The national team in the agricultural field will land on the science and technology board

The cover of "China Economic Weekly" in the 14th of 2022

"China Economic Weekly" reporter Sun Tingyang | Beijing report

According to the Shanghai Stock Exchange website, in June 2021, the Shanghai Communications has accepted the application for the science and technology board listing of the giant Xianzhengda, and has conducted three rounds of inquiries. If Xianzheng is listed on A -share, it will become the first new stock industry in the past 10 years, and it will also become a strategic emerging industry listed company with a market value of more than 100 billion yuan.

Eight existing A -share industry companies are small in size

In 2021, the national policies of the national breeding industry have been introduced densely and the release of dividends is unprecedented. But the breeding company has not had a strong sense of presence in the A -share market.

At the end of 2020, the Central Economic Work Conference proposed to "solve the problem of seeds and cultivated land". It is necessary to carry out the technical research on the source of the source "card neck", and determine that it will fight for a kind of industry. In July 2021, the 20th meeting of the Central Committee of the Central Committee for Comprehensive Deepening Reform reviewed and approved the "Plan for the Revitalization of Industry". Brokerage researchers studying agriculture believe that this is "a milestone in the history of my country's breeding industry."

The seed industry is the source of the agricultural industry chain. It is a national strategic and basic core industry. It plays an irreplaceable role in ensuring the safety of the national food and the security of the agricultural industry. At the same time, the seed industry is a long cycle and a high investment industry. It is important to obtain capital support into a benign development cycle.

According to the classification of Shenwan Industry, as of June 30 this year, the main business was only 8 A -share listed companies, which were listed from April 1997 to March 2011. In more than 11 years from March 2011 to the present, the number of A -share listed companies has expanded from 2038 to 4,821, and the number has doubled.

What is the support for the breeding company from the capital market?

After the listing of eight breeding companies, the total direct financing of 14.9 billion yuan. According to the statistics of Oriental Fortune Choice, the A -share market is opened to June 30 this year, and the listed company has a total financing of 15.5 trillion yuan. Essence In recent years, the financing volume of listed companies in the A -share market has become increasingly larger. In 2019, 2020 and 2021, the A -share market financing was 1.96 trillion yuan, 1.33 trillion yuan, and 1.54 trillion yuan. In a month, the financing amount also reached 55 trillion yuan. From 2020 to the present, only the eight A -share companies companies (000713.SZ) were targeted at 80 million yuan in December 2020.

Some of the listed companies in the industry are domestic leaders. In November 2021, the Ministry of Agriculture and Rural Ministry systematically analyzed the development of the seed industry and released the formation of the national agricultural type of enterprise enterprise. Among the strong and superior enterprises on the top, there are Longping Hi -Tech (000998.SZ), Quanyin Hi -Tech (300087.SZ), and, and, and, and, and Fengle Seeds and Nongfa Seeds (600313.SH) also includes the Chixifeng Seed Industry (831888.NQ), which has not been listed in the Shanghai and Shenzhen cities.

The Chixing Seed Industry was listed on the New Third Board in January 2015, and in June 2019, he applied to the SFC's main board to be listed on the Shanghai Stock Exchange's main board. In August 2021, the company received a decision that the CSRC did not approve the listing, and the company's stock continued to be listed on the New Third Board in August that year.

The market value of eight A -share industry companies on June 30 this year was between 3.6 billion yuan and 22 billion yuan, totaling 84.4 billion yuan, which was a small market value company. In the A -share market, including a number of wine listed companies, a total of 176 companies have a market value of more than 8 companies.

Compared with foreign giants, these 8 companies are also small.

According to Hua'an Securities Research Report, Mengshan has research and development advantages and technical barriers in the field of seed industry. It has 106 seed research and development centers and more than 20,000 scientific research teams worldwide.

According to the statistics of "China Economic Weekly", 8 A -share industry companies represented by Longping Hi -Tech and Tsuen Yin Hi -Tech, from 2019 to 2021, the total R & D personnel totaling 1105, 1,163, and 1,258 people. The total number of family companies counts 15 times to 18 times.

Due to its advantages in R & D, brand, and sales channels, the gross profit margin of Mengshan Metropolis seeds in 2011-2017 fluctuates between 50%and 75%. In 2017, the overall gross profit margin of Mengshan Metropolitan Industry was as high as 64.56%. The highest gross profit margin in eight A -share industry companies in 2019 is Wan Xiangdenon (600371.SH), up to 49%, and other companies are between 5%and 40%. In 2021, the gross profit margin of Shennong Technology's vegetable seeds was 58%, the gross profit margin of Wanxiang Germany's corn seeds was 50%, and the gross profit margin of the remaining company seeds was between 20%and 40%.

In 2019, Mengshandu's R & D expenditure reached 5.342 billion euros, and the R & D investment from eight A -share listed companies from 2019 to 2021 was 458 million yuan, 640 million yuan, and 598 million yuan, respectively. Based on the RMB exchange rate of 7.821 at the end of 2019, the R & D expenditure of the Mengshan capital was 91 times, 65 times, and 70 times the total of 8 A -share industry companies.

Mengshandu's proportion of R & D expenditure in 2019 accounted for 12.3%of sales. Among the eight A -share industry companies, the proportion of R & D (R & D expenditure/operating income) in 2019 is only Long Ping Hi -Tech, which is 13.15%, which has also declined in the past two years. In 2020 and 2021 7.86%. In 2021, only 10%of the R & D proportion was Shennong Technology, which was 9.04%. The agricultural hair breeding industry and Dunhuang seed industry, with R & D proportion of only 1.42%and 2.11%.

The agricultural hair industry explained the proportion of R & D and development. After deducting trade business such as fertilizer and food trade, the total investment in R & D investment accounted for 4.32%of operating income. The company also said that the core competitiveness of seed enterprises lies in scientific and technological innovation capabilities. Changes in demand, which leads to incompatible varieties of breeding and market demand, and cannot achieve the risk of investment returns. The response measures taken by the company include increasing research and development investment, strengthening the construction of scientific research talents, and in -depth cooperation with universities, scientific research institutes and enterprises.

"National Team" in the field of agricultural chemical chemistry will land on A shares

On June 13, 2019, the science and technology board focusing on hard core technology was officially opened. On July 22 of that year, the first batch of companies in the science and technology board was listed and traded. The science and technology board implements the registration system, which is positioned at the forefront of the world technology, the main battlefield of the economy, and the major national needs of the country. Obviously faster than the motherboard.

It was also established in June 2019. According to the company's prospectus, the company is mainly composed of Switzerland's Sanda, Andao Mai and Sinochem Group's agricultural business.

The development process of Xianzhengda dates back to 1758. Rudolf Geigy founded a pharmaceutical company Geigy in Switzerland to conduct research on the transmission of infectious diseases such as malaria. After entering the 20th century, Geigy merged with two other companies to establish a Novartis. Subsequently, Novartis merged its agricultural business to Astraikon's agricultural business and established Switzerland Skyzheng. From 2011 to 2017, China Chemical Technology acquired an Israeli plant protection company and integrated with its wholly -owned subsidiary Hubei Salon Dada as An Daomai. In the same year, China Chemical's acquisition of Switzerland's Switzerland will be expelled.

Xianzhengda's actual control of the SASAC is a pure "national team" player in the field of agricultural chemical chemistry. Dongxing Securities Research Report said that Xianzhengda is a successful representative from the field of agricultural chemicals through mergers and acquisitions. Before this listing application, the SASAC through the wholly -owned Agricultural chemical company and the subsidiary of the agricultural chemical company held by China chemical industry , Hold all the shares of Shengda.

Shengzheng reaches third in the global seed industry in 2020 and ranked second in the Chinese seed industry. It has a germplasm resource library and independent biotechnology research and development capabilities covering all major commercial seed varieties, and is in a leading position in various crop areas and many regions.

The number of R & D investment and R & D personnel of Xianzhengda is several times the sum of 8 A -share industry companies.

Xianzhengda's prospectus disclosed that in 2018, 2019 and 2020, the company's R & D investment was 9.3 billion yuan, 9.5 billion yuan and 9.9 billion yuan, respectively. Compared with Mengshan, there is still a gap between R & D investment; compared with the total value of 8 A -share industry companies, it is more than 10 times more.

From 2018 to 2020, the R & D personnel were 6,412, 6,923, and 7,267, respectively, which was more than 6 times that of 8 A -share industry companies.

Xianzhengda is expected to raise 65 billion yuan, of which 13 billion yuan is used for the expenses and reserves of the research and development of cutting -edge agricultural technology. Such a financing amount is 4.36 times the total financing of eight A -share industry companies. The issuance price of Xianzhengda is expected to be around 23.33 yuan/share. After the listing, the company's market value will reach 325 billion yuan, becoming the first 100 billion -level market value A -share industry company.

(This article published in "China Economic Weekly", No. 14, 2022)

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