Tianfeng Securities — Sinexcel Electric: H1 2026 Review — Overseas AIDC Demand and Storage Pivot Drive Strong Growth
Summaries are public. PDF access requires an active membership; all members have the same access. Sign in
Key Views
Medium-voltage UPS (MVUPS) has drawn active inquiries from North American clients, with intent projects of several hundred megawatts; a first pilot signing is expected this year, with shipments in H2 next year. HVDC remains in prototype testing; data-center storage is in early pilots of several megawatts, mainly outside the US. Dynamic repricing has begun for low-margin customers to offset Q2 raw-material cost increases.
Outlook
The 2026 storage revenue target stays at RMB 1 billion, with next year's guidance due in Q4. Charging's full-year target is about RMB 1.8 billion, roughly RMB 300 million overseas. Customers plan 2 GW of MVUPS demand next year, which management views as possibly optimistic; Europe/US localization is delayed to H2 next year. No rating or target price was given.