Camel Group(SH:601311) Xin Lang Cai Jing·2025-08-23 10:25Core Viewpoint - The growth logic of Camel Group's low-voltage lithium battery business is clear, and the scale effect during business growth is expected to significantly enhance the company's performance, maintaining a "buy" rating [1][2]. Financial Performance - The company raised its net profit forecast for 2025/26/27 to 1.04 billion, 1.3 billion, and 1.47 billion yuan, representing year-on-year growth of 69%, 25%, and 14% respectively [2]. - For the first half of 2025, the company achieved revenue of 8 billion yuan, a year-on-year increase of 6.2%, and a net profit of 530 million yuan, a year-on-year increase of 69.5% [2]. - The gross margin was 15.4%, down 0.4 percentage points year-on-year, while the net margin was 6.7%, up 2.4 percentage points year-on-year [2]. - In Q2 2025, revenue was 3.86 billion yuan, a year-on-year decrease of 5.2% and a quarter-on-quarter decrease of 6.7% [2]. Low-Voltage Lithium Battery Business Growth - The low-voltage lithium battery business generated revenue of 350 million yuan in the first half of 2025, a year-on-year increase of 196% [3]. - The company achieved mass production supply for 15 designated projects in the automotive low-voltage lithium battery sector, with clients including Seres, NIO, and Volkswagen [3]. - Cumulative sales of automotive low-voltage lithium batteries reached 229,000 KWH, a year-on-year increase of 274%, maintaining rapid growth [3]. Overseas Business Development - The company's overseas market sales grew by approximately 21% in the first half of 2025, attributed to breakthroughs in partnerships with five major manufacturers and the development of new channels in nine countries [4]. - The sales of AGM lead-acid start-stop batteries increased by approximately 46%, indicating growth potential in the aftermarket as more vehicles with start-stop functions enter the market [4].