Sinexcel Electric(300693) 海通国际·2024-06-05 03:30Investment Rating - The report maintains an "OUTPERFORM" rating for the company [2] Core Views - The company's energy storage business achieved significant growth in 2023, with revenues of approximately 910 million yuan, a year-on-year increase of 256%, and expects continued growth in 2024, primarily driven by the domestic market [14][54] - The charging pile business also showed strong performance, with revenues of about 850 million yuan in 2023, a year-on-year increase of 99%, and is projected to maintain a growth rate of over 40% in 2024 [18][45] - The overall revenue for the first quarter of 2024 was 599 million yuan, reflecting a year-on-year growth of 33.8%, with net profit growth lagging behind revenue growth due to increased depreciation and expenses [49] Financial Summary - Revenue projections for the company are as follows: 2,651 million yuan in 2023, 3,522 million yuan in 2024, 4,681 million yuan in 2025, and 5,840 million yuan in 2026, indicating a growth rate of 76%, 33%, 33%, and 25% respectively [51] - Net profit is expected to grow from 401 million yuan in 2023 to 804 million yuan in 2026, with growth rates of 80%, 27%, 23%, and 27% respectively [51] - The company’s EPS is projected to increase from 1.30 yuan in 2023 to 2.60 yuan in 2026 [51] Market Position - The company has a market capitalization of approximately 8.01 billion yuan (1.11 billion USD) and a current price of 25.76 yuan, with a target price set at 44.88 yuan [2] - The company’s stock has a PE ratio that is projected to decrease from 20 in 2023 to 10 in 2026, indicating improving valuation metrics [51]