TGOOD(300001) KAIYUAN SECURITIES·2024-10-11 06:00Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company is expected to achieve significant growth in net profit for the first three quarters of 2024, with an estimated net profit of 440-460 million yuan, representing a year-on-year increase of 96.47%-107.99% [3] - The company's revenue for the first half of 2024 reached 6.332 billion yuan, a year-on-year increase of 12.93%, with a net profit of 193 million yuan, up 105.26% year-on-year [4] - The company is focusing on enhancing its cost advantages and profitability through "smart manufacturing + integrated services" and the electric vehicle charging network [4] Financial Summary - Estimated revenue for 2024 is 18.651 billion yuan, with net profit projections of 870 million yuan, 1.471 billion yuan, and 2.028 billion yuan for 2024, 2025, and 2026 respectively [5] - The company's earnings per share (EPS) are projected to be 0.82, 1.39, and 1.92 yuan for 2024, 2025, and 2026 respectively [5] - The current price-to-earnings (P/E) ratios are 27.3, 16.1, and 11.7 for the years 2024, 2025, and 2026 respectively [5] Business Segments - The "smart manufacturing + integrated services" segment generated revenue of 3.674 billion yuan in the first half of 2024, with a net profit of 213 million yuan, reflecting a year-on-year increase of 44.64% [4] - The electric vehicle charging network segment reported revenue of 2.658 billion yuan, with a net loss of 20 million yuan, showing a reduction in losses compared to the previous year [4] Market Position - The company's market capitalization is approximately 23.711 billion yuan, with a circulating market value of 23.088 billion yuan [6] - The stock price as of October 10, 2024, is 22.46 yuan, with a 52-week high of 25.90 yuan and a low of 15.10 yuan [6]