Sinexcel Electric(300693) 中邮证券·2024-04-30 01:30Investment Rating - The report maintains a "Buy" rating for the company, with expected revenue growth and profitability improvements over the next few years [12][13]. Core Insights - The company reported a significant increase in revenue for Q1 2024, with a year-on-year growth of 33.8%, driven by the expansion in energy storage and charging pile businesses [2]. - The charging pile business saw a remarkable revenue increase of 99.6% in 2023, benefiting from global investment in charging infrastructure [2]. - The energy storage segment experienced a substantial revenue growth of 255.7% in 2023, although the gross margin decreased due to a higher proportion of domestic shipments [2]. - The company is expanding its product offerings and enhancing its competitive edge in the charging pile market, with plans to introduce a 1MW charging pile in 2024 [2]. - The report forecasts revenue for 2024-2026 to be 36.0 billion, 45.8 billion, and 55.9 billion yuan respectively, with corresponding net profits of 5.3 billion, 6.9 billion, and 8.7 billion yuan [13]. Financial Summary - The company reported a total revenue of 6.0 billion yuan for Q1 2024, with a net profit of 0.7 billion yuan [2]. - The projected revenue growth rates for the next few years are 76.37% for 2023, 35.85% for 2024, 27.15% for 2025, and 22.09% for 2026 [4]. - The company's gross margin is expected to be around 41.0% in 2023, with a slight decline projected in the following years [6]. - The earnings per share (EPS) are forecasted to increase from 1.29 yuan in 2023 to 2.80 yuan by 2026 [4][6].