青岛TGOOD电气(300001.SZ):发布‘AI Powerhouse’用于集成AIDC电源解决方案

QingdaoTGOODElectric(300001.SZ) Release of"AI Powerhouse"for Integrated AIDC Power Supply Solution TGOODreleaseditsnewprefabricatedhigh-voltagepowersupplystation product“AlPowerhouse"on6Jun2026.TheAlPowerhouse is theworld'sfirst“prefabricated powerinfrastructureforcomputing centers”,accordingtoCCTV.Thesystemcandirectlyconvert110/220kVhigh-voltagepowerinto8oovDCsupplyforcomputingcenterswithmodularfactory-assembledunits,therebyshorteningtheconstructioncycleto150days and reducingTokenelectricity costsby30%,accordingtoTGOODWeviewtheAlPowerhouseasasignificantadditiontoTGOOD'sproductportfolio.By levering its established customerbaseofdatacenterdevelopers,wethinkthecompanyiswellpositionedtotimelydeploythissystemsolutionwhendemandarisesfor8oovDCpowersupply.WereiterateBuyratingonTGOODforitsdual growthdriversfromAIDCproductdemandandoverseasexpansionopportunities.Its22.7x2027EPEisundemandingversusmajorPRCelectricalequipmentpeers. Price (05Jun2615:00) Target priceRmb49.600Expectedshareprice return24.4%Expected dividend yield0.6%Expectedtotalreturn25.1%Market CapRmb42,074MUS$6,192M China EV Charging OperationAir MaAc +852-2501-7450air.ma@citi.com SixadvantagesofAIPowerhouse-TGOOD's Al Powerhouse integrates equipmentsuchas high-voltagetransformers,GIS,andHVDc/SSTinto modularfactory-assembledunits.AccordingtoTGOOD.thesystemcandirectlyconnectto11O/22OkVhigh-voltage grids and deliver 8oov DC power straight to data center, with six keyadvantagesincluding:(i)theconstructioncycleis shortenedto150dayswithfactorymodularprefabrication; (ii)98.51%powersupply efficiencybased on silicon carbide(SiC)solid-statetransformer(ssT)technology;(ii)approximately3o%reductioninToken-related electricitycostsvia Al-optimized schedulingforrenewableenergyandenergystoragesystem;(iv)100%on-siteconsumption of renewable energy;(v)99.9998% system reliability; and (vi)20% reduction in overall project cost and 40%lowerO&Mcostsbenefitedfromtheintegrateddesign. Pierre Lau, CFA+852-2501-2716pierre.lau@citi.com Broad customer base-TGOOD's prefabricated high-voltage power system issuitablefor1ooMWorabovelarge-scaledatacenters.Thecompanydisclosedthat it hasrecentlyobtainedorders fromfivecomputing centerprojects.Customers includeleadingChinesetelecomoperators,TencentandHuaneng. SeeAppendixA-1forAnalystCertification,ImportantDisclosuresandResearchAnalystAffiliations Notfordistribution inthePeople'sRepublicofChina,excludingtheHongKong SpecialAdministrativeRegionandQualifiedForeign Institutional Investors. TGOOD has cumulatively produced more than 2million units of HVDC modules with total capacity of 8OGW for EV chargingequipment.ItappliestheHvDCtechnologiesaccumulatedonEVchargingequipmenttolarge-scaledatacenters.Thecompanycurrentlyhasannual productioncapacityof1millionunitsofHVDCmodulesor25,O00sets of2.5MWHVDC system;itaimstoexpandthecapacityto1.5millionunitsofSST/HVDCmodulesor35000setsof2.5MWSST/HVDCsystemby2027E CompaniesMentioned:TencentHoldings(0700.HK;HK$453.2;1;05Jun26;16:10) Bull/Bear:QingdaoTGOODElectric QingdaoTGOODElectricValuation Ourtarget price of Rmb49.60 is derived from a sum-of-the-parts valuation.For the EV charging business,we apply a 2027E equipment withreferencetotheindustryaverage ofmajorChina gridequipment companies.Atourtargetprice,TGOOD wouldtradeat27.5x2027EPEand4.5xPB. RisksKey downside risks that could impede TGOOD's share pricefrom achieving our target price include: (i)slower-than-expected new additions of EV charging capacity; (ii) lower-than-expected EV chargingutilization due to competition; and (li) less-than-expectedrenewabledemandforelectricalequipment. of the graphics in this document, please call USA 1-888-500-5008 (TTY: 711), from outside theUS +1-210-677-3788 Appendix A-1 Theresearchanalystsprimarilyresponsibleforthepreparationand contentofthisresearchreportareeither (i)designated by"Ac"intheauthorblockor(ii)listed inbold alongsidecontentwhichis attributabletothatanalyst.IfmultipleACanalystsaredesignatedintheauthorblock,eachanalystiscertifyingwithrespecttotheentireresearchreportotherthan(a)contentattributabletoanotherACcertifyinganalystlisted inboldalongsidethecontentand(b)viewsexpressedsolelywithrespecttoaspecificissuerwhichareattributabletoanotherACcertifyinganalystidentifiedinthepricechartsorratinghistorytablesforthat issuer shownbelow.Eachoftheseanalysts certify,withrespecttothesections ofthereportforwhichtheyareresponsible:(1)thattheviews expressedthereinaccuratelyreflecttheirpersonalviewsabouteachissuerandsecurityreferencedandwerepreparedinanindependentmanner,includingwithrespecttoCitigroupGlobalMarketsInc.and its affiliates;and(2)nopartoftheresearchanalyst's compensationwas,is,or will be,directlyorindirectly,relatedtothespecificrecommendationsorviewsexpressedbythatresearchanalystinthisreport.IMPORTANTDISCLOSURES QingdaoTGOODElectric(300001.SZ)Ratings and Target Price History TheFirm hasmadeamarket inthepubliclytradedequitysecurities of Tencent Holdings Ltd onatleast oneoccasionsince1Jan2025C