TGOOD(SZ:300001) Yong Xing Zheng Quan·2024-09-04 02:00Investment Rating - The report maintains a "Buy" rating for the company [3][12]. Core Views - In the first half of 2024, the company achieved total revenue of 6.332 billion yuan, 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 [2]. - The company's revenue from the "smart manufacturing + integrated services" business reached 3.674 billion yuan, a year-on-year increase of 13.37%, with a net profit of 213 million yuan, up 44.64% year-on-year [2]. - The electric vehicle charging network business generated revenue of 2.658 billion yuan, with a year-on-year increase of 12.32%, while reducing losses compared to the previous year [2]. Revenue and Profit Forecast - The company is expected to achieve revenues of 18.473 billion yuan, 22.713 billion yuan, and 28.004 billion yuan for 2024, 2025, and 2026, respectively, with year-on-year growth rates of 26.5%, 23.0%, and 23.3% [3][4]. - The net profit attributable to shareholders is forecasted to be 712 million yuan, 893 million yuan, and 1.389 billion yuan for the same years, with year-on-year growth rates of 44.9%, 25.5%, and 55.5% [3][4]. Market Position - As of June 2024, the company operated 595,000 public charging terminals, maintaining the industry’s leading position, with a market share of 18.95% as of July 2024 [2][5]. - The company has successfully delivered products to over 50 countries globally, indicating strong international market penetration [2]. Financial Metrics - The company's earnings per share (EPS) are projected to be 0.67 yuan, 0.85 yuan, and 1.32 yuan for 2024, 2025, and 2026, respectively [4]. - The price-to-earnings (P/E) ratios are expected to be 25, 20, and 13 for the same years [3][4]. Business Segments Performance - The revenue from the new energy generation sector was 1.293 billion yuan, with a gross margin of 18.91%, while the grid sector revenue was 1.007 billion yuan, with a gross margin of 25.92% [2]. - The strategic emerging industries generated revenue of 1.373 billion yuan, with a gross margin of 21.06% [2]. Cash Flow and Assets - The operating cash flow for 2024 is projected to be 830 million yuan, with a net profit of 789 million yuan [8]. - The total assets are expected to grow from 23.877 billion yuan in 2023 to 36.017 billion yuan by 2026 [8]. Summary of Financial Ratios - The return on equity (ROE) is projected to increase from 7.3% in 2023 to 14.3% in 2026 [4][9]. - The debt-to-equity ratio is expected to remain stable around 67.8% to 69.3% over the forecast period [9].