炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！
来源snook：源达研究报告
投资要点
2023河北GDP为43944亿元，相较去年同比上涨约3snook.7%，河北所有上市公司2023财年共实现营业收入10569亿元，相较去年同比上升3%，实现归母净利润448亿元，相较去年同比上升21%。经济发展与上市公司业绩增长趋势一致，钢铁、汽车、煤炭、电力设备等行业发展稳健继续领跑河北经济。
电力设备行业：2020年河北电力设备行业上市公司实现归母净利润总额为25.6亿元，2021年为36.5亿元，2022年为78.3亿元，2023年为93.6亿元，三年复合增速达54%，2023年河北电力设备行业上市公司归母净利润总额占2023财年河北所有上市公司归母净利润总额的21%。电力设备行业利润增长系受产业升级，新能源赛道发力所致。行业内诸如晶澳科技、海泰新能、纳科诺尔等企业光伏电池组件、锂电专用设备业务快速增长。未来新能源装机需求明确，新能源汽车市场广阔，河北电力设备行业依旧有望保持良好成长性，将持续为河北经济发展提供动能。
电子行业： 2020年河北省电子行业上市公司归母净利润总值为-23.8亿元，2021年为-4.9亿元，2022财年实现归母净利润13.7亿元，2023财年增长至32.9亿元，河北电子行业近四年业绩稳步攀升，扭亏为盈并实现规模性盈利，芯片半导体业务布局效果显现。
民营经济：河北78家上市公司中包含民营企业44家，占比约56%，其营业总收入、归母净利润均占河北总体规模半数以上，民营企业在河北经济发展中发挥着重要作用，河北所出台政策涵盖规范化治理、数智升级、科技创新、投资融资等诸多方面，系统支持民营企业发展，将对河北经济发展起到拉动作用。
产业政策：对河北产业发展做出了系统布局，统筹兼顾传统优势产业、战略性新兴产业、高潜产业和未来产业的发展，促进经济发展提质增速，推动产业转型升级。
推荐关注河北省汽车、电力设备、煤炭、电子等行业板块。
目录
一、河北上市公司概况 4
1．河北上市公司行业门类齐全，市值达万亿规模 4
2．上市公司集中于石、唐、保三市，汽车、电力设备、生物制药等行业市值贡献较大 6
3．经济基本面持续向好，支柱产业领跑河北经济 8
4、新兴行业开始发力，产业升级成效显著 10
二、相关政策密集出台，助力河北经济发展 12
1．河北省关于促进民营经济发展壮大的若干措施（2023） 12
2．《河北省制造业高质量发展“十四五”规划》 13
图表目录
图1：河北上市公司行业分布（单位：家） 3
图2：河北上市公司家数地域分布（单位：家） 6
图3：河北上市公司市值地域分布（单位：亿元） 6
图4：河北上市公司家数行业分布（单位：家） 6
图5：行业总市值（单位：亿元） 7
图6：近两年河北GDP与上市公司营业总收入（单位：亿元） 8
图7：河北上市公司行业市值结构 8
图8：营业总收入行业结构 9
图9：归母净利润行业结构 9
图10：2020-2024 Q1河北电子行业归母净利（单位：亿元） 10
图11：2020-2023河北电力设备行业归母净利（单位：亿元） 10
图12：河北上市公司民营贡献（单位：亿元） 11
表1：2023/2023 Q1河北与全国上市公司市值、营业总收入、归母净利润 4
表2：2020-2023河北新增上市公司 5
表3：“规划”政策摘要 13
表4：新兴产业规划 14
表5：高潜产业、未来产业规划 15
一、河北上市公司概况
1．河北上市公司行业门类齐全，市值达万亿规模
截至2024/5/5，全部A股共有上市公司5，361家，同时期河北共计拥有上市公司78家，约占全国上市公司总数的1.45%。全国上市公司总市值约为893830亿元，同期河北上市公司市值合计达到万亿规模，约为10922亿元，约占全国上市公司市值总和的1.22%。据2023年年报所披露的财务数据显示，河北上市公司共实现营业收入约10922亿元，同期全国上市公司共实现营业收入约726950亿元，占比1.45%，河北上市公司共实现归母净利润448亿元，同期全国上市公司共实现营业收入约52861亿元，占比约0.85%。
表1：2023/2023 Q1河北与全国上市公司市值、营业总收入、归母净利润
资料来源：Wind，源达信息证券研究所
河北上市公司覆盖了包含医药生物、汽车、电力设备、基础化工、机械设备等22个一级行业，行业门类较为齐全，形成了完善的产业生态。其中基础化工、机械设备行业上市公司数量最多，各10家，其次是电力设备行业，共计9家，医药生物行业6家，汽车5家，上述行业合计拥有40家上市公司，占河北上市公司总数的51%。
图1：河北上市公司行业分布（单位：家）
资料来源：Wind，源达信息证券研究所
其中石家庄、唐山、保定等城市上市公司资源最为富集，工业基础雄厚并积极布局新兴产业，将对周边地市经济发展起到辐射带动作用，构成了良好的发展格局。2020-2023年间，河北上市公司数量累计增加23家，占当前河北上市公司总数近30%，呈现稳定的逐年增长态势。新增上市公司涵盖半导体、新能源等新兴行业，未来可期。
表2：2020-2023河北新增上市公司
Source: Wind, Yuanda Information Securities Research Institute
2. Listed companies are concentrated in the three cities of Shi, Tang and Bao, and the market capitalization of automobile, power equipment, biopharmaceutical and other industries make a great contribution.
Hebei listed companies are found in many cities in Hebei, among which Shijiazhuang, Tangshan and Baoding are the most concentrated. Among them, 23 are in Shijiazhuang with a total market capitalization of 346.5 billion yuan, 13 in Tangshan with a market capitalization of 137.6 billion yuan, and 8 in Baoding with a market capitalization of 268.4 billion yuan. The total number of listed companies in the three cities is 44, more than half of the total number of listed companies in the province, accounting for 56%, with a total market capitalization of 752.4 billion yuan, accounting for 69% of the total market capitalization of Hebei listed companies. Shijiazhuang, Tangshan and Baoding are important economic cities in Hebei Province, with a profound industrial foundation and complete infrastructure, and rely on their own advantages to expand emerging industries, stabilize the position of economic center, and promote the coordinated development of the surrounding areas.
In terms of industry distribution, the number of basic chemical, mechanical equipment, power equipment, pharmaceutical and biological companies is the largest, including 10 basic chemical industry, 10 mechanical equipment, 9 power equipment, 6 pharmaceutical biology, a total of 35, accounting for 45% of the total number of listed companies in Hebei. It mainly focuses on medicine, chemical industry and machinery manufacturing, and continues to expand to new materials, new energy, semiconductors and other emerging industries, forming a diversified industrial layout, and constantly upgrading and extending the industrial chain.
Figure 4: industry distribution of the number of listed companies in Hebei (unit: home)
Source: Wind, Yuanda Information Securities Research Institute
From the total market value of listed companies in different industries in Hebei, the market capitalization of automobiles, power equipment, public utilities, medicine and biology is relatively large, and all reach the scale of hundreds of billions of dollars. As of 2024-5-5, automobile is the largest industry in Hebei Province, with a market capitalization of about 250.6 billion yuan, including giant enterprises such as Great Wall Motor, with a market capitalization of more than 220 billion yuan. The second is the power equipment industry, the market capitalization is about 127.7 billion yuan, including listed companies actively layout photovoltaic, lithium power, power grid automation and other emerging industries in line with the national strategic direction, still have good growth in the future. The third is the pharmaceutical and biological industry, which belongs to the traditional advantage industry in Hebei, covering many market segments, such as chemical preparations, medical equipment, traditional Chinese medicine, API, medical consumables and so on. The current market capitalization is about 110.4 billion yuan. The market value of the public utility industry is about 106.1 billion yuan, although it tends to the traditional thermal services, gas, power generation and other businesses, but the development of the industry is relatively mature and stable. The second is the electronics industry, with a market capitalization of about 87.6 billion yuan, of which the company with the largest market capitalization is Ziguang Guowei, with a market capitalization of more than 50 billion yuan. the main business layout is in the field of chip research and development, which plays a fundamental role in the semiconductor industry.
Figure 5: total market capitalization of the industry (unit: 100 million yuan)
Source: Wind, Yuanda Information Securities Research Institute
3. Economic fundamentals continue to improve, and pillar industries lead Hebei economy.
In 2023, Hebei GDP was about 4.3944 trillion yuan, an increase of about 3.7 percent over the same period last year. All listed companies in Hebei achieved a total operating income of 1.0569 trillion yuan in fiscal year 2023, up 3 percent from the same period last year, with a net profit of 44.8 billion yuan, up 21 percent over the same period last year. Economic development and the performance growth of listed companies are showing an upward trend, the fundamentals continue to improve, Hebei listed companies have broad prospects for development.
Figure 6: total operating income of Hebei GDP and listed companies in the past two years (unit: 100 million yuan)
Source: Wind, Yuanda Information Securities Research Institute
The automobile, power equipment, electronics, public utilities, pharmaceutical and biological industries have a large market capitalization, account for a relatively high proportion of revenue and return net profit among all listed companies in Hebei, and play an important role in Hebei's economic development. As of 2024-5-5, the total market capitalization of Hebei listed companies was 1.0922 trillion yuan, and the market capitalization of automobile, power equipment, public utilities, pharmaceutical and biological industries totaled about 682.3 billion yuan, accounting for 62% of the total market value of Hebei listed companies, making a great contribution.
Figure 7: market capitalization structure of Hebei listed companies
Source: Wind, Yuanda Information Securities Research Institute
As of 2023-12-31, all listed companies in Hebei achieved a total operating income of 1.0569 trillion yuan, an increase of 3% over the same period last year, and the net profit returned to their mother was 44.8 billion yuan, up 21% from the same period last year. Among them, except for the traditional advantageous industries such as automobiles, power equipment, public utilities, coal, steel, transportation, etc., the electronics industry accounts for 7% of the net profit, and the status of the industry is gradually enhanced. In fiscal year 2023, the above-mentioned industries achieved a total operating income of 796.3 billion yuan, accounting for about 75% of the total operating income of all listed companies in Hebei in the same period, and realized a net profit of 43.3 billion yuan, accounting for a further 97%, which is a pillar industry of Hebei economy. it plays an important role in Hebei economic development and leads the Hebei economy.
4. Emerging industries have begun to make efforts, and industrial upgrading has achieved remarkable results.
From 2020 to 2023, under the influence of the decline of the prosperity of the real estate industry, the return net profit of Hebei real estate industry declined significantly, and the upstream construction materials industry was also significantly impacted, which had a great adverse impact on the scale of return net profit of Hebei listed companies. With the gradual reduction of residents' debt ratio and the introduction of national real estate support policy, the real estate industry is expected to be improved in the future.
In the same period, the profitability of the electronics and power equipment industry has increased significantly, which has fed the profit scale of Hebei listed companies. The electronics industry in Hebei Province has not yet made a profit in 2020, with a net profit of-2.4 billion yuan, and a net profit of 3.3 billion yuan by 2023-12-31. Hebei electronics industry turned losses into profits and realized large-scale profits, accounting for 7% of the net profits of all listed companies in Hebei in the same period, due to the active layout of chip semiconductor business in Hebei. In the past three years, the profitability of Hebei electronics industry has been continuously enhanced, the profit scale has been gradually expanded, and there is more room for growth in the future.
Figure 10DV 2020-2024 Q1 net profit of Hebei Electronics Industry (unit: 100 million yuan)
Source: Wind, Yuanda Information Securities Research Institute
2020年河北电力设备行业实现归母净利润总额25.6亿元，2023财年实现归母净利润93.6亿元，三年复合增速达54%，占河北2023财年河北所有上市公司归母净利润的21%。电力设备行业利润增长系受产业升级，新能源赛道发力所致。行业内诸如晶澳科技、海泰新能、纳科诺尔等企业光伏电池组件、锂电专用设备业务快速增长。公司盈利虽一定程度上受短期供求关系变化影响，但考虑未来新能源装机需求明确，新能源汽车市场广阔，河北电力设备行业依旧保持良好成长性，将持续为河北经济发展提供动能。
图11：2020-2023河北电力设备行业归母净利（单位：亿元）
资料来源：Wind，源达信息证券研究所
二、相关政策密集出台，助力河北经济发展
1．河北省关于促进民营经济发展壮大的若干措施（2023）
当前河北省内78家上市公司中包含44家民营企业，民营企业数量占比达到56%。截止2024/5/5，44家民营企业合计市值约为5937亿元，占河北上市公司总市值的54%。2023财年河北民营上市公司营收规模为5961亿元，占河北上市公司营业总收入的56%，归母净利润合计225亿元，占河北上市公司归母净利润总额的50%。民营企业在河北经济发展中发挥着重要作用，河北省政府出台了一系列政策促进民营企业发展，涵盖规范化治理、数智升级、科技创新、投资融资等诸多方面，预期会对河北经济发展起到重要拉动作用。
图12：河北上市公司民营贡献（单位：亿元）
资料来源：Wind，源达信息证券研究所
指导帮助企业推进股份制改造，完善法人治理结构，规范经营行为，建立健全现代企业制度。支持民营企业加强风险防范管理，建立覆盖企业战略、规划、投融资等各领域的全面风险管理体系。
鼓励民营企业牵头承担新兴产业领域关键核心技术攻关。支持民营企业牵头组建创新联合体，促进大中小企业和科研院所、高等学校等协同创新和融通创新。推动企业整合资源做大做优做强，打造一批在国内外有较强竞争力的特色产业集群。完善高等学校、科研院所管理制度和成果转化机制，支持民营企业与科研机构合作建立创新平台。鼓励民营企业作为科研项目承担主体，加强基础性前沿性研究和成果转化。
引导民营企业参与数据中心、工业互联网等新型基础设施投资建设和应用创新，支持中小企业数字化转型。引导民营企业导入先进质量管理模式，应用大数据、人工智能分析控制质量风险；主持或参与国际、国家、行业标准制修订；承担国家级、省级标准化示范试点项目。支持民营企业加大绿色低碳改造力度，加快发展柔性制造，提升应急扩产转产能力，提升产业链韧性。
支持民营企业积极向核心零部件和高端制成品设计研发等方向延伸。鼓励民营企业拓展海外业务，建立海外生产基地，参与境外项目。开展外贸企业合规性培训，督促企业做好相关风险排查，指导防范应对各类海外风险挑战。加强海外安全风险预警提示，指导企业制定完善海外安全应急预案。
鼓励民营企业扩大吸纳就业、完善工资分配制度。支持民营企业参与中西部、东北地区、边疆地区投资和发展。严格实施《河北省新能源发展促进条例》，鼓励支持民营企业参与推进碳达峰碳中和，参与碳排放权、用能权交易，不断扩大在可再生能源领域的投资规模。支持和引导民营企业参与乡村振兴、新型城镇化、交通水利等重大工程和补短板领域建设。
严格执行国家设立的资本“红绿灯”，优选推广一批“绿灯”投资案例，提高资本监管能力，全面提升资本治理效能。推动平台企业在创造就业、拓展消费及国际竞争等方面规范健康持续发展。每年发布河北省民营企业100强榜单。
2．《河北省制造业高质量发展“十四五”规划》
《河北省制造业高质量发展“十四五”规划》（以下简称“规划”）提出对于传统产业，将坚持锻长板、补短板，巩固和提升现有优势，持续推进传统优势产业转型升级。着重提出了对于钢铁产业、装备制造、石化产业的发展重点及其阶段性发展目标，兼顾了其他产业的总体发展方向，系统推动河北经济稳步发展，提质增速。
表3：“规划”政策摘要
资料来源：河北省政府官方网站，源达信息证券研究所
规划指出河北省将着力培育壮大战略性新兴产业，积极进军信息技术、生物医药、新能源、新材料行业赛道，优化河北产业结构，提高河北经济发展质量，推动河北上市公司继续向高端产业领域阔步迈进。
表4：新兴产业规划
资料来源：河北省政府官方网站，源达信息证券研究所
规划指出河北将加速布局发展高潜产业、未来产业。保持制造业比重基本稳定，聚焦重点制造业链条，着力推进稳链、补链、强链，推动产业链变革、供应链重构、创新链重塑、价值链升级，努力构建高端化、智能化、绿色化特征突出的先进制造业体系，打造具有全球影响力的先进制造基地。
表5：高潜产业、未来产业规划
资料来源：河北省政府官方网站，源达信息证券研究所
投资评级说明
办公地址
分析师声明
作者具有中国证券业协会授予的证券投资咨询执业资格并注册为证券分析师，以勤勉的职业态度，独立、客观地出具本报告。分析逻辑基于作者的职业理解，本报告清晰准确地反映了作者的研究观点。作者所得报酬的任何部分不曾与，不与，也不将与本报告中的具体推荐意见或观点而有直接或间接联系，特此声明。