Sinexcel Electric(SZ:300693) China Post Securities·2025-10-28 07:04Investment Rating - The investment rating for the company is "Accumulate" after a slight downgrade [5]. Core Views - The company reported a revenue of 2.22 billion yuan for the first three quarters of 2025, reflecting a year-on-year increase of 5.8%, while the net profit attributable to shareholders decreased by 0.9% to 280 million yuan [3]. - The company is expected to benefit from the growth in AIDC (Artificial Intelligence Data Center) and overseas expansion, although the energy storage business is under short-term pressure [5]. - The company is actively expanding its electric vehicle charging infrastructure, aiming to meet the growing demand for charging facilities as outlined in the national plan to build 28 million charging facilities by the end of 2027 [4]. Summary by Sections Company Overview - Latest closing price: 37.56 yuan - Total shares: 313 million, circulating shares: 269 million - Total market capitalization: 11.7 billion yuan, circulating market capitalization: 10.1 billion yuan - 52-week high/low: 43.16/23.36 yuan - Debt-to-asset ratio: 50.5% - Price-to-earnings ratio: 27.13 [2]. Financial Performance - For Q3 2025, the company achieved a revenue of 850 million yuan, with year-on-year growth of 28.5% and quarter-on-quarter growth of 12.7%. The net profit for Q3 was 120 million yuan, with year-on-year growth of 33.1% and quarter-on-quarter growth of 39.2% [3]. - The gross margin and net margin were reported at 39.9% and 12.4%, respectively, showing a slight decline compared to the previous year [3]. Future Projections - Revenue projections for 2025-2027 have been slightly adjusted to 3.21 billion, 3.87 billion, and 4.78 billion yuan, respectively, down from previous estimates of 3.52 billion, 4.23 billion, and 5.06 billion yuan [5]. - Net profit projections for the same period are now 450 million, 550 million, and 690 million yuan, down from 520 million, 630 million, and 750 million yuan [5]. - The expected price-to-earnings ratios for 2025, 2026, and 2027 are 26, 21, and 17, respectively [5].