Camel Group(SH:601311)2022-11-17 14:28Group 1: Company Performance - In the first five months of 2022, the company experienced a decline in output due to external factors, but sales in June showed improvement, particularly in low-voltage battery shipments [2] - The company's gross profit margin decreased in Q1 2022 primarily due to an increase in the proportion of recycled lead exports, which negatively impacted overall margins [3] - Despite the pandemic, the company achieved year-on-year growth in after-market sales during the first five months of 2022 [4] Group 2: Market and Sales Insights - The company has established a network of over 50,000 dealers and added more than 10,000 end customers in 2021 [4] - Exports in the first five months of 2022 saw a slight decline due to logistics disruptions, but recovery is expected as conditions improve [4] Group 3: New Energy Storage and Battery Recycling - The company aims for a sales target of 500 million to 1 billion yuan in energy storage for the year [6] - Progress is being made on a 100,000-ton waste lithium battery recycling project, with a pilot production line already established [7] Group 4: Automotive Battery Business - The company has secured new contracts for lead-acid batteries with over 10 new energy vehicle manufacturers, including BYD and Geely [8] - The manufacturing capacity for lead-acid batteries exceeds 35 million kVAh, with a utilization rate above 80% in the first five months of 2022 [9] Group 5: Future Development Strategy - The company aims to become a leading provider of low-voltage battery solutions globally, focusing on enhancing its dual-circulation industrial chain [10] - Acceptance of low-voltage lithium batteries among new energy vehicle manufacturers is higher compared to traditional manufacturers, indicating a potential market shift [11]