TGOOD(300001) 兴业证券·2024-11-17 03:17Investment Rating - The report maintains a "Buy" rating for the company, reflecting a positive outlook on its future performance [2][7] Core Views - The company's Q3 2024 revenue reached 4.158 billion yuan, a year-on-year increase of 9.55%, with net profit attributable to the parent company at 253 million yuan, up 98.26% year-on-year [4] - The company has successfully secured high-quality charging station orders, including a contract worth 527.8764 million yuan with a joint venture of BMW and Mercedes-Benz, indicating strong competitiveness in the charging sector [6] - The company has entered a phase of high-quality development, with effective cost control measures leading to improved profitability [7] Financial Performance - The company's revenue is projected to grow from 14.602 billion yuan in 2023 to 33.787 billion yuan in 2026, with a compound annual growth rate (CAGR) of 25.6% to 36.8% [3] - Net profit attributable to the parent company is expected to increase from 491 million yuan in 2023 to 1.651 billion yuan in 2026, with a CAGR of 62.9% to 80.4% [3] - The company's gross margin is forecasted to remain stable, ranging from 23.4% in 2023 to 23.8% in 2026 [3] Operational Highlights - The company's net profit margin in Q3 2024 reached 5.89%, an increase of 1.88 percentage points quarter-on-quarter and 2.54 percentage points year-on-year, driven by effective cost control and improved product standardization [5] - The company's sales, management, and financial expense ratios in Q3 2024 were 5.16%, 5.68%, and 1.2% respectively, showing a year-on-year decline of 1.2, 0, and 0.18 percentage points [5] Market Valuation - The company's PE ratio is expected to decrease from 52.3 in 2023 to 15.6 in 2026, indicating a more attractive valuation over time [3] - The company's ROE is projected to improve from 7.3% in 2023 to 16.3% in 2026, reflecting enhanced profitability and efficiency [3]