Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's performance met expectations, with steady growth in the box transformer business [1] - In the first three quarters of 2024, the company achieved operating revenue of 10.49 billion yuan, a year-on-year increase of 11.56%, and a net profit attributable to the parent company of 447 million yuan, a year-on-year increase of 101.23% [2] - The company is making steady progress in its new energy business, driven by both power and charging equipment [2] - The company has adjusted its profit forecasts for 2024, 2025, and 2026 to 800 million, 1 billion, and 1.4 billion yuan respectively, with corresponding P/E ratios of 32, 24, and 18 [2] Financial Performance Summary - For 2023, the company reported operating revenue of 14.602 billion yuan, with a year-on-year growth of 25.6% [3] - The net profit attributable to the parent company for 2023 was 491 million yuan, with a year-on-year increase of 80.4% [3] - The gross margin is projected to be 23.4% in 2023, decreasing slightly to 22.2% by 2026 [3] - The company’s return on equity (ROE) is expected to rise from 7.3% in 2023 to 13.4% in 2026 [3] Cash Flow and Investment Activities - The operating cash flow for 2023 is projected at 1.345 billion yuan, with an increase to 2.228 billion yuan by 2026 [4] - The company plans to increase capital expenditures from 980 million yuan in 2023 to 1.383 billion yuan in 2026 [4] - The net cash increase is expected to turn positive in 2024, reaching 141 million yuan, and further increasing to 642 million yuan by 2026 [4] Financial Ratios - The company’s P/E ratio is projected to decrease from 41.88 in 2023 to 17.72 in 2026, indicating improved valuation over time [6] - The debt-to-asset ratio is expected to remain stable around 69% from 2024 to 2026 [6] - The current ratio is projected to improve from 1.17 in 2023 to 1.25 in 2026, indicating better liquidity [6]

Investment Rating - The report maintains an "Outperform" rating for TGOOD (300001 SZ) [1][3] Core Views - TGOOD's Q3 2024 performance shows rapid growth, with significant improvements in both power equipment and charging network businesses [1] - The company's EV charging network business continues to perform well, maintaining its industry-leading position [1][7] - TGOOD's intelligent manufacturing and system integration business demonstrates steady growth across power generation, grid, and user-side applications [1][6] Financial Performance Q3 2024 Highlights - Revenue: 4 158 billion yuan (+10% YoY, +10% QoQ) [1][4] - Net profit attributable to parent company: 253 million yuan (+98% YoY, +93% QoQ) [1][4] - Gross margin: 20 75% (+0 38pct YoY, -1 05pct QoQ) [1][4] - Net margin: 5 89% (+2 54pct YoY, +1 88pct QoQ) [1][4] 9M 2024 Performance - Revenue: 10 49 billion yuan (+12% YoY) [1][4] - Net profit attributable to parent company: 447 million yuan (+101% YoY) [1][4] - Gross margin: 20 52% (+1 13pct YoY) [1][4] - Net margin: 4 13% (+2 04pct YoY) [1][4] Business Segments EV Charging Network - Operates 640,000 public charging terminals as of September 2024 [1][7] - Q3 2024 charging volume: 3 53 billion kWh (+19% QoQ) [1][7] - 9M 2024 cumulative charging volume: 9 35 billion kWh (+40% YoY) [1][7] - Established partnerships with over 70 automakers including Porsche, Audi, Mercedes-Benz, and BMW [1][7] - Built more than 1,700 branded charging stations [1][7] - Established over 160 joint ventures with government investment platforms and bus groups nationwide [1][7] Intelligent Manufacturing & System Integration - Achieved rapid growth in new energy power generation bidding [6] - Secured stable wins in State Grid and Southern Grid procurement projects [6] - Expanded presence in transportation, petrochemical, new materials, and lithium battery sectors [6] Overseas Expansion - Developed and certified international products including 33kV ring main units and medium-voltage eco-friendly gas cabinets [7] - Secured major overseas projects in Zimbabwe and Indonesia [7] Financial Forecasts 2024-2026 Projections - Net profit attributable to parent company: 758/1,045/1,347 million yuan (+54%/+38%/+29% YoY) [1][8] - EPS: 0 72/0 99/1 28 yuan [1][8] - PE ratio: 33/24/18x [1][8] Key Financial Metrics - Revenue growth: 15 5%/18 8%/17 9% (2024E/2025E/2026E) [2] - ROE: 10 1%/12 6%/14 5% (2024E/2025E/2026E) [2] - EBIT margin: 8 1%/8 8%/9 2% (2024E/2025E/2026E) [2] Industry Position - Maintains leading position in public charging terminal operations [1][7] - Expands presence in new energy microgrids and virtual power plant sectors [7] - Achieves online information interaction with over 20 grid, provincial, and municipal power dispatch centers [7] - Accumulates dispatchable resource capacity exceeding 4 7 million kW for virtual power plants [7]

Investment Rating - The report maintains an "Accumulate" rating for the company [1][4]. Core Views - The company reported a year-on-year revenue growth of 101.23% for the first three quarters of 2024, driven by rapid growth in its power grid and electric vehicle charging businesses [3]. - The company achieved a revenue of 10.49 billion RMB in the first three quarters of 2024, representing an 11.56% increase year-on-year, with a net profit of 447 million RMB, up 101.23% [3][6]. - The report highlights improvements in profitability, with a gross margin increase of 1.69 percentage points to 20.52% and a net margin increase of 2.04 percentage points to 4.13% for the first three quarters of 2024 [3][6]. Summary by Sections Financial Performance - The company’s revenue for the first three quarters of 2024 was 10,490.09 million RMB, with a net profit of 446.51 million RMB, reflecting a 101.23% increase year-on-year [6]. - The gross profit margin for the same period was 20.52%, and the net profit margin was 4.13% [6]. Business Segments - The power grid segment benefited from stable procurement wins in national grid projects and rural grid upgrades, while the electric vehicle charging segment expanded its ecosystem with over 1,700 charging stations and more than 7,000 charging terminals established across nearly 30 cities by mid-2024 [3]. Earnings Forecast - The report adjusts the earnings per share (EPS) forecast for 2024-2026 to 0.74, 1.08, and 1.30 RMB, respectively, with corresponding price-to-earnings ratios of 30.8, 21.3, and 17.6 [4][9].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has reported strong growth in net profit, achieving a year-on-year increase of 101.23% in the first three quarters of 2024, with a net profit of 450 million yuan [2] - The company is focusing on "smart manufacturing + integrated services" and the electric vehicle charging network, both of which are showing good development momentum [3] - The company maintains its profit forecast, expecting net profits of 870 million, 1.471 billion, and 2.028 billion yuan for 2024, 2025, and 2026 respectively, with corresponding EPS of 0.82, 1.39, and 1.92 yuan per share [2][4] Financial Performance Summary - For the first three quarters of 2024, the company achieved operating revenue of 10.49 billion yuan, a year-on-year increase of 11.56%, and a gross profit margin of 20.5%, up 1.1 percentage points year-on-year [2] - The company’s net profit margin improved to 4.1%, an increase of 2.0 percentage points year-on-year [2] - The company’s operating income is projected to grow from 14.602 billion yuan in 2023 to 18.651 billion yuan in 2024, representing a year-on-year growth of 27.7% [4] Business Segments - The company has significantly increased its standardized and modular "product lifecycle management" platform, enhancing product design and production efficiency while reducing costs [3] - In the electric vehicle charging sector, the company leads the market with a public charging pile inventory of 640,000 units, accounting for approximately 19.2% market share [3]

Investment Rating - The report maintains a "Buy" rating for the company with a target price of RMB 29.58 [5][4]. Core Views - The company benefits from the "Matthew Effect" in the charging pile industry, with a steady increase in revenue from its power equipment business [1][2]. - The company has a leading market share of 20.38% in the charging pile sector, with a significant increase in the number of charging piles operated [2][3]. - The company is expanding its production capacity in the outdoor box-type power equipment sector, particularly in the modular substation products for renewable energy [3][4]. Financial Performance - In Q3 2024, the company reported revenue of RMB 4.158 billion, a year-on-year increase of 9.55% and a quarter-on-quarter increase of 10.49% [1]. - The net profit attributable to the parent company for Q3 2024 was RMB 253 million, showing a year-on-year increase of 98.26% and a quarter-on-quarter increase of 92.63% [1]. - The gross margin and net margin for Q3 2024 were 20.75% and 5.89%, respectively, with a slight decrease in gross margin compared to the previous quarter [1]. Market Position - The company has maintained its position as the top player in the charging pile market, with a continuous expansion of its charging network driven by the increasing penetration of new energy vehicles [2][3]. - The company has achieved the highest market share in the railway market and is a leader in the modular substation market for renewable energy [3][4]. Earnings Forecast - The report forecasts net profits for the company to be RMB 671 million, RMB 921 million, and RMB 1.207 billion for the years 2024, 2025, and 2026, respectively [4][10]. - The expected revenue growth rates for the next few years are projected at 26.73%, 24.73%, and 22.07% for 2024, 2025, and 2026, respectively [4][10].

Investment Rating - The report maintains a "Buy" rating for the company [2] Core Views - The company's Q3 2024 performance met expectations, with a revenue of 10.49 billion yuan, a year-on-year increase of 11.56%, and a net profit of 447 million yuan, up 101.23% year-on-year [6] - The electric vehicle charging network business is steadily advancing, with a market share of approximately 19.22% as of September 2024, and a total of 639,700 public charging piles in operation, reflecting a year-on-year growth of 2.93% [6][7] - The company has been awarded a project for charging infrastructure construction in He County, with a bid amount of approximately 134 million yuan, indicating high recognition of its charging network technology and service capabilities [7] - The company is projected to achieve revenues of 18.75 billion, 23.33 billion, and 28.88 billion yuan for 2024, 2025, and 2026 respectively, with corresponding net profits of 796 million, 1.17 billion, and 1.38 billion yuan [8] Summary by Sections Financial Performance - For Q1-Q3 2024, the company achieved a total revenue of 10.49 billion yuan, with a net profit of 447 million yuan, and a non-recurring net profit of 385 million yuan, showing significant year-on-year growth [6] - Q3 2024 revenue was 4.16 billion yuan, with a net profit of 253 million yuan, reflecting a year-on-year increase of 98.26% [6] Market Position - The company holds a market share of 25.61% in the direct current charging pile segment, with a total of 384,400 direct current charging piles in operation [6] - The total charging power added in September 2024 was approximately 22.96 million kW, marking a year-on-year increase of 46.99% [6] Future Projections - The company is expected to see revenue growth rates of 28.41%, 24.42%, and 23.81% for the years 2024, 2025, and 2026 respectively [8] - The projected earnings per share (EPS) for 2024, 2025, and 2026 are 0.75, 1.11, and 1.31 yuan respectively, with corresponding price-to-earnings (P/E) ratios of 30x, 20x, and 17x [8]

Group 1 - A new company named Urumqi Bus Telai Electric Charging Network Technology Co., Ltd. has been established with a registered capital of 24 million yuan [1] - The company is involved in the operation of electric vehicle charging infrastructure, sales of new energy vehicle electrical accessories, and centralized rapid charging stations [1] - The company is jointly owned by Teruid's subsidiary Telai Electric New Energy Co., Ltd. and Urumqi Public Transport Group Co., Ltd. [1]

上海段和段（青岛）律师事务所 法律意见书 上海段和段（青岛）律师事务所 上海段和段（青岛）律师事务所 山东省青岛市市南区东海西路 5 号甲华银大厦 27 层 27/F, Huayin Building, No. 5, Donghai Road(W), Shinan District, Qingdao, China Tel: +86 0532-66161678 http://www.duanduan.com 上海段和段（青岛）律师事务所 法律意见书 上海段和段（青岛）律师事务所 关于青岛特锐德电气股份有限公司 调整 2024 年员工持股计划购买价格的 法律意见书 关于青岛特锐德电气股份有限公司 调整2024年员工持股计划购买价格的法律意见书 致：青岛特锐德电气股份有限公司 上海段和段（青岛）律师事务所接受特锐德的委托，作为青岛特锐德电气股份有 限公司2024年员工持股计划（以下简称"本员工持股计划"）的特聘专项法律顾问， 已经出具了《上海段和段（青岛）律师事务所关于青岛特锐德电气股份有限公司2024 年员工持股计划（草案）的法律意见书》（以下简称为"《法律意见书》"）。现本 所律师根据《公司法》《证券法》《指导 ...

证券代码：300001 证券简称：特锐德 公告编号：2024-074 青岛特锐德电气股份有限公司 关于调整公司 2024 年员工持股计划购买价格的公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假 记载、误导性陈述或重大遗漏。 青岛特锐德电气股份有限公司（以下简称"公司"或"特锐德"）于2024年10 月28日召开第五届董事会第二十二次会议，审议通过了《关于调整公司2024年员工 持股计划购买价格的议案》，同意根据相关规定对公司2024年员工持股计划（以下 简称"本员工持股计划"）购买回购股份的价格进行调整。现将有关情况公告如下： 一、本员工持股计划已履行的决策程序和批准情况 1、2024年4月26日，公司召开第五届董事会第十九次会议，审议通过了《关于 公司<2024年员工持股计划（草案）>及其摘要的议案》《关于公司<2024年员工持股 计划管理办法>的议案》《关于提请股东大会授权董事会办理公司2024年员工持股计 划相关事宜的议案》。 同日，公司召开第五届监事会第十五次会议，审议通过了《关于公司<2024年 员工持股计划（草案）>及其摘要的议案》《关于公司<2024年员工持股计划管理办 ...

青岛特锐德电气股份有限公司 2024 年第三季度报告 会计政策变更 证券代码：300001 证券简称：特锐德 公告编号：2024-073 青岛特锐德电气股份有限公司 2024 年第三季度报告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、误 导性陈述或重大遗漏。 重要内容提示： 1.董事会、监事会及董事、监事、高级管理人员保证季度报告的真实、准确、完整，不存在虚假记载、 误导性陈述或重大遗漏，并承担个别和连带的法律责任。 2.公司负责人、主管会计工作负责人及会计机构负责人（会计主管人员）声明：保证季度报告中财务信 息的真实、准确、完整。 3.第三季度报告是否经过审计 □是 否 一、主要财务数据 （一） 主要会计数据和财务指标 公司是否需追溯调整或重述以前年度会计数据 是 □否 追溯调整或重述原因 | --- | --- | --- | --- | --- | --- | --- | --- | --- | |----------------------------------------------------------|-------------------|---------- ...