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].

Investment Rating - The report maintains an "Outperform the Market" rating for the company [4][6][22] Core Viewpoints - The company is experiencing stable growth in both domestic and international markets, with a significant increase in net profit driven by export expansion and recovery in lithium battery profitability [1][4][22] - The company has successfully expanded its overseas capacity and strengthened its distribution channels, contributing to growth in export business [3][22] - The future growth potential lies in channel upgrades and business expansion, particularly in the lead-acid battery aftermarket and overseas markets, which are larger than the domestic market [22] Summary by Sections 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, net profit reached 295 million yuan, up 87% year-on-year and 25% quarter-on-quarter [1][10] - 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 [2][10] Cost Management - The company maintained stable cost control with sales, management, and R&D expense ratios of 4.3%, 2.5%, and 1.9% respectively in Q2 2025 [2][13] - The gross margin for low-voltage lithium batteries improved to 15.0% in the first half of 2025, compared to 12.3% for the entire year of 2024 [2][13] Business Expansion - The company has established partnerships with over 2,000 distributors and more than 120,000 retail outlets across the country, enhancing its distribution network [3][22] - In the first half of 2025, the company developed 19 new customers, including opportunities in South America, and achieved a 21.3% year-on-year increase in overseas sales [3][22] Future Outlook - The company has revised its profit forecasts upward, expecting net profits of 930 million yuan, 1.126 billion yuan, and 1.334 billion yuan for 2025, 2026, and 2027 respectively [4][22] - The report emphasizes the potential for growth in the lead-acid battery aftermarket and the ongoing development of lithium battery projects, which are expected to contribute to future revenue [22]

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]

Core Viewpoint - Camel Group (骆驼股份) reported a significant increase in net profit for the first half of 2025, driven by growth in low-voltage automotive battery sales and effective management optimization [1] Financial Performance - The company achieved a revenue of 7.995 billion yuan, representing a year-on-year growth of 6.22% [1] - The net profit attributable to shareholders reached 532 million yuan, marking a substantial year-on-year increase of 69.46% [1] Business Strategy - Camel Group aims to strengthen its lead-acid battery business while aggressively expanding its lithium battery segment and pursuing internationalization [1] - The company has developed 19 new customers in overseas markets and secured five projects with major manufacturers [2] Market Dynamics - Domestic sales of lead-acid batteries faced challenges, with a 2.4% decline in the original equipment market, while AGM lead-acid start-stop battery sales surged by 46% [1] - In contrast, overseas sales of lead-acid batteries grew by 21.31%, mitigating domestic market fluctuations [2] Product Development - The company reported a remarkable 274% increase in low-voltage lithium battery sales [2] - In the domestic market, Camel Group has initiated mass production for 15 projects and secured 23 new project approvals, including multiple lithium battery projects for various manufacturers [2] Infrastructure Expansion - The company is accelerating the construction of its low-carbon industrial park and European PACK factory, with the first production line of the low-carbon industrial park already operational [3]

Core Insights - The company reported a revenue of 7.995 billion yuan for the first half of 2025, representing a year-on-year growth of 6.22% [1] - The net profit attributable to shareholders reached 532 million yuan, showing a significant year-on-year increase of 69.46% [1] - Basic earnings per share were reported at 0.45 yuan [1] Business Performance - The automotive low-voltage lead-acid battery business faced challenges due to the electrification of the automotive industry, battery lightweighting, and changes in consumer structure, leading to a slight decline in domestic market sales [1] - Despite the domestic sales decline, the overall sales volume of automotive low-voltage lead-acid batteries saw a slight increase year-on-year, driven by growth in overseas markets [1] - The sales volume of automotive low-voltage lithium batteries continued to grow rapidly, supported by the ramp-up of previously designated projects and increased demand in the domestic maintenance and replacement market for stationary lithium batteries [1] - The recycling business has been steadily advancing [1]

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].