Investment Rating - The report maintains a "Buy" rating for the company [29][24][26] Core Insights - The company's Q1 2024 revenue reached 3.454 billion yuan, a year-on-year increase of 4.84%, while net profit attributable to shareholders was 156 million yuan, a year-on-year decrease of 4.86% [3][26] - The growth is primarily driven by the stable volume of core products, particularly automotive low-voltage lead-acid batteries [26] - The company has successfully introduced 51 new vehicle models and secured 60 project designations, including 18 new projects in the new energy vehicle sector [4][26] Performance Overview - In Q1 2024, the company reported a revenue of 3.454 billion yuan, with a year-on-year growth of 4.84% and a quarter-on-quarter decline of 8.30% [3][26] - The net profit attributable to shareholders was 156 million yuan, down 4.86% year-on-year and down 9.18% quarter-on-quarter [3][26] - The non-recurring net profit was 168 million yuan, showing a significant year-on-year increase of 35.44% and a quarter-on-quarter increase of 11.26% [3][26] Customer Development - The company has completed the introduction and switching of 51 vehicle model projects and secured 60 project designations, including new designations for BMW's AGM products for 2025-2028 [4][26] - In the new energy vehicle sector, the company has gained 18 new project designations, including partnerships with major manufacturers such as SAIC, BYD, and Nezha [4][26] Sales Structure - The sales of low-voltage lead-acid batteries remained stable, with a total annual sales volume of 34.6 million KVAH, representing a year-on-year increase of 7.5% [7][26] - The sales of auxiliary batteries for new energy vehicles increased by 45% year-on-year, while the sales of recycled lead reached 559,000 tons, up 8.5% year-on-year [7][26] Cost Control and Profitability - The gross margin for Q1 2024 was 17.28%, an increase of 2.1 percentage points year-on-year and 1.0 percentage point quarter-on-quarter [12][26] - The company maintained stable expense control, with a net profit margin of 4.49%, down 0.5 percentage points year-on-year and 0.1 percentage points quarter-on-quarter [12][26] Future Growth Potential - The company is focusing on channel upgrades and business expansion, particularly in the aftermarket and overseas markets, which present significant growth opportunities [24][26] - The company has actively expanded its low-voltage lithium battery and energy storage battery businesses, which are expected to contribute to new revenue streams [24][26]

Investment Rating - The report maintains a "Buy" rating for the company [10][28][31]. Core Insights - The company's overall gross margin improved to 15.1% in 2023, up by 0.8 percentage points year-on-year, with a net profit margin of 4.1%, an increase of 0.6 percentage points year-on-year [3][28]. - The automotive low-voltage lead-acid battery segment is a mature market, and the company is expected to see growth primarily through channel upgrades and business expansion in low-voltage lithium batteries and energy storage solutions [10][28]. Financial Performance - In Q1 2024, the company reported revenue of 34.54 billion yuan, a year-on-year increase of 4.84%, and a net profit of 1.56 billion yuan, down 4.86% year-on-year [28][35]. - The gross margin for Q1 2024 was 17.28%, reflecting a year-on-year increase of 2.1 percentage points [28][35]. - The company expects net profits for 2024, 2025, and 2026 to be 8.02 billion yuan, 10.39 billion yuan, and 12.19 billion yuan, respectively, with corresponding EPS of 0.68 yuan, 0.89 yuan, and 1.04 yuan [10][28]. Business Development - The company successfully introduced 51 new vehicle projects and secured 60 project designations in 2023, including new contracts with major automotive manufacturers [4][28]. - The low-voltage lithium battery business achieved 35 new project designations, with a year-on-year sales increase of 27.9% [8][28]. Market Position - The company has established over 3,300 service providers and more than 110,000 terminal merchants, enhancing its market presence [7][28]. - The report highlights the potential for significant growth in the aftermarket and overseas markets, which are larger than the domestic front-end market [10][28].

证券代码：601311 证券简称：骆驼股份 骆驼集团股份有限公司 投资者关系活动记录表（2024年4月26日） □ 特定对象调研 □ 分析师/投资者会议 □ 媒体采访 R 业绩说明会 活动类型 □ 新闻发布会 □ 路演活动 □ 现场参观 □其他 参与单位名称 线上参与公司2023年度业绩说明会的全体投资者 及人员姓名 时间 2024年4月26日 16:00-17:00 上证路演中心（网址：https://roadshow.sseinfo.com/） 地点 网络互动 董事长：刘长来先生 公司主要 独立董事：黄德汉先生 接待人员 董事会秘书：余爱华女士 ...

证券代码：601311 证券简称：骆驼股份 公告编号：2024-022 骆驼集团股份有限公司 关于 2023 年年度股东大会增加临时提案的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 一、 股东大会有关情况 1. 股东大会的类型和届次： 2023 年年度股东大会 2. 股东大会召开日期：2024 年 5 月 24 日 3. 股权登记日 | 股份类别 | 股票代码 | 股票简称 | 股权登记日 | | --- | --- | --- | --- | | Ａ股 | 601311 | 骆驼股份 | 2024/5/20 | 二、 增加临时提案的情况说明 公司已于 2024 年 4 月 19 日公告了股东大会召开通知，单独直接持有 17.80% 股份的股东孙洁，在 2024 年 4 月 25 日提出临时提案并书面提交股东大会召集人。 股东大会召集人按照《上市公司股东大会规则》有关规定，现予以公告。 1. 提案人：孙洁 2. 提案程序说明 3. 临时提案的具体内容 2024 年 4 月 25 日，公司 2023 年年度股东大会召集 ...

单位：元 币种：人民币 骆驼集团股份有限公司 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或 者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 公司董事会、监事会及董事、监事、高级管理人员保证季度报告内容的真实、准确、完整，不存 在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 第一季度财务报表是否经审计 一、 主要财务数据 | --- | --- | --- | |-----------------------------------------------|------------------|-------------------------------------| | 项目 | 本报告期 | 本报告期比上年同期增 减变动幅度 (%) | | 营业收入 | 3,454,471,991.56 | 4.84 | | 归属于上市公司股东的净利润 | 155,820,161.11 | -4.86 | | 归属于上市公司股东的扣除非经 常性损益的净利润 | 167,825,693.22 | 35.44 | | 经营活动产生的现金流量净额 | -203,936,90 ...

证券代码：601311 证券简称：骆驼股份 公告编号：临 2024-020 （二）本次监事会会议通知于 2024 年 4 月 20 日通过 OA 办公软件送达全体 监事。 （三）本次监事会于 2024 年 4 月 25 日以现场方式召开。 （四）本次监事会应参加会议监事 3 人，实际参会 3 人。 （五）本次监事会由监事会主席王洪艳女士主持。 二、监事会会议审议情况 骆驼集团股份有限公司 第九届监事会第九次会议决议公告 本公司及监事会全体成员保证公告内容的真实、准确和完整，对公告的虚 假记载、误导性陈述或重大遗漏负连带责任。 一、监事会会议召开情况 （一）本次监事会会议的召开和表决符合《公司法》及《公司章程》的有关 规定，会议决议合法有效。 监 事 会 2024 年 4 月 26 日 报备文件 公司监事会及全体监事认为： 1、公司 2024 年第一季度报告的编制和审核程序符合相关法律、法规、《公 司章程》和公司内部管理制度的规定； 2、公司 2024 年第一季度报告的内容和格式符合中国证监会和上海证券交易 所的要求，所包含的信息能全面反映公司 2024 年第一季度的经营管理状况和财 务情况； 3、在提出本意见 ...

证券代码：601311 证券简称：骆驼股份 公告编号：临2024-019 骆驼集团股份有限公司 第九届董事会第十四次会议决议公告 详见公司在上海证券交易所网站 www.sse.com.cn 披露的《骆驼股份2024年 第一季度报告》。 本议案已经董事会审计委员会审议，经董事会审计委员会全体委员一致同 意后提交董事会审议。 （三）本次董事会于 2024 年 4 月 25 日以现场加通讯方式召开。 （四）本次董事会应参加会议董事 9 人，实际参会 9 人。 （五）本次董事会由董事长刘长来先生主持，公司部分高级管理人员和监事 列席了本次董事会。 二、董事会会议审议情况 （一）审议通过《关于骆驼集团股份有限公司2024年第一季度报告的议案》 本公司及董事会全体成员保证公告内容的真实、准确和完整，对公告的 虚假记载、误导性陈述或重大遗漏负连带责任。 一、董事会会议召开情况 （一）本次董事会会议的召开和表决符合《公司法》及《公司章程》的有关 规定，会议决议合法有效。 （二）本次董事会会议通知于 2024 年 4 月 20 日以 OA 办公软件、微信等形 式送达全体董事。 表决结果：有效表决票共9票，其中同意票为9票，反对 ...

证券代码：601311 证券简称：骆驼股份 公告编号：临2024-021 骆驼集团股份有限公司 关于拟为全资子公司提供担保的公告 本公司及董事会全体成员保证公告内容的真实、准确和完整，对公告的 虚假记载、误导性陈述或重大遗漏负连带责任。 重要内容提示： ● 被担保人名称：骆驼集团华南蓄电池有限公司、骆驼集团华南再生资源 有限公司 ● 担保金额：不超过 1 亿元人民币、不超过 1 亿元人民币 ● 担保是否有反担保：无 ● 对外担保逾期的累计数量：无逾期担保 ● 特别风险提示：被担保人骆驼集团华南再生资源有限公司的资产负债率 超过 70%，敬请投资者注意相关风险。 一、担保情况概述 （一）基本情况 骆驼集团股份有限公司（以下简称"公司"或"集团公司"）全资子公司骆 驼集团华南蓄电池有限公司（以下简称"华南电池公司"）因流动资金需求，需 要向银行申请贷款，由集团公司为其提供连带责任保证担保，担保总额不超过 1 亿元人民币，具体以公司与银行签订的担保协议为准。 公司全资子公司骆驼集团华南再生资源有限公司（以下简称"华南再生公司"） 因流动资金需求，需要向银行申请贷款，由集团公司为其提供连带责任保证担保， 担保总额不超 ...

Investment Rating - The investment rating for the company is "Buy" [11][41]. Core Views - The company has shown stable growth in its main business, with a 22% year-on-year increase in net profit for 2023, driven by the steady expansion of its core product, low-voltage lead-acid batteries [6][41]. - The company is focusing on channel upgrades and business expansion, particularly in the low-voltage lithium battery sector, which has opened up significant growth opportunities [41]. Financial Performance - In 2023, the company reported revenue of 14.08 billion yuan, a year-on-year increase of 5%, and a net profit attributable to shareholders of 570 million yuan, up 22% year-on-year [6][41]. - The operating cash flow for 2023 was 690 million yuan, reflecting a substantial increase of 181% year-on-year [6][41]. - The gross profit margin for 2023 was 15.1%, an increase of 0.8 percentage points year-on-year, with the lead-acid battery margin at 20.3% [36][41]. Sales and Market Position - The company sold 34.6 million KVAH of low-voltage lead-acid batteries in 2023, representing a 7.5% increase year-on-year, with sales of auxiliary batteries for new energy vehicles rising by 45% [6][41]. - The domestic market for supporting products saw a 2.1% increase in sales, while the replacement market grew by 11.7%, indicating a steady increase in market share [6][41]. Cost Management and Profitability - The company maintained stable expense control, with sales, management, R&D, and financial expense ratios at 5.0%, 2.9%, 1.9%, and 0.3%, respectively, with slight year-on-year increases [8][36]. - The net profit margin for 2023 was 4.1%, up 0.6 percentage points year-on-year, indicating improved profitability [36][41]. Future Outlook - The company is expected to maintain its growth trajectory, with projected net profits of 802 million yuan, 1.039 billion yuan, and 1.219 billion yuan for 2024, 2025, and 2026, respectively [41]. - The company is actively expanding its lithium battery business and has secured 35 new project designations in the low-voltage lithium battery sector, with a year-on-year sales increase of 27.9% [40][41].

公司持有该股票比例 | --- | |----------------------------------------------| | | | [Table_Title] 评级：买入（维持） | | 市场价格： 7.95 元 | | 分析师：何俊艺 执业证书编号： S0740523020004 | | 分析师：毛䶮玄 | | 执业证书编号： S0740523020003 | | 分析师：刘欣畅 | | 执业证书编号： S0740522120003 | | --- | --- | --- | --- | --- | --- | |---------------------------|-------------------------|----------|--------|--------------------------|--------| | 公司盈利预测及估值 \n指标 | [Table_Finance] \n2022A | 2023A | 2024E | 2025E | 2026E | | 营业收入（百万元） | 13,425 | 14,079 | 15,995 | 17,626 | 19,426 ...