Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has demonstrated stable operations in its main business, with a projected dividend payout ratio of no less than 50% over the next three years [1][6] - The company reported a significant increase in net profit for Q1 2025, with a year-on-year growth of 51.9%, attributed to stable revenue growth and positive impacts from equity investments [4][5] - The company is a leader in the domestic low-voltage lead-acid battery market, with a notable increase in overseas sales by approximately 68.5% in 2024 [5] Financial Performance - In 2024, the company achieved an operating revenue of 155.92 billion yuan, a year-on-year increase of 10.7%, and a net profit attributable to shareholders of 6.14 billion yuan, up 7.3% year-on-year [4] - For Q1 2025, the company reported an operating revenue of 41.36 billion yuan, reflecting a year-on-year growth of 19.7% [4] - The company has revised its profit forecasts for 2025-2026, now expecting net profits of 9.60 billion yuan and 12.72 billion yuan, respectively [4] Market Position and Strategy - The company is actively expanding its overseas market channels while maintaining a steady increase in its domestic market share [5] - The low-voltage lithium battery segment has seen a historic breakthrough in sales, generating revenue of 4.05 billion yuan in 2024, with a year-on-year increase of 376% [5] Shareholder Returns - The company plans to distribute a cash dividend of 2.90 yuan per 10 shares for 2024, with a total payout of 3.40 billion yuan, resulting in a dividend payout ratio of 55.41% [6] - The company has committed to maintaining a cash dividend payout ratio of no less than 50% annually from 2025 to 2027 [6] Valuation Metrics - The projected P/E ratios for 2025, 2026, and 2027 are 10.1, 7.6, and 6.7 times, respectively, indicating a favorable valuation outlook [4][7] - The company's revenue is expected to grow at a compound annual growth rate (CAGR) of approximately 10.3% from 2023 to 2027 [7]

Core Viewpoint - Camel Group, a leading company in the automotive low-voltage battery industry, aims to achieve a revenue target of 20 billion yuan by 2025, leveraging its dual strategy of low-voltage lead-acid and lithium batteries [1][5]. Financial Performance - In Q1 2025, the company reported a revenue of 4.136 billion yuan, a year-on-year increase of 19.74%, and a net profit attributable to shareholders of 237 million yuan, up 51.89% [1][3]. - For the full year 2024, Camel Group achieved a revenue of 15.592 billion yuan, representing a 10.75% increase, and a net profit of 614 million yuan, which is a 7.26% growth [1][2]. Market Position and Strategy - Camel Group maintains its leading position in the domestic automotive low-voltage lead-acid battery market, with a 10.69% increase in sales volume in 2024, totaling 38.3008 million kVAh [2][3]. - The company has secured 54 projects for fuel vehicles and 18 for new energy vehicles, with clients including high-end brands like BMW and Audi, as well as new energy vehicle manufacturers like Xiaomi and Seres [1][2]. International Expansion - In 2024, Camel Group expanded its international presence by developing 60 new customers and extending its business to 117 countries and regions, resulting in a 68.49% increase in overseas sales [3][4]. - The company aims to achieve over 10 billion yuan in overseas revenue by 2030, focusing on building a global market presence [4][5]. Historical Development - Camel Group originated from a small repair shop in Hubei and has evolved into a significant player in the battery industry, transitioning to a private enterprise and listing on the Shanghai Stock Exchange in 2011 [4][5]. - The company has consistently improved its ranking in the "Top 500 Private Enterprises in China," moving from 456th in 2020 to 336th in 2024, reflecting its stable market competitiveness [5].

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].

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]

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 ...

证券研究报告 | 2025年04月21日 骆驼股份（601311.SH） 优于大市 海外与国内业务推进，2024 年公司业绩稳定增长 海外与国内业务持续推进，2024 年公司业绩稳定增长。2024 年公司营收 155.92 亿元，同比+10.75%，归母净利润 6.14 亿元，同比+7.26%，扣非净利 润 5.93 亿元，同比+10.85%；24Q4 营收 42.6 亿元，同比+13.1%，环比+11.9%， 归母净利润 1.3 亿元，同比-26.3%，环比-27.2%，扣非净利润 1.1 亿元，同 比-26.3%，环比-20.5%。整体来看，2024 年公司汽车低压铅酸电池销售 3830 万 KVAH，同比+10.69%，其中铅酸类新能源汽车辅助电池销量同比+约 40%； 另外公司持续布局海外产能、加大渠道建设，整体出口业务同样贡献增量。 2024 年公司拟每 10 股派发现金红利 2.90 元（含税），分红率 55.4%。 费用管控稳定，锂电业务持续减亏。费用层面，24Q4 骆驼股份销售/管理/ 研发费用率分别为 5.5%/2.8%/1.9%，同比分别-0.1/0.0/-0.2pct，环比分别 +1.2 ...

Q&A 骆驼股份 20250421 摘要 骆驼股份的主要成长逻辑是什么？ 骆驼股份的主要成长逻辑是从过去的铅酸电池后市场转向低压锂电池。低压锂 电池具有单车 ASP（平均销售价格）是过去铅酸电池 3~5 倍的特点，这将显著 提升骆驼股份的整体成长性。低压锂电池本身技术门槛较高，市场竞争环境集 中，不像动力电池那样分散。因此，骆驼股份通过多年的低压电池积累，从今 年（2025 年）起预计实现营收和利润增长。公司今明年（2026 年）的业绩分别 预计为 8.6 亿和 10 亿，目前对应估值约 11 倍。 • 骆驼股份 2024 年营收 156 亿元，同比增长约 11%，净利润 6.14 亿元，同 比增长 7.3%，扣非净利润 5.9 亿元，同比增长约 11%。公司在铅酸电池后 市场业务的利润和现金流贡献显著。 • 2025 年一季度，公司预计利润范围为 2.23 到 2.55 亿元，同比增长 43%~63%；扣非净利润为 1.9 到 2.23 亿元，同比增长 13%~33%。低压锂电 业务发展是主要增长动力。 • 低压锂电池 ASP 在 800~1,500 元左右，是铅酸电池的 3~5 倍，市场潜力巨 大。随着长 ...

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 ...