TGOOD(300001) Donghai Securities·2024-10-30 06:56Investment Rating - The report maintains a "Buy" rating for the company [2] Core Views - The company's Q3 2024 performance met expectations, with a revenue of 10.49 billion yuan, a year-on-year increase of 11.56%, and a net profit of 447 million yuan, up 101.23% year-on-year [6] - The electric vehicle charging network business is steadily advancing, with a market share of approximately 19.22% as of September 2024, and a total of 639,700 public charging piles in operation, reflecting a year-on-year growth of 2.93% [6][7] - The company has been awarded a project for charging infrastructure construction in He County, with a bid amount of approximately 134 million yuan, indicating high recognition of its charging network technology and service capabilities [7] - The company is projected to achieve revenues of 18.75 billion, 23.33 billion, and 28.88 billion yuan for 2024, 2025, and 2026 respectively, with corresponding net profits of 796 million, 1.17 billion, and 1.38 billion yuan [8] Summary by Sections Financial Performance - For Q1-Q3 2024, the company achieved a total revenue of 10.49 billion yuan, with a net profit of 447 million yuan, and a non-recurring net profit of 385 million yuan, showing significant year-on-year growth [6] - Q3 2024 revenue was 4.16 billion yuan, with a net profit of 253 million yuan, reflecting a year-on-year increase of 98.26% [6] Market Position - The company holds a market share of 25.61% in the direct current charging pile segment, with a total of 384,400 direct current charging piles in operation [6] - The total charging power added in September 2024 was approximately 22.96 million kW, marking a year-on-year increase of 46.99% [6] Future Projections - The company is expected to see revenue growth rates of 28.41%, 24.42%, and 23.81% for the years 2024, 2025, and 2026 respectively [8] - The projected earnings per share (EPS) for 2024, 2025, and 2026 are 0.75, 1.11, and 1.31 yuan respectively, with corresponding price-to-earnings (P/E) ratios of 30x, 20x, and 17x [8]