TGOOD(300001) HTSC·2024-10-31 02:50Investment Rating - The report maintains a "Buy" rating for the company with a target price of RMB 29.58 [5][4]. Core Views - The company benefits from the "Matthew Effect" in the charging pile industry, with a steady increase in revenue from its power equipment business [1][2]. - The company has a leading market share of 20.38% in the charging pile sector, with a significant increase in the number of charging piles operated [2][3]. - The company is expanding its production capacity in the outdoor box-type power equipment sector, particularly in the modular substation products for renewable energy [3][4]. Financial Performance - In Q3 2024, the company reported revenue of RMB 4.158 billion, a year-on-year increase of 9.55% and a quarter-on-quarter increase of 10.49% [1]. - The net profit attributable to the parent company for Q3 2024 was RMB 253 million, showing a year-on-year increase of 98.26% and a quarter-on-quarter increase of 92.63% [1]. - The gross margin and net margin for Q3 2024 were 20.75% and 5.89%, respectively, with a slight decrease in gross margin compared to the previous quarter [1]. Market Position - The company has maintained its position as the top player in the charging pile market, with a continuous expansion of its charging network driven by the increasing penetration of new energy vehicles [2][3]. - The company has achieved the highest market share in the railway market and is a leader in the modular substation market for renewable energy [3][4]. Earnings Forecast - The report forecasts net profits for the company to be RMB 671 million, RMB 921 million, and RMB 1.207 billion for the years 2024, 2025, and 2026, respectively [4][10]. - The expected revenue growth rates for the next few years are projected at 26.73%, 24.73%, and 22.07% for 2024, 2025, and 2026, respectively [4][10].