Sinexcel Electric(300693) 华泰证券·2025-02-19 01:20Investment Rating - The investment rating for the company is "Buy" with a target price of 42.55 RMB [8][9]. Core Views - The company reported a revenue of 3.037 billion RMB for 2024, a year-on-year increase of 14.56%, and a net profit attributable to the parent company of 426 million RMB, slightly exceeding previous expectations [1]. - The company is expected to see growth across multiple business segments in 2025, particularly in AIDC-related power quality equipment, which has significant growth potential [1]. - The charging pile segment is projected to achieve over 40% revenue growth in 2024, driven by increased market share domestically and expansion into overseas markets [2]. - The energy storage segment is anticipated to maintain stable revenue in 2024, with potential for both volume and profit growth in 2025 as price competition stabilizes [3]. - The demand for power quality products is expected to surge in 2025 due to the rapid development of AI and data centers, benefiting the company significantly [4]. - The company has revised its assumptions for power quality product shipments and gross margins upward, projecting net profits of 426 million RMB, 577 million RMB, and 701 million RMB for 2024, 2025, and 2026 respectively [5]. Summary by Sections Financial Performance - In 2024, the company expects revenue of 3.037 billion RMB, with a growth rate of 14.56% and a net profit of 426 million RMB, reflecting a 5.70% increase year-on-year [1]. - The projected revenue for 2025 is 3.880 billion RMB, indicating a growth rate of 27.77% [7]. Business Segments - Charging Piles: Anticipated revenue of approximately 1.2 billion RMB in 2024, with a growth rate exceeding 40% [2]. - Energy Storage: Revenue expected to remain flat in 2024, with potential for growth in 2025 as price competition stabilizes [3]. - Power Quality: Significant growth expected in 2025 due to increased demand from data centers and AIDC applications [4]. Valuation Metrics - The company’s target PE ratio for 2025 is set at 23 times, with a target price of 42.55 RMB, reflecting an increase from previous estimates [5]. - The projected EPS for 2025 is 1.85 RMB, with a net profit margin of approximately 14.85% [7].