Camel Group(SH:601311) KAIYUAN SECURITIES·2025-04-28 13:38Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has demonstrated stable operations in its main business, with a projected dividend payout ratio of no less than 50% over the next three years [1][6] - The company reported a significant increase in net profit for Q1 2025, with a year-on-year growth of 51.9%, attributed to stable revenue growth and positive impacts from equity investments [4][5] - The company is a leader in the domestic low-voltage lead-acid battery market, with a notable increase in overseas sales by approximately 68.5% in 2024 [5] Financial Performance - In 2024, the company achieved an operating revenue of 155.92 billion yuan, a year-on-year increase of 10.7%, and a net profit attributable to shareholders of 6.14 billion yuan, up 7.3% year-on-year [4] - For Q1 2025, the company reported an operating revenue of 41.36 billion yuan, reflecting a year-on-year growth of 19.7% [4] - The company has revised its profit forecasts for 2025-2026, now expecting net profits of 9.60 billion yuan and 12.72 billion yuan, respectively [4] Market Position and Strategy - The company is actively expanding its overseas market channels while maintaining a steady increase in its domestic market share [5] - The low-voltage lithium battery segment has seen a historic breakthrough in sales, generating revenue of 4.05 billion yuan in 2024, with a year-on-year increase of 376% [5] Shareholder Returns - The company plans to distribute a cash dividend of 2.90 yuan per 10 shares for 2024, with a total payout of 3.40 billion yuan, resulting in a dividend payout ratio of 55.41% [6] - The company has committed to maintaining a cash dividend payout ratio of no less than 50% annually from 2025 to 2027 [6] Valuation Metrics - The projected P/E ratios for 2025, 2026, and 2027 are 10.1, 7.6, and 6.7 times, respectively, indicating a favorable valuation outlook [4][7] - The company's revenue is expected to grow at a compound annual growth rate (CAGR) of approximately 10.3% from 2023 to 2027 [7]