Group 1 - The core viewpoint of the article highlights a collective pullback in the A-share market for energy storage concept stocks, with significant declines observed in several companies [1] Group 2 - Airo Energy (688717) experienced a decline of 9.27%, with a total market capitalization of 11.1 billion and a year-to-date increase of 48.43% [2] - Kelu Electronics (002121) saw a drop of 9.25%, with a market cap of 14.7 billion and a year-to-date increase of 102.99% [2] - Pylon Technologies (688063) fell by 6.40%, with a market capitalization of 15.9 billion and a year-to-date increase of 63.70% [2] - Nandu Power (300068) decreased by 5.29%, with a total market cap of 17.5 billion and a year-to-date increase of 21.00% [2] - Kehua Data (002335) declined by 3.56%, with a market capitalization of 26.9 billion and a year-to-date increase of 81.20% [2] - Kstar (002518) dropped by 3.36%, with a market cap of 27.7 billion and a year-to-date increase of 113.03% [2] - Shengyang Co., Ltd. (002580) fell by 2.74%, with a total market cap of 6.282 billion and a year-to-date increase of 63.67% [2] - Huabao New Energy (301327) decreased by 1.79%, with a market capitalization of 10.8 billion and a year-to-date increase of 14.58% [2] - Camel Group (601311) saw a decline of 1.67%, with a market cap of 11.8 billion and a year-to-date increase of 25.00% [2]

Investment Rating - The investment rating for the company is "Outperform the Market" [4][6][21]. Core Insights - The company's revenue for Q3 2025 reached 4.15 billion yuan, representing a year-on-year increase of 9% and a quarter-on-quarter increase of 7%. However, the net profit attributable to the parent company was 87 million yuan, down 50% year-on-year and 71% quarter-on-quarter, primarily due to intensified competition in the recycled lead industry, reduced foreign exchange gains, and fair value changes [1][9]. - The low-voltage lithium battery business is experiencing significant growth, with revenue for the first half of the year reaching 350 million yuan, a year-on-year increase of 196%. The company has achieved mass production supply for 15 designated projects in the automotive low-voltage lithium battery sector [2][14]. - The company is expanding its channels and customer certifications while enhancing its production capacity. As of Q2 2025, the domestic lead-acid battery production capacity is approximately 35 million KVAH per year, and the overseas capacity is about 5 million KVAH per year [3][19]. Summary by Sections Financial Performance - In Q3 2025, the company's revenue was 4.15 billion yuan, with a gross margin of 12.5%, down 1.0 percentage points year-on-year and 2.5 percentage points quarter-on-quarter. The company is actively expanding its overseas production capacity and enhancing its channel construction, contributing to overall export business growth [1][9][14]. Cost Management - The sales, management, and R&D expense ratios for Q3 2025 were 4.1%, 2.5%, and 1.8%, respectively, showing stable cost control compared to previous periods [2][14]. Business Expansion - The company has developed new customers in 19 new regions, including 9 new countries, and is implementing targeted marketing strategies. The overseas marketing strategy and product list are being refined to enhance market penetration [3][20]. Future Growth Potential - The future growth potential for the company lies in channel upgrades and business expansion, particularly in the aftermarket for lead-acid batteries and overseas markets, which are significantly larger than the domestic market. The company is also actively developing its lithium battery business, which is expected to contribute additional revenue [21][22].

证券日报网讯骆驼股份（601311）11月10日在互动平台回答投资者提问时表示，公司一方面持续强化主 营业务的竞争力，另一方面加速电源领域的产品延伸，后续会根据市场情况，加快低压钠电池、功率型 电源、小动力电源等产品的投放。 ...

Core Viewpoint - The company, Camel Group (601311), has stated that it will strictly adhere to legal and regulatory obligations regarding information disclosure in the event of significant matters such as mergers and acquisitions [1] Group 1 - The company confirmed its commitment to comply with information disclosure requirements [1]

Core Viewpoint - The company is focusing on enhancing its core business competitiveness while also accelerating product extensions in the power supply sector, particularly in response to the anticipated growth in humanoid robots [1] Group 1 - The company is developing low-voltage sodium batteries, power-type power supplies, and small power supplies to meet market demands [1] - The company acknowledges the potential market for humanoid robots and is preparing to launch relevant products accordingly [1]

Market Overview - The street vendor economy sector experienced a decline of 0.55% compared to the previous trading day, with Jihong Co., Ltd. leading the drop [1] - The Shanghai Composite Index closed at 3976.52, up 0.55%, while the Shenzhen Component Index closed at 13404.06, up 0.19% [1] Stock Performance - Notable gainers in the street vendor economy sector included: - ST Xuefa (code: 002485) with a closing price of 4.27, up 4.91% on a trading volume of 28,100 shares and a transaction value of 11.9763 million [1] - Longkui General (code: 603766) with a closing price of 14.22, up 4.48% on a trading volume of 449,500 shares [1] - Major decliners included: - Jihong Co., Ltd. (code: 002803) with a closing price of 18.05, down 3.11% on a trading volume of 176,700 shares and a transaction value of 319 million [2] - Camel Group (code: 601311) with a closing price of 9.96, down 2.35% on a trading volume of 570,200 shares [2] Capital Flow - The street vendor economy sector saw a net outflow of 968 million from institutional investors, while retail investors contributed a net inflow of 560 million [2] - The capital flow for specific stocks indicated: - Qianli Technology (code: 601777) had a net inflow of 43.8291 million from institutional investors, but a net outflow of 92.4420 million from retail investors [3] - Guoen Co., Ltd. (code: 002768) experienced a net inflow of 19.6205 million from institutional investors, with a net outflow of 25.5515 million from retail investors [3]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's main business is stable, with a slight pressure on profits in Q3 2025. The revenue for the first three quarters of 2025 reached 12.142 billion yuan, a year-on-year increase of 7.1%, while the net profit attributable to shareholders was 619 million yuan, up 27.0% year-on-year. However, the net profit in Q3 2025 showed a significant decline of 49.8% year-on-year [4][5] - The company is focusing on a dual low-voltage battery technology solution of "lead-acid + lithium battery," which is expected to drive stable growth in the automotive lead-acid battery sector and reduce losses in the low-voltage lithium battery business through economies of scale [4][6] Financial Performance Summary - For Q3 2025, the company achieved revenue of 4.147 billion yuan, a year-on-year increase of 9.0% and a quarter-on-quarter increase of 7.5%. The net profit attributable to shareholders was 87 million yuan, down 49.8% year-on-year and down 70.4% quarter-on-quarter [4][5] - The company forecasts net profits attributable to shareholders for 2025-2027 to be 960 million, 1.272 billion, and 1.449 billion yuan respectively, with corresponding EPS of 0.82, 1.08, and 1.24 yuan [4][7] - The company's revenue is projected to grow from 14.079 billion yuan in 2023 to 20.843 billion yuan in 2027, with a compound annual growth rate (CAGR) of approximately 10.3% [7][9] Business Segment Insights - The low-voltage lithium battery segment is experiencing rapid growth, with revenue of approximately 353 million yuan in H1 2025, a year-on-year increase of 196%. The gross margin for this segment improved from 12.3% in 2024 to 15% in H1 2025 [6][7] - The company is actively adjusting its production and sales rhythm in response to the competitive landscape in the recycled lead industry, which has seen a decline in gross margins [5][6]

Group 1 - The A-share market's energy storage sector is experiencing significant growth, with notable stock price increases for several companies [1] - HaiBo SiChuang's stock rose over 13%, followed by AiLuo Energy with over 9%, and KeLu Electronics with over 7% [2] - The growth is driven by policy support and increasing global demand for grid stability equipment and AI-driven data center power supply systems [1] Group 2 - The battery industry, along with solar energy and electric vehicles, is a core component of China's industrial growth strategy [1] - The total market capitalization of HaiBo SiChuang is 50.6 billion, while AiLuo Energy stands at 12.2 billion [2] - Year-to-date, KeLu Electronics has seen a remarkable increase of 105.52% in its stock price [2]

证券代码：601311 证券简称：骆驼股份 公告编号：2025-046 骆驼集团股份有限公司 高级管理人员减持股份结果公告 本公司董事会、全体董事及相关股东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。 重要内容提示： 高级管理人员持股的基本情况 截至 2025 年 10 月 28 日，骆驼集团股份有限公司（以下简称"公司"）副总 裁刘科先生持有公司股份 26,100,000 股，占公司总股本的 2.22%；刘科先生的 一致行动人刘方女士持有公司股份 34,796,667 股，占公司总股本的 2.97%；刘 科先生及其一致行动人刘方女士合计持有公司股份 60,896,667 股，占公司总股 本的 5.19%。 减持计划的实施结果情况 公司于 2025 年 7 月 7 日在上海证券交易所网站（www.sse.com.cn）披露了 《骆驼股份高级管理人员减持股份计划公告》（公告编号：2025-030）。自减持计 划公告披露之日起 15 个交易日后的 3 个月内（窗口期不减持），刘科先生拟通过 集中竞价、大宗交易方式减持不超过 8,699,100 股，不 ...

Investment Rating - The report maintains a "Buy" rating for the company, expecting a relative performance increase of over 15% compared to the benchmark index within the next 6 to 12 months [9]. Core Views - The company is positioned as a leader in the domestic lead-acid battery industry, with a growing focus on low-voltage lithium batteries and international markets. The rapid growth of the low-voltage lithium battery business and the ongoing expansion into overseas markets present significant growth opportunities [6][8]. - The company reported steady revenue growth in Q3 2025, with a year-on-year increase of 8.9%, but faced a significant decline in net profit, down 49.8% year-on-year, primarily due to high base effects from foreign exchange gains in the previous year and increased competition in the recycled lead industry [6][8]. - The company’s low-voltage lithium battery business is entering a high-growth phase, with substantial project additions and partnerships with major automotive manufacturers, which will support future revenue growth [6][8]. Financial Summary - For 2023A, the company achieved a revenue of 14,079 million yuan, with a projected growth rate of 5% year-on-year. By 2025E, revenue is expected to reach 17,933 million yuan, reflecting a growth rate of 15% [2]. - The net profit for 2023A was 572 million yuan, with a significant projected increase to 934 million yuan by 2025E, indicating a growth rate of 52% [2]. - The earnings per share (EPS) is projected to grow from 0.49 yuan in 2023A to 0.80 yuan in 2025E [2]. Market Position - The company maintains a strong position in the low-voltage lead-acid battery market, with a continuous increase in the proportion of high-value-added products like AGM batteries [6]. - The overseas business has shown a revenue increase of 21.3% year-on-year, indicating successful market penetration in Europe [6].