Sinexcel Electric(SZ:300693)2024-08-08 23:30Investment Rating - The report maintains an "Accumulate" rating for the company [1][2]. Core Views - The company has shown a slight year-on-year revenue growth of 0.02% in H1 2024, with a significant increase in electric vehicle charging equipment revenue by 44.83% [2][4]. - The energy storage business has experienced a slowdown in growth due to high overseas interest rates, but there is potential for recovery if rates ease [2][4]. - The overall gross margin has decreased by 1.96 percentage points to 39.57%, while the net profit margin has declined by 3.94 percentage points to 12.53% [2][4]. Summary by Sections Financial Performance - In H1 2024, the company achieved revenue of RMB 1.43 billion, a year-on-year increase of 29.84%, and a net profit of RMB 181.50 million, reflecting a 0.02% growth [2][4]. - The gross profit margin for H1 2024 was 39.57%, down from the previous year, while the net profit margin was 12.53% [4][6]. Business Segments - The electric vehicle charging equipment segment generated RMB 556 million in revenue, up 44.83% year-on-year, with a gross margin of 38.07% [2][4]. - The energy storage segment reported revenue of RMB 465 million, a 19.59% increase, but with a gross margin decline to 30.01% [2][4]. - The industrial power supply and battery testing segments also showed stable growth, with revenues of RMB 251 million and RMB 126 million, respectively [2][4]. Future Projections - The company’s earnings per share (EPS) estimates for 2024-2026 have been adjusted to RMB 1.53, RMB 2.02, and RMB 2.58, respectively, reflecting a decrease from previous forecasts [2][3]. - The projected price-to-earnings (P/E) ratios for 2024-2026 are 13.3, 10.1, and 7.9 times, indicating a favorable valuation outlook [3][5].