Sinexcel Electric(SZ:300693) Great Wall Securities·2024-11-05 09:40Investment Rating - The report maintains a rating of "Accumulate" for the company [1] Core Views - The company's revenue is driven by the charging pile business, which has shown steady growth, while the energy storage business is expected to recover [2][5] - The company achieved a revenue of 2.095 billion yuan in the first three quarters of 2024, representing a year-on-year increase of 20.91% [2] - The electric vehicle charging equipment segment generated 859 million yuan in revenue, up 45% year-on-year, indicating strong demand in the domestic market [2][3] Financial Summary - Revenue (million yuan): 2022A: 1,503, 2023A: 2,651, 2024E: 3,202, 2025E: 4,102, 2026E: 5,087 [1][7] - Year-on-year growth rate: 2022A: 47.2%, 2023A: 76.4%, 2024E: 20.78%, 2025E: 28.12%, 2026E: 24.02% [1][9] - Net profit attributable to the parent company (million yuan): 2022A: 224, 2023A: 403, 2024E: 404, 2025E: 528, 2026E: 671 [1][7] - Year-on-year growth rate for net profit: 2022A: 97.0%, 2023A: 80.2%, 2024E: 0.24%, 2025E: 30.65%, 2026E: 27.29% [1][9] - EPS (latest diluted): 2022A: 0.72, 2023A: 1.29, 2024E: 1.30, 2025E: 1.70, 2026E: 2.16 [1][9] - P/E ratio: 2022A: 33.7, 2023A: 18.7, 2024E: 18.7, 2025E: 14.3, 2026E: 11.2 [1][9] Business Segment Analysis - The charging pile business is the main growth driver, with a significant increase in revenue from electric vehicle charging equipment [2][3] - The energy storage business has faced challenges due to changes in sales structure and lower profit margins from domestic sales [2][5] - The company is expanding its overseas market presence, particularly in North America, to enhance growth opportunities [3][5]