In recent years, scientific and technological hotspots such as AI, new energy and innovative drugs continue to rotate, and scientific and technological innovation has increasingly become an international strategic game.DragonhiddentigerThe main battlefield. As a listed company, we should give full play to the main role of scientific and technological innovation. According to the statistics of Securities Times data Bao, in 2023, the overall R & D strength of A-shares will reach a new level. Databao produced and released "A-share R & D Expenditure ranking" and "A-share R & D intensity ranking" for readers' reference.
A-share R & D expenditure and its proportion to revenue have reached a new high.
From the perspective of data, in the past five years, the overall R & D expenditure of A shares and the proportion of revenue has increased year by year. In 2020, the total R & D expenditure of listed companies broke through the 1 trillion yuan mark for the first time; in 2023, the overall R & D expenditure of A shares reached 1.Dragonhiddentiger.82 trillion yuan, accounting for 2.51% of the total operating income, both figures hit an all-time high.
From a sub-industry point of view, the R & D expenditure of the architectural decoration industry ranked first, reaching 244.551 billion yuan; the R & D expenditure of the electronics, automobile, and power equipment industries ranked first, all exceeding 150 billion yuan; and the pharmaceutical, biological, computer, communications, and mechanical equipment industries subsequently spent more than 100 billion yuan on research and development.
The computer industry ranks first in terms of R & D intensity, accounting for 10.57% of revenue in 2023, that is, about 10% of the industry's revenue is spent on R & D. Capital-intensive industries such as real estate and non-bank finance not only spend less on research and development, but also account for a low proportion of revenue, accounting for less than 5 billion yuan and less than 0.2 per cent of revenue for the whole year.
27 companies spend more than 10 billion on R & D in the whole year.
Specific to the level of listed companies, which companies invest more in R & D? Databao produced and released the A-share R & D Expenditure list. In terms of absolute amount, there are 2084 companies with R & D expenditure exceeding 100 million yuan, 279 companies with R & D expenditure exceeding 1 billion yuan and 27 companies spending more than 10 billion yuan in 2023.
Chinese architecture won the crown, with R & D spending as high as 46.074 billion yuan. It is worth noting that the company's R & D spending in 2022 is also the highest in the A-share market.
BYD ranked second, with R & D spending of 39.918 billion yuan, a sharp increase of 97.39% over the same period last year, a record high. This figure is much higher than the company's net profit of 30.041 billion yuan in 2023. In 2024, in the automotive field, the company will strengthen the research and development of core technologies and self-control, and continue to enhance the competitiveness of products; in terms of rechargeable batteries, the company will also continue to enhance independent innovation and R & D capabilities, and actively promote the application of new technologies and product upgrading.
It was followed by a group of "Chinese prefix" leaders. China Mobile, PetroChina and China Railway all spent more than 30 billion yuan on R & D for the whole year. China Communications and Construction, ZTE, China Railway Construction, China Power Construction, Sinopec and other companies spent more than 23 billion yuan on research and development. Among them, ZTE Corporation, a private enterprise, rushed to the top of the list. In 2023, the company spent 26.783 billion yuan on R & D, accounting for 21.56% of annual revenue, and the two figures once again set an all-time high.
In 2023, a number of listed car companies invested heavily in R & D, especially in the field of new energy. Head enterprises such as BYD, SAIC and Great Wall Automobile all spent more than 10 billion yuan on R & D, while Changan Automobile, Weichai Power, GAC GROUP and Huayu Automobile also spent more than 7 billion yuan. SAIC said that at present, it is a period of strategic opportunity for the global new energy vehicles to accelerate infiltration, and it is necessary to promote the market-oriented development of new energy vehicles around the world through continuous R & D investment and enhancing innovation efficiency.
29 companies spend half of their revenue on R & D
Databao also produces and publishes the A-share R & D intensity ranking, which ranks the company's R & D intensity according to the proportion of annual R & D expenditure to revenue. After excluding listed companies with revenue of less than 100 million yuan in 2023 and those that have not yet made a profit (stocks with a-U suffix), 849 companies'R & D expenditure accounted for more than 10% of revenue, 29 over 50% and 6 over 100%. It means that this part of the company's R & D investment has exceeded its revenue capacity.
When it comes to R & D "spending money", innovative drug companies have always been "dare to be the first". Among the top 10 companies in R & D intensity, five belong to the pharmaceutical and biological industry, of which Kangxinuo, Shu Taishen, Rongchang Biology and Baiotai won the top four, and R & D expenditure accounted for more than 100% of revenue. Another three companies are in the defense and military industry, and two companies are in the electronics and communications industry.
Kangchino's R & D expenditure accounts for the largest proportion of revenue, as high as 185.3%. The company is a domestic innovative vaccine enterprise, which is progressing smoothly in the research and development pipeline. Pneumonia pipeline 13-price pneumonia vaccine application has been accepted by CDE, PBPV vaccine phase Ib clinical trial site work has been completed; tetanus vaccine has entered the third clinical phase; MCV4 vaccine over 4 years old extended age group to complete and so on.
Donghai Securities said that recently, supporting policies for innovative drugs have been introduced one after another, and the internal and external adverse factors that have a great impact on the trend of the pharmaceutical sector are gradually being digested, and the pharmaceutical sector is expected to usher in an inflection point. Soochow Securities also believes that there are obvious signs of warming up in medical policy. As a representative of new quality productivity, innovative drugs are also a global competitive strategic emerging industry, which is expected to be supported by the state.
