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The disclosure of semi-annual reports is coming to an end, and the stock prices of some companies whose ratings have been upgraded by institutions have performed well.

In the morning of August 20, the A-share theme sector was largely out of business, with only a few themes such as titanium metal, knowledge payment, and lithium mines remaining in the red. Shale gas, fiscal and taxation digitalization, aquatic products, combustible ice, and cultured diamond themes led the decline.

Medical device leader issues clarification announcement

HeartMed Medical's stock price fell sharply in the morning trading today. As of the midday close, the stock price fell by 14.47%, and the latest price hit a four-year low. Since its establishment, the company has been deeply involved in the field of aortic and peripheral vascular interventional medical devices. Through years of experience accumulation, it has developed into a leading enterprise in my country's aortic vascular interventional medical devices. The company's performance forecast shows that the company expects a net profit of 391 million to 419 million yuan in the first half of the year, a year-on-year increase of 40% to 50%.

Before the market opened on the morning of August 20, Cardiovascular Medical issued a clarification announcement stating that recently, the Office of the National Healthcare Security Administration issued a "Public Inquiry Letter on the Pricing Issues of Shanghai Microport Cardiovascular Medical's Castor Thoracic Aortic Stent Graft and Delivery System" to the company, inquiring about the price of the company's Castor thoracic aortic stent graft and delivery system (hereinafter referred to as "Castor products"), which aroused market attention.

Mindray Medical stated that in the course of its operations, the company strictly abides by the laws, regulations, and normative policies of the medical device industry, pays great attention to product pricing compliance and patient interests, always implements the concept of compliant operations, and places the interests of patients at the core.

In the first half of 2024, the company reported and communicated with relevant departments of the National Healthcare Security Administration and relevant local healthcare security bureaus, and made preliminary responses and explanations to the relevant questions in the inquiry letter in combination with the pricing system of similar products in the industry, and promised to reduce the price of Castor products and the initial reduction, and also expressed its willingness to further reduce prices within the scope of centralized procurement rules in the future. The company is willing to further take the initiative to adjust prices under the guidance of the National Healthcare Security Administration so that excellent products can benefit more patients.

Institutions upgraded the ratings of 25 companies

Half-year report performance increased

An agency's upgrade of ratings usually indicates that the market is optimistic about the future development of the relevant assets or companies, and believes that they have good growth potential and investment value. According to statistics from Securities Times Databao, in the past month, 25 listed companies' ratings have been upgraded by agencies. These companies are mainly distributed in the electronics, beauty care, automobile, and food and beverage industries. Among them, the electronics industry has the largest number of shortlisted companies, with 6.

Performance growth is the main consideration for the agency to upgrade its rating. Among these 25 companies, 23 have disclosed relevant performance data in the semi-annual report. According to the semi-annual report, performance express report, and the lower limit of the net profit forecast (the announced value is used if there is no lower limit), the performance of these 23 companies in the first half of the year was all profitable, of which 22 companies had a year-on-year increase in net profit (including turning losses into profits), accounting for 96.65%.

Jinghe Integrated achieved a net profit of 187 million yuan in the first half of the year, turning losses into profits year-on-year. During the reporting period, as the industry's prosperity gradually recovered, the company's capacity utilization rate continued to increase. Since March 2024, the capacity has continued to maintain full load, and the overall sales volume in the first half of the year has achieved rapid growth. In addition, the company's 55nm mid-to-high-end single-chip and stacked CIS chip process platform has been mass-produced, the 40nm high-voltage OLED chip process platform has achieved small-batch production, and the research and development of the 28nm chip process platform is progressing steadily. At the same time, some DDIC chips have been used in the automotive field.

China Express Airlines also turned losses into profits, and the company expects a net profit of 22 million to 32 million yuan in the first half of the year. During the reporting period, on the one hand, it benefited from the continuous improvement in civil aviation travel demand, and on the other hand, the company seized the opportunities brought by changes in market demand such as branch tourism and off-season travel, and promoted the increase in flight volume through the opening of new branch routes, optimized the accessibility of branch cities, and met the travel needs of more passengers.

Other companies with high net profit growth rates include Hongrida, Juchen, Jiayi, Zhongtong Bus, and Changbaishan. Taking Juchen as an example, the company achieved a net profit of 143 million yuan in the first half of the year, a year-on-year increase of 124.93%. The company mentioned in the reasons for the performance change that with the gradual recovery of demand in the downstream application market, the company's SPD products, NOR Flash products, automotive-grade EEPROM products and other fields have seen rapid year-on-year growth in shipments of industrial-grade EEPROM products, driving the company's sales revenue in the first half of 2024 to achieve the best performance in the same period in history.

11 companies received heavy investment from social security funds

Judging from the stock price performance, the overall performance of the above 25 companies with upgraded ratings by institutions is good. According to Databao statistics, as of the close of August 19, these companies have risen by an average of 7.58% this year, significantly outperforming the Shanghai and Shenzhen 300 Index during the same period.

The company with the highest cumulative increase is Jiayi Shares, which has increased by 80.7% so far this year. The company's main business is the research and development, design, production and sales of beverage and food containers of various materials. Its products have formed two major series: stainless steel vacuum insulation containers and non-vacuum containers. In the first half of this year, the company achieved a net profit of 317 million yuan, a year-on-year increase of 94.56%. During the reporting period, the prosperity of the company's main product industries continued to rise, the terminal market continued to improve, and customer orders grew steadily.

Other stocks with large increases include Changbaishan, Baiya Holdings, Lingrui Pharmaceutical, Hongrida, and Yuntianhua.

From the perspective of valuation, the overall P/E ratio of these companies is at a relatively low level. According to Databao statistics, as of the close of August 19, 15 companies had a rolling P/E ratio of less than 30 times, accounting for more than 60%. Four companies, namely Yuntianhua, Zhaochi, Jiangling Motors, and Jiayi, had a rolling P/E ratio of less than 15 times.

Yuntianhua's rolling P/E ratio is 8.03 times, ranking the lowest. The company currently has nearly 800 million tons of phosphate reserves and an annual production capacity of 14.5 million tons of raw ore. It is one of the largest phosphate mining and dressing companies in my country. In the first half of this year, the company achieved a net profit of 610 million yuan, a year-on-year increase of 26.78%. As of the end of the second quarter, one social security fund portfolio appeared in the company's top ten circulating shareholders, with a holding value of 200 million yuan.

According to Databao statistics, including Yunnan Yuntianhua, a total of 11 companies obtained holdings from the social security fund at the end of the second quarter, including Baiya Holdings, Yanjinpuizi, China Mobile, Lingrui Pharmaceutical, Changbaishan, etc.

Baiya shares have the highest proportion of social security fund holdings in the circulating shares. At the end of the second quarter, the company obtained two social security fund portfolio holdings, with a total holding value of 236 million yuan and a holding ratio of 2.32%. Baiya shares are mainly engaged in disposable personal hygiene products business. According to Nielsen's statistics, in the national sales share ranking in the first half of 2024, the company's Free Point brand sanitary napkin products ranked second in the market share among local sanitary napkin brands.