TGOOD(SZ:300001) KAIYUAN SECURITIES·2025-08-29 06:11Investment Rating - The investment rating for the company is "Buy" (maintained) [1][5][11] Core Views - The company achieved a revenue of 6.26 billion yuan in the first half of 2025, representing a year-on-year increase of 16.7%, and a net profit attributable to shareholders of 330 million yuan, up 69.3% year-on-year [5] - The traditional business segment generated a net profit of 325 million yuan, a 52.2% increase year-on-year, while the charging network business turned profitable with a net profit exceeding 2 million yuan [5][6] - The company is expected to maintain solid performance in its traditional business while the charging network is anticipated to continue contributing profit elasticity [5] Financial Performance Summary - For the first half of 2025, the traditional business segment achieved revenue of 4.415 billion yuan, a year-on-year increase of 20.17%, with a gross margin of 23.71% [6] - The charging network business generated revenue of 1.841 billion yuan, a growth of 9.19% year-on-year [6] - The company has set a profit forecast for 2025-2027 with net profits expected to be 1.246 billion, 1.610 billion, and 2.040 billion yuan respectively [5][7] Valuation Metrics - The current price-to-earnings (P/E) ratios for 2025, 2026, and 2027 are projected to be 20.5, 15.8, and 12.5 times respectively [5][7] - The earnings per share (EPS) for the same years are expected to be 1.18, 1.53, and 1.93 yuan [5][7] - The company’s total market capitalization is approximately 25.523 billion yuan [1]