TGOOD(300001) 光大证券·2024-04-25 10:31Investment Rating - The report maintains a "Buy" rating for TGOOD (300001 SZ) [2][4] Core Views - TGOOD achieved significant growth in 2023 with revenue of 14 602 billion yuan (+25 56% YoY) and net profit of 491 million yuan (+80 44% YoY) [1] - The company's EV charging network business turned profitable with revenue of 6 041 billion yuan (+32 21% YoY) and net profit of 121 million yuan [1] - TGOOD leads the public charging market with 523 000 charging terminals (26% market share) and 9 3 billion kWh charging volume (26% market share) [1] - The company has established over 260 subsidiaries/joint ventures and partnered with more than 70 automakers [1] Financial Performance Revenue & Profit - 2023 revenue: 14 602 billion yuan (+25 56% YoY) [1] - 2023 net profit: 491 million yuan (+80 44% YoY) [1] - 2024-2026 net profit forecast: 681/1 002/1 329 million yuan [2] Key Financial Ratios - 2023 ROE: 7 34% (up from 4 32% in 2022) [3] - 2023-2026 PE ratio forecast: 43/31/21/16 [3] - 2023-2026 PB ratio forecast: 3 1/2 9/2 6/2 3 [3] Business Segments Smart Manufacturing & Integration Services - 2023 revenue: 8 561 billion yuan (+21 25% YoY) [1] - 2023 gross profit: 2 081 billion yuan (+22 25% YoY) [1] - 2023 net profit: 370 million yuan (+26 44% YoY) [1] EV Charging Network - 2023 revenue: 6 041 billion yuan (+32 21% YoY) [1] - 2023 gross profit: 1 330 billion yuan (+52 57% YoY) [1] - 2023 net profit: 121 million yuan (turned profitable) [1] Market Position & Technology - Leading position in public charging infrastructure with 26% market share [1] - Deployed nearly 500 new energy microgrid projects in over 100 cities [1] - Established partnerships with 24 power grid control centers and virtual power plant management centers [1] - Virtual power plant dispatchable resource capacity exceeds 4 million kW [1] Valuation & Forecast - 2024-2026 revenue forecast: 18 061/22 157/26 850 billion yuan [3] - 2024-2026 EPS forecast: 0 65/0 95/1 26 yuan [3] - 2024-2026 ROE forecast: 9 38%/12 32%/14 36% [3]