TGOOD(SZ:300001) Guoxin Securities·2024-04-06 16:00Investment Rating - The report assigns an "Accumulate" rating for the company, marking its first coverage [2]. Core Insights - The company is a leader in the domestic charging operation industry, with a strong focus on power equipment business, particularly outdoor box-type power equipment. It has maintained a leading market share in public charging piles and ranks high in the mid-to-high-end box transformer segment [2][3]. - The company is expected to achieve a net profit attributable to shareholders of 408-517 million yuan in 2023, representing a year-on-year growth of 50%-90%. Both the "smart manufacturing + integrated services" and electric vehicle charging network segments have shown significant improvement in profitability [2][13]. - The company has a robust revenue growth trajectory, with a projected revenue of 150.7 billion yuan, 190.3 billion yuan, and 237.4 billion yuan for 2023-2025, reflecting year-on-year growth rates of 30%, 26%, and 25% respectively [2]. Summary by Sections Company Overview - Established in 2004, the company initially focused on outdoor box-type power equipment and expanded into electric vehicle charging business in 2014. It has become the largest public charging pile operator in China, with a market share exceeding 19% and charging volume surpassing 9.3 billion kWh in 2023 [2][3]. Financial Performance - In the first half of 2023, the company achieved a revenue of 56.07 billion yuan, a year-on-year increase of 25%. The smart manufacturing and system integration business generated 32.41 billion yuan (57.8% of total revenue), while the electric vehicle charging network business contributed 23.67 billion yuan (42.2% of total revenue), with a growth of 50% [2][16]. Market Position and Growth Drivers - The company benefits from the increasing sales of new energy vehicles, which reached 9.495 million units in 2023, a year-on-year increase of 38%. The growing number of public charging piles, which saw an addition of 930,000 units in 2023, is expected to drive steady growth in charging demand [2][3]. - The company is well-positioned to benefit from the ongoing construction of new power systems, with policies aimed at enhancing the quality of distribution networks, which are expected to accelerate the growth of its power equipment and charging device businesses [2][24]. Investment Recommendations - The report forecasts the company's net profit attributable to shareholders to reach 461 million yuan, 688 million yuan, and 935 million yuan for 2023-2025, with corresponding year-on-year growth rates of 70%, 49%, and 36% [2][19]. The estimated reasonable stock value is between 21.5 and 23.0 yuan, indicating a potential premium of 9%-16% over the current stock price [2].