Qingdao TGOOD Electric’s 1Q26 results: revenue of RMB2,216mn, up 5.41% YoY and down 62.77% QoQ; attributable net profit of RMB71.93mn, up 11.05% YoY and down 87.10% QoQ; recurring net profit of RMB49.79mn, up 9.46% YoY and down 89.03% QoQ. We believe the YoY profit growth outpacing revenue YoY was likely driven by a higher gross margin and lower expense ratios. The QoQ earnings declines largely reflect seasonality. We are positive on the company’s accelerating overseas expansion in power equipment, data center business development, and improving profitability in the charging business. Maintain BUY.
1Q26 earnings steady; equity incentive plan aligns team
For 1Q26, gross margin was 23.05%, up 0.92pp YoY; net margin was 2.64%, up 0.44pp YoY. The 1Q26 expense ratio came in at 23.12%, down 0.51pp YoY, with the selling/admin/R&D/financial expense ratios shifting +2.39/-2.39/-0.12/-0.37pp QoQ. Inventories stood at RMB1,291mn at end-1Q26, up 35.04% YoY, mainly as the company moderately scaled up inventory to ensure supply continuity in line with subsequent production scheduling and delivery pace. The company also released a draft 2026 equity incentive plan on 27 April, proposing to grant a total of 7.7853mn shares to 32 directors, senior management and core business/technical staff of the company (including subsidiaries, excluding Teld and its subsidiaries).
Power equipment: prefabricated substation projects gaining traction overseas
The company’s global strategy continues to deliver results. 1) It won the Oman Ibri energy storage project, achieving design and supply of a 400kV high-voltage prefabricated substation overseas. 2) It secured cooperation on the Saudi Ghazlan power plant project, deploying its prefabricated substation products in an overseas gas-fired power generation setting for the first time. Meanwhile, prefabricated energy storage substation projects in Europe are progressing steadily, with the European business beginning to bear fruit. In data centers, the company has set up a dedicated team to develop products such as SST and HVDC. Progress is on track with initial milestones achieved, and we see this as a new earnings growth driver going forward.
Charging: cementing leadership in ultra-fast charging
Per the National Energy Administration of China, China’s total EV charging infrastructure reached 21.48mn units in 1Q26, up 46.9% YoY; incremental additions totaled 1.39mn units, up 49.1% YoY, of which public charging additions were 146k units (down 54.5% YoY) and private charging additions were 1.24mn units (up 103.5% YoY). Company-wise, as of March 2026, cumulative sales volume of Teld’s P>250kW charging facilities (connectors) reached 69,200 units, ranking second domestically. We like the company’s efforts to strengthen R&D, enhance operating efficiency and cement its industry-leading position.
Earnings forecasts and valuation
We maintain our 2026/2027/2028 attributable net profit forecasts at RMB1,541//2,009/2,378mn (24% CAGR), implying EPS of RMB1.46/1.90/2.25. Referencing the 2026E PE of 29.52x for comparable companies on Wind consensus, we assign a 2026E PE of 29.52x, yielding a target price of RMB43.10 (previous: RMB39.10, based on 26.78x 2026E PE).
Risks: NEV penetration and charging pile buildout falling short of our expectations; AIDC R&D uncertainty.

　　公司公布一季度业绩：收入22.16亿元，同比+5.41%，环比-62.77%；归母净利润7193.28万元，同比+11.05%，环比-87.10%；扣非归母净利润4978.94万元，同比+9.46%，环比-89.03%。公司Q1业绩同比稳增，利润增速快于收入或主要是因为毛利率稳中有升，叠加期间费用率下降；Q1业绩环比下滑主要受季节性因素影响。我们看好公司电力设备业务加速出海、数据中心拓展，充电业务不断提升盈利能力。维持“买入”评级。
　　26Q1业绩稳增，股权激励凝聚团队
　　26Q1公司毛利率为23.05%，同比+0.92pct；净利率为2.64%，同比+0.44pct。期间费用方面，26Q1期间费用率为23.12%，同比-0.51pct，其中销售/管理/研发/财务费用率分别环比+2.39/-2.39/-0.12/-0.37pct。26Q1末存货为12.91亿元，同比+35.04%，主要原因是公司结合后续生产排期与交付节奏，为保障供货连续性而适度增加备货规模。此外，公司4月27日发布2026年股权激励计划草案，拟授予公司（含子公司，不含特来电及其子公司）董事、高管及核心业务（技术）人员32人合计778.53万股。
　　电力设备：海外预制舱变电站项目多点开花
　　公司全球化战略持续取得突破，1）中标阿曼依布里储能项目，实现400kV高压预制舱变电站海外设计与供货落地；2）达成沙特加兹兰电厂项目合作，首次将预制舱变电站产品应用于海外天然气发电场景。同时，公司欧洲市场储能预制舱变电站项目有序推进落地，欧洲业务布局初见成效。此外，在数据中心方面，公司已组建专项团队布局SST、HVDC等产品，目前节奏有序、已取得阶段性成果，看好未来贡献新的业绩增长点。
　　充电：巩固超快充头部地位
　　行业方面，据国家能源局，26Q1我国电动汽车充电基础设施总数达2148.1万个，同比+46.9%；增量为138.9万个，同比+49.1%，其中公共充电设施增量为14.6万个（同比-54.5%），私人充电设施增量为124.3万个（同比+103.5%）。公司方面，截止到26年3月，特来电P>250kw充电设施（枪）累计销量6.92万个，国内排名第二。公司持续加强技术创新、提升运营效率、巩固行业头部地位。
　　盈利预测与估值
　　我们维持公司26-28年归母净利润为15.41亿元、20.09亿元和23.78亿元（CAGR为24%），对应EPS为1.46、1.90、2.25元。参考可比公司26年Wind一致预期PE29.52倍，给予公司26年29.52倍PE估值，对应目标价为43.10元（前值39.10元，对应26年26.78倍PE）。
　　风险提示：新能源车渗透率、充电桩建设不及预期、AIDC研发不确定性。

　　业绩
　　公司发布2025年年度报告，2025年实现营收157.86亿元，同比增长2.68%，实现归母净利润12.43亿元，同比增长35.62%，实现扣非归母净利10.35亿元，同比增长35.46%。2025Q4实现营收59.52亿元，同比下降8.10%，实现归母净利润5.57亿元，同比+18.59%，实现扣非归母净利4.54亿元，同比+19.87%。2025年毛利率为27.36%，同比提升1.44Pct，2025Q4毛利率为28.94%，同比下降8.57Pct。
　　海外营收同比+41.89%,创新研发SST全链路供电系统
　　海外：公司电力设备板块实现营业收入108.21亿元，较去年同期增长3.20%；归属于上市公司股东的净利润10.06亿元，海外高毛利产品拓展超预期，较去年同期增长41.89%。公司参与沙特国家电网高压预制舱变电站标准的制定。此外，公司仅耗时6个月就完成沙特国家电网15套132kV高压移动式变电站项目从国内生产、国际物流、现场安装调试到并网投运的全流程交付。
　　数据中心：公司创新研发从110/220kV高压到800V直流的SST全链路供电系统——“数据中心高压交直流预制舱供电站（HVPACHigh-VolatgePrefabricatedACDCPowerSupplyCube）”。旨在破解AI驱动下数据中心行业在空间、效率、成本、可靠性、建站周期等方面的痛点。
　　投资建议
　　我们预计2026-2028年公司营收分别为185.24/209.84/238.09亿元（前值为230.14/260.69/-亿元），归母净利润分别为14.94/17.63/20.70亿元（前置为15.13/20.92/-亿元），对应PE分别22.1/18.7/16.0倍，维持“买入”评级。
　　风险提示
　　市场竞争加剧风险；市场需求不及预期风险；成本上升导致毛利率承压风险。

　　事件：公司发布2025年年度报告。2025年全年公司实现营收157.86亿元，同比+2.68%，实现归母净利润为12.43亿元，同比+35.62%，实现扣非归母净利润10.35亿元，同比+35.46%。分季度看，25Q4实现营收59.52亿元，同环比-8.10%/+66.32%，实现归母净利润5.57亿元，同环比+18.59%/+55.45%，25Q4公司销售毛利率28.94%，同环比-8.57/+1.18pct，销售净利率10.49%，同环比+0.14/+0.26pct。
　　充电网盈利能力稳步提升，多场景布局夯实行业第一。2025年公司充电网业务实现营收49.66亿元，同比+1.56%；归母净利润2.37亿元，同比+13.94%；毛利率37.96%，同比+7.82pct，充电网业务运营效率提升明显。根据充电联盟统计，截至2025年底，公司运营公共充电终端约90万台，其中直流充电终端54.2万台，市场份额约为24%，排名全国第一；2025年公司充电量约196亿度，同比+50.77%，市场份额约23%，排名全国第一。公司运营优势明显，增值服务逐步拓展，探索数据应用额外价值。
　　电力设备主业提质增效，国际化突破与AIDC布局打开成长空间。2025年公司电力设备业务实现营收108.21亿元，同比+3.20%，归母净利润10.06亿元，同比+41.89%，盈利水平显著提升。其中国际业务中标额超12亿元，同比+50%以上，接连在沙特、乌兹别克斯坦、印尼等地斩获重点项目订单，并进入多家海外客户合格供应商名录，海外放量可期。数据中心业务持续扩展，相关合同额超4亿元，产品和服务能力获得顶级互联网企业的认可，有望持续获得高质量订单。SST及HVDC等核心产品研发持续推进。
　　投资建议：充电业务地位夯实，电力设备板块受益于全球需求增长，AIDC供电产品逐步切入，核心产品持续推进研发进度。我们预计2026-2028年公司实现归母净利15.27/19.26/23.49亿元，同比+22.86%/+26.09%/+21.96%，对应EPS为1.45/1.82/2.22元，维持“买入”评级。
　　风险提示：海外市场拓展不及预期；电力投资不及预期；市场竞争加剧。

Qingdao TGOOD(TGOOD)has reported 2025 revenue of RMB15.8bn(+2.68%YoY)and an attributable NP of RMB1.2bn(+35.62%YoY).For 4Q25,revenue was RMB6.0bn(+21.86%YoY,66.32%QoQ),while the attributable NP was RMB557mn(+18.59%YoY,+55.45%QoQ).The strong YoY and QoQ growth in 4Q25 likely mainly reflected concentrated revenue recognition during the peak season for the high-margin charging business.The annual results exceeded our expectation of RMB1.1bn in attributable NP,likely owing to product-mix optimization,a higher overseas revenue contribution,and alower expense ratio.We are positive on the company’s continued rise in global brand recognition.We also expect its overseas expansion and AIDC positioning to support long-term growth.Maintain BUY.
Power equipment:profitability improved significantly
For 2025,revenue from the power equipment business reached RMB10.8bn,up by 3.20%YoY.The GPM was 24.32%,up by 1.81pp YoY.The attributable NP reached RMB1.0bn,up by 41.89%YoY.Growth likely mainly reflected the company’s international strategy and technology upgrades.In overseas business,the company secured more than RMB1.2bn of new orders in 2025,up by more than 50%YoY.It also entered the qualified supplier lists of companies such as CASALESA,GE in the US,Fortescue in Australia,Samsung Engineering,and Siemens data centers.In domestic business,bid wins in new energy power generation grew steadily.On the grid side,the company participated in State Grid centralized procurement across multiple categories and won bids in all product categories submitted.At the same time,the company accelerated data center business expansion.Contract value in the data center segment exceeded RMB400mn in 2025.It also advanced innovative R&D of SST power supply systems.As data center power architectures continue to be upgraded,we expect the company to benefit fully and unleash anew growth driver.
Charging:steady profit growth,reinforce industry leadership
In 2025,revenue from the EV charging business reached RMB5.0bn,up by 1.56%YoY.The GPM was 34.00%,up by 0.76pp YoY.The attributable NP was RMB237mn,up by 13.94%YoY.Revenues from charging equipment and charging network operation services were RMB3.4bn and RMB1.6bn,respectively,up by 3.39%and down by 2.19%YoY.The gross margins were 32.17%and 37.96%,YoY changes of-2.59pp and+7.82pp,respectively.In 2025,the company continued to upgrade its products and technology.In October,it launched aforward-looking charging network product matrix.It also advanced its logistics charging network strategy and actively cooperated with leading logistics and commercial vehicle companies.The company further expanded its charging network ecosystem partnerships.By the end of December 2025,it had jointly built about 2,600 branded image stations with automakers,equipped with more than 11,000 charging terminals,covering over 40 core cities nationwide.
Earnings forecasts and valuation
We revise up our 2026 and 2027 attributable NP forecasts to RMB1.5bn and RMB2.0bn,changes of+2.67%and+1.81%from our previous estimates.We also forecast 2028 attributable NP of RMB2.4bn,for a2026-2028 CAGR of 24%.We project EPS at RMB1.46,RMB1.90,and RMB2.25.The upward revisions mainly reflect ahigher share of high-margin businesses,which leads us to raise our gross margin assumptions.Our target price is RMB39.10(previously RMB38.34,on 27x 2026E PE),based on 26.78x 2026E PE,in line with the average 2026 PE for its comparable companies on Wind consensus.
Risks:NEV penetration falls short of our expectations,charging pile construction comes in below our expectation,and AIDC R&D uncertainty.

　　事件：公司发布2025年年报，2025年公司实现营收157.9亿元，同比+2.7%，实现归母净利润12.4亿元，同比+35.6%，实现扣非归母净利润10.3亿元，同比+35.5%。分季度看，2025Q4实现营收59.5亿元，同比-8.1%，实现归母净利润5.6亿元，同比+18.6%，实现扣非归母净利润4.5亿元，同比+19.9%。
　　点评：业绩超预期。2025年公司实现海外业务收入13.63亿元，同比大幅增长188.75%，收入主要来源于电力设备业务出海。同期公司海外业务毛利率达34.78%，较国内业务高出8.12个百分点。随着高毛利海外业务收入占比持续提升，公司整体盈利水平得到有效改善。
　　前瞻布局SST，未来成长空间广阔。作为国内领先的电力设备及能源解决方案提供商，特锐德依托二十余年变电站系统集成经验与十余年电力电子核心技术积累，前瞻布局AI算力基础设施供电领域，创新推出覆盖110/220kV高压至800V直流的SST全链路供电系统——“数据中心高压交直流预制舱供电站”。该方案针对AI时代数据中心在占地空间、供配电效率、投资成本、运行可靠性及建设周期等核心痛点，将模块化变电站、HVDC/固态变压器集群与高倍率储能一体化集成，采用全预制舱模式实现百天快速交付，可高效支撑百MW至GW级智算中心的快速落地与规模化扩容。该项目不仅实现了高端供电装备技术上的“首台套”重大突破，也为新型电力系统在数字经济核心基础设施领域的规模化应用提供了重要实践范本，充分打开公司在AI算力基建供电领域的成长空间，未来发展潜力显著。
　　电力设备出海成果显著，多维布局驱动国际化业务增长。公司系国内高压预制舱变电站领域最早出海企业之一，截至2025年末产品已进入60余个国家和地区，重点布局中东、东南亚、中亚、欧洲及非洲市场。公司核心产品通过KEMA、德国莱茵等国际权威认证，依托产品优势、规模化制造能力与自主可控供应链，在海外落地多项标杆项目，全球品牌影响力与市场地位持续提升。2025年公司参与沙特国家电网高压预制舱变电站标准制定，并仅用6个月完成当地15套132kV移动式变电站全流程交付，同时针对蒙古国极寒等复杂场景提供定制化解决方案，彰显高电压系统集成与极端环境下的项目交付实力。高附加值的电力设备海外业务快速放量，成为公司营收规模稳步扩张的重要引擎，同时凭借显著高于国内的毛利率水平，有效增厚盈利空间，推动公司整体营收与利润实现稳健增长。
　　投资建议：考虑到公司盈利能力持续提升，预计2026-2028年归母净利润为14.93、18.08和21.86亿元，对应2026年4月17日收盘价PE分别为20.4、16.9和14.0X，维持“增持”评级。
　　风险提示：电动车需求不及预期；充电桩利用率不及预期；充电价格战不及预期。