This week (September 2 to 6), the A-share market underwent a general adjustment. As the disclosure of the semi-annual reports concluded, the enthusiasm for institutional research cooled down somewhat this week, but it still maintained a high number of research activities.
As of 19:00 on September 6, 249 listed companies on the A-share market had received institutional research and disclosed their research records for the week.
Looking at the earnings effect of companies that received institutional research this week, Guangdong Expressway A set a new historical high in its share price. By the close on September 6, Guangdong Expressway A was reported at 11.68 yuan, with the latest total market value of 24.421 billion yuan.
As the institutional research stock with the most eye-catching share price performance this week, Guangdong Expressway A accepted research from 96 institutions during the week.
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Established in 1993 and listed on the Shenzhen Stock Exchange in 1998, Guangdong Expressway A is an important component of transportation infrastructure. The company's main business activities include the toll collection and maintenance of the Guangfo Expressway (expired), Foshan-Kaifeng Expressway, Guangzhou-Zhuhai section of the Jingzhu Expressway, and Guangzhou-Huizhou Expressway, as well as external investments.
In the first half of 2024, Guangdong Expressway A achieved a total operating income of 2.231 billion yuan, a decrease of 4.68% year-on-year; the net profit attributable to the parent company was 855 million yuan, a decrease of 3.41% year-on-year.
When institutional investors inquired about the reasons for the decline in traffic volume and toll revenue on the Guangzhou-Huizhou Expressway in the first half of the year, Guangdong Expressway A responded that the main reasons were the opening of the Guangshan High-Speed Railway, which runs parallel to the Guangzhou-Huizhou Expressway, and the subsequent opening of the Huizhou-Longmen Expressway and the third phase of the Dongguan-Panyu Expressway (a component of the Guanglong Expressway). Changes in the surrounding road network have had a certain diversion effect on the traffic volume of the Guangzhou-Huizhou Expressway, leading to a year-on-year decline in traffic volume and toll revenue.
Regarding the impact of the completion and opening of the Shenzhen-Zhongshan Corridor on the Guangzhou-Zhuhai East section, Guangdong Expressway A stated that the opening of the Shenzhen-Zhongshan Corridor has changed the structure of the regional road network and has had a certain impact on the Guangzhou-Zhuhai East section. According to the July traffic data collected by the section company, after the opening of the Shenzhen-Zhongshan Corridor, there was a noticeable increase in the daily traffic volume of the Guangzhou-Zhuhai East section on a month-to-month and year-to-year basis, while the toll revenue saw a certain decrease on both bases. The overall impact of the opening of the Shenzhen-Zhongshan Corridor on the Guangzhou-Zhuhai East section needs further monitoring and assessment.
Looking at Aidete, although the company's share price hit a historical low during the week, institutions still maintained a high level of research enthusiasm for it, with a total of 100 institutions participating in the research on Aidete, and the research frequency reached 3 times.
Established in 2007, Aidete is a provider of dental restorative materials and digital dental equipment, with its core product being zirconia dental restorative materials. In the first half of 2024, Aidete achieved a total operating income of 414 million yuan, a year-on-year increase of 16.74%; the net profit attributable to the parent company was 76.7894 million yuan, a year-on-year increase of 21.41%.The institution focused on the sales situation of zirconia products in the first half of the year during the research. According to Aidete's introduction, in the first half of the year, its overall shipment of zirconia products continued to climb year-on-year, achieving operating income of about 240 million yuan, a year-on-year increase of about 16%. The gradient series in the zirconia products accounted for a high proportion and maintained a high growth rate in the first half of this year. In addition, the unit price of zirconia products was the same as last year, and the comprehensive gross margin was 61.76%, slightly higher than the same period last year.
Looking at the popular targets of institutional research this week, Shengyi Electronics was the company most concerned by institutions within the week, with 161 institutions participating in the research; in addition, Megmmit was researched by 120 institutions.
It is worth mentioning that Shengyi Electronics has become the company most concerned by institutional research within the week for several times this year.
Shengyi Electronics is a high-quality multi-layer printed circuit board (PCB) manufacturer, mainly engaged in the research and development, production and sales of various printed circuit boards. The printed circuit board is an indispensable key component in electronic products and is also known as the "mother of electronic products".
In the first half of 2024, Shengyi Electronics achieved operating income of 1.973 billion yuan, a year-on-year increase of 24.64%; the net profit attributable to the parent company was 96.0887 million yuan, a year-on-year increase of 903.93%.
When asked by institutions about the main reasons for the changes in the company's revenue and net profit in the first half of the year, Shengyi Electronics said that the main reason was the company's continuous optimization of the product structure and active improvement of the product business regional layout. With the growth of the market demand for multi-layer printed circuit boards with high layers, high precision, high density and high reliability, the company's output, sales, and operating income all increased compared with the same period last year; the company's gross profit increased, driving a significant increase in net profit.
At the end of August, Shengyi Electronics increased its investment in the Thai printed circuit board production base. Specifically, the company increased its capital by 70 million US dollars for the construction of the Thai company and the production and testing equipment.
During the research, Shengyi Electronics introduced the specific progress of the Thai company, saying that the company has completed the establishment of the Thai company, overseas investment filing, land purchase agreement signing, land ownership transfer, Thai team formation and planning compilation as planned, and is expected to officially start construction in the second half of 2024. The establishment of the Thai production base will further increase the company's overseas supply capacity and better meet the needs of international customers.