Shenzhen Sinexcel Electric Co., Ltd. (300693)

Stock Analysis Report | Industry: Power Electronics Equipment / New Energy Battery Swap & Charging and Energy Storage | Report Date: September 13, 2026 | 2026-09-11 close (primary data reference date); specific formation dates of the 52-week high of RMB 71.20 and low of RMB 31.69 not supported by direct evidence; Investing.com technical indicator data dated 2026-08-17 22:45 GMT, severely lagged, not to be treated as current values

This report is automatically compiled and generated by AI based on public information, for reference only, and does not constitute investment advice.

I. Core Summary

Sinexcel's latest results are in a clear acceleration phase: for H1 2026, operating revenue reached RMB 1.759 billion, up 29.16% YoY; net profit attributable to parent reached RMB 228 million, up 44.11% YoY; non-GAAP net profit attributable to parent grew 50.45% YoY. Q2 2026 standalone revenue was RMB 1.015 billion and net profit attributable to parent was RMB 143 million, up 33.96% and 67.43% YoY respectively, with gross margin rising to 40.8% and net margin rising to 14.0%. However, it should be noted that part of the H1 2026 growth was built on a low base from H1 2025, when revenue fell 4.79% and net profit attributable to parent fell 12.91%.

The business structure is tilting toward higher-margin operations. In H1 2026, industrial supporting power supplies revenue was RMB 441 million, up 57.8% YoY, with a gross margin of 61.94%; new energy power conversion equipment revenue was RMB 384 million, up 35.3% YoY, with a gross margin of 38.08%; overseas revenue was RMB 414 million, accounting for 23.53%, with a gross margin of approximately 58.94%. By contrast, EV charging equipment remains the largest business, with revenue of RMB 748 million, accounting for 42.50%, but its gross margin was 30.43%, down 4.4 percentage points YoY.

The company has built a multi-business layout spanning industrial supporting power supplies, battery swap and charging, energy storage, and battery testing and formation, and added an AIDC critical power supply business line in 2025. Future growth mainly depends on the expansion of industrial power supplies in data centers and intelligent computing centers, the rollout of energy storage PCS and generation-grid-side products, the development of the charging business—especially megawatt ultra-fast charging for heavy trucks—and overseas market expansion. The closing price on September 11, 2026 was RMB 37.71, with performance over the past 1 month and past 3 months at approximately -16.8% and -17.1%; current valuation measures differ, with PE at approximately 21.6x to 27.5x.

II. Company Overview

2.1 Basic Information

2.2 Main Business and Product Layout

• Industrial supporting power supplies: active power filters (APF), static var generators (SVG), three-phase unbalance regulators (SPC), dynamic voltage regulators (AVC), low-voltage line voltage regulators (LVR), uninterruptible power supplies (UPS), high-voltage static var generators (HSVG), etc., with downstream coverage across more than thirty industries including data centers/AIDC, high-end equipment manufacturing, semiconductor manufacturing equipment power supplies, rail transit, metallurgy and chemicals, hospitals, broadcasting, and theme parks; the company describes itself as one of the earliest domestic enterprises to develop and produce low-voltage power quality products and the first to apply three-level modular technology to power quality products, and was listed by Gewu Zhisheng's "2025 China Power Quality Industry Market White Paper" in the first tier of low-voltage power quality (third-party white paper criteria, not an official ranking)
• New energy vehicle battery swap and charging services: DC/AC chargers, integrated/split-type; charging modules cover 15/20/30/40/60kW; battery swap cabinets (horizontal/vertical, four-channel/six-channel); product lines include 360kW–2.5MW flexible split-type units, 480–960kW fully liquid-cooled flexible split-type units, 30–480kW DC integrated units, and 30–60kW DC charging modules; charging modules are self-developed
• New energy power conversion equipment (energy storage): modular/centralized energy storage converters (PCS), DC converters, PCS booster systems, etc., used for new energy station storage, independent energy storage station leasing, commercial and industrial peak shaving and valley filling, and PV-storage-diesel microgrids/emergency backup power; in 2026 it launched the generation-grid-side new products StellaOn 1250/1575K
• Battery formation and testing equipment: battery material/cell/module/PACK/energy storage cabin testing systems, covering formation, capacity grading, and aftermarket recycling testing for lithium batteries, lead-acid, sodium-ion, and solid-state batteries
• AIDC critical power supplies (new business line, established in 2025): UPS (the new 1200KVA data center product completed development at the end of 2024), HVDC, SST, etc.; in 2025 it also established the "Smart Energy Research Institute"

2.3 Upstream/Downstream Position in the Industry Chain and Cost-Profit Structure

III. Financial Data and Valuation Analysis

3.1 Recent Operating Performance

The latest disclosed periodic report is the 2026 interim report (disclosed 2026-08-10), and the most recent fiscal year is the 2025 annual report (disclosed 2026-04-09/10). 2026H1 non-GAAP net profit attributable to parent was approximately RMB 228 million (up 50.45% YoY), basic EPS RMB 0.73 (up 43.59% YoY), gross margin/net margin 40.7%/12.9% (up 1.7pct/up 1.6pct YoY); Q2 2026 standalone revenue RMB 1.015 billion (up 33.96% YoY, up 36.39% QoQ), net profit attributable to parent RMB 143 million (up 67.43% YoY), non-GAAP RMB 142 million (up 71.4% YoY), Q2 gross margin 40.8%, net margin 14.0%; proposed dividend of RMB 3.30 per 10 shares (tax included), total dividend of approximately RMB 103 million. 2025A gross margin 38.47%, net margin attributable to parent 13.75%, net operating cash flow RMB 700 million (up 92.77% YoY), R&D expense ratio 8.28%; 2025 dividend of RMB 5.00 per 10 shares. 2025Q4 standalone revenue RMB 1.247 billion (+32.47%), net profit attributable to parent RMB 199 million (+25.94%); first three quarters of 2025 net profit attributable to parent RMB 277 million (+2.23%, disclosed 2025-10-24). 2025 by business: industrial supporting power supplies RMB 710 million (+17.78%), new energy power conversion equipment RMB 825 million (-3.69%), EV chargers RMB 1.496 billion (+23.04%), battery testing and formation RMB 343 million (+15.98%). 2026H1 by business: EV charging equipment RMB 747.7 million (42.50% of total, up 18.3% YoY, gross margin 30.43%, down 4.4pct YoY); industrial supporting power supplies RMB 441.4 million (25.09%, up 57.8% YoY, gross margin 61.94%, up 3.3pct YoY); new energy power conversion equipment (energy storage) RMB 383.9 million (21.82%, up 35.3% YoY, gross margin 38.08%, up 10.3pct YoY); battery testing and formation equipment RMB 133.0 million (7.56%, gross margin 30.98%); by region: East China RMB 694.4 million (39.47%), overseas RMB 414.0 million (23.53%, gross margin 58.94%), South China RMB 233.2 million. 2024 reference: gross margin 39.20%, ROE 23.60%, R&D investment RMB 257 million (8.46% of revenue). 2025H1 net profit attributable to parent RMB 158 million (-12.91%), 2024H1 net profit attributable to parent approximately RMB 181 million, showing a low-then-high performance pattern, with significant acceleration in 2026H1.

2026H1 revenue RMB 1.759 billion (up 29.16% YoY), net profit attributable to parent RMB 228 million (up 44.11% YoY), non-GAAP RMB 228 million (up 50.45% YoY), with results clearly accelerating; Q2 standalone revenue RMB 1.015 billion (up 33.96% YoY, up 36.39% QoQ), net profit attributable to parent RMB 143 million (up 67.43% YoY, up 67.4% QoQ), Q2 gross margin 40.8% (up 2.3pct YoY), net margin 14.0% (up 2.9pct YoY), with improved profitability. Structurally, industrial supporting power supplies (driven by AIDC/intelligent computing centers) grew 57.8% YoY with a gross margin of 61.94% (up 3.3pct YoY), energy storage (new energy power conversion equipment) grew 35.3% YoY with a gross margin of 38.08% (up 10.3pct YoY), while EV charging equipment's gross margin of 30.43% (down 4.4pct YoY) came under pressure; overseas revenue was RMB 414.0 million with a gross margin of 58.94%, significantly higher than domestic. Full-year 2025 revenue was RMB 3.463 billion (up 14.05% YoY) and net profit attributable to parent was RMB 476 million (up 10.99% YoY), showing a low-then-high pattern (2025H1 net profit attributable to parent -12.91%, turning to positive growth for the full year, with significant acceleration in 2026H1), net operating cash flow RMB 700 million (up 92.77% YoY), and R&D expense ratio 8.28%.

3.2 Earnings Forecasts

Data source is multi-institution forecasts, not a single source. East Money consensus estimates (snapshot as of approximately early September 2026, 6–8 institutions): EPS 2025A RMB 1.5221 → 2026E RMB 1.9288 (8 institutions) → 2027E RMB 2.4075 (8 institutions) → 2028E RMB 2.8729 (7 institutions); net assets per share 2025A RMB 6.9320 → 2026E RMB 8.5683 (6 institutions) → 2027E RMB 10.5117. China Post Securities 2026-08-12 (Buy, rating upgraded): 2026-2028 revenue RMB 4.36/5.40/6.52 billion, net profit attributable to parent RMB 610/760/940 million, corresponding PE 22x/18x/15x. Everbright Securities 2026-08-12 (maintained Buy): 2026-2028 net profit attributable to parent RMB 627/825/1,055 million (upgraded 2%/upgraded 11%/new), corresponding PE 22x/17x/13x. Guosen Securities 2026-08-17 (maintained Outperform): upgraded 2026-2027 to RMB 570/690 million (previously RMB 530/610 million), added 2028 at RMB 810 million, up 20%/22%/17% YoY, dynamic PE 24.9x/20.4x/17.5x. Southwest Securities 2026-09-09 (no explicit rating given, under the assumption of "not considering a data center power supply business breakthrough"): 2026-2028 net profit attributable to parent RMB 608/743/900 million, EPS RMB 1.94/2.37/2.88, PE 21x/17x/14x, report-date closing price RMB 39.71. Sinolink Securities 2026-04-14 (maintained Buy): 2026-2028 net profit attributable to parent RMB 624/780/908 million, up 31.03%/25.04%/16.43% YoY, corresponding PE 24.23x/19.38x/16.65x. Note: Everbright Securities' 2028 forecast of RMB 1,055 million is significantly above consensus (approximately RMB 890–900 million) and represents a single brokerage's optimistic scenario; Guosen Securities' 2026-2027 forecasts (RMB 570/690 million) are below the RMB 610–630 million range of most brokerages. Forecast divergence mainly stems from differing assumptions on the contribution pace of AIDC power supplies and energy storage overseas expansion.

3.3 Valuation Levels and Institutional Ratings

Using the 2026-09-09 closing price of RMB 39.71 (taken from Southwest Securities' research report "report-date closing price") as the benchmark, with total share capital of approximately 312 million shares (back-solved from 2026H1 net profit attributable to parent of RMB 227.8 million ÷ EPS RMB 0.73, consistent with the 2025 annual report total share capital of 311,085,410 shares): total market cap ≈ RMB 12.4 billion (author's estimate, not a direct source); PE (2025A) ≈ 25.9x (the East Money page gives 25.52x under a price of approximately RMB 38.8, consistent); PE (2026E, consensus EPS 1.93) ≈ 20.6x; PE (2027E, 2.41) ≈ 16.5x; PE (2028E, 2.87) ≈ 13.8x; PE (TTM) ≈ 22.7x (TTM net profit attributable to parent ≈ full-year 2025 RMB 476 million + 2026H1 RMB 228 million − 2025H1 RMB 158 million = RMB 546 million, author's estimate); PB ≈ 5.7x (2025A net assets per share RMB 6.9320, East Money criteria, estimated). Note that the PE series in East Money's consensus estimate table itself implies a share price of approximately RMB 38.8–38.9, broadly in line with Southwest Securities' RMB 39.71, indicating that the snapshot was around early September 2026. Share price reference points (used to judge target price upside, all indirect sources): approximately RMB 48.5 (implied by Sinolink Securities' 2026-04-14 report date), RMB 45.95 (China Post Securities' 2026-08-12 report-date closing price), approximately RMB 45–46 (Guosen Securities 2026-08-17), RMB 39.71 (Southwest Securities 2026-09-09). Important limitations: the share price and market cap/PE/PB are all indirectly back-solved, and no reliable quote page directly provides real-time quotes after 2026-09-09 (East Money/THS quote pages are JS-rendered and were not obtained this time); the "report-date closing price" labeled in brokerage research reports is used; the Investing.com consensus estimates page has self-contradictory data points and a somewhat stale snapshot, and is not recommended for direct use.

IV. Recent News and Announcements

4.1 2026 Interim Report Disclosure: Revenue RMB 1.75946 Billion, Up 29.16% YoY; Net Profit Attributable to Parent RMB 228 Million, Up 44.11% YoY

Disclosure date 2026-08-10. Operating revenue RMB 1.75946 billion, up 29.16% YoY; net profit attributable to parent RMB 228 million, up 44.11% YoY; basic EPS RMB 0.73 (prior-year same period RMB 0.51). Business breakdown (2026-06-30): EV charging equipment RMB 747.7 million (42.50%, gross margin 30.43%), industrial supporting power supplies RMB 441.4 million (25.09%, gross margin 61.94%), new energy power conversion equipment RMB 383.9 million (21.82%, gross margin 38.08%), battery testing and formation RMB 133.0 million (7.56%); by region, East China RMB 694.4 million (39.47%), overseas RMB 414.0 million (23.53%, gross margin approximately 58.9%). Compared with H1 2025: revenue RMB 1.36227 billion (down 4.79% YoY), net profit attributable to parent RMB 158.06 million (down 12.91% YoY), i.e., 2026H1 growth was built on the low base of 2025H1.

4.2 2025 Annual Performance Express Released (2026-02-27), Specific Financial Figures Not Retrieved

The "2025 Annual Performance Express" was released on 2026-02-27, seen only in the East Money stock calendar entry summary. The specific revenue/profit figures of the express were not retrieved this time, is an item not cross-verified, and no speculative values are accepted.

4.3 2025 Annual Report Disclosure (2026-04-10, Announcement No. 2026-011)

Auditor Grant Thornton, standard unqualified opinion. Source: East Money announcements, Shenzhen Stock Exchange disclosure documents.

4.4 2026 Interim Profit Distribution Plan: RMB 3.30 per 10 Shares, Total Cash Dividend Approximately RMB 103 Million, Accounting for 45.21% of Net Profit Attributable to Parent

Approved by the 16th meeting of the fourth board of directors on 2026-08-10. Based on 312,042,673 shares after excluding 753,150 shares in the repurchase special account from total share capital of 312,795,823 shares, a cash dividend of RMB 3.30 per 10 shares (tax included), total cash dividend of RMB 102,974,082.09 (approximately RMB 103 million), accounting for 45.21% of net profit attributable to parent for the same period; no bonus shares, no capital reserve conversion. Approved by the third extraordinary shareholders' meeting of 2026 on 2026-08-26 (which also approved the "Amendment to the Articles of Association"). 2026-08-28 equity distribution implementation announcement: record date 2026-09-04, ex-rights/ex-dividend date 2026-09-07, RMB 2.97 per 10 shares after tax.

4.5 2025 Annual Dividend Implementation: RMB 5.00 per 10 Shares

RMB 5.00 per 10 shares, record date 2026-05-18, ex-dividend date 2026-05-19 (announced 2026-05-12). Company disclosure (2026-08-21 investor relations record): cumulative cash dividends for the past three years 2023–2025 were RMB 414 million (excluding this one), cumulative since listing RMB 561 million (excluding this one), with total cumulative dividends reaching 171% of total IPO proceeds. Historical dividend sequence: 2024-04-16 announcement 10-for-3.30; 2023-05-09 announcement 10-for-4.96775 conversion and 2.18581 dividend.

4.6 2026 Restricted Stock Incentive Plan (Draft) Released (evening of 2026-04-01, formal announcement 2026-04-02)

Proposed grant of 3.1210 million shares (1.00% of total share capital at the time); of which initial grant of 2.8288 million shares (0.90%), reserved 292,200 shares (0.09%). Grant price (including reserved) RMB 31.89/share; price floor basis: 50% of the average price of RMB 44.61 for the 1 trading day before the draft announcement, and 50% of the average price of RMB 42.52 for the preceding 120 trading days. Initial grant incentive recipients: 271 people (directors, senior management, middle management, and core technical/business backbones; excluding independent directors, shareholders holding 5% or more, and relatives of the actual controller). Vesting arrangement: three tranches of 30%/30%/40% after 12 months from grant; maximum validity period 60 months. Company-level performance assessment (non-GAAP net profit attributable to parent, excluding incentive costs): 2026 target RMB 561.62 million, trigger RMB 514.82 million; 2027 target RMB 673.94 million, trigger RMB 566.30 million; 2028 target RMB 808.73 million, trigger RMB 622.93 million. Estimated total amortization expense for the initial grant of 2.8288 million shares is approximately RMB 43.2071 million (2026: RMB 16.1719 million; 2027: RMB 16.5975 million; 2028: RMB 8.3770 million; 2029: RMB 2.0606 million). Note: the trigger value appears in different sources as RMB 514.82 million (THS) and RMB 515 million (China Securities Journal rounding), and the 2027 trigger value appears as RMB 566.30 million (THS) and RMB 566 million (China Securities Journal), which are precision differences in the same data, not contradictions.

4.7 2026 Restricted Stock Incentive Plan Approved by Shareholders' Meeting and Initial Grant Implemented (2026-04-17)

Approved by the shareholders' meeting on 2026-04-17 and initial grant implemented (initial grant date 2026-04-17, granting 2.8288 million shares, exercise price RMB 31.89). Note: the initial grant of 2.8288 million shares is shown in the THS F10 field as "completed this period: No", and details of grant registration/payment are not seen in the details; it is recommended to refer to the company's subsequent grant results announcement.

4.8 Reduction Plans of Multiple Shareholders Expired, Total Reduction 1.4292% of Total Share Capital (2026-08-28 Announcement)

Involved parties: Fang Xing, Sheng Jianming, Xiao Xueli, Wei Xiaoliang, Yang Liu, Hu Tianshun, Zhao Qinghe; among them Fang Xing, Yang Liu, and Zhao Qinghe did not reduce holdings, while Sheng Jianming, Xiao Xueli, Wei Xiaoliang, and Hu Tianshun reduced holdings through centralized bidding. The same event also has the description "shareholders reduced 4.4178 million shares" (Securities Star), which differs from 1.4292% (corresponding to approximately 4.46 million shares) by approximately 40,000 shares—possibly due to different statistical criteria (whether including minor executive reductions/whether excluding repurchased shares); marked as pending verification.

4.9 Board Secretary Hu Tianshun Reduced 12,600 Shares (2026-08-26)

Executive personal reduction details, source is Securities Star article list (2026-08-27 21:01).

4.10 Historical Reduction Records (2025): Sheng Jianming Reduced 1,772,118 Shares, Fang Xing Reduced 549,950 Shares

Sheng Jianming reduced 1,772,118 shares on the secondary market from 2025-10-24 to 2025-11-20, at an average reduction price of RMB 48.4448/share, with holdings after the change at 13,867,721 shares (4.4335% of total share capital); Fang Xing reduced 549,950 shares on 2025-08-28, at an average price of RMB 38.85/share, with holdings after the change at 55,097,389 shares (17.6145%).

4.11 Shareholder Xiao Xueli's Inquiry Transfer of 4.66 Million Shares (1.49% of Total Share Capital, 2025-05)

Shareholder Xiao Xueli planned to transfer 4.66 million shares (1.49% of total share capital) via inquiry transfer; on 2025-05-15 the preliminary pricing was RMB 27.76/share, with 20 institutions quoting, 17.108 million shares validly subscribed, a subscription multiple of 3.67x, and 10 institutions allocated; after the transfer, Xiao Xueli held 10,076,230 shares (3.23%).

4.12 Change in Number of Shareholders: 39,676 as of 2026-08-31, Up 2,446 (+6.57%) from 2026-08-20

As of 2026-08-31, 39,676, up 2,446 (+6.57%) from 37,230 on 2026-08-20 (chips dispersing); while on 2026-08-20 it was down 2,589 (-6.50%) from 2026-08-10 (previously concentrating).

4.13 Equity Pledge Status: As of 2026-09-04, Total Pledge Ratio 2.75%, Total Pledged Shares 8.6100 Million, Total Pledge Transactions 10

As of 2026-09-04, total pledge ratio 2.75%, total pledged shares 8.6100 million, total pledge transactions 10 (flat with 2026-08-28).

4.14 Top Ten Shareholders (As of 2026-06-30)

Fang Xing 17.60% (restricted + tradable), Sheng Jianming 3.92%, Hong Kong Central Clearing 3.67%, China Universal-Social Security Fund 17022 Portfolio 2.39%, Qianhai Open Source Public Utilities Equity 2.23%.

4.15 2025 Annual Shareholders' Meeting Held (2026-05-08, Announcement No. 2026-035)

253 shareholders/representatives holding 843.6 million shares, accounting for 27.0344% of valid voting rights, deliberated 11 proposals including the annual report, 2025 profit distribution, re-appointment of the 2026 auditor, 2026 daily related-party transaction estimates, credit guarantees for wholly owned subsidiaries, and cash management of idle own funds.

4.16 Announcement on Participating in the 2025 Shenzhen Jurisdiction Listed Company Investor Online Collective Reception Day Event (2025-11-17)

After-hours announcement, source is Shenzhen Stock Exchange disclosure. Specific content not elaborated in detail in the minutes.

4.17 Proposal to By-Elect an Independent Director of the Fourth Board of Directors (2026-04-24)

Source is Sina Finance shareholders' meeting notice page. Specific voting results not disclosed in the minutes.

4.18 Repurchase Status: Only Confirmed 753,150 Shares Held in Repurchase Special Account; Repurchase Plan Details Pending Verification

Confirmed facts: the company has a repurchase special securities account, in which 753,150 shares have been explicitly stated in multiple announcements as "not participating in equity distribution" and not entitled to voting rights (consistent criteria in the 2026 interim report dividend, 2025 annual shareholders' meeting, and 2026 third extraordinary shareholders' meeting disclosures). Unverified items: this search failed to find the original repurchase plan announcement (amount cap/price cap/purpose: cancellation or employee stock ownership) and the latest repurchase progress announcement. It is recommended to label "only confirmed 753,150 shares held in repurchase special account; repurchase plan details pending verification".

4.19 M&A/Major Contracts: No Obvious M&A Events Found in This Search

No major asset restructuring/acquisition announcements found. The company's external actions are reflected in overseas localized manufacturing (US, Malaysia) and 9 overseas representative offices (disclosed in the 2026-07 industry chain activity).

4.20 Bid Winning Information: Zhongyuan Smart Drilling Rig Power Quality Optimization Device Procurement - Transaction Announcement (2026-08-28, Single Source)

Won the bid in the "Zhongyuan Smart Drilling Rig Power Quality Optimization Device Procurement - Transaction Announcement" on 2026-08-28 (Securities Star stock news list). Single source only, no bid amount seen, an item not cross-verified. Recommended label: "single source, pending verification".

4.21 Litigation: 2 Bill Recourse Disputes to Be Heard on 2026-09-01 (Reported 2026-08-29, Single Source)

The company, as plaintiff/appellant, has 2 bill recourse dispute lawsuits to be heard on 2026-09-01 (Securities Star stock news list). Amount and impact not disclosed; recommended to treat as a "contingency" and label "single source, pending verification".

4.22 Institutional Research: Received 8 Institutions Including Huachuang Securities for Research from 2026-08-17 to 08-18

Host: Investor Relations Director Zhang Yuan. Source is East Money F10 information (research express released 2026-08-26).

4.23 Specific Object Research (2026-08-20, Record Form No. 2026-018, Release Date 2026-08-21)

Participants included Huachuang Securities, CCB Pension, Galaxy Securities, Jinxin Fund, Ping An Securities, CITIC Securities, etc. Key points: ① 2026 interim dividend plan and historical cumulative dividends; ② the new-generation 5MW heavy-truck megawatt ultra-fast charging solution, which has obtained national 3C certification; ③ energy storage generation-grid-side new products StellaOn 1250/1575K have obtained certifications in multiple regions and are gradually being deployed; ④ energy storage PCS has the capability to be compatible with multiple electrochemical systems including sodium-ion batteries (modular architecture, wide DC voltage adaptation); ⑤ the charging pile industry is guided by top-level plans such as the "14th Five-Year Plan" for New Power System Construction and the "15th Five-Year Plan" for New Energy System Construction.

4.24 Four New Investor Interaction Items Added (2026-09-08)

Four new investor interaction items added on 2026-09-08 (exchange interactive easy type), source is Securities Star stock announcement page. Specific content not elaborated in the minutes.

4.25 Industry/Policy News: Charging Facility Guidance Related to the "15th Five-Year Plan" for New Power Systems and New Energy Systems

The "15th Five-Year Plan for New Power System Construction" and the "15th Five-Year Plan for New Energy System Construction" released in 2026 propose improving fast-slow complementary, smart and open charging infrastructure, building a charging network of "urban areas, highway lines, and rural points", and promoting the renewal and renovation of charging facilities in highway service areas (cited in the company's 2026-08-21 investor relations record). Note: the policy texts themselves were not directly verified in these minutes; this is the company's paraphrase in research, and it is recommended to refer to official documents when citing. Industry position data: according to the Charging Alliance, as of the end of June 2026, in the cumulative sales ranking of high-power (>250kW) charging facility manufacturers (guns), Sinexcel had 82,086 cumulative units, ranking third (interim report management discussion; another 2026-07 article stated "as of February 2026, the number of high-power charging guns in stock exceeded 60,000, ranking fourth nationwide"—the criteria are "cumulative sales" vs "installed base", and the two rankings are not directly comparable); new energy heavy truck cumulative sales in H1 2026 were approximately 140,000 units, up 78.6% YoY (paraphrased from Ministry of Transport data).

4.26 Capital Flow Corroboration: Margin Balance Rising, Main Funds Net Selling (2026-08-27 to 08-28)

Margin trading: on 2026-08-27, margin purchases were RMB 58.4526 million, margin balance RMB 418 million (RMB 409 million on 2026-08-26 and RMB 396 million on 08-25, rising). Main funds: net selling of RMB 49.5839 million on 2026-08-27; net selling of RMB 13.4463 million on 2026-08-28. Source is Securities Star's "Sinexcel articles" list.

4.27 Price and Market Cap Point-in-Time Snapshot (Not the Focus of This Task)

2026-09-07 close RMB 40.65 (+2.14%), total market cap RMB 12.715 billion, tradable market cap RMB 10.960 billion, turnover 3.25% (Sina Finance, capture time labeled 2026-09-07 15:35). East Money stock calendar snapshot shows "latest price 39.51, change -0.50%" (page date labeled 2026-09-09). Securities Star margin dividend page shows "total market cap RMB 12.553 billion, tradable market cap RMB 10.820 billion" (time point not clearly labeled, possibly later). The differences among the three market cap figures come from different capture times, and the report must state the "as-of date".

4.28 Uncertainties and Limitations Requiring Key Labeling

1. These minutes use approximately 2026-09-09 as the "latest time point"; if the report date differs, announcements after mid-September 2026 must be re-verified (especially the Q3 report scheduled disclosure, repurchase progress, and follow-up reduction progress). 2. Repurchase information is incomplete: only 753,150 shares in the repurchase special account are confirmed; the original repurchase plan, amount/price caps, purpose, and latest progress were not found, making this a single-dimension, non-cross-verified item. 3. The specific financial figures of the 2026-02-27 "2025 Annual Performance Express" were not retrieved (only the announcement title seen); no speculative values are accepted. 4. Reduction scale criteria differ: 1.4292% and "4.4178 million shares" coexist, with a gap of approximately 40,000 shares, and the original announcement PDF was not found for item-by-item verification. 5. "Zhongyuan Smart Drilling Rig bid win" and "bill recourse dispute hearing" are both single-source (Securities Star news list), with no amount and no impact assessment, making them low-confidence information. 6. Industry ranking data has two criteria (third in cumulative sales/fourth in installed base; cutoff dates 2026-06 vs 2026-02), sourced from the company's interim report and media paraphrase of the Charging Alliance, without obtaining the Charging Alliance's original report. 7. The 2026 restricted stock incentive plan has been "implemented" but the initial grant of 2.8288 million shares is in a "completed this period: No" status (THS F10 field); it is recommended to refer to the company's subsequent grant results announcement. 8. The high revenue/profit YoY growth (+29.16%/+44.11%) is built on the low base of 2025H1 YoY declines (-4.79%/-12.91%), which is a factual statement and does not constitute a forecast.

V. Stock Price Trend and Technical Analysis

5.1 Price Overview

5.2 Technical Indicators

5.3 Short-Term Trend Outlook (Next Week, Scenario Deduction, for Reference Only)

VI. Industry Landscape and Competitor Analysis

VII. Risk Warnings

• Charging equipment remains the company's largest revenue source, accounting for 42.50% of revenue in H1 2026, but its gross margin fell 4.4 percentage points YoY to 30.43%; if competition in charging equipment intensifies or the product mix changes, it may drag on overall profitability.
• Part of the relatively high growth in H1 2026 was built on the low base of the H1 2025 decline; if the base effect weakens going forward while growth in industrial power supplies, energy storage, and other businesses slows, revenue and profit growth may decline.
• The AIDC critical power supply business was added in 2025, and existing data do not disclose its standalone revenue and profit scale; differences in market institutions' future profit forecasts for the company mainly stem from the pace of AIDC business breakthroughs, and there is uncertainty in business expansion and order fulfillment.
• The energy storage business's H1 2026 revenue grew 35.3% YoY and gross margin rose 10.3 percentage points YoY, but energy storage PCS and the generation-grid-side new products StellaOn 1250/1575K are still in the gradual rollout stage, and overseas market contribution also differs in pace; whether business growth and profitability improvement can continue still needs verification.
• The company's overseas revenue in H1 2026 was RMB 414 million, accounting for 23.53%, with an overseas gross margin of approximately 58.94%, significantly higher than some domestic businesses; if overseas localized manufacturing, representative office construction, or market expansion falls short of expectations, it may affect the continued growth of high-margin overseas revenue.
• The company faces risks from changes in raw material and electronic component costs. Historical disclosure shows direct materials account for a relatively high proportion of main business costs; if prices of raw materials such as IGBTs, MOS tubes, semiconductor chips, and capacitors rise while product price increases or cost pass-through are insufficient, gross margin may be squeezed.
• The company has recently had shareholder and executive reductions; the related reduction scale disclosed on 2026-08-28 has two statistical criteria of 1.4292% and approximately 4.4178 million shares, and some reduction progress still needs verification, which may disturb the stock price and market expectations.
• As of September 11, 2026, the stock price was RMB 37.71, down approximately 16.8% and 17.1% over the past 1 month and past 3 months, while main funds had net selling of RMB 17.5877 million and RMB 22.6316 million on September 10 and September 11 respectively, implying relatively high short-term market sentiment and stock price volatility risk.
• The 2026 restricted stock incentive plan has been approved and implemented, but the initial grant of 2.8288 million shares still shows "completed this period: No" on some information platforms, and the incentive share registration and related amortization impact should be subject to subsequent company announcements; the plan is expected to require total amortization expense of approximately RMB 43.2071 million for the initial grant, which may affect interim profit.

VIII. Conclusion and Outlook

From an operating trend perspective, Sinexcel's full-year 2025 revenue was RMB 3.463 billion and net profit attributable to parent was RMB 476 million; in H1 2026 it continued to achieve relatively rapid revenue and profit growth, with both industrial supporting power supplies and energy storage businesses showing relatively high growth and good gross margins, and business structure improvement is the main source of current earnings elasticity. Net operating cash flow in 2025 was RMB 700 million, up 92.77% YoY, and the R&D expense ratio was 8.28%, providing some support for product iteration and new business expansion.

Looking ahead, AIDC power supplies, energy storage overseas expansion, generation-grid-side energy storage new products, and heavy-truck megawatt ultra-fast charging constitute potential incremental growth, but the AIDC business is still at the stage of a newly added business line, and the contribution pace of energy storage and overseas businesses also carries uncertainty. Market institutions diverge significantly in their 2026–2028 profit forecasts, mainly due to AIDC power supply breakthroughs and energy storage overseas progress, indicating that the company's future growth still needs further verification through orders, revenue recognition, and profit realization.

The company has implemented the 2026 restricted stock incentive plan, with assessment targets covering 2026–2028 non-GAAP net profit attributable to parent; at the same time, it maintains cash dividends, with a proposed cash dividend of approximately RMB 103 million for H1 2026, accounting for 45.21% of net profit attributable to parent for the same period. Key follow-up observations include whether high-margin industrial power supply revenue can continue to grow, whether the charging business gross margin can stabilize, whether energy storage and overseas revenue can continue relatively rapid growth, and the impact of stock price declines and shareholder reductions on valuation and market expectations.

Data Sources

• Sinexcel (sz300693)
• Sinexcel: Announcement on the Progress of the "Quality and Return Dual Improvement" Action Plan _ Sinexcel (300693) _ Announcement Text - Sinexcel: Announcement on the Progress of the "Quality and Return Dual Improvement" Action Plan View PDF Original
• 300693 Sinexcel
• 300692 Zhongfu Technology
• Sinexcel (300693)_Stock Overview_Stock Price_Real-Time Quotes_Trend Chart_News_Stock Commentary_Financial Reports_FinScope-AI Makes Investing Simpler
• Sinexcel (300693): Deep Power Electronics Technology Accumulation, Broad AIDC Business Prospects_9fzt - Global Index
• 300693 Operating Revenue - Stocks
• Sinexcel (300693.SZ) - US Stocks
• Sinexcel - Sinexcel
• Sinexcel (300693): Both Power Quality Revenue and Gross Margin Rise; Bullish on New Increment from Overseas Expansion and AIDC Layout_9fzt
• Sinexcel (300693) 2026 Interim Management Discussion and Analysis - Sinexcel (300693) 2026 Interim Management Discussion and Analysis
• Sinexcel (300693) 2026 Interim Management Discussion and Analysis - Securities Star
• About Sinexcel
• "Sinexcel Smart Power · PV-Storage-Charging Integration" Visits Sinexcel: Industry Chain Collaborative Innovation, Exploring New Opportunities in PV-Storage-Charging Integration - "Sinexcel Smart Power · PV-Storage-Charging Integration" Visits Sinexcel: Industry Chain Collaborative Innovation, Exploring New Opportunities in PV-Storage-Charging Integration
• Sinexcel (300693) 2024 Management Discussion and Analysis - Sinexcel (300693) 2024 Management Discussion and Analysis
• "Sinexcel Smart Power · PV-Storage-Charging Integration" Visits Sinexcel: Industry Chain Collaborative Innovation, Exploring New Opportunities in PV-Storage-Charging Integration
• Sinexcel: 2026-08-21 Investor Relations Activity Record - Home >
• SZ.300693 Sinexcel SINEXCEL ELEC - A-Share Real-Time Quote RT Quote - Company Information Company Information
• Sinexcel: 2025 Annual Report_9fzt - 178011491153444926
• Sinexcel (300693) Main Business Operating Analysis Query|chaguwang.cn-Chaguwang.China
• Sinexcel: 2025 Annual Report - Home >
• Shanghai-Shenzhen Company Announcement Titles - Sinexcel: 2025 Annual Report - April 10, 2026 - THS
• Sinexcel - Sinexcel
• Sinexcel: 2025 Annual Audit Report - |Over 5 years|774,027.35|774,027.35|100.00|1,466,783.01|1,466,783.01|100.00|
• Sinexcel: 2025 Annual Report Summary-Securities Star - Sinexcel: 2025 Annual Report Summary
• Sinexcel: 2025 Annual Report Summary - Shenzhen Sinexcel Electric Co., Ltd. 2025 Annual Report Summary
• Sinexcel: 2025 Annual Report_Sinexcel (300693) Stock Forum_East Money Forum
• Sinexcel: 2025 Annual Report Summary.PDF - Three Leather Craftsmen Report
• Sinexcel (300693)_Company Announcements_Sinexcel: Prospectus for Initial Public Offering and Listing on ChiNext Sina Finance_Sina - During the reporting period, the company's main business costs were mainly direct materials, with direct materials accounting for about 82%, mainly including electronic components (IGBTs, MOS tubes, semiconductor chips, capacitors, resistors, diodes, transformers, inductors, PCBs, etc.), structural materials (cabinets, chassis, hardware parts, etc.), and packaging materials and auxiliary materials (packaging materials, insulating materials), etc., and the prices of raw materials...
• Energy Storage PCS Price Increase Wave Arrives! - Energy Storage PCS Price Increase Wave Arrives!
• Pushed to the Wall by Raw Materials, Energy Storage Upstream Fires the First Shot of Price Increases | Industry Observer Frontline - Sina Finance
• Pushed to the Wall by Raw Materials, Energy Storage Upstream Fires the First Shot of Price Increases - Pushed to the Wall by Raw Materials, Energy Storage Upstream Fires the First Shot of Price Increases
• Pushed to the Wall by Raw Materials, Energy Storage Upstream Fires the First Shot of Price Increases
• Raw Material Prices Climb, Sinexcel Raises Prices Across All Product Lines by 10%-30% - Toutiao
• Raw Material Prices Climb, Sinexcel Raises Prices Across All Product Lines by 10%-30%_Sinexcel (300693) Stock Forum_East Money Forum
• Raw Material Prices Climb, Sinexcel Raises Prices Across All Product Lines by 10%-30% - Raw Material Prices Climb, Sinexcel Raises Prices Across All Product Lines by 10%-30%
• [[Raw Material Prices Climb, Sinexcel Raises Prices Across All Product Lines by 10%-30%] July 1](https://www.capitalfutures.com.tw/zh-tw/financial/breakingnewsarticle?contentid=c26071100169)
• Leading PCS Manufacturer Announces Price Increases Across All Lines - Leading PCS Manufacturer Announces Price Increases Across All Lines
• Bank of China (Hong Kong) Limited
• Shenzhen Sinexcel Electric Co Ltd (300693) Financial Overview - Sinexcel (300693)
• Sinexcel-Financial Analysis-Income Statement|ifa.ai
• SZ.300693 Sinexcel SINEXCEL ELEC - A-Share Real-Time Quote RT Quote - Company Information Company Information
• Bank of China (Hong Kong) Limited
• Sinexcel (300693) P/E Ratio|TTM P/E|P/B Ratio|Dividend Yield_Legulegu Network
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• Sinexcel (300693) - Sinexcel (300693)
• Jiyou Bank
• Nanyang Commercial Bank
• Sinexcel (300693)_Company Profile_CFI
• Securities Daily - Shenzhen Sinexcel Electric Co., Ltd. 2023 Annual Report Summary - Stock Code: 300693 Stock Short Name: Sinexcel Announcement No.: 2024-019
• Shenzhen Sinexcel Electric Co., Ltd. 2023 Annual Report Summary - 2024
• Sinexcel: Announcement on the 2024 Financial Final Accounts Report - Stock Code: 300693 Stock Short Name: Sinexcel Announcement No.: 2025-022
• Sinexcel: 2024 Annual Performance Express _ Sinexcel (300693) _ Announcement Text - Sinexcel: 2024 Annual Performance Express View PDF Original
• Sinexcel (300693): 2024 Results in Line with Expectations, Product Line Layout Broadened_9fzt
• Sinexcel (300693.SZ): 2024 Annual Report Net Profit RMB 429 Million
• Sinexcel: 2024 Net Profit Up 6.49% YoY, Plans RMB 5 per 10 Shares
• Sinexcel: 2024 Net Profit Up 6.49% YoY, Plans RMB 5 per 10 Shares
• Shenzhen Sinexcel Electric Co.,Ltd. (300693.SZ) Income Statement - Yahoo Finance - Skip to navigation Skip to main content Skip to right column
• Sinexcel (300693)_Company Announcements_Sinexcel: 2024 Annual Report Summary Sina Finance_Sina - Loading, please wait
• Shenzhen Sinexcel Electric Income Statement - Investing.com - Shenzhen Sinexcel Electric Co Ltd (300693)
• Shenzhen Sinexcel Electric Co.,Ltd. Reports Earnings Results for the Full Year Ended December 31, 2024 - 4fc9ab4821f70a3.Tt2M3ob1zRS9CmSyHQvV3YZrC6B9GErDZcWHcn2I3Dk
• Sinexcel: 2025 Net Profit Up 10.99% YoY, Plans RMB 5 per 10 Shares - Sinexcel: 2025 Net Profit Up 10.99% YoY, Plans RMB 5 per 10 Shares
• Sinexcel 2025 Revenue and Net Profit Both Up YoY, Heavy Truck Ultra-Fast Charging Business Becomes New Growth Pole
• Sinexcel: 2025 Net Profit Up 10.99% YoY, Plans RMB 5 per 10 Shares - Hot:
• Sinexcel (300693.SZ): 2025 Net Profit Up 10.99% YoY, Plans RMB 5 per 10 Shares
• Sinexcel: 2025 Annual Net Profit Attributable to Shareholders of the Listed Company Up 10.99% YoY
• Sinexcel: 2025 Annual Net Profit Attributable to Shareholders of the Listed Company Up 10.99% YoY
• Sinexcel (300693.SZ) Releases 2025 Annual Results, Net Profit Attributable to Parent RMB 476 Million, Up 10.99% YoY Author Zhitong Finance
• Sinexcel (300693.SZ): 2025 Net Profit Up 10.99% YoY, Plans RMB 5 per 10 Shares
• Sinexcel 2025 Net Profit Attributable to Parent RMB 476 Million, Up 10.99% YoY, Heavy Truck Ultra-Fast Charging Business Becomes New Growth Pole
• Sinexcel (300693.SZ) Releases 2025 Annual Results, Net Profit Attributable to Parent RMB 476 Million, Up 10.99% YoY
• Sinexcel: H1 2026 Net Profit Up 44.11% YoY, Plans RMB 3.3 per 10 Shares - Sinexcel: H1 2026 Net Profit Up 44.11% YoY, Plans RMB 3.3 per 10 Shares
• Sinexcel: H1 2026 Net Profit Up 44.11% YoY, Plans RMB 3.3 per 10 Shares - Sinexcel: H1 2026 Net Profit Up 44.11% YoY, Plans RMB 3.3 per 10 Shares
• Sinexcel (300693.SZ): 2026 Interim Report Net Profit RMB 228 Million
• Earnings Express | Sinexcel H1 2026 Non-GAAP Net Profit Up More Than 50%, Industrial Power Supplies Up 58%
• Sinexcel (300693): Industrial Supporting Power Supplies and Energy Storage Businesses Booming, Q2 Profitability Improved
• Sinexcel: H1 Net Profit Up 44.11% YoY
• Sinexcel H1 Revenue RMB 1.759 Billion, Up 29.16% YoY; Net Profit Attributable to Parent RMB 228 Million, Up 44.11% YoY; Selling Expenses Up 14.77% YoY
• Sinexcel (300693) 2026 Interim Report Review: Energy Storage Business Continues to Break Through Overseas, AIDC Business Opens Growth Space
• Sinexcel: H1 2026 Net Profit RMB 228 Million, Up 44.11% YoY
• Sinexcel: H1 2026 Revenue Up 29.16% YoY, Net Profit Up 44.11% YoY
• Sinexcel (300693) 2026 Interim Report Review: Energy Storage Business Continues to Break Through Overseas, AIDC Business Opens Growth Space
• Investment Rating Upgraded-Research Reports-Stock Channel-Securities Star
• 300693 Sinexcel - Rating Statistics
• [Shenzhen Sinexcel Electric Co Ltd Consensus Estimates (300693) - Investing