TGOOD(SZ:300001) Xin Lang Cai Jing·2025-10-31 00:44Core Viewpoint - The company reported strong financial performance in Q3 2025, with significant year-on-year growth in both revenue and net profit, while also making strides in expanding its traditional business overseas and improving its charging network profitability [1][2]. Financial Performance - In Q3 2025, the company achieved a net profit attributable to shareholders of 359 million yuan, with a year-on-year increase of 41.53% and a quarter-on-quarter increase of 36.75% [1]. - For the first three quarters of 2025, the company reported total revenue of 9.834 billion yuan, representing a year-on-year growth of 10.53%, and a net profit of 686 million yuan, up 53.55% year-on-year [1]. - The gross margin for Q3 2025 was 27.76%, an increase of 0.34 percentage points quarter-on-quarter, while the net profit margin was 10.23%, up 3.56 percentage points quarter-on-quarter [1]. - The company maintains its profit forecast for 2025-2027, expecting net profits of 1.246 billion, 1.610 billion, and 2.040 billion yuan respectively, with corresponding price-to-earnings ratios of 25.2, 19.5, and 15.4 times [1]. Business Expansion - The company has been steadily advancing its traditional business overseas, achieving a contract amount of approximately 1 billion yuan in overseas business in the first half of 2025, an increase of 84% compared to the same period in 2024 [2]. - The company successfully won several overseas projects, including a 700 million yuan high-voltage mobile substation project for the Saudi national grid and various solar and wind power projects in multiple countries [2]. - A subsidiary has been established in the UAE to enhance overseas business development, and the company is also constructing an intelligent manufacturing overseas headquarters in Qingdao [2]. Charging Network Business - The charging network business has turned profitable in the first half of 2025 and is expected to maintain this positive trend [2]. - The company’s charging network encompasses the entire value chain, including manufacturing, operation, and value-added services, creating a closed-loop value system [2].