The core driving force of the special valuation lies in the reform of state-owned enterprises, improving the ability to pay dividends and profits is the ultimate goal, improving ROE is a necessary condition, and improving ROE is divided into two ways: internal potential mining and extension mergers and acquisitions. On the morning of the 24th, the deputy director of the State-owned Assets Supervision and Administration Commission proposed that further research will be carried out on the inclusion of market value management in the performance appraisal of the person in charge of the enterprise, and guide the person in charge of the enterprise to pay more attention to the market performance of listed companies and increase cash dividends.
Combined with the previous announcements of controlling shareholders issued by a number of central state-owned enterprises, Zhongzitou Company is expected to return in value for a period of time. The policy reform of state-owned enterprises has been implemented, and "one profit and five rates" have been included in the assessment
In 2023, the average corporate return on equity will reach 66%, shareholder returns remained at a good level; The labor productivity of all employees reached 7840,000 yuan; Operating cash ratio of 101%, which maintained a steady upward trend month by month throughout the year; As of the end of 2023, the overall asset-liability ratio of central enterprises was 648%, and the effective control is about 65%, achieving overall stability. 2024 is a key year for the deepening and upgrading of the reform of state-owned enterprises to be comprehensively promoted, and the State-owned Assets Supervision and Administration Commission (SASAC) held a meeting of the heads of the first enterprises, and made it clear that in 2024, the target management system of "one profit and five rates" will remain unchanged for the first enterprises, and the specific requirements are "stable growth of one profit and continuous optimization of five rates". The so-called "one profit" is to highlight the assessment of profit indicators and fully reflect the ability of enterprises to create value for the society. The "five rates" are the return on net assets, the labor productivity of all employees, the intensity of R&D investment, the operating cash ratio, and the asset-liability ratio.
The valuation of state-owned enterprises is low, and the characteristic valuation system helps the value return
Among the listed companies of central state-owned enterprises, the proportion of traditional enterprises is high, the innovation is insufficient, and the degree of attention to investor management relationship is insufficient, resulting in the valuation of central state-owned enterprises is generally low. From 2020 to 2022, the average PB of CSI SOEs were: 17 times, the average PB of CSI central enterprises are. 92 times, the average PB of CSI private enterprises are. 27 times, the valuation of private enterprises is 2-3 times that of state-owned enterprises, and the valuation of central state-owned enterprises is significantly lower than that of private enterprises.
Central state-owned enterprises (SOEs) make a large contribution to the national economy and play the role of "ballast stone", and the use of traditional valuation models cannot effectively measure the strategic and social significance behind them.
In 2022, the total operating income of state-owned enterprises reached 8260 trillion yuan, an increase of 83%；State-owned enterprises have a stronger ability to resist risks, especially during the epidemic, state-owned enterprises in various regions took the lead in resuming work and production, giving private enterprises the confidence to resume work and production to the greatest extent, thus playing the role of a "stabilizer" of the national economy. In addition to giving full play to economic benefits, state-owned enterprises assume more social responsibilities such as independent development and public interests, and 3144% are in the manufacturing sector, and 45% are in state-owned enterprises25% are in the manufacturing industry, in the manufacturing, financial industry and other industries related to the lifeline of the economy and the industryThe certainty and security of central state-owned enterprises cannot be effectively priced by the market, and their strategic significance and social responsibility have not been paid enough attention by the market. However, with the deepening of the reform of state-owned assets and the high-profit characteristics of state-owned enterprises, they may be more likely to be favored by funds in the context of 2024. Interest rate cuts, ** suppressed the international market, high dividends of state-owned enterprises to attract funds due to the characteristics of high profits of state-owned enterprises, the dividend yield is relatively high, and the global monetary policy may enter an interest rate cut cycle in 2024, and in the context of the uncertainty of the world's first year, the value of Chinese enterprises is expected to return.
Since March 2022, when the Fed began its rate hike cycle, most economies have followed suit. Today, the anti-inflation effect has been remarkable, the economy is under pressure in a high interest rate environment, and most economies are once again standing at a "fork in the road". Looking ahead to 2024, the IMF** global growth rate will slow down, the economic growth momentum of European and American countries will weaken, and most countries may usher in a year of interest rate cuts.
The high-dividend portfolio is easy to obtain stable returns, and the willingness and ability of high-quality enterprises to pay dividends continue to increase, and the dividend yield of all A continues to strengthen relative to the yield of 10-year treasury bonds, highlighting the attractiveness of allocation.
Investment Advice:
With the implementation of the assessment standards for the reform of state-owned enterprises in 2024, the superposition of multiple factors is expected to form the "darling" of funds.
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Risk Warning:
The market is risky, and investors need to be cautious. Shanghai Huizheng Financial Consultant is an investment consulting company approved by the China Securities Regulatory Commission, with a unified credit code of 91310107MA1G0KQW5N. This article is for investor education purposes only and does not constitute any investment advice, and investors act accordingly at their own risk. The information referred to in this article is accurate and reliable, but does not make any guarantee for its accuracy, completeness and timeliness, and does not assume any responsibility for all losses caused by investors' investment based on it.