TGOOD(300001) 东海证券·2025-01-15 11:22Investment Rating - Buy (Maintained) [1] Core Views - The company's 2024 performance exceeded expectations, with a significant year-on-year increase in charging volume [1] - The company's "Intelligent Manufacturing + Integrated Services" segment performed exceptionally well, with cumulative bidding and contract amounts exceeding 13 billion yuan in 2024 [4] - The company's electric vehicle charging network segment remains a leader, with over 700,000 public charging terminals operated by the end of 2024, including over 420,000 DC charging terminals, and cumulative charging volume exceeding 39 billion kWh [4] - The company's 2024 full-year charging volume exceeded 13 billion kWh, a year-on-year increase of over 40%, maintaining its leading position in the industry [4] - The company has deployed over 700 integrated charging stations for photovoltaic storage and charging, covering more than 140 cities [4] Financial Performance - The company's 2024 net profit attributable to the parent company is expected to be between 835 million yuan and 933 million yuan, a year-on-year increase of 70% to 90% [4] - The company's 2024 non-GAAP net profit is expected to be between 695 million yuan and 793 million yuan, a year-on-year increase of 72% to 97% [4] - The company's revenue is expected to grow from 14,601.77 million yuan in 2023 to 29,816.11 million yuan in 2026, with a compound annual growth rate (CAGR) of 24.21% [2] - The company's net profit attributable to the parent company is expected to grow from 491.15 million yuan in 2023 to 1,591.72 million yuan in 2026, with a CAGR of 24.51% [2] - The company's gross margin is expected to remain stable at around 24% from 2023 to 2026 [2] Valuation and Forecast - The company's EPS is expected to increase from 0.47 yuan in 2023 to 1.51 yuan in 2026 [2] - The company's PE ratio is expected to decrease from 46.56x in 2023 to 14.37x in 2026 [2] - The company's ROE is expected to increase from 7.34% in 2023 to 15.10% in 2026 [2] - The company's PB ratio is expected to decrease from 3.42x in 2023 to 2.17x in 2026 [5] Market Performance - The company's stock price reached a 12-month high of 25.90 yuan and a low of 15.10 yuan [3] - The company's stock price outperformed the CSI 300 index by 40% over the past year [3] Investment Recommendation - The company's performance forecast has been revised upward, with expected net profit attributable to the parent company of 908 million yuan, 1,278 million yuan, and 1,592 million yuan for 2024, 2025, and 2026, respectively [4] - The company's EPS is expected to be 0.86 yuan, 1.21 yuan, and 1.51 yuan for 2024, 2025, and 2026, respectively, with corresponding P/E ratios of 25x, 18x, and 14x [4] - The "Buy" rating is maintained based on the company's strong performance and leading position in the industry [4]