骆驼股份：二季度净利润同比增长35%，海内外业务持续发力

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].