Camel Group(601311) 国信证券·2024-04-29 13:14Investment Rating - The report maintains a "Buy" rating for the company [10][28][31]. Core Insights - The company's overall gross margin improved to 15.1% in 2023, up by 0.8 percentage points year-on-year, with a net profit margin of 4.1%, an increase of 0.6 percentage points year-on-year [3][28]. - The automotive low-voltage lead-acid battery segment is a mature market, and the company is expected to see growth primarily through channel upgrades and business expansion in low-voltage lithium batteries and energy storage solutions [10][28]. Financial Performance - In Q1 2024, the company reported revenue of 34.54 billion yuan, a year-on-year increase of 4.84%, and a net profit of 1.56 billion yuan, down 4.86% year-on-year [28][35]. - The gross margin for Q1 2024 was 17.28%, reflecting a year-on-year increase of 2.1 percentage points [28][35]. - The company expects net profits for 2024, 2025, and 2026 to be 8.02 billion yuan, 10.39 billion yuan, and 12.19 billion yuan, respectively, with corresponding EPS of 0.68 yuan, 0.89 yuan, and 1.04 yuan [10][28]. Business Development - The company successfully introduced 51 new vehicle projects and secured 60 project designations in 2023, including new contracts with major automotive manufacturers [4][28]. - The low-voltage lithium battery business achieved 35 new project designations, with a year-on-year sales increase of 27.9% [8][28]. Market Position - The company has established over 3,300 service providers and more than 110,000 terminal merchants, enhancing its market presence [7][28]. - The report highlights the potential for significant growth in the aftermarket and overseas markets, which are larger than the domestic front-end market [10][28].