Camel Group(SH:601311) KAIYUAN SECURITIES·2025-04-11 08:57Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a strong performance in Q1 2025, with a significant increase in net profit and stable growth in its main business [4][5] - The company achieved a revenue of 15.592 billion yuan in 2024, representing a year-over-year growth of 10.75%, and a net profit of 614 million yuan, up 7.26% year-over-year [4] - The company expects a substantial increase in net profit for Q1 2025, projected between 223 million to 255 million yuan, indicating a year-over-year growth of 43.15% to 63.47% [4] - The main business of automotive lead-acid batteries is showing stable growth, while low-voltage lithium battery sales have significantly increased, contributing to the overall performance [5] Financial Summary and Valuation Indicators - Revenue is projected to grow from 15.592 billion yuan in 2024 to 18.367 billion yuan in 2025, and further to 20.596 billion yuan in 2026, with corresponding year-over-year growth rates of 17.8% and 12.1% respectively [7] - The net profit is expected to rise from 614 million yuan in 2024 to 1.09 billion yuan in 2025, and 1.405 billion yuan in 2026, with year-over-year growth rates of 77.5% and 28.9% respectively [7] - The company's price-to-earnings (P/E) ratio is projected to decrease from 15.4 in 2024 to 8.7 in 2025 and further to 6.7 in 2026, indicating an attractive valuation [7] Business Operations - The company has been deeply engaged in the low-voltage battery sector for over 40 years, providing both lead-acid and lithium batteries [5] - The sales of automotive low-voltage lead-acid batteries have steadily increased, and the profitability from the recycling of used lead-acid batteries has improved [5] - A new production line for low-voltage lithium batteries is expected to be operational within the year, catering to the growing market demand driven by the electrification of vehicles [6]