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This week (July 29 to August 2), the market trends were differentiated. The Shanghai Composite Index rose 0.50% for the week, closing at 2905.34 points; the Shenzhen Component Index and the ChiNext Index fell 0.51% and 1.28% respectively for the week.

The number of companies surveyed by institutions this week decreased compared to last week, but the concentration of popular research targets increased significantly.

From the perspective of the money-making effect, affected by the warming market sentiment, nearly 70% of the companies surveyed by institutions this week achieved positive returns. Among them, Zhongjing Technology rose three times in four days, with a cumulative increase of 40.78% during the week, and Rice Information rose by more than 24%.

The number of popular research targets during the week increased significantly compared to last week. A total of 9 companies were researched by more than 100 institutions. Institutional research enthusiasm for popular companies has greatly increased, especially for companies in the pharmaceutical industry.

Among them, Espressif Technologies, Mindray Medical, United Imaging Healthcare, and Zoli Pharma received research visits from 285, 280, 257, and 202 institutions respectively. Five companies including Yuanxing Energy, Haida Group, Lejia Holdings, and Shuiyang Holdings received visits from more than 100 institutions.

Judging from the number of institutions that disclosed their research, semiconductor company Espressif Systems received the most attention from institutions this week.

Espressif Systems released its 2024 semi-annual report on the evening of July 29. The company achieved good performance in the first half of the year. The company achieved total operating revenue of 920 million yuan, a year-on-year increase of 37.96%; net profit attributable to the parent company was 152 million yuan, a year-on-year increase of 134.85%. Institutional investors' focus on Espressif Systems is on the contribution of new products to the first half of the year's performance and the increase in gross profit margin.

According to Espressif, the specific categories of small devices that the company sold in large quantities in the first half of the year include smart toothbrushes, beauty devices, dictionary pens, handheld medical testing equipment, etc., which are in line with the decentralized characteristics of the downstream of the pan-IoT (Internet of Things), and shipments began in the second half of last year.

In the first half of this year, Espressif's comprehensive gross profit margin increased by 2.35 percentage points year-on-year to 43.20%. "Raw material prices were low in the first half of this year, which helped to improve our gross profit margin. With the continuous increase in new customers, the initial gross profit margin of new customers will be slightly higher; the increase in the proportion of chip sales structure also increased the gross profit margin. After the merger with Mingzhan Technology, the gross profit margin of our module and development kit sales categories will also be further improved." Espressif analyzed the changes in gross profit margin in the first half of the year.

During the survey, Espressif Systems stated its future gross profit margin target that there are many factors that affect gross profit margin, some of which are short-term and some of which are uncontrollable. There is no change in pricing strategy, so the gross profit margin guidance will not be raised for the time being and the 40% target will still be maintained.

Mindray Medical is also a company that has received much attention from institutions this week. It is worth noting that Mindray Medical is the company most favored by overseas institutions this week, with 58 foreign institutions participating in the research of the company during the week.

Mindray Medical is a leading domestic medical device company. Its main businesses cover four major areas: life information and support, in vitro diagnosis, digital ultrasound, and medical imaging. Its latest total market value is 315.7 billion yuan.

In the first half of this year, large-scale equipment update policies were introduced intensively; at the same time, on July 23, the National Medical Insurance Administration released the DRG/DIP2.0 version, focusing on optimizing 13 disciplines such as critical care medicine and blood immunology, where clinical opinions are relatively concentrated, as well as joint surgery and complex surgery, and upgrading the grouping method. All of the above are regarded by the market as bringing policy benefits to Mindray Medical.

During the survey, the agency focused on Mindray Medical's interpretation of the impact of the policy and its outlook for the second half of the year. Mindray Medical responded that the company is paying close attention to the progress of the project, and all departments including marketing, R&D, and production supply chain have made relevant preparations.

Recently, the National Development and Reform Commission and the Ministry of Finance issued a notice on "Several Measures to Strengthen Support for Large-Scale Equipment Updates and Consumer Goods Trade-in", which clearly mentioned the overall arrangement of about 300 billion yuan of ultra-long-term special treasury bonds to strengthen support for large-scale equipment updates and consumer goods trade-in. In addition, local development and reform commissions, finance, health and health commissions and other relevant departments have also successively announced plans for equipment updates in the medical field in the past few months. "Although the domestic bidding progress in the second quarter was inevitably delayed due to equipment update projects, the rigid demand for medical equipment procurement still exists, and the bidding situation in the second half of this year is expected to improve compared with the first half of the year. If the originally planned ultra-long-term special treasury bond issuance and medical equipment update projects can be implemented and landed as scheduled this year, the company is still confident that it will achieve the established growth target for the whole year." Mindray Medical said.

Editor: Chen Lixiang

Proofreading: Liu Xingying