公司2024Q2 实现收入41 亿元/yoy+26%/QoQ+18%，实现归母净利润1.58 亿元/yoy+35%/QoQ+1%，实现扣非归母净利润1.74 亿元/yoy+45%/QoQ+4%。2024Q2 毛利率为14.5%，净利率为4.2%，毛利率环比有所下降主要是回收铅对外销售增加。Camel Co., Ltd. announced that 2024H1 achieved revenue of 7.527 billion yuan/yoy +15.24%, and realized net profit of 0.314 billion yuan/yoy +11.89%.
Key points of investment
2024Q2's performance was steady and in line with expectations
In 2024Q2, the company achieved revenue of 4.1 billion yuan/yoy +26% /QoQ +18%, net profit due to mother 0.158 billion yuan/yoy +35% /QoQ +1%, and realized net profit of 0.174 billion yuan/yoy +45% /QoQ +4% after deducting non-return to mother. 2024Q2 gross margin was 14.5%, and net margin was 4.2%. The month-on-month decline in gross margin was mainly due to an increase in foreign sales of recycled lead.
Overseas business performance is impressive. Continuing to consolidate its position in the domestic market by business segment, the company's lead-acid business achieved revenue of 6 billion yuan/yoy +21%, gross profit margin of 20%; recycled lead business revenue of 1.3 billion yuan/yoy -10%, gross profit margin of -0.6%; lithium battery business revenue 0.12 billions/yoy +137%, gross profit margin of -0.1%. 2024H1's lead-acid business sales in the domestic supporting market increased 14% year over year, sales in the domestic replacement market increased 11%, and overseas sales increased by about 79% year on year. Overseas business performance is impressive, and the domestic market position continues to strengthen.
Remarkable market position, steady operation, dividend rate of nearly 4%
The company's lead-acid business is in a leading position in both the front-end market and the replacement market, and the market position is remarkable. While consolidating the domestic basic market, the company continued to expand overseas business, and the operating results were outstanding. Currently, the company's valuation is extremely low, and the dividend rate is close to 4%, making the cost performance ratio outstanding.
Profit forecasting
It is predicted that the company's net profit for 2024-2026 will be 0.77, 0.93, and 1.11 billion yuan, respectively, EPS will be 0.66, 0.80, and 0.95 yuan, respectively. The current stock price corresponding to PE is 11, 9, and 8 times, respectively, maintaining a “buy” rating.
Risk warning
Demand falls short of expectations; raw material prices fluctuate; cost control falls short of expectations; development of new customers falls short of expectations; overseas expansion falls short of expectations.
