Camel Group(SH:601311) ZHONGTAI SECURITIES·2024-04-19 06:30Investment Rating - The report maintains a "Buy" rating for the company with a market price of 7.95 CNY [1]. Core Views - The company achieved a total revenue of 14.08 billion CNY in 2023, representing a year-on-year growth of 4.87%. The net profit attributable to the parent company was 572 million CNY, up 21.79% year-on-year [4][14]. - The company is a leader in the low-voltage lead-acid battery market and is expanding into lithium battery and energy storage businesses. The production and sales of automotive low-voltage lead-acid batteries increased by 10.98% and 7.45% respectively in 2023 [5][16]. - The report adjusts the revenue forecasts for 2024-2026 to 15.99 billion CNY, 17.63 billion CNY, and 19.43 billion CNY respectively, with net profits of 743 million CNY, 922 million CNY, and 1.07 billion CNY [16]. Financial Performance Summary - Revenue and Profit Forecasts: - 2022A: Revenue of 13.43 billion CNY, Net Profit of 470 million CNY - 2023A: Revenue of 14.08 billion CNY, Net Profit of 572 million CNY - 2024E: Revenue of 15.99 billion CNY, Net Profit of 743 million CNY - 2025E: Revenue of 17.63 billion CNY, Net Profit of 922 million CNY - 2026E: Revenue of 19.43 billion CNY, Net Profit of 1.07 billion CNY [1][7]. - Growth Rates: - Revenue growth rate for 2023 is 4.9%, with projections of 13.6% for 2024 and 10.2% for 2025 and 2026 [9]. - Net profit growth rate for 2023 is 21.8%, with projections of 29.8% for 2024 and 24.1% for 2025 [9]. - Profitability Metrics: - Gross margin for 2023 was 15.05%, with lead-acid battery gross margin at 20.34% [15]. - The company maintains a stable return on equity (ROE) with projections of 6% in 2023, increasing to 10% by 2026 [1]. Market Position and Future Outlook - The company is positioned as a leading player in the low-voltage lead-acid battery sector, with ongoing projects in lithium battery and energy storage expected to contribute to future revenue [5][16]. - The report highlights the company's efforts to expand its market share both domestically and internationally, which is anticipated to enhance its revenue streams [16].