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Last week (August 12 to 16), A-share sectors such as AI wearable devices, new crown special drugs, blood products, and in vitro diagnostics performed actively.

The enthusiasm for institutional research has increased. Under the influence of the concentrated disclosure of semi-annual reports, the concentration of institutional research on popular companies has increased significantly. As of 19:00 on August 16, 65 A-share listed companies received institutional research during the week and disclosed research records, an increase of 17 from last week.

In terms of hot research stocks, the phenomenon of institutions gathering for research increased significantly during the week, and there were 9 companies that received research from more than 100 institutions. Among them, Huachuang Testing received 461 institutional research last week, Weixing Co., Ltd. and Yuntianhua received 210 and 208 institutional research respectively, Anjies, China Mining Resources, Beijing New Pharmaceutical and Seiko Technology all received more than 150 institutions, in addition, Naipu Mining Machinery and Xianhe Co., Ltd. also received research from more than 100 institutions.

China Testing's new business attracts attention

Huachuang Testing is a company engaged in trade assurance testing, consumer product testing, industrial product testing and life science testing. It is a leader in the domestic testing and certification industry with the latest total market value of approximately RMB 19 billion.

The company released its 2024 semi-annual report last week: in the first half of this year, it achieved operating income of approximately 2.791 billion yuan, a year-on-year increase of 9.2%; and achieved net profit attributable to shareholders of approximately 437 million yuan, a year-on-year increase of 1.97%.

In the first half of this year, except for the decline in gross profit margin of the pharmaceutical and medical sector, the gross profit margins of other business lines of Huachuang Testing have all increased.

During the survey, Huace Testing responded that due to the continued deepening of the special medical rectification campaign and the intensified competition in segmented tracks, the pharmaceutical and medical sector is under short-term pressure, and its operating income and gross profit margin have declined year-on-year. However, as the proportion of drug testing, medical devices, pharmaceutical CMC and other businesses continues to increase and the CRO business gradually improves, the pharmaceutical and medical sector is expected to gradually improve.

In addition, institutional investors are also concerned about the sources of growth in the environmental business of Huace Testing after 2025. The company said in the survey that the current soil "three surveys" business has won ideal bids, including "three surveys" testing projects in many provinces and cities including Jiangsu, Sichuan, Hunan, Hubei, Guangdong, Fujian, etc. The signing of orders is in line with the company's expectations, and the number of winning orders ranks among the top in the industry. Soil "three surveys" testing, namely soil routine physical property testing, chemical composition analysis and biological indicator testing, is an effective way to understand and grasp the status of soil pollution.

Huachuang Testing pointed out that the company has been considering the growth momentum of environmental business after the "three censuses" at the beginning of this year, and is also expanding into areas with large market scale but low share of Huachuang, such as environmental monitoring and marine environmental testing. At the same time, Huachuang is also actively paying attention to M&A opportunities in sub-sectors with growth potential.

Weixing shares gross profit hit a new high

The well-known blue chip stock Weixing Shares has also attracted much attention from institutions.

Weixing Co., Ltd. is a leading company in the domestic apparel accessories industry. The semi-annual report released by Weixing Co., Ltd. last week showed that the company achieved operating income of 2.296 billion yuan in the first half of the year, a year-on-year increase of 25.57%; net profit attributable to shareholders of the parent was 415 million yuan, a year-on-year increase of 37.79%.

In the first half of this year, Weixing Co., Ltd.'s sales gross profit margin was 41.80%, a record high. Institutional investors focused on the reasons why Weixing Co., Ltd.'s gross profit margin reached a record high.

The company said that the increase in Weixing's gross profit margin in the first half of the year was mainly due to factors such as scale effect and product structure. Overall, the company will not pursue high gross profits unilaterally, but a reasonable gross profit margin level is sustainable.

During the survey, the agency also asked about Weixing's capacity planning and release rhythm from 2024 to 2026. Weixing said that from the perspective of the fundraising projects the company is implementing, the Vietnam clothing accessories production project has been put into production in March 2024, and the remaining two projects will be completed in the next 2 to 3 years. The current capacity planning is based on Weixing's five-year development plan. In addition, it will take a certain amount of time for the new capacity to be put into production and adjusted from the time it is put into production to the time it reaches full capacity.

Yuntianhua product prices remain high

Phosphate rock is an important economic mineral and strategic non-metallic mineral resource in my country. Phosphorus chemical company Yunnan Yuntianhua was also a popular stock that attracted a lot of institutional research last week.

In the first half of this year, Yuntianhua achieved operating income of approximately RMB 31.993 billion, a year-on-year decrease of 9.16%; and achieved net profit attributable to the parent company of approximately RMB 2.841 billion, a year-on-year increase of 6.1%. Yuntianhua explained that the decline in revenue in the first half of the year was mainly due to the year-on-year decline in the price of its main products and the company's appropriate reduction in scale.

The price of phosphate rock remained high in the first half of this year. In a survey, Yunnan Yunnan Yuntianhua expressed that it maintained a relatively optimistic attitude towards the price of phosphate rock.

"In recent years, the demand for phosphorus resources has been strongly supported by the high prosperity of downstream phosphate fertilizers and the increase in demand for new energy battery materials. At the same time, the implementation cycle of new production capacity under construction is relatively long, with greater uncertainty, stricter environmental protection policies and the continued withdrawal of small and medium-sized backward production capacity. For this reason, we expect that the supply and demand relationship of phosphate rock will not change significantly within this year or even within 2 to 3 years, and will remain in a tight balance of supply and demand." Yuntianhua said in the survey.

Editor: Chen Lixiang

Proofreading: Yang Lilin‍

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