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].

Market Overview - The battery sector increased by 0.29% compared to the previous trading day, with Fangyuan Co., Ltd. leading the gains [1] - The Shanghai Composite Index closed at 3996.94, up 1.18%, while the Shenzhen Component Index closed at 13489.4, up 1.51% [1] Top Gainers in the Battery Sector - Fangyuan Co., Ltd. (688148) closed at 8.01, up 12.50% with a trading volume of 641,600 shares and a transaction value of 506 million [1] - Xinde New Materials (301349) closed at 45.00, up 11.94% with a trading volume of 112,600 shares and a transaction value of 501 million [1] - Hunan YN (301358) closed at 61.58, up 8.99% with a trading volume of 319,400 shares and a transaction value of 1.986 billion [1] - Other notable gainers include Jinyinhe (300619), Wanrun New Energy (688275), and Guoxuan High-Tech (002074) with respective increases of 7.20%, 6.57%, and 6.00% [1] Top Losers in the Battery Sector - Yinghe Technology (300457) closed at 29.49, down 7.96% with a trading volume of 507,100 shares and a transaction value of 1.52 billion [2] - Camel Group (601311) closed at 10.14, down 6.02% with a trading volume of 834,600 shares and a transaction value of 850 million [2] - Other significant decliners include Jia Yuan Technology (688388) and Huaneng Technology (688353) with decreases of 4.44% and 4.34% respectively [2] Capital Flow Analysis - The battery sector experienced a net outflow of 1.738 billion from institutional investors, while retail investors saw a net inflow of 864 million [2][3] - Notable stocks with significant net inflows from retail investors include Guoxuan High-Tech (002074) with a net inflow of 155 million [3] - The capital flow data indicates a mixed sentiment among different investor types within the battery sector [3]

Core Viewpoint - Camel Group Co., Ltd. experienced a 5.38% decline in stock price, closing at 10.21 CNY per share, with a trading volume of 147 million CNY and a turnover rate of 1.23%, resulting in a total market capitalization of 11.978 billion CNY [1] Company Overview - Camel Group Co., Ltd. is located in Xiangyang, Hubei Province, and was established on July 2, 1994, with its listing date on June 2, 2011 [1] - The company's main business includes low-voltage automotive battery operations, recycling, and energy storage [1] - Revenue composition is as follows: low-voltage lead-acid batteries account for 79.06%, recycled lead 14.65%, lithium batteries 4.41%, and others 1.88% [1] Fund Holdings - According to data, one fund under Dacheng Fund has a significant holding in Camel Group [2] - Dacheng Strategy Return Mixed A (090007) reduced its holdings by 1.1931 million shares in the second quarter, maintaining 8.7512 million shares, which represents 1.95% of the fund's net value, ranking as the tenth largest holding [2] - The estimated floating loss for today is approximately 5.0757 million CNY [2] Fund Performance - Dacheng Strategy Return Mixed A (090007) was established on November 26, 2008, with a latest scale of 3.533 billion CNY [2] - Year-to-date return is 13.67%, ranking 5344 out of 8226 in its category; the one-year return is 18.8%, ranking 4363 out of 8099; and since inception, the return is 871.65% [2] - The fund manager, Xu Yan, has a tenure of 13 years and has managed assets totaling 19.367 billion CNY, with the best return during the tenure being 152.72% and the worst being -0.45% [2]

Group 1: Financial Events and Policies - The 2025 Financial Street Forum Annual Meeting is taking place from October 27 to 30 in Beijing, with key speeches from the Governor of the People's Bank of China, the head of the Financial Regulatory Administration, and the Chairman of the China Securities Regulatory Commission [2][3] - The People's Bank of China will conduct a 900 billion yuan Medium-term Lending Facility (MLF) operation on October 27, with a one-year term [3][5] - The State Council's report on financial work emphasizes the need for a moderately loose monetary policy to support the real economy and create a favorable financial environment [3] Group 2: Company Earnings Reports - WuXi AppTec reported a net profit of 12.076 billion yuan for the first three quarters, a year-on-year increase of 84.84% [4] - Cambridge Technology's net profit for the first three quarters increased by 70.88% year-on-year [5] - Weicai Technology achieved a net profit of 202 million yuan for the first three quarters, marking a 226.41% year-on-year growth [5] - Guosheng Financial Holdings reported a net profit of 242 million yuan for the first three quarters, up 191.21% year-on-year [6] - Shen Shen Fang A's net profit surged by 2791.57% year-on-year for the first three quarters, reaching 14.5 million yuan [6] - Several companies, including Morning Light Biotechnology and Wen Tai Technology, reported significant year-on-year profit increases of 385.3% and 265.09%, respectively [6][12] Group 3: Company Losses and Declines - Jing Sheng Machinery reported a net profit decline of 69.56% for the first three quarters [9] - China Shenhua's net profit decreased by 10% year-on-year, amounting to 39.052 billion yuan [8] - Health Yuan and Ping An Bank experienced net profit declines of 1.83% and 3.5%, respectively, for the first three quarters [8]

Core Viewpoint - The company reported a decline in net profit for the third quarter, primarily due to foreign exchange losses and decreased gross margins in the recycled lead business, as well as reduced fair value gains from investments due to market fluctuations [4]. Financial Data - The financial report for the third quarter is unaudited, and the company emphasizes the accuracy and completeness of the financial information provided [3][9]. - The report indicates that the net profit has decreased compared to the same period last year, influenced by operational losses and non-operational losses [4]. Shareholder Information - The company confirms that there are no changes in the major shareholders or significant fluctuations in shareholding due to stock lending activities [7]. Board Meeting - The board meeting was held on October 24, 2025, with all members present, and the resolution to approve the third-quarter report was passed unanimously [15][17].

Core Viewpoint - Camel Group (骆驼股份) reported a revenue increase in Q3 but faced a significant decline in net profit, indicating challenges in operational performance despite growth in sales [1][2] Group 1: Financial Performance - In Q3, Camel Group achieved a revenue of 4.147 billion yuan, a year-on-year increase of 8.95%, with a cumulative revenue of 12.142 billion yuan, up 7.14% year-on-year [1] - The net profit attributable to shareholders in Q3 was 87 million yuan, down 49.81% year-on-year, while the cumulative net profit reached 619 million yuan, an increase of 26.95% [1] - The decline in Q3 net profit was attributed to both operational and non-operational losses, including reduced exchange gains due to currency fluctuations and a decrease in gross margin for the recycled lead business [1] Group 2: Product Performance - Camel Group's main products, low-voltage lead-acid batteries and lithium batteries, saw an increase in gross margins year-on-year, with stable growth in lead-acid battery sales [2] - The sales of low-voltage lithium batteries doubled by the end of Q3, reflecting a strong growth trend [2] - The company experienced explosive growth in the sales of lithium batteries for parking air conditioning, with a nearly 50-fold increase in demand for commercial vehicle lithium battery products [2]

Group 1 - The core point of the article is that Camel Group Co., Ltd. announced the convening of its 10th Board of Directors meeting to review the third quarter report for 2025 [1] - For the year 2024, the revenue composition of Camel Group is as follows: lead-acid batteries account for 79.86%, recycled lead for 15.75%, lithium batteries for 2.59%, and others for 1.79% [1] - As of the report date, Camel Group's market capitalization is 12.7 billion yuan [1]