TGOOD(300001) 华安证券·2024-09-05 01:09Investment Rating - The investment rating for the company is "Buy" (首次) [1] Core Views - The company focuses on power generation, grid, and user-side operations, achieving significant profit growth in H1 2024 with revenue of 6.332 billion yuan, a year-on-year increase of 13%, and a net profit of 193 million yuan, up 105.26% [5] - The charging pile market is vast, with the domestic charging operation market expected to reach 55.285 billion yuan by 2026, benefiting from the rapid development of new energy vehicles [5] - The company's smart manufacturing and system integration business achieved revenue of 3.673 billion yuan in H1 2024, a year-on-year increase of 13.37%, driven by strong demand in both domestic and international markets [5] - The company is expected to achieve net profits of 680 million yuan, 980 million yuan, and 1.344 billion yuan for the years 2024, 2025, and 2026, respectively, corresponding to P/E ratios of 28, 19, and 14 times [5] Summary by Sections Business Overview - The company has two main business segments: "Smart Manufacturing + Integrated Services" and Electric Vehicle Charging Network, with a leading position in the domestic charging operation industry and high-end box transformer products [11][21] - The company has maintained its industry-leading position in the number of DC charging terminals, charging stations, and charging volume as of H1 2024 [11][43] Charging Pile Market - The charging operation industry has a high concentration, with the top 15 operators accounting for 87.8% of the total number of charging piles as of June 2024 [30] - The company has a significant market share in the charging operation sector, with a focus on expanding its charging network across 360 cities [43] Financial Performance - The company achieved a revenue of 14.602 billion yuan in 2023, a year-on-year increase of 25.6%, and a net profit of 491 million yuan, up 80.4% [6][23] - The revenue for H1 2024 was 6.332 billion yuan, with a net profit of 193 million yuan, indicating strong growth potential [5][23] Future Outlook - The company is expected to benefit from the increasing penetration of new energy vehicles, with the domestic new energy vehicle ownership reaching 24.72 million units by mid-2024 [38] - The charging operation market is projected to grow significantly, with estimates of 28.3 billion yuan, 40.7 billion yuan, and 55.3 billion yuan for the years 2024, 2025, and 2026, respectively [40][41]