Sinexcel Electric(300693)2024-10-31 09:47Financial Performance - In the first three quarters of 2024, the company achieved operating revenue of approximately 2.095 billion yuan, an increase of 20.09% compared to the same period last year [1] - The net profit attributable to shareholders was 271 million yuan, a decrease of 0.93% year-on-year [1] - Revenue from industrial power supply reached 402 million yuan, up 8.93% [1] - Revenue from new energy power conversion equipment was 619 million yuan, an increase of 6.84% [1] - Revenue from electric vehicle charging equipment amounted to 859 million yuan, a significant increase of 45% [1] - Revenue from battery testing and formation equipment was 185 million yuan, growing by 1.9% [1] Reasons for Profit Decline - The shift in sales structure of the energy storage business, with domestic energy storage revenue increasing, has led to lower overall gross margins due to intense competition [2] - A decrease in foreign exchange gains has resulted in increased financial expenses and a decline in government subsidies [2] - The Suzhou factory is still ramping up production capacity, leading to increased management costs and fixed asset depreciation [2] Future Strategies - The company is focusing on expanding its overseas energy storage market, primarily in Europe and the United States, with an emphasis on commercial and industrial energy storage [2] - Plans to establish production bases overseas will depend on market expansion progress and local conditions [3] - The domestic energy storage market is expected to face continued price pressure in the short term, but with policy support and technological advancements, a healthier development path is anticipated [3] Market Outlook - The demand for charging piles in the domestic market is expected to remain strong due to the rapid development of new energy vehicles [2] - The supply of charging infrastructure is improving, but the car-to-pile ratio remains high, indicating a continued need for more public charging stations [3]