Core Viewpoint - Camel Group is positioned as a leading player in the automotive low-voltage battery market, with growth opportunities in the aftermarket and overseas markets [2][8]. 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, the net profit attributable to shareholders was 295 million yuan, showing a year-on-year increase of 87% and a quarter-on-quarter increase of 25% [3][8]. - 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 [3][5]. Business Segments - The company sold 19.17 million KVAH of automotive low-voltage lead-acid batteries in the first half of the year, a year-on-year increase of 0.8%. In contrast, sales of automotive low-voltage lithium batteries reached 229,000 KWH, a significant year-on-year increase of 274% [3][8]. - The company has made substantial progress in its lithium battery business, achieving mass production supply for 15 designated projects and securing 23 new project designations in the first half of 2025 [5][6]. Cost Management - In Q2 2025, the company's sales, management, and R&D expense ratios were 4.3%, 2.5%, and 1.9%, respectively, showing slight year-on-year and quarter-on-quarter changes [5][6]. Market Expansion - The company has expanded its distribution channels, partnering with over 2,000 dealers and more than 120,000 terminal stores and repair points across the country [6][8]. - In the first half of 2025, the company developed 19 new customers, including opportunities in South America, and achieved a year-on-year sales increase of 21.3% in overseas markets [6][8]. Future Growth Potential - The company's future growth is expected to come from channel upgrades, as the aftermarket and overseas markets for lead-acid batteries are significantly larger than the domestic front-end market [9]. - The company is actively pursuing lithium battery business expansion and ongoing research in energy storage batteries, along with the establishment of standardized processes for lithium battery recycling [9].

证券研究报告 | 2025年08月27日 骆驼股份（601311.SH） 优于大市 出口放量叠加锂电盈利修复，净利润持续增长 海外与国内业务持续推进，公司业绩稳定增长。骆驼股份 25Q2 营收 38.6 亿 元，同比-5%，环比-7%，归母利润 2.95 亿元，同比+87%，环比+25%，扣非 1.99 亿元，同比+13.9%，环比-3%。25Q2 毛利率 15.0%，同比+0.5pct，环比 -0.8pct；整体来看，公司汽车低压铅酸电池产销量较上年上半年累计销售 1917 万 KVAH，同比+0.8%；汽车低压锂电池累计销售 22.9 万 KWH，同比+274%； 另外公司持续布局海外产能、加大渠道建设，整体出口业务同样贡献增量。 费用管控稳定，锂电毛利率持续修复。费用层面，25Q2 骆驼股份销售/管理/ 研发费用率分别为 4.3%/2.5%/1.9%，同比分别-0.1/-0.2/+0.1pct，环比分 别-0.1/+0.1/+0.2pct。盈利能力层面，25Q2 公司销售毛利率 15.0%，同比 +0.5pct，环比-0.8pct，公司盈利能力依旧稳健扎实。25H1 公司低压锂电毛 利率持续提升，25H ...