [4][23] Industry Performance - In 2023, industries like retail, social services, textiles, media, transportation, and public utilities experienced profit growth rates exceeding 50%, largely due to low base effects from 2022 and the rapid recovery post-pandemic [4][23] - The automotive industry, particularly the domestic new energy vehicle sector, has developed a leading technological advantage globally, with China exporting over 5.22 million vehicles in 2023, becoming the world's largest automobile exporter [4][23] Dividend and R&D Investment - Despite overall performance pressures, the dividend amount for A-share companies increased, exceeding 2.1 trillion yuan in 2023, a growth of over 3% from 2022 [24] - R&D investment also saw an increase, totaling 1.60 trillion yuan in 2023, with an overall R&D intensity of 2.21%, reflecting a growing emphasis on core technologies and research personnel [24] Strategic Recommendations - Focus on sectors with stable performance and low valuations, such as food and beverage and home appliances, which have shown good annual and quarterly reports [24] - Consider new productivity sectors like low-altitude economy and biomanufacturing, which are supported by national strategies [24] - Public utilities are also recommended due to expected price increases and stable performance [24]