Sinexcel Electric(SZ:300693)2024-02-04 16:00Investment Rating - The report assigns an "Outperform" rating to the company [1]. Core Insights - The company expects a net profit attributable to shareholders of 350-430 million yuan in 2023, representing a year-on-year growth of 56.57% to 92.35%. The non-deductible net profit is projected to be 329-409 million yuan, with a year-on-year growth of 54.66% to 92.27%. This growth is driven by significant revenue increases in the energy storage and charging station divisions [3][23]. - The company has been actively involved in the charging station business for over a decade, focusing on power electronic technology. It has established partnerships with leading energy companies overseas and is expected to benefit from the growth of both domestic and international charging station markets [7][20]. Financial Performance Summary - Revenue projections for the company are as follows: - 2020: 1,503 million yuan - 2021: 2,478 million yuan - 2022: 3,804 million yuan - 2023: 5,575 million yuan - Year-on-year growth rates: 47%, 65%, 54%, 47% respectively [2]. - Net profit projections are: - 2020: 224 million yuan - 2021: 413 million yuan - 2022: 630 million yuan - 2023: 852 million yuan - Year-on-year growth rates: 97%, 85%, 53%, 35% respectively [2]. - The company’s earnings per share (EPS) are projected to increase from 0.72 yuan in 2020 to 2.75 yuan in 2023 [2]. Market Context - The company’s current stock price is 26.51 yuan, with a market capitalization of 8.2 billion yuan [1][5]. - The average price-to-earnings (P/E) ratio for the company is projected to decrease from 24 in 2022 to 15 in 2024, indicating a potentially favorable valuation trend [5].