TGOOD(300001) 开源证券·2025-04-22 12:33Investment Rating - The investment rating for the company is "Buy" (maintained) [1] 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 forecasts, with projected net profits of 1.47 billion yuan, 2.03 billion yuan, and 2.42 billion yuan for 2025, 2026, and 2027 respectively, translating to EPS of 1.39, 1.92, and 2.29 yuan per share [5][6] Financial Performance Summary - In 2024, the company's total revenue reached 15.37 billion yuan, with a gross margin of 25.9% and a net margin of 6.1% [8] - The traditional business segment's revenue was 10.49 billion yuan, with a net profit margin of 6.8% [6] - The charging network business generated 4.89 billion yuan in revenue, with a significant increase in charging volume, reaching 13 billion kWh, up 40% year-on-year [6] Business Segment Analysis - The traditional business segment is solid, with a focus on cost control and benefiting from national carbon neutrality initiatives [6] - The company has made significant strides in its overseas business, achieving a contract amount of 800 million yuan in 2024, a year-on-year increase of 131.9% [6] - The charging network business continues to lead the industry with 709,000 public charging terminals, maintaining a competitive edge in key metrics [6]