Sinexcel Electric(300693) 国信证券·2025-02-19 07:16Investment Rating - The investment rating for the company is "Outperform the Market" (maintained) [1] Core Viewpoints - The company is expected to benefit from the growing demand for data centers, with a significant increase in global data center IT load projected from approximately 49GW in 2023 to 96GW by 2026, driven largely by AI computing needs [3][10] - The company's charging pile business is experiencing rapid growth, with domestic charging infrastructure increasing by 4.22 million units in 2024, a year-on-year increase of 24.7% [4][11] - The energy storage business is anticipated to see further growth, with significant increases in installed capacity both in the U.S. and China, indicating a robust demand in the global energy storage market [4][14] Summary by Sections Financial Performance - In 2024, the company achieved a revenue of 3.037 billion yuan, a year-on-year increase of 14.6%, and a net profit attributable to shareholders of 426 million yuan, up 5.7% year-on-year [2][6] - The net profit margin for 2024 was 14%, a decrease of 1.2 percentage points compared to the previous year [2] Business Segments - The company’s power quality equipment products, including active power filters and static VAR generators, are expected to address the power quality issues faced by data centers [3][10] - The charging pile business is expanding internationally, contributing significantly to overall revenue growth [4][11] - The energy storage segment is projected to grow substantially, with new installations in China reaching 43.7GW in 2024, representing an 88% year-on-year increase [4][14] Investment Recommendations - The profit forecast for 2025 and 2026 is set at 549 million yuan and 653 million yuan respectively, with year-on-year growth rates of 29% and 19% [5][15] - The price-to-earnings (PE) ratio is estimated to be 18 and 15 times for 2025 and 2026 respectively [5][15]