Sinexcel Electric(SZ:300693) ZHONGTAI SECURITIES·2025-09-14 10:50Investment Rating - The investment rating for the company is "Buy" (maintained) [1][5] Core Views - The company's revenue for the first half of 2025 was 1.362 billion, a year-on-year decrease of 4.8%, while the net profit attributable to the parent company was 158 million, down 12.9% year-on-year [2] - The low-voltage power quality products are positioned as industry leaders, expected to achieve high growth under the backdrop of AIDC high prosperity [2] - The company is actively expanding its overseas market for energy storage and charging pile businesses, which are anticipated to maintain rapid growth [2] Financial Performance Summary - Revenue projections for the company are as follows: - 2023A: 2,651 million - 2024A: 3,036 million - 2025E: 3,854 million - 2026E: 4,653 million - 2027E: 5,464 million - Year-on-year growth rates for revenue are projected at 76% for 2023, 15% for 2024, 27% for 2025, 21% for 2026, and 17% for 2027 [1] - Net profit attributable to the parent company is forecasted as follows: - 2023A: 403 million - 2024A: 429 million - 2025E: 502 million - 2026E: 652 million - 2027E: 810 million - Year-on-year growth rates for net profit are projected at 80% for 2023, 6% for 2024, 17% for 2025, 30% for 2026, and 24% for 2027 [1] Business Segment Performance - The industrial power supply business achieved revenue of 280 million in the first half of 2025, a year-on-year increase of 11%, with a gross margin of 59% [2] - The energy storage business faced challenges with a revenue of 280 million, down 39% year-on-year, and a gross margin of 28% [2] - The charging pile business reported revenue of 630 million, up 14% year-on-year, with a gross margin of 35% [2]