骆驼股份：公司深度报告：沙漠行舟，海外或加速突破

Investment Rating - The investment rating for the company is "Buy" (maintained) [7] Core Viewpoints - The company has established a strong presence in the domestic market and is making significant strides in international markets, with overseas sales growing over 80% year-on-year in the first five months of 2024 [5] - The company has a well-structured channel network with over 3,300 service providers and 110,000 terminal merchants, increasing its market share from 25% in 2019 to 30% in 2022 [9] - The company is focusing on enhancing its recycling capabilities, with a waste lead-acid battery processing capacity of 860,000 tons per year, forming a closed-loop resource utilization system [25] Financial Summary - The company's revenue for 2023 was 14,079 million yuan, a year-on-year increase of 4.9%, with a projected revenue of 16,166 million yuan for 2024, reflecting a growth rate of 14.8% [6] - The net profit attributable to shareholders for 2023 was 572 million yuan, with a significant increase of 40.4% expected in 2024, reaching 804 million yuan [6] - The company's gross margin improved to 15.1% in 2023, with further increases anticipated, reaching 17.3% by 2026 [6][45] - The company has a dividend payout ratio of 55% for 2023, with a dividend yield of 3.4% [10][57] Market Position and Strategy - The company is a veteran in the low-voltage lead-acid battery sector, with over 40 years of experience and a goal of global expansion [31] - The company is adapting to market trends, with a dual strategy of maintaining lead-acid battery production while gradually introducing lithium batteries [80] - The company has established a localized production capacity of approximately 5 million KVAH overseas, enhancing its delivery capabilities [5][28] Management and Governance - The company operates under a professional management system, with a stable management team that has been in place for many years [55][37] - The controlling shareholder is Sun Jie, who holds approximately 25.78% of the shares, ensuring a strong governance structure [35]