Qingdao TGOOD Electric: Key takeaways from the management call; lifting PT on strong outlook for DC and overseas power orders

Research evidence excerpt

Qingdao TGOOD Electric: Key takeaways from the management call; lifting PT on strong outlook for DC and overseas power orders

J P M O R G A N Asia Pacific Equity Research

08 July 2026

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Qingdao TGOOD Electric Overweight

300001.SZ, 300001 CH

Key takeaways from the management call; lifting PT on Price (08 Jul 26):Rmb32.93

strong outlook for DC and overseas power orders ▲Price Target (Jun-27):Rmb40.00 Prior (Dec-26):Rmb35.00

Qingdao TGOOD Electric has outperformed the index by >20% YTD (TGOOD

+28% vs. SZCOMP +5%) as investors increasingly recognize its rising overseas Power Equipment and Utilities

exposure in prefabricated substations and the growth potential of its data-center Stephen Tsui, CFA AC

offering. The recent management call reinforces our positive view: China data- (852) 2800-8592

center orders YTD have already exceeded the FY25 level and management has stephen.tsui@jpmorgan.com

J.P. Morgan Securities (Asia Pacific) Limited/ J.P.

guided to a doubling of China DC orders this year; Middle East prefabricated Morgan Broking (Hong Kong) Limited

ACsubstation orders could more than double this year with management guiding to Rebecca Wen

~50% market share, alongside rising orders from Europe and Australia; and the (852) 2800-8505

collaboration with Eaton (ETN US, NR) could help TGOOD expand further rebecca.y.wen@jpmorgan.com

overseas, while its newly developed high-voltage AC-to-low-voltage DC J.P.MorganMorganBrokingSecurities(Hong (AsiaKong)Pacific)LimitedLimited/ J.P.