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4月 26日召开第五届董事会第十九次会议、第五届监事会第十五次会议，并于2024年5 月24日召开2023年度股东大会，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》等相关议案。具体内容详见公司于2024年4月27日、2024年 5月24日在巨潮资讯网（www.cninfo.com.cn）披露的相关公告。 根据《关于上市公司实施员工持股计划试点的指导意见》《深圳证券交易所上 市公司自律监管指引第2号——创业板上市公司规范运作》等相关规定，现将公司 2024年员工持股计划（以下简称"本员工持股计划"）实施进展情况公告如下： 一、本员工持股计划的股票来源及数量 本员工持股计划股票来源为公司回购专用账户回购的公司 A 股普通股股票。 证券代码：300001 证券简称：特锐德 公告编号：2024-077 青岛特锐德电气股份有限公司 关于 2024 年员工持股计划完成非交易过户的公告 公司于 2023 年 11 月 20 日召开 ...

证券代码：300001 证券简称：特锐德 公告编号：2024-076 青岛特锐德电气股份有限公司 关于控股股东部分股份质押及解除质押的公告 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。 | | | | | | | | 已质押股份 | | 未质押股份 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | 本次质押及 | 本次质押及 | 占其所 | 占公司 | 情况 | | 情况 | | | 股东 | 持股数量 | 持股比 | 解除质押前 | 解除质押后 | 持股份 | 总股本 | 已质押 | 占已 | 未质押 | 占未 | | 名称 | （股） | 例 | 质押股份数 | 质押股份数 | 比例 | 比例 | 股份限 | 质押 | 股份限 | 质押 | | | | | 量（股） | 量（股） | | | 售和冻 | 股份 | 售和冻 | 股份 | | | | | | | | | 结数量 | 比例 | 结数量 | 比例 | | 德锐 投资 | 333,290, ...

Investment Rating - The report gives the company a "Buy" rating with a target price of 30.0 yuan, based on a 2025 P/E ratio of 30x [2] Core Views - The public charging market has vast potential, with Teld (the company) maintaining a leading position. Public charging demand is expected to grow at a CAGR of 25% from 2023 to 2030, reaching 1702 billion kWh/year by 2030. Teld operates 595,000 public charging terminals as of June 2024, with a 26% market share in public charging terminals and 24% in charging volume [1] - Teld has built five charging networks (public, bus, logistics, residential, and industrial parks), leveraging massive user and data resources. The company is exploring value-added services like SaaS platforms, ecosystem partnerships, and energy services. With the maturation of virtual power plants and V2G technology, Teld is expected to further tap into the flexible regulation capabilities of EVs for grid interaction, expanding its profit potential [1] - The company's outdoor power equipment business is poised for steady growth, benefiting from domestic grid investment and overseas infrastructure development. Teld's products are used in over 50 countries, with its prefabricated substation solutions addressing overseas customers' project timelines [1] Financial Projections - Revenue is expected to grow from 16.39 billion yuan in 2024E to 22.53 billion yuan in 2026E, with a CAGR of 17% [4] - Net profit attributable to shareholders is projected to increase from 794 million yuan in 2024E to 1.35 billion yuan in 2026E, with a CAGR of 30% [4] - EPS is forecasted to rise from 0.75 yuan in 2024E to 1.28 yuan in 2026E [4] Charging Business - Teld is the leader in China's public charging market, operating 595,000 public charging terminals (including 356,000 DC terminals) as of June 2024, with a 26% market share. The company's charging volume reached 5.8 billion kWh in H1 2024, capturing 24% of the market [1] - The company has established five charging networks (public, bus, logistics, residential, and industrial parks), leveraging massive user and data resources. It is exploring value-added services like SaaS platforms, ecosystem partnerships, and energy services [1] - Teld's charging business achieved profitability for the first time in 2023, with a net profit of 170 million yuan. Revenue from the charging business reached 4.6 billion yuan in 2023, accounting for 42% of total revenue in H1 2024 [79] Power Equipment Business - Teld's power equipment business focuses on outdoor prefabricated substations and integrated services. The company has a leading market position in China's railway and power sectors, with products exported to over 50 countries [1] - Revenue from the power equipment business grew 13.37% YoY to 3.67 billion yuan in H1 2024, with net profit increasing 44.64% YoY to 213 million yuan [106] - The company has established long-term partnerships with major power generation groups, achieving significant market share in prefabricated substations and new energy transformers [108] Industry Trends - China's public charging demand is expected to grow at a CAGR of 25% from 2023 to 2030, reaching 1702 billion kWh/year by 2030 [1] - The charging infrastructure market is highly concentrated, with the top 3 operators (Teld, Star Charge, and Yunkuaichong) accounting for 53.5% of the market as of September 2024 [49] - Global grid investment is expected to reach $435 billion in 2024, driven by energy transition and infrastructure upgrades in both developed and developing countries [95]

Investment Rating - The report maintains a "Buy" rating for the company, reflecting a positive outlook on its future performance [2][7] Core Views - The company's Q3 2024 revenue reached 4.158 billion yuan, a year-on-year increase of 9.55%, with net profit attributable to the parent company at 253 million yuan, up 98.26% year-on-year [4] - The company has successfully secured high-quality charging station orders, including a contract worth 527.8764 million yuan with a joint venture of BMW and Mercedes-Benz, indicating strong competitiveness in the charging sector [6] - The company has entered a phase of high-quality development, with effective cost control measures leading to improved profitability [7] Financial Performance - The company's revenue is projected to grow from 14.602 billion yuan in 2023 to 33.787 billion yuan in 2026, with a compound annual growth rate (CAGR) of 25.6% to 36.8% [3] - Net profit attributable to the parent company is expected to increase from 491 million yuan in 2023 to 1.651 billion yuan in 2026, with a CAGR of 62.9% to 80.4% [3] - The company's gross margin is forecasted to remain stable, ranging from 23.4% in 2023 to 23.8% in 2026 [3] Operational Highlights - The company's net profit margin in Q3 2024 reached 5.89%, an increase of 1.88 percentage points quarter-on-quarter and 2.54 percentage points year-on-year, driven by effective cost control and improved product standardization [5] - The company's sales, management, and financial expense ratios in Q3 2024 were 5.16%, 5.68%, and 1.2% respectively, showing a year-on-year decline of 1.2, 0, and 0.18 percentage points [5] Market Valuation - The company's PE ratio is expected to decrease from 52.3 in 2023 to 15.6 in 2026, indicating a more attractive valuation over time [3] - The company's ROE is projected to improve from 7.3% in 2023 to 16.3% in 2026, reflecting enhanced profitability and efficiency [3]

Company News - TGOOD's subsidiary TELD signed a charging station sales and service contract with Beijing Yianqi New Energy Technology Co Ltd with a total contract value of approximately 528 million yuan (excluding tax) [1] - Yianqi is a joint venture established by BMW Brilliance Automotive Ltd and Mercedes-Benz (China) Investment Co Ltd [1] - The subject of this transaction is charging stations constructed and operated by TELD according to BMW's requirements [1] Industry Development - The collaboration between TELD and Yianqi reflects the growing demand for charging infrastructure in the new energy vehicle industry [1] - The involvement of major automotive manufacturers like BMW and Mercedes-Benz indicates the increasing importance of charging networks in the EV ecosystem [1]

Core View - TGOOD's subsidiary TELD signed a charging station sales and service contract worth approximately 528 million yuan (excluding tax) with Beijing Yianqi New Energy Technology Co, Ltd [1] Contract Details - The contract involves the construction and operation of charging stations according to BMW's requirements, including charging piles, charging guns, cables, LCD screens, charging power cabinets, charging modules, photovoltaic and lithium battery energy storage systems, and related maintenance and service rights, as well as the lease rights for the charging station sites [1] - The payment for station equipment and construction costs will be settled within 5 years, while site rental fees will be settled based on the actual lease period within the settlement cycle [1] Strategic Impact - The contract aligns with the company's long-term strategic development plan and is expected to have a positive impact on the company's financial status and operating results for the current and future relevant years [1]

证券代码：300001 证券简称：特锐德 公告编号：2024-075 青岛特锐德电气股份有限公司 关于子公司特来电签署日常经营重大合同的公告 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。 特别提示： 1、合同的生效条件：本合同经双方法定代表人或其授权代表签字且加盖公章或 合同专用章后生效。 2、本合同的签订属于公司日常经营行为。若合同顺利履行，预计将对公司本年 度及未来相关年度财务状况、经营成果产生积极影响，具体影响金额及影响的报告 期以审计机构年度审计确认的结果为准。 3、本合同虽已正式签署并生效，但在履行过程中可能存在受政策法规、市场环 境、客户需求变化等不可预计因素或不可抗力的影响，可能会导致合同无法如期或 全部履行。敬请广大投资者谨慎决策，注意防范投资风险。 一、协议签署概况 近日，青岛特锐德电气股份有限公司（以下简称"特锐德"或"公司"）控股 子公司特来电新能源股份有限公司（以下简称"特来电"）与北京逸安启新能源科 技有限公司（以下简称"逸安启"）签署《充电站销售与服务合同》，合同总金额 约52,787.64万元（不含税）。 本次签署的合同属于公司 ...

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].