Sinexcel Electric(SZ:300693) China Post Securities·2025-04-15 07:12Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative increase in stock price of over 20% compared to the benchmark index within the next six months [7][13]. Core Views - The company reported a revenue of 3.04 billion yuan for 2024, representing a year-on-year increase of 14.5%, with a net profit attributable to shareholders of 430 million yuan, up 6.5% year-on-year. The fourth quarter of 2024 saw revenues of 940 million yuan, a year-on-year increase of 41.7% [4][5]. - The growth in revenue is primarily driven by increased demand for energy quality management products due to the rise of intelligent computing centers and the growing investment in the charging pile industry [4][5]. - The charging pile business experienced significant growth, with revenues of 1.22 billion yuan in 2024, up 43% year-on-year, benefiting from the global investment in charging infrastructure [5]. - The energy storage business faced short-term pressure, with revenues of 860 million yuan, down 5.8% year-on-year, attributed to increased domestic competition [5]. - The energy quality equipment segment is expected to benefit from the booming intelligent computing center market, with revenues projected to reach 600 million yuan, a year-on-year increase of 13.1% [5][6]. Financial Summary - The company forecasts revenues of 3.85 billion yuan, 4.79 billion yuan, and 6.00 billion yuan for 2025, 2026, and 2027 respectively, with net profits of 530 million yuan, 650 million yuan, and 757 million yuan for the same years [7][11]. - The projected PE ratios for 2025, 2026, and 2027 are 18, 15, and 13 respectively, indicating a favorable valuation trend [7][11].