Sinexcel Electric(SZ:300693) Minsheng Securities·2025-04-07 08:20Investment Rating - The report maintains a "Recommended" rating for the company [5][7]. Core Insights - The company's 2024 performance met expectations, with revenue reaching 3.036 billion yuan, a year-on-year increase of 14.53%, and a net profit attributable to shareholders of 429 million yuan, up 6.49% year-on-year [3]. - The growth drivers for 2024 include the expansion of industrial power supply business driven by AI development and the increasing demand for electric vehicle charging products due to supportive policies [3][4]. - The company has diversified its product lines, particularly in the charging pile sector, which saw a revenue increase of 43% year-on-year [4]. Financial Performance Summary - In 2024, the company's gross margin was 39.20%, a decrease of 1.8 percentage points year-on-year, while the net profit margin was 13.98%, down 1.15 percentage points [4]. - The company reported a revenue of 6.03 billion yuan from industrial power supply, a 13% increase, and 12.16 billion yuan from charging piles, a 43% increase [4]. - The forecast for 2025-2027 anticipates revenues of 4.068 billion, 5.371 billion, and 6.956 billion yuan, with corresponding growth rates of 34.0%, 32.0%, and 29.5% respectively [5][6]. Earnings Forecast - The projected net profit for 2025-2027 is expected to be 560 million, 778 million, and 1.054 billion yuan, with growth rates of 30.5%, 39.1%, and 35.4% respectively [5][6]. - The report indicates that the company is well-positioned to benefit from the growth in downstream sectors such as data centers and charging piles [5].