TGOOD(300001) 开源证券·2025-04-22 12:34Investment Rating - The investment rating for the company is "Buy" (maintained) [1][5][14] Core Views - The company achieved a revenue of 15.37 billion yuan in 2024, representing a year-on-year growth of 21.1%, and a net profit attributable to shareholders of 920 million yuan, which is an increase of 86.6% year-on-year [5][6] - The traditional business segment generated a net profit of 710 million yuan in 2024, up 91.4% year-on-year, while the charging network business also showed significant growth with a net profit of 210 million yuan, growing at 71.9% year-on-year [5][6] - The company is expected to maintain its profit forecast, with projected net profits of 1.47 billion yuan, 2.03 billion yuan, and 2.42 billion yuan for 2025, 2026, and 2027 respectively, indicating a strong growth trajectory [5][6] Financial Summary - In 2024, the company reported total revenue of 15.37 billion yuan, with a year-on-year growth of 21.1% [8] - The net profit attributable to shareholders for 2024 was 920 million yuan, reflecting an 86.6% increase compared to the previous year [8] - The gross margin for 2024 was 25.9%, slightly down by 0.3 percentage points from the previous year, while the net margin improved to 6.1%, up 1.9 percentage points [8] - The company’s earnings per share (EPS) for 2024 was 0.87 yuan, with a projected EPS of 1.39 yuan, 1.92 yuan, and 2.29 yuan for 2025, 2026, and 2027 respectively [8] Business Segments - The traditional business segment achieved revenue of 10.49 billion yuan in 2024, with a year-on-year growth of 22.5% and a net profit margin of 6.8% [6] - The charging network business generated revenue of 4.89 billion yuan in 2024, with a year-on-year growth of 18.4%, and maintained a leading position in the industry with 709,000 public charging terminals [6] - The company’s overseas business contracts reached 800 million yuan in 2024, marking a significant increase of 131.9% year-on-year [6]