Qingdao TGOOD Electric (300001.SZ)

研报英文原文证据摘录

Qingdao TGOOD Electric (300001.SZ)

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19 Jul 2026 18:16:06 ET │ 12 pages

2Q26E Net Profit Up 22-47% YoY to Rmb320-386m, Beat on

Prefabricated Substation Sales

CITI'S TAKE Buy

Price (17 Jul 26 15:00) Rmb30.820 TGOOD expects its net profit to grow 20-40% yoy to Rmb392-458m in

Target price Rmb49.600 1H26E, including up 22-47% yoy to Rmb320-386m in 2Q26E. Its 1H26E

result beats market expectation, as (i) the mid-point of Rmb425m Expected share price return 60.9%

represents 28% of consensus (Bloomberg) 2026E earnings, vs. average Expected dividend yield 0.8%

20% of its annual profit from 1H in past five years (2021-25); and (ii) 2Q25 Expected total return 61.7%

was a high base with strong sales from renewable projects due to rush Market Cap Rmb32,525M

installations. We attribute TGOOD's better-than-expected profit likely to US$4,805M

more prefabricated substation sales to overseas and power grids,

offsetting decline from renewable sector. Moreover, the company

obtained multiple overseas orders in 1H26 and its orders from computing

datacenters doubled yoy in the period. Reiterate Buy as TGOOD gains China Power Grid Equipment

from electrical equipment demand from overseas markets and datacenter

Air MaAC

constructions. Positive catalyst of potential grid orders from Saudi in +852-2501-7450

2H26E. Its 17.1x 2027E PE looks inexpensive vs. 23.7% EPS CAGR in air.ma@citi.com

2025-27E.

Pierre Lau, CFA

+852-2501-2716

1H26E result beat for prefabricated substation sales - TGOOD delivered the world's pierre.lau@citi.com

first 400kV high-voltage prefabricated modular substation to the Middle East in

1H26. Moreover, it won the bid for prefabricated substations from Saudi Energy for a

3GW heavy-duty gas turbine combined-cycle power project, as well as several