TGOOD(300001) 国信证券·2024-11-07 10:22Investment Rating - The report maintains an "Outperform" rating for TGOOD (300001 SZ) [1][3] Core Views - TGOOD's Q3 2024 performance shows rapid growth, with significant improvements in both power equipment and charging network businesses [1] - The company's EV charging network business continues to perform well, maintaining its industry-leading position [1][7] - TGOOD's intelligent manufacturing and system integration business demonstrates steady growth across power generation, grid, and user-side applications [1][6] Financial Performance Q3 2024 Highlights - Revenue: 4 158 billion yuan (+10% YoY, +10% QoQ) [1][4] - Net profit attributable to parent company: 253 million yuan (+98% YoY, +93% QoQ) [1][4] - Gross margin: 20 75% (+0 38pct YoY, -1 05pct QoQ) [1][4] - Net margin: 5 89% (+2 54pct YoY, +1 88pct QoQ) [1][4] 9M 2024 Performance - Revenue: 10 49 billion yuan (+12% YoY) [1][4] - Net profit attributable to parent company: 447 million yuan (+101% YoY) [1][4] - Gross margin: 20 52% (+1 13pct YoY) [1][4] - Net margin: 4 13% (+2 04pct YoY) [1][4] Business Segments EV Charging Network - Operates 640,000 public charging terminals as of September 2024 [1][7] - Q3 2024 charging volume: 3 53 billion kWh (+19% QoQ) [1][7] - 9M 2024 cumulative charging volume: 9 35 billion kWh (+40% YoY) [1][7] - Established partnerships with over 70 automakers including Porsche, Audi, Mercedes-Benz, and BMW [1][7] - Built more than 1,700 branded charging stations [1][7] - Established over 160 joint ventures with government investment platforms and bus groups nationwide [1][7] Intelligent Manufacturing & System Integration - Achieved rapid growth in new energy power generation bidding [6] - Secured stable wins in State Grid and Southern Grid procurement projects [6] - Expanded presence in transportation, petrochemical, new materials, and lithium battery sectors [6] Overseas Expansion - Developed and certified international products including 33kV ring main units and medium-voltage eco-friendly gas cabinets [7] - Secured major overseas projects in Zimbabwe and Indonesia [7] Financial Forecasts 2024-2026 Projections - Net profit attributable to parent company: 758/1,045/1,347 million yuan (+54%/+38%/+29% YoY) [1][8] - EPS: 0 72/0 99/1 28 yuan [1][8] - PE ratio: 33/24/18x [1][8] Key Financial Metrics - Revenue growth: 15 5%/18 8%/17 9% (2024E/2025E/2026E) [2] - ROE: 10 1%/12 6%/14 5% (2024E/2025E/2026E) [2] - EBIT margin: 8 1%/8 8%/9 2% (2024E/2025E/2026E) [2] Industry Position - Maintains leading position in public charging terminal operations [1][7] - Expands presence in new energy microgrids and virtual power plant sectors [7] - Achieves online information interaction with over 20 grid, provincial, and municipal power dispatch centers [7] - Accumulates dispatchable resource capacity exceeding 4 7 million kW for virtual power plants [7]