Camel Group(601311) 开源证券·2024-10-27 15:06Investment Rating - The investment rating for the company is maintained as "Buy" [1] Core Insights - The company has achieved stable revenue growth, with a year-on-year increase of 9.9% in the first three quarters of 2024, reaching a total revenue of 11.333 billion yuan [4] - The net profit attributable to shareholders for the same period is 487 million yuan, reflecting a year-on-year growth of 21.6% [4] - The company continues to expand its international presence, having successfully passed key certifications for its AGM battery products, enabling it to supply major automotive manufacturers like BMW and Volkswagen [6] Financial Performance Summary - For Q3 2024, the company reported revenue of 3.806 billion yuan, a slight year-on-year increase of 0.68% but a quarter-on-quarter decrease of 6.5% [4] - The net profit for Q3 2024 was 174 million yuan, showing a significant year-on-year increase of 44.25% and a quarter-on-quarter increase of 10% [4] - The gross margin and net margin for Q3 were 13.4% and 4.6%, respectively, with the net margin showing a year-on-year increase of 1.4 percentage points [7] Earnings Forecast - The company is expected to achieve net profits of 804 million yuan, 1.09 billion yuan, and 1.405 billion yuan for the years 2024, 2025, and 2026, respectively [4] - Corresponding price-to-earnings ratios for these years are projected to be 12.5, 9.2, and 7.2 times [4] Market Position and Strategy - The company is focusing on strict cost control, which has contributed to the recovery of its net profit margin in Q3 [7] - The international business is expected to continue contributing to revenue growth, with successful product development for major global automotive brands [6]