TGOOD(300001) 光大证券·2024-08-28 07:12Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 17.12 yuan [7] Core Views - The company's "Smart Manufacturing + System Integration" business is leading in the industry, with significant profit growth in the first half of 2024 [2] - The charging network business is improving, with a reduction in losses and a potential turnaround in profitability expected in the second half of 2024 [2] - The company has a strong position in the EV charging market, with 595,000 public charging terminals and leading industry metrics in charging volume and station count [2] - The company is expanding its microgrid and virtual power plant capabilities, with over 470,000 kW of dispatchable resources and participation in grid interaction services [2] Financial Performance - In Q2 2024, the company reported revenue of 3.763 billion yuan, a YoY increase of 3.67%, and a QoQ increase of 46.49% [2] - Net profit attributable to shareholders in Q2 2024 was 132 million yuan, a YoY increase of 78.29%, and a QoQ increase of 113.55% [2] - For H1 2024, the company achieved revenue of 6.332 billion yuan, a YoY increase of 12.93%, and net profit attributable to shareholders of 193 million yuan, a YoY increase of 105.26% [3] Business Segments - The "Smart Manufacturing + Integration Services" business generated revenue of 3.674 billion yuan in H1 2024, a YoY increase of 13.37%, with net profit attributable to shareholders of 213 million yuan, a YoY increase of 44.64% [2] - The EV charging network business achieved revenue of 2.658 billion yuan in H1 2024, a YoY increase of 12.32%, with a net loss of 20 million yuan, a YoY reduction of 33 million yuan [2] Future Projections - The report forecasts net profit attributable to shareholders for 2024-2026 at 681 million yuan, 1.002 billion yuan, and 1.329 billion yuan, respectively, with corresponding P/E ratios of 27x, 18x, and 14x [3] - Revenue is expected to grow from 18.061 billion yuan in 2024E to 26.850 billion yuan in 2026E, with a CAGR of 21.18% [4] Market Position - The company has a strong market position in the EV charging sector, with a cumulative charging volume exceeding 30 billion kWh and leading industry metrics in charging terminal count and charging station numbers [2] - The company has secured significant overseas orders, including projects in Zimbabwe and Indonesia, and has developed international products such as 33kV ring main units and medium-voltage eco-friendly gas cabinets [2]