Sinexcel Electric(300693) 国信证券·2025-02-19 08:25Investment Rating - The investment rating for the company is "Outperform the Market" (maintained) [1] Core Views - The company is expected to benefit from the growing demand for data centers, with a significant increase in global IT load forecasted from approximately 49GW in 2023 to 96GW by 2026, driven largely by AI computing needs [3][10] - The company's charging pile business is experiencing rapid growth, with domestic charging infrastructure increasing by 24.7% year-on-year in 2024, and the company is expanding its overseas market presence [4][11] - The energy storage business is anticipated to see further growth, with significant increases in installed capacity both in the U.S. and China, indicating a robust demand for energy storage solutions [4][14] - The company maintains its profit forecast, projecting net profits of 5.49 billion and 6.53 billion for 2025 and 2026, respectively, with year-on-year growth rates of 29% and 19% [5][15] Summary by Sections Financial Performance - In 2024, the company achieved a revenue of 30.37 billion, a year-on-year increase of 14.6%, and a net profit of 4.26 billion, up 5.7% year-on-year. The net profit margin for 2024 was 14%, a decrease of 1.2 percentage points [2][6] - For Q4 2024, the company reported a revenue of 9.42 billion, a year-on-year increase of 2.6% and a quarter-on-quarter increase of 42%. The net profit for Q4 was 1.55 billion, reflecting a year-on-year increase of 19.7% and a quarter-on-quarter increase of 74.2% [2][6] Business Segments - The company’s power quality equipment products, including active power filters and static VAR generators, are positioned to address the needs of data centers, particularly in light of the increasing demand for AI computing [3][10] - The charging pile business is a key driver of revenue growth, with significant increases in both domestic and international markets for charging infrastructure [4][11] - The energy storage segment is expected to grow significantly, with the U.S. projected to install 18.17GW of energy storage in 2025, a 75% increase year-on-year, and China also showing high growth in energy storage installations [4][14]