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a-shares continued to pull back in the week before the holiday (september 9 to 13), with the shanghai composite index falling 2.23% for the week to close at 2704.09 points; the shenzhen component index fell 1.81% and the chinext index fell 0.19%.

on the market, the industry (shenwan level 1) index fell more than it rose. the real estate and building decoration sectors achieved positive returns throughout the week, while the rest of the sectors were in the red. in terms of thematic sector performance, the cssc system, optical modules (cpo), smart medical and other themes performed actively. among them, the cssc system's stock price rose overall, mainly because china shipbuilding and china heavy industry, two shipbuilding companies with a market value of 100 billion yuan, will merge. the merged new company will become the world's largest listed shipbuilding company. driven by this good news, the cssc system performed actively.

institutional research sentiment remained at a relatively active level. as of 19:00 on september 13, a total of 215 listed companies disclosed institutional investor research records. this week, the overall profit effect of companies that received institutional research was poor, and the number of companies that achieved positive returns during the week accounted for less than 30%.

looking at the companies with outstanding stock price performances, haixin energy technology, xinneng taishan and bengang plate all had their first listing on the board on september 13. haixin energy technology and xinneng taishan are the top two institutional research stocks in terms of cumulative stock price increases this week, up 20.43% and 14.80% respectively.

in terms of popular research targets, the number of institutions flocking to research has decreased significantly. this week, only desay sv and espressif systems received research from more than 100 institutions. companies such as fuling zhacai, times electric, okey, and jardine matheson received research from more than 50 institutions.

desay sv received a total of 224 institutions during the week. according to data, desay sv is an automotive electronics company founded in 1986 and listed on the shenzhen stock exchange's main board in 2017. its main businesses include smart cockpit, smart driving and connected services. its products include cockpit and smart driving domain controllers, display systems and lcd instruments and other in-vehicle infotainment systems, ota solutions, smart entry, cockpit space and other connected services.

institutional investors have been intensively investigating desay sv, mainly because the company recently disclosed a refinancing plan, which is the company's first refinancing plan since its listing in 2017. on the evening of september 6, desay sv announced that it plans to raise no more than 4.5 billion yuan in additional funds to be used for three major projects, including the construction of the automotive electronics central and western base. during the investigation, desay sv stated that the funds raised from this refinancing will mainly be used for capacity expansion, intelligent computing center and cabin-driver fusion platform research and development projects.

as for the reason for the planned refinancing, desay sv stated that the company's business scale has grown rapidly since its listing, and the company's operating income has achieved an average annual compound growth rate of 51.31% from 2021 to 2023. with the rapid increase in business scale, desay sv's production capacity investment has increased rapidly, and it has maintained a high level of r&d investment for many years, and its asset-liability ratio has continued to rise. on the other hand, the company's annualized amount of new project orders in 2022 reached 20 billion yuan, and the annualized amount of new project orders in 2023 reached 24.5 billion yuan. from january to june 2024, the scale of new project orders continued to grow.

"the aforementioned orders include domestic sales and export vehicle projects for domestic customers, as well as projects directly exported to international customers. desay sv has achieved great results in project acquisition in both the domestic and overseas markets. in order to meet the continuously increasing order demand, the company needs to expand production capacity and start capacity construction in advance. in summary, the company plans to carry out refinancing in order to maintain a healthy asset-liability structure while meeting capacity expansion." desay sv said.

desay sv said that in terms of intelligent driving domain controller products, the company has formed a good product structure, including intelligent driving domain controllers with high computing power, medium computing power and medium and low computing power, as well as cabin-driver integrated solutions. the company's products have been mass-produced for customers such as ideal auto and zeekr auto, and have received new project orders from many mainstream customers.

in the first half of 2024, desay sv achieved operating income of 11.692 billion yuan, a year-on-year increase of 34%; and achieved a net profit of 838 million yuan, a year-on-year increase of 38%. among them, the smart cockpit business is still the main source of revenue for desay sv, accounting for 68% of revenue in the first half of the year. it is understood that in the first half of the year, desay sv's third-generation smart cockpit domain controller has been mass-produced on models of many automakers such as ideal, chery, and gac passenger cars, and has obtained new project orders from automakers such as chery, geely, and gac toyota, and the market scale has increased rapidly.

espressif systems is also a hot topic for institutional research, with 168 institutions researching the company this week. founded in 2008, espressif systems is a global fabless semiconductor company that focuses on the research, design and sales of iot wi-fi mcu communication chips and modules. its main product, wi-fi mcu, is the core communication chip in the iot fields such as smart home, smart lighting, smart payment terminals, smart wearable devices, sensor devices and industrial control. with the gradual penetration of ai in the iot field, the company's products also include edge ai functions, with voice wake-up, control, image recognition and other functions.

in the first half of 2024, espressif 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%. espressif said that the change in operating income was mainly due to the continuous expansion of the product matrix in recent years. currently, 60% of the revenue growth comes from the smart home field, with many sub-categories. in addition, it is noted that energy storage, photovoltaics, financial payment equipment, sports health, video applications, etc. have also seen good growth.

during the research phase, espressif systems stated that although there is a market view that the semiconductor industry's performance in the third quarter of this year may be weaker than in the second quarter, the company's operating conditions in the third quarter are normal and may even be better than in the second quarter.

in may this year, espressif announced the successful acquisition of a controlling stake in m5stack (mingzhan information technology), a move that attracted widespread attention in the iot and embedded systems industry. when asked about the synergy of its acquisition, espressif pointed out that m5stack is a very promising creative hardware company, including its brand influence, gross profit margin and creative ability, and the company can help espressif further extend its brand influence on the developer side. in terms of the value of chips or modules alone, espressif's product form has a small value in the industrial field, but the complete form of the m5stack development kit has a good value, and the company will become a suitable entry point for espressif to enter the industrial field.