Sinexcel Electric(SZ:300693) 光大证券研究·2025-08-20 23:06Core Viewpoint - The report highlights a decline in revenue and net profit for the company in the first half of 2025, primarily driven by challenges in the energy storage business, while other segments like industrial power supply and electric vehicle charging equipment show growth [3][4][5][6]. Group 1: Financial Performance - In H1 2025, the company achieved revenue of 1.362 billion yuan, a year-on-year decrease of 4.79%, and a net profit of 158 million yuan, down 12.91% [3]. - In Q2 2025, revenue was 758 million yuan, reflecting an 8.87% decline, with net profit dropping 26.04% to 85 million yuan [3]. Group 2: Energy Storage Business - The energy storage segment reported revenue of 284 million yuan in H1 2025, a significant decline of 38.98%, with a gross margin of 27.79%, down 2 percentage points [4]. - The decline in the energy storage business is attributed to immature commercial models in the domestic market and intensified competition in the overseas market [4]. Group 3: Industrial Power Supply Business - The industrial power supply segment saw revenue growth of 11.42% to 280 million yuan in H1 2025, with a gross margin of 58.66%, an increase of 4 percentage points [5]. - The company has gained recognition in the AI and intelligent computing center sectors, positioning itself as a leading brand in the low-voltage power quality market [5]. Group 4: Electric Vehicle Charging and Battery Testing Equipment - The electric vehicle charging equipment business generated revenue of 632 million yuan, up 13.70%, but with a gross margin of 34.86%, down 3 percentage points [6]. - The battery testing and formation equipment segment achieved revenue of 133 million yuan, a growth of 5.61%, but experienced a gross margin decline of 10 percentage points to 39.30% [6].