Camel Group(SH:601311) Guoxin Securities·2025-11-11 05:36Investment Rating - The investment rating for the company is "Outperform the Market" [4][6][21]. Core Insights - The company's revenue for Q3 2025 reached 4.15 billion yuan, representing a year-on-year increase of 9% and a quarter-on-quarter increase of 7%. However, the net profit attributable to the parent company was 87 million yuan, down 50% year-on-year and 71% quarter-on-quarter, primarily due to intensified competition in the recycled lead industry, reduced foreign exchange gains, and fair value changes [1][9]. - The low-voltage lithium battery business is experiencing significant growth, with revenue for the first half of the year reaching 350 million yuan, a year-on-year increase of 196%. The company has achieved mass production supply for 15 designated projects in the automotive low-voltage lithium battery sector [2][14]. - The company is expanding its channels and customer certifications while enhancing its production capacity. As of Q2 2025, the domestic lead-acid battery production capacity is approximately 35 million KVAH per year, and the overseas capacity is about 5 million KVAH per year [3][19]. Summary by Sections Financial Performance - In Q3 2025, the company's revenue was 4.15 billion yuan, with a gross margin of 12.5%, down 1.0 percentage points year-on-year and 2.5 percentage points quarter-on-quarter. The company is actively expanding its overseas production capacity and enhancing its channel construction, contributing to overall export business growth [1][9][14]. Cost Management - The sales, management, and R&D expense ratios for Q3 2025 were 4.1%, 2.5%, and 1.8%, respectively, showing stable cost control compared to previous periods [2][14]. Business Expansion - The company has developed new customers in 19 new regions, including 9 new countries, and is implementing targeted marketing strategies. The overseas marketing strategy and product list are being refined to enhance market penetration [3][20]. Future Growth Potential - The future growth potential for the company lies in channel upgrades and business expansion, particularly in the aftermarket for lead-acid batteries and overseas markets, which are significantly larger than the domestic market. The company is also actively developing its lithium battery business, which is expected to contribute additional revenue [21][22].