TGOOD(300001) 国信证券·2025-01-20 09:38Investment Rating - The investment rating for the company is "Outperform the Market" [5] Core Views - The company is expected to achieve significant profit growth in 2024, with a projected net profit of 835-933 million yuan, representing a year-on-year increase of 70%-90% [1] - The company's electric vehicle charging network business is performing well, with over 700,000 public charging terminals in operation and a total charging volume exceeding 13 billion kWh, a year-on-year increase of over 40% [2] - The company's smart manufacturing and integrated services business is also experiencing high-quality growth, with cumulative bidding and contract amounts for power equipment products exceeding 13 billion yuan, a year-on-year increase of over 30% [3] Summary by Sections Financial Performance - The company forecasts a net profit of 885 million yuan for 2024, with a year-on-year growth rate of 80.1% [4] - Revenue is expected to reach 16.76 billion yuan in 2024, reflecting a 14.8% increase from the previous year [4] - The earnings per share (EPS) for 2024 is projected to be 0.84 yuan, with a dynamic price-to-earnings (PE) ratio of 27.8 [4] Business Segments - The electric vehicle charging network segment is expanding, with a partnership established with ENEOS to enhance charging network construction [2] - The smart manufacturing and integrated services segment is focusing on product innovation and efficiency improvements, leading to a steady increase in profitability [3] Market Outlook - The company has adjusted its profit forecasts upward, expecting net profits of 885 million yuan in 2024, 1.22 billion yuan in 2025, and 1.53 billion yuan in 2026, with respective year-on-year growth rates of 80%, 38%, and 26% [3][4]