Camel Group(SH:601311) Guoxin Securities·2025-08-27 09:35Investment Rating - The report maintains an "Outperform the Market" rating for the company [4][6][22] Core Viewpoints - The company is experiencing stable growth in both domestic and international markets, with a significant increase in net profit driven by export expansion and recovery in lithium battery profitability [1][4][22] - The company has successfully expanded its overseas capacity and strengthened its distribution channels, contributing to growth in export business [3][22] - The future growth potential lies in channel upgrades and business expansion, particularly in the lead-acid battery aftermarket and overseas markets, which are larger than the domestic market [22] Summary by Sections Financial Performance - In Q2 2025, the company reported revenue of 3.86 billion yuan, a year-on-year decrease of 5% and a quarter-on-quarter decrease of 7%. However, net profit reached 295 million yuan, up 87% year-on-year and 25% quarter-on-quarter [1][10] - The gross profit margin for Q2 2025 was 15.0%, an increase of 0.5 percentage points year-on-year but a decrease of 0.8 percentage points quarter-on-quarter [2][10] Cost Management - The company maintained stable cost control with sales, management, and R&D expense ratios of 4.3%, 2.5%, and 1.9% respectively in Q2 2025 [2][13] - The gross margin for low-voltage lithium batteries improved to 15.0% in the first half of 2025, compared to 12.3% for the entire year of 2024 [2][13] Business Expansion - The company has established partnerships with over 2,000 distributors and more than 120,000 retail outlets across the country, enhancing its distribution network [3][22] - In the first half of 2025, the company developed 19 new customers, including opportunities in South America, and achieved a 21.3% year-on-year increase in overseas sales [3][22] Future Outlook - The company has revised its profit forecasts upward, expecting net profits of 930 million yuan, 1.126 billion yuan, and 1.334 billion yuan for 2025, 2026, and 2027 respectively [4][22] - The report emphasizes the potential for growth in the lead-acid battery aftermarket and the ongoing development of lithium battery projects, which are expected to contribute to future revenue [22]