TGOOD(300001) 浙商证券·2024-09-22 01:03Investment Rating - Maintain "Buy" rating [6] Core Views - The company's charging business has seen both volume and profitability increase, with significant growth in revenue and net profit in the first half of 2024 [1] - The company is a leader in domestic charging pile manufacturing and operation, with a dominant market share in public charging [2] - The company is expanding its virtual power plant and new energy microgrid business, with significant progress in both areas [3] - The power equipment business is growing steadily, with increased bidding in the new energy power generation sector [4] Financial Performance - In the first half of 2024, the company achieved revenue of 6.332 billion yuan, a year-on-year increase of 12.93% [1] - Net profit attributable to the parent company was 193 million yuan, a year-on-year increase of 105.26% [1] - Gross margin was 20.37%, an increase of 1.65 percentage points year-on-year [1] - The company's charging business reduced losses by 33 million yuan, with a net profit of -20 million yuan in the first half of 2024 [2] Market Position - The company operates 595,000 public charging terminals, with a market share of 26% in public charging [2] - The company's charging volume exceeded 5.8 billion kWh, with a market share of 24% [2] - The company has established over 270 wholly-owned/joint ventures, with more than 160 involving state-owned platform enterprises [2] Business Expansion - The company has achieved online information interaction with 28 power grid, provincial, and municipal power dispatching centers, with a dispatchable resource capacity of over 4.7 million kW [3] - The company has expanded approximately 100 new energy microgrid projects in the first half of 2024, with a total of 600 microgrid stations covering over 140 cities [3] - The company's power equipment business achieved revenue of 3.674 billion yuan, a year-on-year increase of 13.37% [4] - The company has successfully delivered over 500 energy storage box transformers and expanded its international market to over 50 countries [4] Profit Forecast - The company's net profit attributable to the parent company is expected to be 713 million yuan in 2024, 960 million yuan in 2025, and 1.325 billion yuan in 2026 [4] - EPS is forecasted to be 0.68 yuan in 2024, 0.91 yuan in 2025, and 1.25 yuan in 2026 [4] - The current PE ratio is 26x for 2024, 19x for 2025, and 14x for 2026 [4] Financial Ratios - ROE is expected to be 8.73% in 2024, 10.43% in 2025, and 12.60% in 2026 [5] - The net profit margin is forecasted to be 4.49% in 2024, 4.95% in 2025, and 5.51% in 2026 [10] - The asset-liability ratio is expected to decrease from 66.12% in 2024 to 62.79% in 2026 [10]