Core Insights - Camel Group (骆驼股份) reported a revenue of 7.995 billion yuan for the first half of 2025, representing a year-on-year growth of 6.22% [2] - The net profit attributable to shareholders reached 532 million yuan, showing a significant increase of 69.46% compared to the previous year [2] - The growth in net profit is attributed to increased sales of automotive low-voltage batteries, particularly lithium batteries, and improved management processes leading to a decrease in expense ratios [2] Revenue and Profit Analysis - The company's main products, automotive low-voltage batteries, saw a continuous increase in sales, with lithium battery sales and gross margins experiencing significant year-on-year growth [2] - Despite a slight decline in domestic sales of lead-acid batteries due to market shifts towards lithium batteries, overseas sales of lead-acid batteries grew by 21.31% [3] - The company achieved a net profit increase due to non-operating factors, including investment project fair value adjustments and debt restructuring, which contributed to higher investment income [2] Market Dynamics - The domestic market for lead-acid batteries faced challenges, with a 2.4% decline in sales for lead-acid batteries in the original equipment manufacturer (OEM) market, while AGM lead-acid start-stop battery sales surged by 46% [2][3] - The transition from lead-acid to lithium batteries in the domestic OEM and maintenance replacement markets is impacting the company's lead-acid battery business [2] - The company is actively developing new products to capitalize on the market opportunities presented by the shift to lithium batteries, with low-voltage lithium battery sales increasing by 274% year-on-year [3] Strategic Initiatives - Camel Group is focusing on expanding its international presence, having developed 19 new customers and secured 5 OEM project designations in overseas markets [3] - The company has initiated mass production supply for 15 OEM projects in the domestic market, including partnerships with notable manufacturers such as NIO and Geely [3] - The construction of a low-carbon industrial park and a PACK factory in Europe is progressing well, with the first production line of the low-carbon industrial park already operational [3]

8月21日，骆驼股份（601311）披露2025年半年度报告，上半年实现营业收入79.95亿元，同比增长 6.22%；归母净利润5.32亿元，同比增长69.46%。 报告期内，公司汽车低压铅酸电池销量同比小幅增长，受汽车行业电动化、电池轻量化、消费结构化转 型等因素影响，公司在国内市场销量不及预期，但海外市场销量保持快速增长。锂电池方面，公司汽车 低压锂电池销量保持高速增长。 骆驼股份表示，国内主机配套及维护替换市场铅酸电池加速向锂电池转型，给公司铅酸电池业务带来一 定冲击。公司铅酸电池产品在国内主机配套市场的销量同比下降2.4%，但AGM铅酸启停电池销量同比 增长46%；铅酸电池产品在国内维护替换市场销量同比下降2.72%。 不过得益于国际化战略布局，公司铅酸电池产品在海外市场销量同比增长21.31%，对冲了国内市场波 动。上半年，公司在海外共开发了19个新客户，获得5个主机厂项目定点，实现了首个中国系商用车品 牌的海外配套定点，并获得欧洲知名车企在OEM项目和OES项目上的双定点。 对于净利润大幅提升原因，骆驼股份表示，公司主营产品汽车低压电池销量持续增长，其中锂电池产品 销量及毛利率同比增长显著；公司持 ...

Core Viewpoint - The company presented its 2024 financial results and 2025 budget plan during the annual shareholders' meeting, highlighting a focus on sustainable growth and shareholder returns through strategic initiatives and operational improvements [2][17][22]. Financial Performance - The company achieved a total revenue of CNY 1,559,219.95 million in 2024, representing a year-on-year increase of 10.75% [6][19]. - The net profit attributable to shareholders was CNY 61,397.22 million, up 7.26% compared to the previous year [6][19]. - The net profit after deducting non-recurring items was CNY 59,339.74 million, reflecting a growth of 10.85% [6][19]. - The company paid a total of CNY 316,749,451.86 in cash dividends, with a dividend payout ratio of 55.34% [11][23]. Strategic Initiatives - The company implemented a dual-drive strategy focusing on both traditional lead-acid batteries and the transition to lithium batteries, resulting in a 10.69% increase in lead-acid battery sales and a remarkable 376.02% growth in revenue from lithium battery products [5][6]. - The company is committed to enhancing its ESG (Environmental, Social, and Governance) practices, having released its second ESG report in April 2024, which outlines its efforts in sustainability and governance [12][10]. Governance and Compliance - The board of directors conducted 19 meetings in 2024, passing 42 resolutions, ensuring compliance with relevant laws and regulations [6][9]. - The company has established a robust internal control system, with the supervisory board confirming that there were no violations of laws or regulations by the management [16]. Future Outlook - For 2025, the company aims to achieve a revenue growth of over 15%, aligning with its strategic goals and market conditions [22]. - The board plans to enhance investor relations and ensure transparent communication with stakeholders to maintain trust and support [14].

Core Viewpoint - Camel Group, a leading company in the automotive low-voltage battery industry, aims to achieve a revenue target of 20 billion yuan by 2025, leveraging its dual strategy of low-voltage lead-acid and lithium batteries [1][5]. Financial Performance - In Q1 2025, the company reported a revenue of 4.136 billion yuan, a year-on-year increase of 19.74%, and a net profit attributable to shareholders of 237 million yuan, up 51.89% [1][3]. - For the full year 2024, Camel Group achieved a revenue of 15.592 billion yuan, representing a 10.75% increase, and a net profit of 614 million yuan, which is a 7.26% growth [1][2]. Market Position and Strategy - Camel Group maintains its leading position in the domestic automotive low-voltage lead-acid battery market, with a 10.69% increase in sales volume in 2024, totaling 38.3008 million kVAh [2][3]. - The company has secured 54 projects for fuel vehicles and 18 for new energy vehicles, with clients including high-end brands like BMW and Audi, as well as new energy vehicle manufacturers like Xiaomi and Seres [1][2]. International Expansion - In 2024, Camel Group expanded its international presence by developing 60 new customers and extending its business to 117 countries and regions, resulting in a 68.49% increase in overseas sales [3][4]. - The company aims to achieve over 10 billion yuan in overseas revenue by 2030, focusing on building a global market presence [4][5]. Historical Development - Camel Group originated from a small repair shop in Hubei and has evolved into a significant player in the battery industry, transitioning to a private enterprise and listing on the Shanghai Stock Exchange in 2011 [4][5]. - The company has consistently improved its ranking in the "Top 500 Private Enterprises in China," moving from 456th in 2020 to 336th in 2024, reflecting its stable market competitiveness [5].

Core Viewpoint - The company is expected to achieve significant growth driven by its low-voltage lithium battery products, with strong performance in Q1 2025 and a positive outlook for the coming years [1][2][3]. Financial Performance - The company forecasts a revenue of 15.6 billion yuan for 2024, representing a year-on-year growth of 10.75%, and a net profit attributable to shareholders of 614 million yuan, up 7.26% [2]. - For Q1 2025, the estimated net profit range is between 223 million to 255 million yuan, indicating a year-on-year growth of approximately 43% to 63% [2]. - The projected earnings per share (EPS) for 2024-2026 are 0.52, 0.73, and 0.85 yuan, with growth rates of 7.3%, 40%, and 16.8% respectively [2]. Business Growth - The low-voltage lithium battery business is experiencing high growth, with significant increases in sales, particularly in the automotive sector, contributing to steady operational performance [3]. - The company is positioned as a leader in the low-voltage lithium battery market, benefiting from advanced technology, high product quality, and strong relationships with major manufacturers [3]. - The automotive low-voltage lead-acid battery sales are also increasing, with improved profitability from the recycling of used lead-acid batteries [3].

1）渠道扩张：截至24年底，公司拥有"优能达"服务商 3400 多家，终端商超 12 万家，已实现全国2742个区县服务商及终端商的注册；2）出口推进：2024年公司海外市场销量 同比增长约68.49%，积极开拓海外主机配套业务，2024年新获7个海外配套定点；分区制定海外营销策略与产品清单，开展精准营销；3）产能建设：截至24年，公司国内铅酸 电池产能约3500万KVAH/年、国外铅酸电池产能约500万KVAH/年，废旧铅酸电池回收处理能力86万吨/年，并持续优化产能布局，提升领先优势。 低估值细分赛道龙头，渠道升级、业务开拓打开成长空间 骆驼股份系列 车中旭霞 深度报告： 《骆驼股份-601311-深度报告：汽车低压电池龙头，后装市场与海外市场打开成长空间》——20230606 《骆驼股份-601311-深度报告：聚焦起动电池，细分龙头再起航》——20200106 点评： 《骆驼股份（601311.SH）： 三季度净利润同比增长44%，盈利能力同环比提升》-20241025 《骆驼股份（601311.SH）：二季度净利润同比增长35%，海内外业务持续发力》-20240820 《骆驼股份（601311.SH ...

Investment Rating - The investment rating for the company is "Outperform the Market" [4][6][25]. Core Views - The company is expected to achieve stable revenue growth in 2024, with projected revenue of 15.592 billion yuan, a year-on-year increase of 10.75%, and a net profit of 614 million yuan, up 7.26% year-on-year [1][8]. - The company is actively expanding its overseas and domestic business, with significant growth in automotive low-voltage lead-acid battery sales and a strong performance in the lithium battery sector [2][3][17]. - The company plans to distribute a cash dividend of 2.90 yuan per 10 shares (including tax), with a dividend payout ratio of 55.4% [1][8]. Summary by Sections Financial Performance - In 2024, the company expects to achieve a revenue of 15.592 billion yuan, with a net profit of 614 million yuan and a non-recurring net profit of 593 million yuan, reflecting year-on-year increases of 10.75%, 7.26%, and 10.85% respectively [1][8]. - For Q4 2024, the revenue is projected to be 4.26 billion yuan, a year-on-year increase of 13.1%, while the net profit is expected to decline by 26.3% year-on-year [1][8]. Cost Management and Profitability - The company has maintained stable cost control, with sales, management, and R&D expense ratios of 5.5%, 2.8%, and 1.9% respectively in Q4 2024 [2][18]. - The gross profit margin for Q4 2024 is reported at 15.6%, showing a year-on-year decrease of 0.7 percentage points but an increase of 2.2 percentage points from the previous quarter [2][18]. Business Expansion and Market Strategy - The company has expanded its distribution channels significantly, with over 3,400 "You Neng Da" service providers and 120,000 terminal stores across the country [3][17]. - The overseas market has seen a substantial increase, with sales growing approximately 68.49% year-on-year, contributing significantly to overall performance [3][17]. - The company is focusing on upgrading its channels and expanding its lithium battery business, which is expected to provide additional growth opportunities [3][25]. Future Outlook - The company is projected to achieve net profits of 860 million yuan, 1.065 billion yuan, and 1.257 billion yuan for the years 2025, 2026, and 2027 respectively, with corresponding EPS of 0.73, 0.91, and 1.07 yuan [4][5][25]. - The company is well-positioned in the low-voltage lead-acid battery market, with significant growth potential in both the aftermarket and overseas markets [25].

Investment Rating - The investment rating for the company is not explicitly stated in the provided documents, but the report indicates a positive outlook based on the performance metrics and growth expectations [1]. Core Insights - The company is expected to achieve a revenue of CNY 15.59 billion in 2024, representing a year-on-year growth of 10.8%. The net profit attributable to shareholders is projected to be CNY 610 million, a 7.3% increase year-on-year [1]. - For the first quarter of 2025, the company anticipates a net profit between CNY 220 million and CNY 250 million, reflecting a significant increase of 43.2% to 63.5% compared to the previous year [1][4]. - The growth in the lead-acid battery business is a key driver for the company's performance, with steady sales increases and improved profitability from recycled lead-acid batteries [4]. Financial Performance Summary - Total revenue for the years 2022 to 2026 is projected as follows: CNY 134.3 billion (2022), CNY 140.8 billion (2023), CNY 155.9 billion (2024), CNY 178.8 billion (2025), and CNY 196.1 billion (2026), with respective growth rates of 8.2%, 4.9%, 10.7%, 14.7%, and 9.7% [3]. - The net profit attributable to shareholders is forecasted to grow from CNY 4.7 billion in 2022 to CNY 12.9 billion in 2026, with growth rates of -43.5% (2022), 21.8% (2023), 7.1% (2024), 54.4% (2025), and 36.6% (2026) [3]. - The gross profit margin is expected to improve from 14.2% in 2022 to 16.5% in 2026, indicating enhanced operational efficiency [3]. Business Strategy and Product Development - The company is focusing on a diversified product matrix that includes low-voltage lead-acid batteries, energy storage batteries, and recycled resource products, catering to various vehicle types [4]. - The dual strategy of maintaining traditional lead-acid battery sales while expanding into lithium battery markets is expected to drive future growth, with significant sales increases in low-voltage lithium batteries [4]. - The company’s investment projects have also seen an increase in fair value, contributing positively to net profit [4].