TGOOD(SZ:300001) Guolian Securities·2024-08-28 10:02Investment Rating - The investment rating for the company is upgraded to "Buy" [7][10]. Core Insights - The company reported a revenue of 6.332 billion yuan for the first half of 2024, representing a year-on-year increase of 12.93%. The net profit attributable to shareholders was approximately 193 million yuan, up 105.26% year-on-year, while the net profit excluding non-recurring items reached 160 million yuan, a significant increase of 173.71% [10][11]. - The charging business continues to grow rapidly, with the company achieving a charging volume of over 5.8 billion kWh in the first half of 2024, a year-on-year increase of 42%. The revenue from the electric vehicle charging network business was 2.658 billion yuan, up 12.32% year-on-year, with a gross margin of 18.6%, an increase of 4.8 percentage points year-on-year [10][11]. - The traditional power equipment business is steadily growing, with revenue from the "smart manufacturing + integrated services" segment reaching 3.674 billion yuan, a year-on-year increase of 13.37%, and a net profit attributable to shareholders of 213 million yuan, up 44.64% year-on-year [10][11]. Financial Performance - For Q2 2024, the company achieved a revenue of 3.763 billion yuan, a year-on-year increase of 3.67% and a quarter-on-quarter increase of 46.49%. The net profit attributable to shareholders was 132 million yuan, up 78.29% year-on-year and 113.55% quarter-on-quarter [10][11]. - The company expects revenues for 2024-2026 to be 18.51 billion, 23.27 billion, and 28.11 billion yuan, respectively, with year-on-year growth rates of 26.8%, 25.7%, and 20.7% [10][11]. Market Position and Outlook - The company is recognized as a leading player in the domestic charging operation sector, with a strong development trajectory in its traditional business and ongoing expansion into international markets [10][11]. - The company has successfully established its power equipment in over 50 countries globally, indicating a robust international presence and growth potential [10][11].