Camel shares (601311): Maintenance replacement market is rising

Camel shares (601311): Maintenance replacement market is rising
This report reads: Channel advantages drive the company’s lead-acid battery sales in the maintenance market to continue to increase, supporting market share continues to increase, sales growth rate is much better than industry growth rate. Investment Highlights: Target price cut to 12.58 yuan, maintaining the company’s “overweight” rating.Since 2017, the responsibility of producers of lead-acid batteries has been extended to the introduction of other types of policies, the industry’s supervision has been tightened, and the concentration has been significantly increased.The company has benefited significantly, and its supporting share has continued to increase. The sales growth rate is much higher than the industry growth rate.In addition, new products 都市夜网 such as recycled lead and 48V start-stop battery add new highlights.As a component supplier, the company has been slowed down by car sales since 2018.EPS to 0 in 2021.74 yuan (-0.06), 0.82 yuan (-0.14), 0.93 yuan, giving the company 17X PE in 2019, with a target price of 15.78 yuan down to 12.58 yuan. New orders for 48V batteries continued, and both volume and price rose to drive new growth.Start-stop systems have become standard in European, American and Japanese mid-to-high-end brands, mainly including Audi, BMW, Mercedes-Benz, Volkswagen, Mazda, Citroen, etc., becoming the largest automotive market.Show rapid growth momentum.Start-stop lithium batteries have high requirements in terms of rate performance, charge and discharge performance, cycle life, and stability. The technical door to higher industry barriers has reached a high margin.According to the company’s announcement, Camel expects to receive Nissan 532 and 591 models, Dongfeng Nissan and other models of 48V start-stop battery projects. New models are mainly expected to be mass-produced in 2020, and start-stop batteries will add new growth momentum. The profitability of recycled lead is gradually released.By the end of 2018, the company has established 7 reclaimed lead plants, with a waste lead battery recovery capacity of 55 tons, and a comprehensive recovery and recycling rate of more than 98%.The production and recycling of lead-acid batteries are shared in terms of production capacity, geographical location, and channels, and the synergy is significant. Risk warning: Environmental supervision has exceeded expectations, and the price of metal lead has fallen sharply.