国海证券：晨会纪要2024年第157期-20240905

Group 1: Baolong Technology / Automotive Parts - The company reported a revenue of 3.184 billion yuan in H1 2024, representing a year-on-year increase of 21.68% [1][2] - The air suspension and sensor businesses showed significant growth, with air suspension revenue increasing by 44.48% and sensor revenue by 51.71% [2] - The net profit attributable to shareholders decreased by 19.40% to 148 million yuan in H1 2024, primarily due to increased equity incentive costs and labor expenses [2][3] Group 2: China Great Wall / Computer Equipment - The company achieved a revenue of approximately 6.076 billion yuan in H1 2024, a year-on-year growth of 21.23% [4][5] - The net profit attributable to shareholders improved by 33.37% to -422 million yuan, indicating a recovery trend [4] - The computing industry segment saw a revenue increase of 37.04%, driven by strong market demand and successful bidding management [5] Group 3: Biological Shares / Animal Health - The company reported a revenue of 612 million yuan in H1 2024, a decrease of 10.66% year-on-year, while the net profit attributable to shareholders was 123 million yuan, down 8.56% [6][7] - The company’s ruminant vaccines experienced growth despite a challenging market, with significant contributions from new product launches [7] - R&D investment reached 75 million yuan, accounting for 12.26% of revenue, with several key products making progress towards market entry [7] Group 4: Eastern Airlines Logistics / Logistics - The company achieved a revenue of 11.286 billion yuan in H1 2024, an increase of 20.38% year-on-year, with a net profit of 1.277 billion yuan, up 0.45% [8][9] - The air cargo market showed resilience, with a 26.29% increase in revenue in Q2 2024, driven by cross-border e-commerce growth [9] - The company plans to distribute a cash dividend of 0.389 yuan per share, reflecting a payout ratio of 48.35% of its net profit [9][10]