壹 A股3季报利润率下滑

      A股2021年3季报截止2021年10月底全部披露完成。2021年3季度全部A股归母净利润同比增速为25.73%，较2021年上半年下降18.34个百分点。整体销售净利率为5.78%，较2021年上半年下跌0.18个百分点；销售毛利率为17.87%，较2021年上半年下跌0.34个百分点。3季度毛利率和净利率下跌一方面是因为上游原材料价格上涨，另一方面也反应需求疲弱。

      贰 美股3季报利润率提升

      同样是面对原材料价格上涨和供应链干扰导致零部件短缺的问题，美股表现截然不同。根据富国银行，美股3季度盈利较2季度环比上涨5.3%，标普500税前利润率从2季度的18.1%上涨到18.3%。

      叁 中国上市企业规模较小

      A股和美股的表现截然不同，背后反应的是规模效应及产业地位导致的价格传导能力不同。截止2021年10月，A股沪深两市上市公司数量为4537家，总市值为86.7万亿人民币，平均一家上市公司的市值为191亿人民币。美股截止2021年10月份上市公司数量接近5700家，总市值接近50万亿美金，平均一家上市公司的市值为88亿美金，566亿人民币。也即美国上市公司的平均规模接近中国公司的3倍。公司规模较大，意味着具有较强的定价能力。比如我国的半导体企业毛利率为30%左右，而美国半导体企业的毛利率在60%以上。一方面是我国半导体企业产品技术含量相对较低，另一方面也因为我国企业规模较小。

      肆 微笑曲线

      另一方面，美国公司多处在微笑曲线的两端，如麦当劳掌握品牌，授权其他加盟商经营；可口可乐也是品牌授权给瓶装商；苹果主要搞研发设计和品牌运营，而加工制造则全部外包。因此，美国上市公司的利润率远高于处在微笑曲线底部的制造业公司。而我国的上市公司以制造业公司为主，这也意味着他们的定价能力和成本传导能力都较弱。我国未来要做制造业强国，一方面要扩大企业规模，另一方面也要提升技术水平，争取向微笑曲线两端移动。即使处在微笑曲线底部，也要通过技术创新争取获得较高的利润率。

      伍 美股收跌

      A股和港股微涨。受到央行释放流动性刺激，有色金属板块涨幅领先。发改委和工信部发布《关于实施原料药产业高质量发展规划的通知》，推动医药板块上涨。美股从高位滑落，市场等待周三发布10月消费者价格指数数据。

I. Profit margin contracted in 3Q2021 in A-share 

A-share released its 3Q2021 earnings results by the end of October.The net profit of all A-share companies grew 25.73% year-on-year in 3Q2021, down by 18.34 percentage point (ppt) from 1H2021. The overall net profit margin was 5.78% in 3Q2021, down 0.18 ppt from 1H2021. The gross profit margin was 17.87%,down 0.34 ppt from 1H2021. The profit margin contraction was both due to rising raw material costs and lackluster demand. 

II. The US companies saw profit margin expansion in 3Q2021 

While also faced with high-flying input costs the US listed companies performed differently from Chinese companies in 3Q2021. According to Wells Fargo,the net profit of the US listed companies grew 5.3% quarter-on-quarter in 3Q2021. The pretax margin in 3Q2021 was 18.3% versus 18.1% in 2Q2021. 

III. The US companies are bigger 

The US companies were able to expand their profit margin because they are bigger than Chinese counterparts and they are on the two sides of the so-called smile curve. By October 2021 the average market cap of the listed companies in A-share was RMB 191 million versus 566 million in the US, i.e., the average US listed company is three times of the Chinese listed company. The bigger the company,the higher the pricing power and bargaining capabilities are. 

IV. Smile curve 

Moreover, the US companies are usually at the two ends of a smile curve. They either license their brands or focus on design and brand operation and outsource manufacturing.The two ends of a smile curve enjoy higher profit margin than manufacturing,which is at the bottom of the smile curve. As a result, the US companies have higher profit margin than Chinese companies. The 3Q2021 earnings tells us that Chinese companies still need to work hard to get to the two ends of a smile curve.

V. The US stocks fell 

Both A-share and HK stocks rose boosted by the liquidity injection from the People’s Bank of China.Non-ferrous metal rose the most. Medicine sectors got boosted from government supporting measures. The US stocks fell from record. Market is waiting for the key October Consumer Price Index, which would be released on Wednesday. 

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