Sinexcel Electric(SZ:300693) ZHONGTAI SECURITIES·2024-09-05 07:00Investment Rating - The report assigns a positive investment rating to the company, indicating strong growth potential and favorable market conditions [1]. Core Insights - The company is projected to experience significant revenue growth, with estimates of 2,651 million in 2023, increasing to 6,004 million by 2026, reflecting a compound annual growth rate (CAGR) of approximately 34% [1]. - The earnings per share (EPS) is expected to rise from 1.29 in 2023 to 2.71 by 2026, indicating a robust growth trajectory [3]. - The report highlights a strong year-on-year growth rate of 76% in 2023, followed by a projected 36% in 2024, suggesting sustained momentum in the company's performance [1][3]. Financial Summary - Revenue projections for the company are as follows: 1,503 million in 2022, 2,651 million in 2023, 3,596 million in 2024, 4,833 million in 2025, and 6,004 million in 2026, with respective year-on-year growth rates of 47%, 76%, 36%, 34%, and 24% [1]. - The company's price-to-earnings (P/E) ratio is expected to decrease from 15.5 in 2024 to 7.4 by 2026, indicating improving valuation metrics [3]. - The price-to-book (P/B) ratio is projected to decline from 4.3 in 2024 to 2.1 in 2026, further suggesting enhanced financial health and investor confidence [3]. Profitability Metrics - The report anticipates an increase in EBIT margins from 82% in 2023 to 22% in 2026, reflecting operational efficiency improvements [3]. - Return on equity (ROE) is expected to remain strong, with projections of 27.7% in 2024 and 27.6% in 2026, indicating effective management of shareholder equity [3]. - The report also notes a consistent increase in return on invested capital (ROIC), expected to be 35.1% in 2023 and stabilizing around 32.4% by 2026 [3].