Camel Group(601311) 中泰证券·2024-04-30 02:00Investment Rating - The investment rating for the company is "Buy" (maintained) with a market price of 8.34 CNY [9]. Core Views - The company's Q1 2024 performance met expectations, with stable growth in revenue and profit. Q1 2024 revenue reached 3.454 billion CNY, up 4.84% year-on-year, while net profit attributable to shareholders was 156 million CNY, down 4.86% year-on-year [3][8]. - The company is a leader in the low-voltage lead-acid battery sector, with ongoing expansion into lithium batteries and energy storage. In 2023, the company sold 34.6 million KVAH of low-voltage batteries, a year-on-year increase of 7.45% [4]. - The company is expected to see further market share growth as it expands into maintenance and overseas markets. Revenue forecasts for 2024-2026 are 15.995 billion CNY, 17.626 billion CNY, and 19.426 billion CNY, respectively, with net profits of 743 million CNY, 922 million CNY, and 1.074 billion CNY [14]. Financial Performance Summary - For Q1 2024, the company reported a gross margin of 17.28%, an increase of 2.07 percentage points year-on-year, driven by improved sales volume of low-voltage batteries [13]. - The company’s operating income for 2023 is projected to be 14.079 billion CNY, with a year-on-year growth rate of 5%. The net profit for 2023 is expected to be 572 million CNY, reflecting a 22% increase year-on-year [6][14]. - The company’s P/E ratios for 2024-2026 are projected to be 13.17X, 10.61X, and 9.11X, respectively, indicating a favorable valuation [14].