Core Viewpoint - The company is expected to achieve significant growth driven by its low-voltage lithium battery products, with strong performance in Q1 2025 and a positive outlook for the coming years [1][2][3]. Financial Performance - The company forecasts a revenue of 15.6 billion yuan for 2024, representing a year-on-year growth of 10.75%, and a net profit attributable to shareholders of 614 million yuan, up 7.26% [2]. - For Q1 2025, the estimated net profit range is between 223 million to 255 million yuan, indicating a year-on-year growth of approximately 43% to 63% [2]. - The projected earnings per share (EPS) for 2024-2026 are 0.52, 0.73, and 0.85 yuan, with growth rates of 7.3%, 40%, and 16.8% respectively [2]. Business Growth - The low-voltage lithium battery business is experiencing high growth, with significant increases in sales, particularly in the automotive sector, contributing to steady operational performance [3]. - The company is positioned as a leader in the low-voltage lithium battery market, benefiting from advanced technology, high product quality, and strong relationships with major manufacturers [3]. - The automotive low-voltage lead-acid battery sales are also increasing, with improved profitability from the recycling of used lead-acid batteries [3].

Group 1 - Shenjian Co., Ltd. reported a net profit of 33.65 million yuan for 2024, a year-on-year increase of 32.29%, with a proposed cash dividend of 0.5 yuan per 10 shares [1] - Jingce Electronics experienced a net loss of 97.60 million yuan in 2024, transitioning from profit to loss, despite a revenue increase of 5.59% to 2.565 billion yuan [1] - Jingwei Co., Ltd. reported a net profit of 35.54 million yuan for 2024, a decrease of 36.76%, with a proposed cash dividend of 1.00 yuan per 10 shares [1][2] Group 2 - Minsheng Health achieved a net profit of 91.83 million yuan in 2024, a year-on-year increase of 7.24%, with a proposed cash dividend of 1.00 yuan per 10 shares [2] - Zhongshe Co., Ltd. reported a net profit of 10.16 million yuan for 2024, a decline of 76.24%, with a proposed cash dividend of 0.2 yuan per 10 shares [3] - Keyuan Smart reported a net profit of 252 million yuan for 2024, a year-on-year increase of 56.64%, with a proposed cash dividend of 0.4 yuan per 10 shares [4] Group 3 - Beilu Pharmaceutical reported a net profit of 14.54 million yuan for Q1 2025, a year-on-year increase of 26.13%, with revenue of 283 million yuan [5] - Wangsu Technology achieved a net profit of 192 million yuan for Q1 2025, a year-on-year increase of 38.54%, with revenue of 1.235 billion yuan [6] - Keyuan Pharmaceutical reported a net profit of 23.08 million yuan for Q1 2025, a year-on-year increase of 7.25%, despite a revenue decline of 23.98% [7] Group 4 - Guangting Information reported a net profit of 24.03 million yuan for Q1 2025, turning from loss to profit, with revenue of 134 million yuan [9] - Zhaori Technology reported a net loss of 1.23 million yuan for Q1 2025, with revenue of 35.23 million yuan [11] - Huakai Yibai reported a net loss of 15.09 million yuan for Q1 2025, despite revenue growth of 35.08% to 2.292 billion yuan [13] Group 5 - Xinhongye reported a net profit of 34.43 million yuan for Q1 2025, a year-on-year increase of 20.43%, with revenue of 755 million yuan [15] - Huning Co., Ltd. reported a net profit of 3.61 million yuan for Q1 2025, a year-on-year decrease of 45.68%, with revenue of 64.51 million yuan [16] - Camel Co., Ltd. reported a net profit of 237 million yuan for Q1 2025, a year-on-year increase of 51.89%, with revenue of 4.136 billion yuan [17] Group 6 - Hengtong Co., Ltd. reported a net profit of 42.55 million yuan for Q1 2025, a year-on-year increase of 51.62%, with revenue of 313 million yuan [19] - Changqing Technology reported a net profit of 35.38 million yuan for Q1 2025, a year-on-year decrease of 23.80%, with revenue of 246 million yuan [21] - Libaba Co., Ltd. reported a net profit of 34.72 million yuan for Q1 2025, a year-on-year increase of 9.91%, with revenue of 419 million yuan [22] Group 7 - Shouxiangu reported a net profit of 58.37 million yuan for Q1 2025, a year-on-year decrease of 24.32%, with revenue of 171 million yuan [24] - Bojun Technology announced a stock issuance application accepted by the Shenzhen Stock Exchange [24] - Dayou Energy announced the full resumption of production at its Gengcun coal mine, with an annual production capacity of 3.6 million tons [25] Group 8 - Deyang Co., Ltd. successfully acquired land use rights for industrial land in Ningbo for 45.80 million yuan [27] - Tianyu Pharmaceutical's subsidiary received a drug registration certificate for an injectable product [29] - Xingwang Yuda signed a strategic cooperation agreement with the Jilin Province Bionic Robot Innovation Center [30] Group 9 - Lifang Pharmaceutical received approval for clinical trials of a new drug [32] - Zai Sheng Technology reported a net profit of 33.56 million yuan for Q1 2025, a year-on-year increase of 3.69%, with revenue of 324 million yuan [34] - Jinxin Technology reported a net profit of 319,920 yuan for Q1 2025, turning from loss to profit, with revenue of 563 million yuan [36] Group 10 - Huayin Electric reported a net profit of 75.67 million yuan for Q1 2025, a year-on-year increase of 894.61%, with revenue of 2.307 billion yuan [37] - Xinghua Co., Ltd. reported a net loss of 95.51 million yuan for Q1 2025, with revenue of 840 million yuan [38] - Heren Technology reported a net loss of 384,410 yuan for Q1 2025, with revenue of 78.40 million yuan [40] Group 11 - Fenda Technology reported a net profit of 40.45 million yuan for Q1 2025, a year-on-year increase of 84.07%, with revenue of 760 million yuan [41] - Tongda Co., Ltd. reported a net profit of 25.49 million yuan for 2024, a year-on-year decrease of 69.15%, with revenue of 6.201 billion yuan [43] - Zhonghe Holdings reported a net profit of 283 million yuan for 2024, a year-on-year decrease of 54.69%, with a proposed cash dividend of 0.3 yuan per 10 shares [44] Group 12 - Jiantou Energy reported a net profit of 531 million yuan for 2024, a year-on-year increase of 181.59%, with a proposed cash dividend of 1.3 yuan per 10 shares [44] - Guanghua Technology reported a net loss of 205 million yuan for 2024, with revenue of 2.589 billion yuan [45] - Huajin Technology reported a net profit of 29.26 billion yuan for 2024, a year-on-year increase of 8.1%, with a proposed cash dividend of 9 yuan per 10 shares [46] Group 13 - Yingke Medical reported a net profit of 1.465 billion yuan for 2024, a year-on-year increase of 282.63%, with a proposed cash dividend of 1.00 yuan per 10 shares [46] - Solar Energy reported a net profit of 1.225 billion yuan for 2024, a year-on-year decrease of 22.38%, with a proposed cash dividend of 0.56 yuan per 10 shares [46] - Dongfang Electric reported a net profit of 318 million yuan for 2024, a year-on-year decrease of 50.62%, with a proposed cash dividend of 0.32 yuan per 10 shares [47] Group 14 - Tianneng Heavy Industry reported a net loss of 262 million yuan for 2024, with revenue of 3.273 billion yuan [48] - Gangyan High-tech reported a net profit of 249 million yuan for 2024, a year-on-year decrease of 22.08%, with a proposed cash dividend of 1.00 yuan per 10 shares [48] - Shihua Machinery reported a net profit of 96.88 million yuan for 2024, a year-on-year increase of 5.35%, with revenue of 8.037 billion yuan [49] Group 15 - Gongtong Pharmaceutical reported a net loss of 27.59 million yuan for 2024, with revenue of 537 million yuan [51] - Zhongjing Electronics reported a net loss of 87.43 million yuan for 2024, with revenue of 2.932 billion yuan [53] - Yudai Development reported a net loss of 114 million yuan for 2024, with revenue of 388 million yuan [55] Group 16 - Zhenhua Technology reported a net profit of 970 million yuan for 2024, a year-on-year decrease of 63.83%, with a proposed cash dividend of 1.8 yuan per 10 shares [56] - Jierong Technology reported a net loss of 298 million yuan for 2024, with revenue of 1.357 billion yuan [58] - Changgao Electric New reported a net profit of 252 million yuan for 2024, a year-on-year increase of 45.66%, with a proposed cash dividend of 0.8 yuan per 10 shares [60] Group 17 - Shibao Detection announced a plan to acquire 81% of Zhonghuan Lianshu for 52.65 million yuan [61] - Jiangsu Boyun announced a plan to reduce its shareholding by up to 3% [62] - Jingfeng Mingyuan announced a plan to acquire 100% of Yichong Technology for 3.283 billion yuan [63]

证券代码：601311 证券简称：骆驼股份 公告编号：临 2025-017 骆驼集团股份有限公司 第九届监事会第十三次会议决议公告 （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 审议通过《关于骆驼集团股份有限公司 2025 年第一季度报告的议案》 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。 （二）本次监事会会议通知于 2025 年 4 月 18 日通过 OA 办公软件送达全体 监事。 （三）本次监事会于 2025 年 4 月 24 日以现场加通讯方式召开。 （四）本次监事会应参加会议监事 3 人，实际参会 3 人。 监 事 会 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 2025 年第一季度报告》。 公司监事会及全体监事认为： 1、公司 2025 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 2025 年第一季度报告的 ...

证券代码：601311 证券简称：骆驼股份 公告编号：临2025-016 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 2025 年 4 月 18 日以 OA 办公软件、微信等形 式送达全体董事。 （三）本次董事会于 2025 年 4 月 24 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列席了 本次董事会。 二、董事会会议审议情况 骆驼集团股份有限公司 第九届董事会第二十一次会议决议公告 本公司及董事会全体成员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。 特此公告。 骆驼集团股份有限公司 董 事 会 2025 年 4 月 25 日 报备文件 经与会董事签字确认的第九届董事会第二十一次会议决议 审议通过《关于骆驼集团股份有限公司2025年第一季度报告的议案》 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 2025 年 ...

Financial Performance - The company's operating revenue for Q1 2025 was CNY 4,136,496,723.86, representing a year-on-year increase of 19.74% compared to CNY 3,454,471,991.56 in the same period last year[5] - Net profit attributable to shareholders of the listed company reached CNY 236,680,119.51, a significant increase of 51.89% from CNY 155,820,161.11 in the previous year[5] - Basic earnings per share rose to CNY 0.20, reflecting a growth of 53.85% compared to CNY 0.13 in the same period last year[5] - The net profit after deducting non-recurring gains and losses was CNY 204,980,763.99, which is a 22.14% increase from CNY 167,825,693.22 in the previous year[5] - The net profit for Q1 2025 was CNY 242,128,017.37, an increase from CNY 154,992,122.31 in Q1 2024, representing a growth of 56%[21] - The operating profit for Q1 2025 was CNY 290,470,769.17, up from CNY 188,340,112.67 in Q1 2024, reflecting a growth of 54.3%[21] - The company reported a total comprehensive income of CNY 251,342,273.98 for Q1 2025, compared to CNY 155,855,960.04 in Q1 2024, marking an increase of 61.3%[22] Assets and Liabilities - Total assets at the end of the reporting period were CNY 15,335,591,334.94, marking a 2.26% increase from CNY 14,996,114,827.69 at the end of the previous year[6] - Total liabilities rose to CNY 5,353,293,744.51 as of March 31, 2025, from CNY 5,265,404,161.27 at the end of 2024, an increase of 1.7%[16] - Shareholders' equity increased to CNY 9,982,297,590.43 as of March 31, 2025, compared to CNY 9,730,710,666.42 at the end of 2024, a growth of 2.6%[17] - Total assets increased to CNY 15,335,591,334.94 as of March 31, 2025, compared to CNY 14,996,114,827.69 at the end of 2024, reflecting a growth of 2.3%[17] Cash Flow and Investments - The net cash flow from operating activities was negative at CNY -290,286,994.01, compared to CNY -203,936,908.67 in the same period last year, indicating a decline in cash flow[5] - The cash flow from operating activities showed a net outflow of CNY -290,286,994.01 in Q1 2025, compared to CNY -203,936,908.67 in Q1 2024[25] - The investment activities resulted in a net cash outflow of CNY -630,561,183.62 in Q1 2025, contrasting with a net inflow of CNY 68,689,445.93 in Q1 2024[25] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 51,924[10] - The largest shareholder, Sun Jie, holds 17.80% of the shares, totaling 208,780,003 shares[11] Operating Costs and Revenue - Total operating costs for Q1 2025 were CNY 3,988,974,702.80, up from CNY 3,373,722,875.45 in Q1 2024, reflecting a growth of 18.2%[20] - Total revenue for Q1 2025 reached CNY 4,136,496,723.86, an increase of 19.7% compared to CNY 3,454,471,991.56 in Q1 2024[20] - The total revenue from operating activities in Q1 2025 was CNY 3,738,566,456.74, compared to CNY 3,455,666,459.51 in Q1 2024, indicating an increase of approximately 8.2%[24] Research and Development - The company reported R&D expenses of CNY 69,331,303.08 for Q1 2025, slightly down from CNY 69,526,495.71 in Q1 2024, indicating a stable investment in innovation[20] Cash and Equivalents - Cash and cash equivalents decreased to CNY 1,514,219,486.15 as of March 31, 2025, from CNY 2,223,468,917.45 at the end of 2024, a decline of 32%[14] - The cash and cash equivalents at the end of Q1 2025 were CNY 1,508,767,510.86, slightly up from CNY 1,470,843,718.30 at the end of Q1 2024[27] Accounts Receivable and Inventory - Accounts receivable increased to CNY 2,261,541,327.70 as of March 31, 2025, compared to CNY 1,954,177,199.15 at the end of 2024, representing a growth of 15.7%[15] - Inventory as of March 31, 2025, was CNY 2,860,817,079.70, slightly down from CNY 2,918,479,301.07 at the end of 2024, a decrease of 2%[15] Financial Expenses - The company incurred financial expenses of CNY 21,366,700.13 in Q1 2025, compared to CNY 5,169,575.13 in Q1 2024, indicating a significant increase[21]

骆驼股份（601311）公告，2025年第一季度营收为41.36亿元，同比增长19.74%；净利润为2.37亿元， 同比增长51.89%。 ...

1）渠道扩张：截至24年底，公司拥有"优能达"服务商 3400 多家，终端商超 12 万家，已实现全国2742个区县服务商及终端商的注册；2）出口推进：2024年公司海外市场销量 同比增长约68.49%，积极开拓海外主机配套业务，2024年新获7个海外配套定点；分区制定海外营销策略与产品清单，开展精准营销；3）产能建设：截至24年，公司国内铅酸 电池产能约3500万KVAH/年、国外铅酸电池产能约500万KVAH/年，废旧铅酸电池回收处理能力86万吨/年，并持续优化产能布局，提升领先优势。 低估值细分赛道龙头，渠道升级、业务开拓打开成长空间 骆驼股份系列 车中旭霞 深度报告： 《骆驼股份-601311-深度报告：汽车低压电池龙头，后装市场与海外市场打开成长空间》——20230606 《骆驼股份-601311-深度报告：聚焦起动电池，细分龙头再起航》——20200106 点评： 《骆驼股份（601311.SH）： 三季度净利润同比增长44%，盈利能力同环比提升》-20241025 《骆驼股份（601311.SH）：二季度净利润同比增长35%，海内外业务持续发力》-20240820 《骆驼股份（601311.SH ...

Investment Rating - The investment rating for the company is "Outperform the Market" [4][6][25]. Core Views - The company is expected to achieve stable revenue growth in 2024, with projected revenue of 15.592 billion yuan, a year-on-year increase of 10.75%, and a net profit of 614 million yuan, up 7.26% year-on-year [1][8]. - The company is actively expanding its overseas and domestic business, with significant growth in automotive low-voltage lead-acid battery sales and a strong performance in the lithium battery sector [2][3][17]. - The company plans to distribute a cash dividend of 2.90 yuan per 10 shares (including tax), with a dividend payout ratio of 55.4% [1][8]. Summary by Sections Financial Performance - In 2024, the company expects to achieve a revenue of 15.592 billion yuan, with a net profit of 614 million yuan and a non-recurring net profit of 593 million yuan, reflecting year-on-year increases of 10.75%, 7.26%, and 10.85% respectively [1][8]. - For Q4 2024, the revenue is projected to be 4.26 billion yuan, a year-on-year increase of 13.1%, while the net profit is expected to decline by 26.3% year-on-year [1][8]. Cost Management and Profitability - The company has maintained stable cost control, with sales, management, and R&D expense ratios of 5.5%, 2.8%, and 1.9% respectively in Q4 2024 [2][18]. - The gross profit margin for Q4 2024 is reported at 15.6%, showing a year-on-year decrease of 0.7 percentage points but an increase of 2.2 percentage points from the previous quarter [2][18]. Business Expansion and Market Strategy - The company has expanded its distribution channels significantly, with over 3,400 "You Neng Da" service providers and 120,000 terminal stores across the country [3][17]. - The overseas market has seen a substantial increase, with sales growing approximately 68.49% year-on-year, contributing significantly to overall performance [3][17]. - The company is focusing on upgrading its channels and expanding its lithium battery business, which is expected to provide additional growth opportunities [3][25]. Future Outlook - The company is projected to achieve net profits of 860 million yuan, 1.065 billion yuan, and 1.257 billion yuan for the years 2025, 2026, and 2027 respectively, with corresponding EPS of 0.73, 0.91, and 1.07 yuan [4][5][25]. - The company is well-positioned in the low-voltage lead-acid battery market, with significant growth potential in both the aftermarket and overseas markets [25].

Summary of Camel Group Conference Call Company Overview - **Company**: Camel Group - **Industry**: Lead-acid and low-voltage lithium battery manufacturing Key Points and Arguments Growth Logic - Camel Group is transitioning from the lead-acid battery aftermarket to low-voltage lithium batteries, which have an average selling price (ASP) 3-5 times higher than lead-acid batteries, significantly enhancing overall growth potential [3][4][7] Financial Performance - In 2024, Camel Group achieved a revenue of 15.6 billion yuan, a year-on-year increase of approximately 11%, and a net profit of 614 million yuan, up 7.3% year-on-year [4][5] - For Q1 2025, the company expects profits between 223 million and 255 million yuan, representing a year-on-year growth of 43%-63% [4][6] Low-Voltage Lithium Battery Market - The ASP for low-voltage lithium batteries is around 800-1,500 yuan, which is 3-5 times that of lead-acid batteries, indicating substantial market potential [4][7] - The automotive market is seeing increased concentration, which favors the penetration of low-voltage lithium batteries [4][9] Market Trends - The introduction of models with NOA (Navigation on Autopilot) features by companies like Changan, Geely, and BYD is expected to significantly boost low-voltage lithium sales in 2025 [4][8] - The replacement market for lead-acid batteries is gradually expanding, providing Camel Group with notable gains [4][10][12] Research and Development - Camel Group is continuously investing in R&D and production capacity for low-voltage lithium batteries and is actively expanding overseas to mitigate global trade risks [4][13] Future Projections - Revenue growth for the next two years is expected to be between 10% and 15%, with projected earnings of 860 million to 1 billion yuan [4][14] - The company maintains a low valuation of around 10 times earnings, indicating potential for growth [4][14] Risks - Potential risks include slower-than-expected global economic growth, lower automotive production and sales, and significant increases in raw material prices, which could impact business and performance [4][15] Additional Important Insights - The lead-acid battery aftermarket continues to provide substantial profit and cash flow, despite limited growth in the front-end market [4][5][10] - The competitive landscape in the lead-acid battery market is stable, dominated by three major players, which could ensure continued demand even with modest growth rates [4][12]

公司上市以来历次分配方案一览 | 日期 | 分配方案 | 派现金额合计（亿元） | 股息率（%） | | --- | --- | --- | --- | | 2024.12.31 | 10派2.9元（含税） | 3.40 | 3.58 | | 2023.12.31 | 10派2.7元（含税） | 3.17 | 3.05 | | 2022.12.31 | 10派2元（含税） | 2.35 | 1.84 | | 2021.12.31 | 10派2.2元（含税） | 2.58 | 1.76 | | 2020.12.31 | 10派2元（含税） | 2.23 | 2.23 | | 2019.12.31 | 10送3派2.1元（含税） | 1.81 | 1.72 | | 2018.12.31 | 10派1.5元（含税） | 1.29 | 1.30 | | 2017.12.31 | 10派0.57元（含税） | 0.48 | 0.38 | | 2016.12.31 | 10派0.61元（含税） | 0.52 | 0.35 | | 2015.12.31 | 10派2.15元（含税） | 1.83 | 1.08 | | 20 ...