First Read Qingdao TGood Electric NDR takeaways: well positioned for an upcycle

研报英文原文证据摘录

First Read Qingdao TGood Electric NDR takeaways: well positioned for an upcycle

Global Research

23 June 2026ab

First Read

EquitiesQingdao TGood Electric

NDR takeaways: well positioned for an upcycle China

Auto Parts

12-month rating Buy

We hosted NDR with TGood management

We hosted investor meetings with TGood management on Jun 22. Key takeaways 12m price target Rmb55.00

include: 1) management expect overall contract value and winning bid value for power

equipment segment to increase y/y thanks to share gains in centralized grid-side bidding

Price (23 Jun 2026) Rmb40.02

and AIDC order intakes; 2) winning bid value from AIDC clients have doubled YTD, and

TGood is actively pushing for its first rollout of AI PowerHouse solution domestically; 3) RIC: 300001.SZ BBG: 300001 CS

management noted high visibility for overseas order, supported by encouraging Trading data and key metrics

progress across Middle East, Europe, Australia and Southeast Asia; 4) TGood's HVDC

52-wk range Rmb40.99-22.57

module is already commercially ready, with in-house developed SST1.0 launched this Jun

Market cap. Rmb42.2b/US$6.23b

and SST2.0 product to be launched in 2027 for mass production.

Shares o/s 1,056m (ORDA)

Power equipment: share gains in grid-side bidding & AIDC momentum Free float 63%

Avg. daily volume ('000) 37,078

Management noted that although there has been industry headwinds on the power

generation side, the company has recorded robust growth on the power grid and load Avg. daily value (m) Rmb1,291.9

side, and expects overall contract value and winning bid value for this segment to Common s/h equity (12/26E) Rmb9.94b

increase y/y. On the grid side, centralized procurement put more emphasis on bidders' P/BV (12/26E) 4.2x