Qingdao TGOOD Electric Readthrough from TGOOD’s +~9% rally and the catalysts ahead

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Qingdao TGOOD Electric Readthrough from TGOOD’s +~9% rally and the catalysts ahead

c) Limited/ J.P.

forward P/E, valuation looks attractive, and we reiterate our OW rating. Morgan Broking (Hong Kong) Limited

Alan Hon

• More overseas order wins: The company highlighted several overseas (852) 2800-8573

project wins in its 1Q26 results announcement, including the first overseas alan.hon@jpmorgan.com

delivery of a 400kV high-voltage prefabricated substation in Oman, a J.P.MorganMorganBrokingSecurities(Hong (AsiaKong)Pacific)LimitedLimited/ J.P.

prefabricated substation solution for a gas-fired power plant in Saudi Arabia,

Nick Lai

and an energy-storage prefabricated substation project in Europe, where its (65) 6801-3176

footprint is starting to take shape. Overseas orders reached RMB 1.2bn in 2025 nick.yc.lai@jpmorgan.com

(+~50% YoY). The company has also broadened its international presence by J.P. Morgan Securities Singapore Private Limited/

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

being added to qualified supplier lists for major global customers (including Morgan Broking (Hong Kong) Limited

General Electric, Siemens and Samsung E&A), while strengthening export

readiness through international certifications. We see incremental overseas

order wins as an emerging catalyst.

• Product launch for data centers in 2Q as the next catalyst: We expect the

company to provide further updates on its data center equipment in 2Q.

Notably, the company is developing its next-generation HVPAC (High-

Voltage Prefabricated ACDC Power Supply Cube), which could enable

conversion from 110/220kV AC to 800V DC. This could consolidate multiple

conversion stages, reduce deployment time, and support modular scalability

from 100MW to GW-scale within a smaller footprint.