TGOOD(SZ:300001) KAIYUAN SECURITIES·2025-10-30 13:41Investment Rating - The investment rating for the company is "Buy" (maintained) [1][5][13] Core Insights - The company has shown solid performance in its traditional business and is steadily expanding its overseas operations, with a significant increase in contract amounts [6] - The charging network business has turned profitable year-on-year and is expected to continue contributing positively to profits [6] - The company reported a substantial increase in net profit and revenue for Q3 2025, indicating strong operational efficiency and cost control [5] Financial Performance Summary - For the first three quarters of 2025, the company achieved a revenue of 98.34 billion yuan, a year-on-year increase of 10.53%, and a net profit of 6.86 billion yuan, up 53.55% year-on-year [5] - The Q3 2025 revenue was 35.79 billion yuan, reflecting a year-on-year growth of 1.15% but a quarter-on-quarter decline of 13.83% [5] - The gross margin for Q3 2025 was 27.76%, with a net margin of 10.23%, showing improvements in profitability [5] Future Earnings Forecast - The company maintains its profit forecast for 2025-2027, expecting net profits of 12.46 billion yuan, 16.10 billion yuan, and 20.40 billion yuan respectively, with corresponding P/E ratios of 25.2, 19.5, and 15.4 times [5][7] Business Expansion and Strategy - The company has made significant strides in expanding its traditional business overseas, with a contract amount of approximately 1 billion yuan in the first half of 2025, representing an 84% increase compared to the same period in 2024 [6] - Successful bids for various international projects, including a 700 million yuan project for the Saudi national grid, highlight the company's growing global footprint [6] Charging Network Business - The charging network business has achieved profitability and is expected to maintain this trend, supported by a comprehensive value chain covering manufacturing, operation, and value-added services [6]