TGOOD(SZ:300001) Huaan Securities·2025-05-21 07:26Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported outstanding performance with both major business segments reaching new highs [1] - In 2024, the company achieved operating revenue of 15.374 billion, a year-on-year increase of 21.15%, and a net profit attributable to shareholders of 917 million, up 86.62% year-on-year, primarily due to market expansion [4][5] - The company has increased its R&D expenditure to 575 million, a growth of 17.42%, leading to multiple breakthroughs in technology [4] - The company is capitalizing on policy opportunities, with domestic and international businesses flourishing, particularly in the electric vehicle charging sector, which has seen a 131.87% increase in overseas business [5] Summary by Sections Financial Performance - The company’s operating revenue for 2024 was 15.374 billion, with a year-on-year growth of 21.15% [4] - The net profit attributable to shareholders was 917 million, reflecting an 86.62% increase year-on-year [4] - The company’s R&D expenses were 575 million, marking a 17.42% increase [4] Future Projections - The projected net profits for 2025, 2026, and 2027 are 1.2 billion, 1.5 billion, and 2.1 billion respectively, with corresponding P/E ratios of 20, 16, and 12 [6] - Revenue is expected to grow to 19.092 billion in 2025, 23.014 billion in 2026, and 26.069 billion in 2027, with year-on-year growth rates of 24.2%, 20.5%, and 13.3% respectively [8] Market Position - The company holds the leading position in the public charging terminal operation sector, which is expected to drive revenue growth in the new energy charging network business [5] - The company’s market share is anticipated to expand further due to the digitalization and intelligence upgrades of its product lines [4]