TGOOD(300001) 东海证券·2024-08-29 08:01Investment Rating - The report maintains a "Buy" rating for the company [1] Core Insights - The company achieved a revenue of 6.332 billion yuan in H1 2024, representing a year-on-year increase of 12.93%, and a net profit attributable to shareholders of 193 million yuan, up 105.26% year-on-year [4] - The company's "Smart Manufacturing + Integrated Services" business generated revenue of 3.674 billion yuan in H1 2024, a 13.37% increase year-on-year, with a net profit of 213 million yuan, up 44.64% year-on-year [4] - The electric vehicle charging network business reported revenue of 2.658 billion yuan in H1 2024, with a reduction in losses, operating 595,000 public charging terminals, the highest in the industry [4] Summary by Sections Financial Performance - In Q2 2024, the company recorded revenue of 3.763 billion yuan, a 3.67% increase year-on-year and a 46.49% increase quarter-on-quarter, with a net profit of 132 million yuan, up 78.29% year-on-year [4] - The company expects revenues of 18.75 billion yuan, 23.33 billion yuan, and 28.88 billion yuan for 2024, 2025, and 2026 respectively, with year-on-year growth rates of 28.41%, 24.42%, and 23.81% [5] Business Expansion - The company has successfully expanded its overseas market, winning large-scale projects in Zimbabwe and Indonesia, and its products are now present in over 50 countries [4] - The company is actively participating in the electric vehicle charging network and has developed a virtual power plant with a dispatchable capacity of over 4.7 million kW [4] Investment Recommendations - The report suggests that the company, as a leading national charging operator, has advantages in funding and technology, and anticipates a peak in the delivery of power equipment products in the second half of the year [5] - The estimated earnings per share (EPS) for 2024, 2025, and 2026 are projected to be 0.75 yuan, 1.11 yuan, and 1.31 yuan respectively, with corresponding price-to-earnings (P/E) ratios of 23x, 15x, and 13x [5]