TGOOD(300001) KAIYUAN SECURITIES·2024-10-31 07:30Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has reported strong growth in net profit, achieving a year-on-year increase of 101.23% in the first three quarters of 2024, with a net profit of 450 million yuan [2] - The company is focusing on "smart manufacturing + integrated services" and the electric vehicle charging network, both of which are showing good development momentum [3] - The company maintains its profit forecast, expecting net profits of 870 million, 1.471 billion, and 2.028 billion yuan for 2024, 2025, and 2026 respectively, with corresponding EPS of 0.82, 1.39, and 1.92 yuan per share [2][4] Financial Performance Summary - For the first three quarters of 2024, the company achieved operating revenue of 10.49 billion yuan, a year-on-year increase of 11.56%, and a gross profit margin of 20.5%, up 1.1 percentage points year-on-year [2] - The company’s net profit margin improved to 4.1%, an increase of 2.0 percentage points year-on-year [2] - The company’s operating income is projected to grow from 14.602 billion yuan in 2023 to 18.651 billion yuan in 2024, representing a year-on-year growth of 27.7% [4] Business Segments - The company has significantly increased its standardized and modular "product lifecycle management" platform, enhancing product design and production efficiency while reducing costs [3] - In the electric vehicle charging sector, the company leads the market with a public charging pile inventory of 640,000 units, accounting for approximately 19.2% market share [3]