TGOOD(300001)2024-11-06 10:24Investment Rating - The report maintains an "Accumulate" rating for the company [1][4]. Core Views - The company reported a year-on-year revenue growth of 101.23% for the first three quarters of 2024, driven by rapid growth in its power grid and electric vehicle charging businesses [3]. - The company achieved a revenue of 10.49 billion RMB in the first three quarters of 2024, representing an 11.56% increase year-on-year, with a net profit of 447 million RMB, up 101.23% [3][6]. - The report highlights improvements in profitability, with a gross margin increase of 1.69 percentage points to 20.52% and a net margin increase of 2.04 percentage points to 4.13% for the first three quarters of 2024 [3][6]. Summary by Sections Financial Performance - The company’s revenue for the first three quarters of 2024 was 10,490.09 million RMB, with a net profit of 446.51 million RMB, reflecting a 101.23% increase year-on-year [6]. - The gross profit margin for the same period was 20.52%, and the net profit margin was 4.13% [6]. Business Segments - The power grid segment benefited from stable procurement wins in national grid projects and rural grid upgrades, while the electric vehicle charging segment expanded its ecosystem with over 1,700 charging stations and more than 7,000 charging terminals established across nearly 30 cities by mid-2024 [3]. Earnings Forecast - The report adjusts the earnings per share (EPS) forecast for 2024-2026 to 0.74, 1.08, and 1.30 RMB, respectively, with corresponding price-to-earnings ratios of 30.8, 21.3, and 17.6 [4][9].