证券代码：601311 证券简称：骆驼股份 投资者调研沟通活动纪要（2024 年 8 月） 骆驼集团股份有限公司 | --- | --- | --- | |-------------------|--------------------------|------------------------------------------------------| | | | | | | R 特定对象调研 | R 分析师 / 投资者会议 | | | □ | 媒体采访 □ 业绩说明会 | | 活动类型 | □ 新闻发布会 | R 路演活动 | | | □ 现场参观 □其他 | | | | | 国信证券、中泰证券、德邦证券、开源证券、财通证券、东 | | | | 方证券、华安证券、鹏华基金、南方基金、易方达、嘉实基 | | | | 金、中信保诚基金、浙商基金、中意资产、恒越基金、中庚 | | | | 基金、大家资产、永赢基金、国泰基金、中泰证券资管、华 | | 主要参与 单位名称 | | 泰资产、国寿资产、兴业基金、西部利得、招商基金、中邮 | | | | 基金、上投摩根、天弘基金、中邮基金、景顺长城、兴业基 | | ...

证券代码：601311 证券简称：骆驼股份 公告编号：临 2024-032 骆驼集团股份有限公司 关于公司股东部分股份质押、质押展期及解质押的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 重要内容提示: 骆驼集团股份有限公司（以下简称"公司"）股东刘长来先生持有公司股 份 28,888,694 股，占公司总股本的 2.46%；本次股票质押、质押展期及解质押 后，刘长来先生累计质押公司股份 17,400,000 股，占其持有公司股份总数的 60.23%，占公司总股本的 1.48%。 本次股票质押、质押展期及解质押后，公司控股股东孙洁女士及其一致 行动人湖北驼峰投资有限公司（以下简称"驼峰投资"）、上海睿亿投资发展中心 （有限合伙）—睿亿投资揽月六期私募证券投资基金 A（以下简称"睿亿基金"）、 刘长来先生累计质押公司股份 88,100,000 股，占其持有公司股份总数的 21.80%， 占公司总股本的 7.51%。 公司近日收到股东刘长来先生的通知，2024 年 9 月 2 日，刘长来先生将其 持有的 3,400, ...

证券代码：601311 证券简称：骆驼股份 骆驼集团股份有限公司 投资者关系活动记录表（2024 年 8 月 23 日） □ 特定对象调研 □ 分析师/投资者会议 □ 媒体采访 R 业绩说明会 活动类型 □ 新闻发布会 □ 路演活动 □ 现场参观 □其他 参与单位名称 线上参与公司 2024 年半年度业绩说明会的全体投资者 及人员姓名 时间 2024 年 8 月 23 日 15:00-16:00 地点 上证路演中心（网址：https://roadshow.sseinfo.com/） 网络互动 董事长：刘长来先生 公司主要 独立董事：余宏先生 接待人员 董事会秘书：余爱华女士 财务总监：唐乾女士 业绩说明会主要问题及回复情况 （一）预征集问题回答 1、请问贵司上半年总体经营情况如何？ 您好！公司继续聚焦汽车低压电池业务，围绕"绿色铅酸电池循环"和 "新能源锂电循环"开展业务。上半年公司主营业务汽车铅酸电池稳步推进， 营收约 60.01 亿元，同比增长 20.5%；其中，新车配套市场、维护替换市场 以及海外市场均积极贡献了对应增量。再生铅业务根据市场情况，进行了结构 性优化，盈利情况有所改善。此外，低压锂电业务增 ...

骆驼股份（601311.SH）/汽车 证券研究报告/公司点评 2024 年 8 月 21 日 | --- | |----------------------------------------------| | | | [Table_Title] 评级：买入（维持） | | 市场价格： 7.08 元 | | 分析师：何俊艺 执业证书编号： S0740523020004 | | 分析师：毛䶮玄 | | 执业证书编号： S0740523020003 | | 分析师：刘欣畅 | | 执业证书编号： S0740522120003 | 铅酸份额提升叠加锂电起量，2024H1 营收高增长 | --- | --- | --- | --- | --- | --- | |---------------------------|-------------------------|----------|--------|---------------------|--------| | 公司盈利预测及估值 \n指标 | [Table_Finance] \n2022A | 2023A | 2024E | 2025E | 2026E ...

| --- | --- | |----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|------------------------------------------------| | | | | 一、公司财务表现 | | | 公司披露中报，第二季度营收同比增长 25.84% ，规模同比增长 35% 45% 。 铅酸电池营收 60 亿元，同比增长 20.5% ，销量增长 17.1% 。 | ，扣费后同比增长 | | 低压锂电营收 1.2 亿元，同比增长 137% ，上半年亏损 5000 多万元。 再生铅外销同比下降，但二季度比一季度增长 108% ，上半年实现盈利。 ...

Investment Rating - The report maintains a "Buy" rating for the company [1][6] Core Insights - The company demonstrated steady performance in Q2 2024, with revenue reaching 4.1 billion yuan, a year-on-year increase of 26% and a quarter-on-quarter increase of 18%. The net profit attributable to shareholders was 158 million yuan, up 35% year-on-year and 1% quarter-on-quarter [3] - The overseas business showed remarkable growth, with a year-on-year increase of approximately 79% in overseas sales. The company continues to strengthen its domestic market position while expanding internationally [4] - The company holds a significant market position in both the original equipment and replacement markets for lead-acid batteries, with a current dividend yield of nearly 4%, indicating strong value [5] Summary by Sections Financial Performance - In H1 2024, the company achieved revenue of 7.527 billion yuan, a year-on-year increase of 15.24%, and a net profit of 314 million yuan, up 11.89% year-on-year [2] - The gross margin for Q2 2024 was 14.5%, and the net margin was 4.2%, with a slight decrease in gross margin attributed to increased external sales of recycled lead [3] Business Segments - The lead-acid business generated revenue of 6 billion yuan in H1 2024, with a gross margin of 20%. The recycled lead business saw a revenue decline of 10% year-on-year, while the lithium battery business experienced a significant revenue increase of 137% year-on-year [4] Market Position and Valuation - The company is well-positioned in the lead-acid battery market, with a strong domestic base and ongoing international expansion. The current valuation is considered low, enhancing its attractiveness as an investment [5] - Profit forecasts for 2024-2026 indicate net profits of 770 million, 930 million, and 1.11 billion yuan, respectively, with corresponding EPS of 0.66, 0.80, and 0.95 yuan, leading to a PE ratio of 11, 9, and 8 times [6]

Investment Rating - The report maintains an "Outperform the Market" rating for the company [2][14]. Core Views - The company achieved a net profit growth of 35% year-on-year in Q2, with strong performance in both domestic and international markets [2][4]. - The company's revenue for H1 2024 reached 7.53 billion yuan, a year-on-year increase of 15.2%, while the net profit attributable to shareholders was 310 million yuan, up 12% [2][4]. - The growth in performance is primarily driven by increased sales of low-voltage lead-acid batteries, with a 17.1% year-on-year increase in sales volume [2][4]. - The company is actively expanding its lithium battery business and has made significant progress in developing energy storage batteries [2][14]. Financial Performance Summary - For H1 2024, the company reported revenue of 7.53 billion yuan, a 15.2% increase year-on-year, and a net profit of 310 million yuan, a 12% increase [2][4]. - In Q2 2024, revenue was 4.07 billion yuan, reflecting a 25.8% year-on-year increase and a 17.9% quarter-on-quarter increase [2][4]. - The gross margin for Q2 2024 was 14.5%, up 0.5 percentage points year-on-year, while the net profit margin was 3.9%, an increase of 0.3 percentage points year-on-year [2][8]. - The company’s low-voltage lead-acid battery sales volume increased by 17.1% year-on-year in H1 2024, with sales of lead-acid batteries for new energy vehicles rising by 40% [2][4]. Market Expansion and Strategy - The company’s overseas sales volume grew by 79% year-on-year in H1 2024, with significant new partnerships established in various international markets [2][13]. - The company has developed a robust distribution network with over 2,000 dealers and more than 110,000 terminal stores across China, enhancing its market presence [2][13]. - The establishment of the European regional headquarters in Germany is expected to improve service capabilities and local marketing efforts [2][14]. Future Outlook - The report anticipates stable growth in the company's core business, with ongoing expansion into overseas markets and new business development opening up growth opportunities [2][14]. - The profit forecast for 2024, 2025, and 2026 is adjusted to 740 million yuan, 960 million yuan, and 1.17 billion yuan respectively, reflecting a slight downward revision due to resource investments in business expansion [2][14].

电力设备/电池 公 司 研 究 骆驼股份（601311.SH） 2024 年 08 月 20 日 国内业务稳步增长，出海贡献增量 ——公司信息更新报告 投资评级：买入（维持） 殷晟路（分析师） 陈诺（联系人） yinshenglu@kysec.cn 证书编号：S0790522080001 chennuo@kysec.cn 证书编号：S0790123070031 股价走势图 -32% -24% -16% -8% 0% 8% 2023-08 2023-12 2024-04 骆驼股份 沪深300 数据来源：聚源 相关研究报告 《沙漠行舟，海外或加速突破—公司 深度报告》-2024.7.30 | --- | --- | |-------------------------|-----------| | 日期 | 2024/8/19 | | 当前股价 ( 元 ) | 7.08 | | 一年最高最低 ( 元 ) | 8.74/6.06 | | 总市值 ( 亿元 ) | 83.06 | | 流通市值 ( 亿元 ) | 83.06 | | 总股本 ( 亿股 ) | 11.73 | | 流通股本 ( 亿股 ) | 11.73 ...

证券代码：601311 证券简称：骆驼股份 公告编号：临 2024-031 骆驼集团股份有限公司 （四）本次监事会应参加会议监事 3 人，实际参会 3 人。 第九届监事会第十次会议决议公告 本公司及监事会全体成员保证公告内容的真实、准确和完整，对公告的虚 假记载、误导性陈述或重大遗漏负连带责任。 一、监事会会议召开情况 （一）本次监事会会议的召开和表决符合《公司法》及《公司章程》的有关 规定，会议决议合法有效。 （二）本次监事会会议通知于 2024 年 8 月 9 日通过 OA 办公软件送达全体监 事。 （三）本次监事会于 2024 年 8 月 19 日以现场方式召开。 （五）本次监事会由监事会主席王洪艳女士主持。 二、监事会会议审议情况 审议通过《关于公司 2024 年半年度报告全文及摘要的议案》 报备文件 经与会监事签字确认的第九届监事会第十次会议决议 1、公司 2024 年半年度报告的编制和审核程序符合相关法律、法规、《公司 章程》和公司内部管理制度的规定； 2、公司 2024 年半年度报告的内容和格式符合中国证监会和上海证券交易所 的要求，所包含的信息能全面反映公司 2024 年半年度的经营管理状况和 ...

Financial Performance - The company reported a half-year revenue of 1.2 billion RMB, representing a 15% increase compared to the same period last year[1]. - The company's revenue for the first half of 2024 reached ¥7,526,704,723.29, representing a 15.24% increase compared to ¥6,531,075,632.34 in the same period last year[15]. - Net profit attributable to shareholders was ¥313,744,840.33, up 11.89% from ¥280,395,972.42 year-on-year[15]. - The net profit after deducting non-recurring gains and losses was ¥342,239,490.19, showing a significant increase of 39.94% from ¥244,568,444.56 in the previous year[15]. - Basic earnings per share for the first half of 2024 were ¥0.27, a 12.50% increase from ¥0.24 in the same period last year[16]. - The company's operating revenue for the reporting period was approximately ¥7.53 billion, representing a year-on-year increase of 15.24% compared to ¥6.53 billion in the same period last year[55]. - The company reported a net profit of 13,535.39 million RMB for its subsidiary Luotuo Xiangyang, with total assets of 490,711.35 million RMB[70]. - The company achieved a net cash flow from financing activities of approximately ¥449.40 million, an increase of 91.14% compared to ¥235.12 million in the previous year[56]. User Growth and Market Expansion - User data indicates a growth in active users by 20%, reaching 5 million users by the end of the reporting period[1]. - The company plans to expand its market presence in Southeast Asia, targeting a 30% market share by 2025[1]. - The company is focusing on expanding its market presence and enhancing its product offerings through ongoing research and development initiatives[15]. - The market share of new energy vehicles reached 35.2% in the first half of 2024, with production and sales of 4.929 million and 4.944 million units, respectively, reflecting a year-on-year growth of 30.1% and 32%[19]. - The company is actively expanding its online sales channels, collaborating with major e-commerce platforms such as Tuhu, Tmall, JD.com, and Pinduoduo[23]. Product Development and Innovation - New product development includes the launch of a next-generation battery technology, projected to increase efficiency by 25%[1]. - The company has developed a diversified product matrix, including automotive low-voltage batteries, energy storage batteries, and recycled resource products, to meet various market demands[35]. - The company has completed the launch of 140 new products in the maintenance and replacement market, with sales of the "Swan" and "Huazhong" brands increasing by over 40% year-on-year[44]. - The company has established stable supply relationships with over 200 global automotive manufacturers, ensuring product quality and performance meet customer needs[23]. - The company has developed a circular economy model for low-voltage lead-acid batteries, covering all aspects from production to recycling, ensuring stable raw material supply and product quality[31]. Financial Stability and Investments - The company has maintained a strong balance sheet with a debt-to-equity ratio of 0.5, indicating financial stability[1]. - The company has identified potential risks related to supply chain disruptions, which could impact future performance[1]. - The company has received 23 quality management system certifications, including ISO9001 and IATF16949, and has been awarded multiple quality performance awards[34]. - The company has established a dual promotion strategy of "recycling promotes sales, sales promote recycling" to enhance the stability of recycling resources and prices[49]. - The company has committed to maintaining its independence in assets, personnel, finance, organization, and business operations post-acquisition[110]. Environmental Compliance and Sustainability - The company has been recognized as a key monitoring enterprise for heavy metals at multiple production bases, including the Xiangyang and Huazhong bases[85]. - The company maintains a 100% compliance rate for pollutant discharge permits across all production bases[90]. - No environmental pollution incidents occurred in the first half of 2024, and no administrative penalties were imposed for environmental violations[85][93]. - The company has implemented advanced pollution control measures, including multi-stage treatment for waste gas and wastewater recycling systems[86][88]. - The company is focused on enhancing green manufacturing levels and actively pursuing carbon reduction initiatives[103]. Risk Management - The company faces macroeconomic risks due to global supply and demand fluctuations, political conflicts, and rising costs impacting its operations[72]. - The company is enhancing its risk management strategies to address raw material price volatility and ensure material supply stability[74]. - The competitive landscape in the automotive low-voltage battery sector is intensifying, necessitating improvements in product quality and customer service[76]. - The company's international business expansion increases exposure to foreign exchange risks, which it is actively managing[77]. Corporate Governance and Shareholder Relations - The company held one shareholders' meeting during the reporting period, reviewing 16 proposals, all of which were approved[78]. - The company appointed Yu Hong as an independent director and Cai Daojun and Deng Guoqiang as vice presidents, effective from the date of approval by the board[79][80]. - The company has committed to not using its shareholder status to influence its independence[111]. - The company has no non-operating fund occupation by controlling shareholders or related parties during the reporting period[113]. - The total number of ordinary shareholders reached 49,607 by the end of the reporting period[123]. Research and Development - The board has approved a plan to reinvest 50% of profits into R&D for sustainable energy solutions[1]. - Research and development expenses increased to ¥140,319,623.45, compared to ¥118,371,048.97 in the previous year, marking a rise of 18.6%[134]. - The company has 1,190 valid patents, enhancing its core competitiveness in the battery and recycling sectors[33]. - The company has completed 193 patent applications in the reporting period, with a total of 1,190 valid patents by the end of the reporting period, including 170 invention patents[50]. Cash Flow and Financial Management - The company reported a net cash flow from operating activities of -¥367,545,501.20, compared to ¥198,895,476.16 in the previous year, indicating a significant change in cash flow dynamics[15]. - The company achieved a net cash flow from financing activities of approximately ¥449.40 million, an increase of 91.14% compared to ¥235.12 million in the previous year[56]. - Cash outflow for operating activities totaled CNY 8,481,066,000.92, compared to CNY 6,858,326,146.15 in the previous period[139]. - The total cash and cash equivalents at the end of the period stood at CNY 1,588,483,049.26, an increase from CNY 1,410,136,781.43 in the previous period[140]. Compliance and Regulatory Matters - The company has received environmental impact assessment approvals for its projects, ensuring adherence to regulations[101]. - The company has established a comprehensive recycling system for used lead-acid batteries, aiming to enhance recovery rates and minimize pollution[102]. - The company has implemented advanced technology for the recycling of waste lead-acid batteries, achieving over 85% recovery rate for waste acid[102]. - The company has established a dedicated environmental management team to oversee compliance and conduct regular monitoring[101].