Sinexcel Electric(SZ:300693) Huachuang Securities·2025-04-17 09:11Investment Rating - The report maintains a "Strong Buy" rating for the company, expecting it to outperform the benchmark index by over 20% in the next six months [1][20]. Core Views - The company's performance in 2024 met expectations, with revenue reaching 3.036 billion yuan, a year-on-year increase of 14.53%, and a net profit of 429 million yuan, up 6.49% year-on-year. The fourth quarter showed significant growth, with revenue of 941 million yuan, a year-on-year increase of 2.49% and a quarter-on-quarter increase of 41.66% [1][3]. - The report highlights strong performance in the charging pile and power quality sectors, while the energy storage business slightly underperformed expectations. The company is optimistic about its development in the AIDC (Automatic Identification and Data Capture) field [1][7]. Financial Summary - 2024 Financial Performance: Total revenue of 3.036 billion yuan, net profit of 429 million yuan, and a net profit margin of 14.0% [1][3]. - Future Projections: Expected revenue growth rates of 14.5% in 2025, 17.5% in 2026, and 16.4% in 2027. Projected net profits are 551 million yuan in 2025, 668 million yuan in 2026, and 797 million yuan in 2027 [3][8]. - Valuation Metrics: The report sets a target price of 44 yuan for 2025, with a current price of 29.18 yuan, implying a price-to-earnings ratio of 25x for 2025 [3][7]. Business Segment Performance - Power Quality Equipment: Revenue of 603 million yuan, a year-on-year increase of 13.11%, with a gross margin of 54.23% [7]. - Energy Storage Equipment: Revenue of 857 million yuan, a year-on-year decrease of 5.80%, with a gross margin of 29.64% [7]. - Charging Pile Business: Revenue of 1.216 billion yuan, a year-on-year increase of 43.04%, maintaining a high gross margin of 38.15% [7]. - Battery Testing Equipment: Revenue of 296 million yuan, a slight year-on-year decrease of 0.93%, with a gross margin of 39.35% [7]. Strategic Outlook - The company is expected to benefit from overseas expansion in the charging pile market, with established contacts in Europe and Asia. This is anticipated to enhance both revenue and gross margins [7]. - The AIDC sector is projected to drive demand for power quality products, with the company holding a significant market share in this area [7].