Sinexcel Electric(300693) 中邮证券·2024-04-02 16:00Investment Rating - The investment rating for the company is "Buy" and is maintained [4][7]. Core Insights - The company reported a revenue of 2.65 billion yuan in 2023, representing a year-on-year increase of 76.4%, with a net profit attributable to shareholders of 0.4 billion yuan, up 80.2% year-on-year [5]. - The company's revenue for Q4 2023 was 0.92 billion yuan, showing a year-on-year growth of 61.5% and a quarter-on-quarter growth of 45.6% [5]. - The gross margin and net margin for 2023 were 41.0% and 15.1%, respectively, with a slight decrease in gross margin by 2.8 percentage points year-on-year [5]. - The energy storage business saw significant growth, with revenue reaching 0.91 billion yuan, a year-on-year increase of 255.7%, although the gross margin declined by 10.7 percentage points [5]. - The charging pile business generated 0.85 billion yuan in revenue, up 99.6% year-on-year, with a gross margin of 39.6%, benefiting from global investment in charging infrastructure [6]. - The company is expected to continue its growth trajectory, with projected revenues of 3.6 billion yuan, 4.6 billion yuan, and 5.6 billion yuan for 2024, 2025, and 2026, respectively [7]. Financial Summary - The total market capitalization is 9 billion yuan, with a circulating market capitalization of 7.2 billion yuan [1]. - The total share capital is 3.09 billion shares, with 2.48 billion shares in circulation [3]. - The company's asset-liability ratio stands at 56.5% [4]. - The projected earnings per share (EPS) for 2024, 2025, and 2026 are 1.72 yuan, 2.23 yuan, and 2.82 yuan, respectively [9].