TGOOD(SZ:300001) KAIYUAN SECURITIES·2024-08-28 07:11Investment Rating - The investment rating for the company is "Buy" (maintained) [2][4]. Core Views - The company has shown significant growth in its net profit, achieving a year-on-year increase of 105.26% in the first half of 2024, with a net profit of 1.93 billion yuan [4]. - The "Smart Manufacturing + Integrated Services" segment generated revenue of 36.74 billion yuan, up 13.37% year-on-year, while the electric vehicle charging network business reported revenue of 26.58 billion yuan, a 12.32% increase, and continued to reduce losses [4]. - The company is a leader in charging operations, with 595,000 public charging terminals in operation as of June 2024, maintaining its industry-leading position [8]. Financial Performance Summary - In H1 2024, the company achieved operating revenue of 63.32 billion yuan, a year-on-year increase of 12.93% [4]. - The company's net profit forecast for 2024-2026 is 7.23 billion yuan, 10.30 billion yuan, and 14.33 billion yuan, respectively, with corresponding EPS of 0.68 yuan, 0.98 yuan, and 1.36 yuan per share [4]. - The current stock price of 17.12 yuan corresponds to a PE ratio of 25.0 for 2024, 17.5 for 2025, and 12.6 for 2026 [4]. Business Segment Performance - The electric power equipment business on the grid side achieved revenue of 1.007 billion yuan in H1 2024, reflecting a year-on-year growth of 70% [7]. - The company has successfully secured stable bids in various procurement projects, including those from the State Grid and Southern Power Grid, and has expanded its overseas business significantly [7]. - The charging network business is actively developing, with a charging volume exceeding 5.8 billion kWh in H1 2024, a 42% increase year-on-year [8].