TGOOD(300001) 光大证券·2025-04-23 06:13Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected investment return that will outperform the market benchmark by more than 15% over the next 6-12 months [5][13]. Core Insights - The company reported a revenue of 15.374 billion yuan for 2024, representing a year-on-year growth of 21.15%, and a net profit attributable to shareholders of 917 million yuan, which is an increase of 86.62% [1]. - The "Smart Manufacturing + Integrated Services" segment saw a revenue of 10.485 billion yuan, up 22.47% year-on-year, with a net profit of 709 million yuan, reflecting a growth of 91.42% [2]. - The electric vehicle charging network business generated 4.890 billion yuan in revenue, a year-on-year increase of 18.41%, with a net profit of 208 million yuan, up 71.93% [2]. - The company has established over 800 new energy microgrid stations and has engaged in online information exchange with 38 power control centers, indicating a strong position in virtual power plant technology [3]. - The profit forecasts for 2025, 2026, and 2027 have been raised to 1.167 billion yuan, 1.547 billion yuan, and 1.960 billion yuan respectively, with corresponding P/E ratios of 22, 17, and 13 [3]. Summary by Sections Financial Performance - In Q4 2024, the company achieved a revenue of 4.884 billion yuan, a year-on-year increase of 48.56%, and a net profit of 470 million yuan, up 74.57% [1]. - The total revenue for 2024 is projected to reach 15.374 billion yuan, with a net profit of 917 million yuan, marking significant growth compared to 2023 [4]. Business Segments - The "Smart Manufacturing + Integrated Services" segment is a key growth driver, with a revenue of 10.485 billion yuan and a net profit of 709 million yuan [2]. - The electric vehicle charging network continues to expand, with a total of 709,000 public charging terminals by the end of 2024, maintaining industry leadership [2]. Market Position and Future Outlook - The company is well-positioned in the new energy sector, with a significant increase in bidding amounts for new energy projects, exceeding 70% year-on-year [2]. - The report highlights the potential for profit elasticity from auxiliary services and the ongoing improvement in charging operations profitability [3].