Camel Group(SH:601311) ZHONGTAI SECURITIES·2024-08-21 08:00Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a significant revenue growth of 15.24% year-on-year in H1 2024, achieving a total revenue of 7.527 billion yuan [3] - The net profit attributable to the parent company reached 314 million yuan, reflecting an 11.89% increase year-on-year [3] - The company is a leader in the domestic lead-acid battery industry, with a steady increase in market share and a growing lithium battery business [4] Financial Summary - Revenue projections for 2024-2026 are adjusted to 16.342 billion yuan, 18.324 billion yuan, and 20.800 billion yuan respectively [4] - Net profit forecasts for the same period are 746 million yuan, 922 million yuan, and 1.070 billion yuan respectively [4] - The company's current market capitalization is 8.306 billion yuan, with corresponding P/E ratios of 11.13X, 9.01X, and 7.76X for 2024-2026 [4] Revenue Breakdown - In H1 2024, lead-acid battery revenue was 6.001 billion yuan, up 20.54% year-on-year, while lithium battery revenue surged to 119 million yuan, a 137.38% increase [3] - The company sold 19.01 million KVAH of lead-acid batteries, marking a 17.10% increase in sales volume [3] Profitability Metrics - The overall gross margin for H1 2024 was 15.78%, an increase of 1.17 percentage points year-on-year [3] - The company has successfully reduced losses in its lithium battery segment, with the gross margin improving from -7.91% in 2023 to -0.11% in H1 2024 [3] Market Position - The company maintains a leading position in the low-voltage lead-acid battery market, with a domestic production capacity of 35 million KVAH per year and an international capacity of 5 million KVAH [3] - The company has established partnerships with over 2,000 distributors and 110,000 retail outlets domestically, while also expanding its overseas market presence [3]