Sinexcel Electric(300693) 浙商证券·2024-09-05 08:03Investment Rating - The investment rating for the company is "Buy" [3] Core Views - The company achieved a revenue of 1.431 billion yuan in H1 2024, representing a year-on-year growth of 29.84%, while the net profit attributable to shareholders was 181 million yuan, with a slight increase of 0.02% year-on-year [1] - The sales revenue from new energy power conversion equipment reached 465 million yuan, up 19.59% year-on-year, with a gross margin of 30.01%, down 5.63 percentage points [1] - The electric vehicle charging equipment segment saw sales revenue of 556 million yuan, a significant increase of 44.83% year-on-year, with a gross margin of 38.07%, down 1.39 percentage points [1] - The industrial power supply segment generated sales revenue of 251 million yuan, growing by 17.38% year-on-year, with a high gross margin of 54.73%, up 1.05 percentage points [1] - The company has adjusted its profit forecast downwards but maintains a "Buy" rating, expecting net profits of 487 million yuan, 667 million yuan, and 892 million yuan for 2024, 2025, and 2026 respectively [1][2] Financial Summary - In H1 2024, the company reported a revenue of 1.431 billion yuan and a net profit of 181 million yuan, with a gross margin of 39.57% and a net margin of 12.53% [1] - The forecast for revenue from 2024 to 2026 is 3.679 billion yuan, 4.924 billion yuan, and 6.412 billion yuan respectively, with corresponding net profits of 487 million yuan, 667 million yuan, and 892 million yuan [2][6] - The earnings per share (EPS) are projected to be 1.56 yuan, 2.14 yuan, and 2.87 yuan for 2024, 2025, and 2026 respectively, with price-to-earnings (P/E) ratios of 13, 9, and 7 [2][6]