Camel Group(601311) 华鑫证券·2024-05-17 10:30Investment Rating - The report assigns a "Buy" rating to the company based on its strong competitive advantages and growth prospects in the lead-acid battery sector [25][39]. Core Insights - The company achieved a revenue of 14.079 billion yuan in 2023, representing a year-over-year increase of 4.87%, and a net profit attributable to shareholders of 572 million yuan, up 21.79% year-over-year [6][16]. - The lead-acid battery business has shown stable growth, with a revenue of 10.88 billion yuan in 2023, reflecting a year-over-year increase of 7.8%. The company is expected to benefit from growth in domestic and overseas markets [16][40]. - The company is also making progress in its low-voltage lithium battery segment, which is anticipated to contribute positively to earnings as the penetration of new energy vehicles increases [42]. Summary by Sections Financial Performance - In Q1 2024, the company reported a revenue of 3.454 billion yuan, a year-over-year increase of 4.84%, and a net profit of 156 million yuan, down 4.86% year-over-year. However, the net profit excluding non-recurring items grew by 35.44% to 168 million yuan [54]. - The gross margin for the lead-acid battery business improved to 20.34% in 2023, up 0.8 percentage points year-over-year, driven by better sales structure and increased contribution from high-margin markets [6][16]. Market Position and Strategy - The company has a leading position in the domestic lead-acid battery market, supported by its technological, channel, and brand advantages developed over 40 years [16]. - The company is expanding its international operations and has established an international business unit to optimize its global strategy, indicating significant growth potential in overseas markets [16][25]. Future Projections - The company forecasts net profits of 772 million yuan, 934 million yuan, and 1.11 billion yuan for 2024, 2025, and 2026, respectively, with corresponding EPS of 0.66 yuan, 0.80 yuan, and 0.95 yuan [25][56]. - The report anticipates a revenue growth rate of 14.4% in 2024, followed by 12.0% in 2025 and 10.6% in 2026, indicating a robust growth trajectory [18][25].