Investment Guidance: What are the characteristics of high-growth listed companies? (2)

First of all, the equity and assets of these companies were not too large at the beginning of listing, but after listing, they all achieved synchronous expansion in scale and efficiency through the financing function and resource allocation function of the securities market. Among the 23 companies, except Yanjing Beer and Xinxing Casting Pipe, which had a total share capital of more than 200 million shares when they went public, the other total shares were all around 654.38 billion shares. This shows that these companies did a good job in asset restructuring when they went public, and stripped off non-profit or non-performing assets to a great extent, which provided conditions for them to continue financing from the securities market in the future. Except Great Wall Computer, Zhejiang Dongfang, Petroleum Longchang and Northeast Thermal Power, other 19 companies have basically issued one or more rights issues after listing, and the timely replenishment of rights issue funds has guaranteed the funds needed for the company's rapid development. For example, when Volkswagen Technology went public, its share capital was only 6.5438+0.4 million shares, and there were less than 200 vehicles in operation. The company seized the favorable opportunity of industry expansion and issued shares five times, which supported the expansion of its main business. By the end of 1998, the number of operating vehicles reached 6,543,800+0,666, and the total share capital increased to 460,654,380+0,800 shares. Due to the synchronization of performance growth and equity expansion, its earnings per share did not. Shanghai Jinling is a communication equipment manufacturer, with only 50.99 million shares when it went public. However, in the subsequent operation, the company made use of the resource allocation function of the securities market, expanded its main business scale through four rights issues, and constantly tapped new profit growth points, so that it maintained a strong growth rate since its listing seven years ago. Through many rights issues and rights issues, the total share capital has reached 374.03 million shares and the total assets are 654.38+00.6. It is through the virtuous circle of rights issue, capital increase and share expansion, main business expansion and capital increase and share expansion that these listed companies have made full use of the financing and resource allocation functions of the securities market and achieved rapid growth. Secondly, the main business characteristics of these companies are very distinct, and they regard the development of their main business as the fundamental driving force for growth, instead of blindly following the market for various investment enthusiasm. We look at several companies that have no industry advantages. Lubei Chemical is mainly engaged in the production and sales of ammonium phosphate, cement, sulfuric acid and other products, and its listing has brought opportunities for its rapid growth. The issuance and allotment funds have been invested in the scale expansion and technology development of the three leading products, especially their high technology content, which not only reduces the cost, but also has the function of environmental protection, which also provides conditions for them to further expand the market. The steel industry in which emerging cast pipes are located is called sunset industry, but the company has made remarkable achievements every year, mainly because the company can constantly adjust its product structure according to market changes. For example, in recent years, the proportion of cast pipe products has increased from 20% in 1996 to 32% in 1998; At the same time, the company actively increased the research and development of high-tech new products such as centrifugal ductile iron pipes, ensuring the subsequent growth. Yatai Co., Ltd. is a successful enterprise with diversified management. Yatai didn't invest blindly through raising and allotment funds, but always regarded real estate, building materials and high-tech electronics as the three pillar industries, and effectively used asset restructuring for low-cost expansion. In the four years since listing, the annual net profit growth rate has been above 40%. Because the market can be infinitely subdivided, there is no absolute saturation. As long as enterprises base themselves on their main business, constantly develop new products and explore new markets, at the same time improve the scientific and technological content of products, reduce costs, give full play to their scale advantages and enhance their competitiveness, it is entirely possible to realize the rapid growth of their main business. Of course, in the development and application of new products and technologies, enterprises must be aware of investment risks and grasp the laws of the market at the same time, so as to do their main business. The high growth of these 23 sample companies proves this conclusion. Finally, we believe that whether an enterprise belongs to a high-tech enterprise can not be viewed simply from its industry characteristics, but more importantly, the scientific and technological content of its products and technologies, so as to enhance the competitiveness of enterprises, and where are the market prospects of new products and technologies. Many listed companies do not realize this problem well, but blindly regard investing in emerging industries such as biomedicine, information network and electronics as the label of becoming high-tech industries. In fact, every industry and every product has problems that need high technology to solve. As long as high-tech technology components are added to some traditional products, it is possible to open up a new situation and make the company step into a new sky. Among our 23 high-growth companies, there are not only cases in which Shenzhen Science and Technology, Great Wall Computer, Dongfang Electronics and Dongda Apai have achieved extraordinary development in emerging industries such as computers, communications and information, but also successful experiences in traditional industries such as TBEA, Lubei Chemical and Xinxing Casting Pipe. From another perspective, the key to the rapid growth of these companies in traditional industries lies in the emphasis on high technology and the development of high-tech products. The unsatisfactory actual operation of some high-tech companies also illustrates this truth from various aspects. In addition, we also recognize the importance of the industry in which the enterprise is located. After all, it can provide more opportunities for the development of enterprises, but the key lies in how enterprises grasp such opportunities. Among many high-tech enterprises in China, why are Dongfang Electronics and Dongda Adi far ahead? Because they have found a good market entry point, the scientific and technological content of their products has a unique competitive advantage. In the power equipment manufacturing industry, the rapid growth of Xuji Electric and TBEA not only depends on the opportunity of accelerating the transformation of China power grid, but more importantly, they seize this opportunity, constantly adjust the product structure according to the market, provide products that meet the market demand, expand the main business scale in time, and enhance the development potential. Among the public utilities, the most representative is the city passenger transport company. The rapid growth of popular science and technology depends on seizing the opportunity of rapid expansion of taxi industry since 1993. Public transport shares seize the opportunity of urban public transport reform and expand rapidly at low cost through asset restructuring. Investment Guidance: What are the characteristics of high-growth listed companies? (3)