pokerinvideogames| Frequent questioning in fund surveys that value listed companies 'overseas business

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Chen Shuyu, a reporter from the Securities Times

Since the second quarter, aiming at the theme of "going to sea"PokerinvideogamesThe investment has aroused widespread concern of public offering funds.

"going out to sea" has become a high-frequency word for research.

"how is the company's business going to sea?" This is a question frequently asked by listed companies in the recent public offering research.

Since the second quarter, in the research records of a number of listed companies, "going abroad" has become the focus of public offering institutions, involving industries such as communications, electronics, auto parts, home appliances, health care and so on. For example, Tianfu Communications, Zhongji Xuchuang, Desai Xiwei, Company 9, Australian and Chinese Endoscope were all asked about "the expansion of overseas markets", "the proportion of overseas revenue" and so on.

Judging from the performance of the secondary market, the share prices of a number of companies with bright overseas business have also been rising recently. For example, the stock price of the wheel tire hit an all-time high, and the export revenue reached 192 in 2023.Pokerinvideogames.65 billion yuan, an increase of 12% over the same period last yearPokerinvideogames.99%, accounting for 74.16% of the total operating income; gross profit margin is 30.78%, much higher than the domestic sales business.

By the end of the fourth quarter of last year, the products of more than 100 public funds had bought race tires, rising from 23.9 per cent at the end of the third quarter to 32.52 per cent at the end of the fourth quarter, according to Wind. Among them, the number of shares held by Dacheng Fund, China Merchants Fund and Southern Fund ranks first, accounting for more than 3% of the outstanding shares. According to the quarterly data, two more public offerings have entered the list of the top 10 outstanding shareholders of racing tires, namely China Merchants Anhua Bond and Dacheng New Industry mix. In the China Merchants Anhua Bond Quarterly report, the fund manager said that exports may continue to boom, exports have advantages, long-term growth of the company, worthy of continuous attention and research.

In addition to the above-mentioned plates and stocks, some stocks from white goods, light industry, construction machinery and other sectors have also achieved a "bumper harvest" in terms of performance and stock prices as a result of "going out to sea", such as Hisense Video, Hisense Home Appliances, Haixing Electric Power, Yutong bus, and so on.

Fan Kun, a fund manager who increased some of the related targets of the export chain in the first quarter, said that the core logic of increasing the export chain, on the one hand, is to see the advantages based on the cost of the manufacturing industry and the integrity of the supply chain. some export enterprises are gradually moving from the early pure OEM to overseas channel layout, and even to their own brand construction. On the other hand, the rise of cross-border e-commerce and other platforms has also led some high-quality enterprises to "go out to sea". In addition, the process of re-industrialization has accelerated, the layout of global multi-manufacturing centers has also driven China's exports, and some categories have opened up new markets in Asia, Africa and Latin America.

Two major factors support the export boom

From the disclosure of the quarterly report, we can see that the prosperity of "going out to sea" related industries is high.

Take the small household electrical appliance industry as an example, most small household electrical appliance enterprises have outstanding performance in the first quarter. Of the 23 small household appliances listed companies, 19 had an increase in net profit compared with the same period last year, and the main reason for the better performance was the increase in export income.

For example, the quarterly report of Stone Science and Technology shows that the company achieved revenue of 1.841 billion yuan, an increase of 58.69% over the same period last year, and net profit of 399 million yuan, an increase of 95.23% over the same period last year. According to the company, the advantage of actively opening up markets at home and abroad has been further extended and expanded. Through the deep ploughing and rational layout of channels, the sales volume of the company's products has increased significantly compared with the same period last year, and the improvement in operating performance and profitability has also brought about an increase in net cash inflows from operating activities.

As for the first quarterly report, Chen Fuquan, manager of the Agricultural Bank of China Huili Fund, said that structurally, enterprises with a large proportion of overseas business are more prosperous, and export-related industries and companies have performed well in terms of revenue and profit growth. In his view, there are two reasons for the high prosperity of the external demand sector: first, from a short-term perspective, due to the improvement on the overseas demand side, especially after the replenishment of durable goods in the United States in the early stage of the epidemic and the removal of stocks in the later stage of the epidemic, re-enter a new replenishment cycle, driving exports to the United States in areas such as furniture, textiles, and hand tools. Second, from a long-term point of view, the product power of domestic enterprises continues to improve, and the performance-to-price ratio gradually surpasses that of overseas competitors, bringing about a further increase in overseas market share. Judging from the quarterly report, exports in the areas of ships, passenger cars, tires, transformers, electricity meters and passenger cars have all shown strong performance, which proves the logic of the continuous expansion of the global share of Chinese products after continuously improving their competitiveness.

A-share investment can still attach importance to "export"

Recently, a number of fund managers have expressed their long-term optimism on export logical investment.

The relocation of Xingsheng Global Fund said that it was not just the manufacturing industry.PokerinvideogamesChina's consumer goods and service industries have also opened up further exports. At present, many typical industries, including new energy, home appliances, mobile phones, as well as services, CXO and so on, their export penetration is relatively obvious in the world.

"in the market economy environment, products and enterprises with excellent performance-to-price ratio can always stand out in the global competition, thus constantly creating new 'overseas' investment opportunities." Chen Fuquan believes that in the environment of continuous internal volume of the domestic industry, more and more enterprises will continue to improve their cost control ability, constantly polish product design and performance, and their competitiveness in the global market is expected to be further improved. In addition, due to the relatively mild competitive environment in overseas markets, the profit margins of "going out to sea" products are relatively higher, and some export boom enterprises have stronger upward flexibility in profits.

From the actual situation, due to the profit-seeking nature of the market economy, there will be more structural adjustments in trade between countries, and the core is still the competitiveness of products in the global market. Therefore, as long as Chinese enterprises continue to improve their product power, there is still a lot of room for Chinese enterprises to export. From the medium-term investment point of view, exports will still be one of the very important investment opportunities for A-shares.