TGOOD(300001) 东海证券·2024-05-13 09:30Investment Rating - Buy (Maintained) [1] Core Views - The company achieved a revenue of RMB 14.602 billion in 2023, a year-on-year increase of 25.56%, with net profit attributable to shareholders of RMB 491 million, up 80.44% YoY, and non-GAAP net profit of RMB 403 million, up 169.43% YoY [3] - In Q1 2024, the company achieved revenue of RMB 2.569 billion, a year-on-year increase of 29.93%, with net profit attributable to shareholders of RMB 62 million, up 203.18% YoY, and non-GAAP net profit of RMB 47 million, up 748.12% YoY [3] - The EV charging network business turned profitable in 2023, with revenue of RMB 6.041 billion, a year-on-year increase of 32.21%, and gross profit of RMB 1.33 billion, up 52.57% YoY [3] - The microgrid business is growing rapidly, with over 400 new projects in 2023, covering more than 100 cities [3] - The "Intelligent Manufacturing + Integrated Services" business achieved revenue of RMB 8.561 billion in 2023, a year-on-year increase of 21.25%, with gross profit of RMB 2.081 billion, up 22.25% YoY [3] - The company's new energy power generation bidding and contract amounts both increased by more than 50% in 2023 [3] - The company has launched a new round of equity incentives and employee stock ownership plans, with performance requirements for revenue and net profit growth from 2025 to 2027 [3] Financial Highlights - The company's total share capital is 1.0559 billion shares, with a circulating A-share capital of 1.02795 billion shares [2] - The company's asset-liability ratio is 66.88%, with a price-to-book ratio of 3.39x and a weighted return on equity of 0.93% [2] - The company's 12-month high and low stock prices are RMB 24.67 and RMB 15.10, respectively [2] - The company's revenue is expected to grow to RMB 18.75 billion in 2024, RMB 23.329 billion in 2025, and RMB 28.884 billion in 2026 [5] - Net profit attributable to shareholders is expected to reach RMB 796 million in 2024, RMB 1.173 billion in 2025, and RMB 1.38 billion in 2026 [5] - EPS is expected to be RMB 0.75 in 2024, RMB 1.11 in 2025, and RMB 1.31 in 2026 [5] - The company's P/E ratio is expected to be 28x in 2024, 19x in 2025, and 16x in 2026 [5] Business Segments - The EV charging network business has a market share of approximately 26% in public charging piles, ranking first in China [3] - The company's charging volume reached 9.3 billion kWh in 2023, a year-on-year increase of 59%, ranking first in China [3] - The company's self-developed energy storage PCS has been widely used in various scenarios, with approximately 400 energy storage box transformers shipped in 2023 [3] - The company's prefabricated cabin products and new energy small box transformers have been continuously winning bids for China Huaneng Group projects [3]