Sinexcel Electric(300693) 海通证券·2024-08-12 01:33Investment Rating - The investment rating for the company is "Outperform the Market" [2][6] Core Views - The company reported a stable revenue growth of 30% in the first half of 2024, with total revenue reaching 1.43 billion yuan, driven primarily by the growth in charging piles [5] - The revenue from electric vehicle charging piles increased by 44.8% year-on-year, contributing significantly to the overall revenue growth [5] - The company anticipates a recovery in the energy storage business, projecting a 30% revenue increase to 1.18 billion yuan in 2024 [5] Financial Performance Summary - In the first half of 2024, the company's revenue was 1.43 billion yuan, up 29.84% year-on-year, while net profit attributable to shareholders was 180 million yuan, showing a slight increase of 0.02% [5] - The gross margin for the company was 39.6%, a decrease of 2.0 percentage points year-on-year, primarily due to lower margins in the new energy power conversion equipment and electric vehicle charging piles [5] - The company expects to achieve net profits of 482 million yuan, 623 million yuan, and 801 million yuan for the years 2024, 2025, and 2026 respectively, with corresponding EPS of 1.55 yuan, 2.00 yuan, and 2.58 yuan [6][11] Revenue Forecasts - The company forecasts that revenue from electric vehicle charging piles will grow by 45% in 2024, reaching 1.23 billion yuan [8][9] - Revenue from new energy power conversion equipment is expected to grow by 30% in 2024, reaching 1.18 billion yuan [8][9] - The company anticipates a steady growth in battery testing and formation equipment, projecting a revenue increase of 15% in 2024 [8][9] Market Comparison - The company is compared with peers in the industry, with a projected PE ratio for comparable companies in 2024 at 19 times, while the company is given a valuation range of 18-23 times PE, corresponding to a fair value range of 27.87-35.61 yuan [6][10]