Camel Group Co.Ltd(601311) (601311)
The leading enterprise of automotive lead-acid starting battery has significant advantages of brand + customer + channel
As the leader of lead-acid starter batteries in China, the company has more than 40 years of lead-acid battery production experience, has worked hard to improve product quality, shape brand influence, steadily laid sales channels, formed a stable supply relationship with more than 200 main engine manufacturers in China, and has nearly 2000 dealers and more than 47000 terminal manufacturers in the after-sales market. The lead-acid battery market has entered a mature stage, and the fierce competition is weakening. The company is expected to further improve the supporting and after-sales market share by virtue of channel and brand advantages. In addition, overseas business expansion, start stop batteries, auxiliary batteries for new energy vehicles and other products are expected to contribute new growth momentum. We expect that the company's revenue from 2021 to 2023 will be RMB 12.26/156.1/19.34 billion, the net profit attributable to the parent company will be RMB 1.0/11.9/1.51 billion, the EPS will be RMB 0.85/1.01/1.29/share, and the corresponding PE of the current stock price will be 19.8/16.6/13.1 times. It will be covered for the first time and the company will be given a "buy" rating.
Create a "sales and revenue" circular industrial chain and bring benefits to the standardized development of recycled lead industry
The company has arranged six waste battery recycling and treatment bases around the lead-acid battery production base. At present, the recycling and treatment capacity of waste lead battery is 860000 tons. With the full capacity of Anhui recycling plant project, the capacity is expected to exceed 1 million tons. Through its huge battery sales network and its own logistics service system, the company has created a "sales one receipt one" circular industrial chain of lead-acid batteries. With the stricter supervision of the recycled lead industry and the standardized and large-scale recycling of recycled lead, the competitive advantage of the company's waste lead-acid battery recycling is expected to be improved, and the recycling channel may have more advantages in terms of supply.
Plan ahead, lay out low-voltage lithium batteries, hand in hand with the Three Gorges power to accelerate the development of energy storage business
In the field of storage battery, the company adopts the double line parallel scheme of lead-acid + lithium battery, and 12V / 24V / 48V lithium battery products have been designated by several main engine manufacturers. In the field of energy storage, clean energy + energy storage starts the energy revolution, and the industry is expected to enter a high growth period. The technology of energy storage container products developed by the company is mature. It has reached strategic cooperation with Three Gorges electric power and successfully entered the energy storage integrated system industry. It is expected to accelerate the business development of energy storage system and share the dividends of energy storage industry with the accumulation of technology in the battery field.
Risk tip: the prosperity of the automobile industry is lower than expected; Overseas business expansion is less than expected; The new business is not progressing as expected.
