TGOOD(SZ:300001) GF SECURITIES·2026-01-28 06:49Investment Rating - The investment rating for the company is "Buy" with a current price of 28.05 CNY and a fair value of 34.67 CNY [3]. Core Insights - The company plans to issue H shares to accelerate overseas expansion and enhance R&D investments, aiming to establish a global smart manufacturing base and develop high and low voltage direct current power supply equipment for data centers [6]. - The company focuses on smart box-type power equipment and electric vehicle charging networks, with significant market presence in public charging facilities, holding an 18.88% market share [6]. - The company has been actively winning overseas projects, including a 700 million CNY high-voltage mobile substation for Saudi Arabia's national grid, which supports long-term performance [6]. - The company has accumulated SST technology, expected to provide integrated solutions for data centers, with plans to launch a 1.0 product by 2027 [6]. - Earnings per share (EPS) is projected to be 1.13 CNY in 2025, 1.39 CNY in 2026, and 1.84 CNY in 2027, with a reference P/E ratio of 25x for 2026, leading to a fair value of 34.67 CNY per share [6]. Financial Summary - Revenue is forecasted to grow from 14,602 million CNY in 2023 to 25,094 million CNY in 2027, with a growth rate of 25.6% in 2023 and 24.1% in 2027 [2][9]. - EBITDA is expected to increase from 2,047 million CNY in 2023 to 3,809 million CNY in 2027 [2]. - Net profit attributable to shareholders is projected to rise from 491 million CNY in 2023 to 1,942 million CNY in 2027, reflecting a growth rate of 80.4% in 2023 and 32.6% in 2027 [2][9]. - The company’s return on equity (ROE) is expected to improve from 7.3% in 2023 to 17.1% in 2027 [2][9]. - The company's total assets are projected to grow from 23,877 million CNY in 2023 to 34,241 million CNY in 2027 [7][9].