Cash dividends for listed companies are becoming a major regulatory focus.
According to the "Cash Dividend Guidelines" newly issued by the China Securities Regulatory Commission, listed companies will be constrained and managed to do not pay dividends, have a low dividend level but have more financial investment, and the dividend ratio exceeds a reasonable level.
Based on the opportunity of the introduction of the new dividend policy, as a platform focusing on big data in the photovoltaic industry, Dianyihui has specially summarized and sorted out the dividends of some listed companies in the photovoltaic industry in the past three years.
Dividends for top students?
According to the simple statistics of 55 listed companies in the photovoltaic industry (including companies whose business involves the photovoltaic industry but accounts for their overall revenue), in general, it may be related to the good prosperity of the photovoltaic industry in recent years, as many as 7 percent of the listed companies in the last three years (2020- In 2022, the same below) have achieved annual dividends, and in terms of dividend ratio (the ratio of the cash dividend amount of listed companies to their earnings per share in the current year), the average dividend ratio of 3% of listed companies in the past three years is more than 30%, and more than half of the listed companies have a dividend ratio of more than 20%.
Of course, in addition to the above-mentioned listed companies that have done a good job in dividends, there are also individual companies that have become veritable "iron roosters".
The data shows that in the past three years, there have been 11 listed companies that have no dividends at all or only pay dividends once. Among them, there are 7 listed companies that have no dividends at all, and 4 listed companies that only pay dividends once.
Specifically, in the past three years, most of the 7 listed companies that have no dividends at all may be related to operating losses, including Akcome Technology, GCL Integration, ST Zhongli, and EGing Optoelectronics. For the remaining three listed companies that have no dividends at all, the reasons are different. One of the most strange is Jingshan Light Machine, which has not lost money in each of the three years, and its earnings per share have maintained positive growth, but it does not pay dividends.
Similar to the situation are Dale New Materials and Dike shares. Among them, although Dike shares will lose money in 2022, they will be profitable in 2020 and 2021, and their earnings per share will reach 094 yuan shares, in fact, are relatively good, but there are no dividends.
After a little analysis, there should be two levels of consideration for the dividends of listed companies, one is that they are significantly profitable, but do not pay dividends, or the dividend ratio is low, and the other is loss-making, similar to the aforementioned companies like GCL Integration and iKang Technology. The former, on the other hand, should be the focus of attention.
According to the newly released dividend guidelines, the disclosure requirements and other systems will be strengthened for the above-mentioned companies that have not paid dividends for many years, and they will be constrained and urged to pay dividends.
A superficial article of a leading company
Although judging from the data, although as many as 7% of the listed companies in the photovoltaic industry are paying dividends every year, when it comes to the specific level of dividends, it is not excluded that many companies are suspected of making superficial statements.
A list of dividend rates of listed companies in the photovoltaic industry
Note: The data in this table is compiled by Teleexchange based on public information, but due to the large number of companies involved and subject to the limitation of subjective and objective capabilities, it cannot guarantee 100% accuracy.
According to the data of Dianyihui, among the 55 listed companies included in the statistics, 18 listed companies have a dividend ratio of less than 20%, including some leading enterprises with outstanding profitability, such as JA Technology, Sungrow, TCL Zhonghuan, Jiejia Weichuang, etc., and the corresponding average dividend ratios in the past three years are. 73%。
Of course, some people may raise such an objection, after all, cash dividends need to be paid with real gold. Although the profitability of many listed companies is good, they just don't have money and cash flow, so they can only maintain a low level of dividends.
However, this argument seems reasonable, but according to the collusion of accounting indicators, if a company's net profit is high but its cash flow is poor, there may be an abnormality in its profit method. Moreover, as a listed company in the same photovoltaic industry, the reasons behind why one company's cash flow is good and the other's cash flow is very poor are more worthy of attention.
For some companies with low dividend levels, the guidelines have also made corresponding provisions, which will urge them to increase their dividend levels and focus on their main business.
However, a footnote was added that these companies also had a high level of financial investment.
At the same time, for listed companies, especially those with a high proportion of shares held by major shareholders, how to prevent them from becoming ATMs for major shareholders is also a focus of the guidelines.
In this regard, the above-mentioned guidelines indicate that they will strengthen the constraints on enterprises with abnormally high proportion of dividends and guide reasonable dividends. Among them, we will pay close attention to companies with high asset-liability ratios, poor cash flow from operating activities, and large proportion of cash dividends to prevent adverse effects on the production and operation of enterprises and their ability to repay debts.