Sinexcel Electric(SZ:300693) Xinda Securities·2024-04-28 08:30Investment Rating - The report maintains a "Buy" rating for the company [12][13]. Core Insights - The company reported a revenue of 2.65 billion yuan in 2023, representing a year-over-year growth of 76.37% [12]. - The net profit attributable to the parent company reached 403 million yuan, up 80.2% year-over-year, with a gross margin of 41.01%, down 6.48 percentage points [12]. - The company is actively expanding its overseas market presence in the energy storage and charging pile sectors, focusing on major clients in key countries [2][12]. Revenue Breakdown - In 2023, the company's revenue from energy storage equipment was 910 million yuan, a significant increase of 255.65% year-over-year [12]. - Revenue from electric vehicle charging piles was 850 million yuan, growing by 99.58% year-over-year [12]. - The industrial power supply segment generated 533 million yuan, with a modest growth of 4.07% year-over-year [12]. Market Trends - The energy storage market in China saw a new installed capacity of 31.39 GW/66.87 GWh in 2023, marking a year-over-year increase of 260% [12]. - The demand for charging piles is rapidly increasing due to the growing number of new energy vehicles, supported by government policies [12]. Financial Projections - The company is projected to achieve revenues of 3.74 billion yuan, 5.16 billion yuan, and 6.71 billion yuan in 2024, 2025, and 2026, respectively, with year-over-year growth rates of 40.9%, 38.2%, and 30.1% [13][14]. - The net profit attributable to the parent company is expected to reach 521 million yuan, 720 million yuan, and 985 million yuan in the same years, with growth rates of 29.3%, 38.2%, and 36.8% [13][14].