Sinexcel Electric(300693) 东吴证券·2024-03-25 16:00Investment Rating - The report maintains a "Buy" rating for the company, with an expectation of a 15%+ relative increase in stock price over the next 6 months [9][29] Core Views - The company's 2023 performance met expectations, with revenue of RMB 2.651 billion (+76.37% YoY) and net profit attributable to parent company of RMB 403 million (+80.20% YoY) [15][21] - The company's energy storage business achieved significant growth in 2023, with revenue of RMB 910 million (+256% YoY), accounting for 50% of total shipments [15][21] - The charging pile business also showed strong growth, with revenue of RMB 850 million (+99% YoY) and gross margin of 39.6% (+4.3pct YoY) [3][21] Business Segments Energy Storage - 2023 revenue: RMB 910 million (+256% YoY), with 50% domestic and 50% overseas shipments [15][21] - 2024 outlook: Expected revenue of RMB 1.2 billion (+30%+ YoY), with focus on expanding overseas markets and domestic grid-side/user-side markets [15][21] Charging Pile - 2023 revenue: RMB 850 million (+99% YoY), gross margin 39.6% (+4.3pct YoY) [3][21] - 2024 outlook: Expected revenue of RMB 1.2 billion (+40%+ YoY), with plans to expand coverage of vehicle manufacturers and charging pile integrators [3][4][21] Power Quality - 2023 revenue: RMB 530 million (+4% YoY), gross margin 53.65% (-0.8pct YoY) [17][21] - 2024 outlook: Expected to maintain 10-20% growth rate [17][21] Battery Formation and Testing - 2023 revenue: RMB 300 million (+16% YoY), gross margin 44.9% (+5.6pct YoY) [17][21] - 2024 outlook: Expected revenue of RMB 300-400 million (+35%+ YoY) [17][21] Financial Performance - 2023 gross margin: 41.01% (-2.84pct YoY), net margin attributable to parent company: 15.20% (+0.32pct YoY) [15][21] - 2023Q4 gross margin: 38.67% (-5.79pct YoY, -4.82pct QoQ), net margin attributable to parent company: 14.13% (-2.14pct YoY, -0.40pct QoQ) [2][15][21] - 2023 period expense ratio: 22.80% (-2.66pct YoY) [3][21] Financial Projections - 2024-2026 revenue forecast: RMB 3.574 billion (+34.82% YoY), RMB 4.588 billion (+28.36% YoY), RMB 5.987 billion (+30.50% YoY) [19][21] - 2024-2026 net profit attributable to parent company forecast: RMB 550 million (+36.53% YoY), RMB 741 million (+34.66% YoY), RMB 974 million (+31.47% YoY) [19][21] - 2024-2026 EPS forecast: RMB 1.78, RMB 2.39, RMB 3.15 [19][21]