TGOOD(SZ:300001) Huaxin Securities·2024-07-01 02:00Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [2][4]. Core Insights - The company has shown steady growth in its power equipment business and has turned profitable in its charging business [2]. - In 2023, the company achieved a revenue of 14.602 billion yuan, representing a year-on-year growth of 25.56%, and a net profit of 491 million yuan, which is an 80.44% increase [2]. - The company’s charging business generated a revenue of 6.041 billion yuan in 2023, with a year-on-year growth of 32.21%, and a net profit of 121 million yuan, marking a turnaround to profitability [2]. Summary by Sections Business Overview - The company operates in two main segments: power equipment and electric vehicle charging. The power equipment segment includes products such as box substations and complete switchgear, while the charging segment involves the production and operation of charging networks [2]. - In 2023, the power equipment business generated revenue of 8.561 billion yuan, with a year-on-year growth of 21.25% and a net profit of 370 million yuan, reflecting a 26.44% increase [2]. Market Performance - The company has a leading market position in the charging sector, with a market share of approximately 26% in both charging terminals and charging volume, ranking first nationally [2]. - The company has established online information exchanges with 24 power control centers, enhancing its operational efficiency and data resource value [3]. Financial Forecast - The company is projected to achieve revenues of 18.232 billion yuan, 22.764 billion yuan, and 28.193 billion yuan for the years 2024, 2025, and 2026, respectively [4]. - The earnings per share (EPS) are forecasted to be 0.63 yuan, 0.85 yuan, and 1.16 yuan for the same years, with corresponding price-to-earnings (PE) ratios of 31.9, 23.6, and 17.4 [4].