Qingdao TGood Electric "Solid and improving fundamentals; AIDC solution..."

研报英文原文证据摘录

Qingdao TGood Electric "Solid and improving fundamentals; AIDC solution..."

Global Research

11 June 2026ab

Qingdao TGood Electric Equities

ChinaSolid and improving fundamentals; AIDC

solution launched Auto Parts

12-month rating Buy

12m price target Rmb55.00Lifting PT to Rmb55.00 from Rmb33.00, reiterate Buy

Prior : Rmb33.00

We raise our PT to Rmb55.00 and reiterate our Buy rating. The company has delivered

steady improvement in the traditional power equipment and EV charging business, and Price (10 Jun 2026) Rmb36.97

is well positioned to benefit from the AIDC capex upcycle with AIDC integrated solution RIC: 300001.SZ BBG: 300001 CS

and HVDC/SST initiatives. In 2025, power equipment segment contributed 70% of

revenue and c80% of net profit, and we forecast 33%/27% YoY earnings growth in Trading data and key metrics

2026/27 supported by solid domestic growth and overseas expansion. The EV charging 52-wk range Rmb40.99-21.98

segment contributed the remaining 30% of revenue and c20% of net profit in 2025, Market cap. Rmb39.0b/US$5.76b

and we expect the EV charging segment to record 14%/28% YoY earnings growth in Shares o/s 1,056m (ORDA)

2026/27E amid accelerating EV penetration. The company also announced strategic Free float 63%

cooperation with Eaton, pushing for faster SST commercialization internationally. Avg. daily volume ('000) 35,877

Avg. daily value (m) Rmb1,213

Power equipment: solid domestic growth; overseas expansion; SST launches Common s/h equity (12/26E) Rmb9.94b

Amid robust wind installation and accelerating distribution grid capex, TGood P/BV (12/26E) 3.9x

announced 46% YoY increase in domestic bid wins as of 9 June, of which 62% was high Net debt to EBITDA (12/26E) NM

voltage voltage prefabricated substations.