Sinexcel Electric(300693) 东吴证券·2025-02-19 01:25Investment Rating - The report maintains a "Buy" rating for the company [9] Core Views - The company reported a total revenue of 3.037 billion yuan for 2024, representing a year-on-year increase of 14.6% [9] - The net profit attributable to shareholders for 2024 is projected to be 426.32 million yuan, with a year-on-year growth of 5.8% [9] - The company's performance is driven by the electric vehicle charging and swapping business, which has significantly improved profitability [9] - The AIDC (Automatic Identification and Data Capture) segment is expected to contribute to high growth in related businesses, particularly in data centers [9] - The company is focusing on expanding its overseas market presence, with expectations of a turnaround in profitability for its energy storage business by 2025 [9] Financial Summary - Total revenue projections for the company are as follows: 2.651 billion yuan in 2023, 3.037 billion yuan in 2024, 4.277 billion yuan in 2025, and 5.307 billion yuan in 2026 [10] - The net profit attributable to shareholders is forecasted to be 402.83 million yuan in 2023, 426.32 million yuan in 2024, 589.39 million yuan in 2025, and 728.09 million yuan in 2026 [10] - The earnings per share (EPS) are expected to be 1.29 yuan in 2023, 1.37 yuan in 2024, 1.89 yuan in 2025, and 2.34 yuan in 2026 [10] - The company’s price-to-earnings (P/E) ratio is projected to be 24.50 in 2023, 23.15 in 2024, 16.74 in 2025, and 13.55 in 2026 [10]