Core Viewpoint - The company, Teruid (300001.SZ), has confirmed that all its charging modules are self-developed, with the primary module used in new charging stations being a 40KW module. The cost proportion of the charging module varies significantly depending on different charging solutions [1]. Group 1 - The charging modules are entirely self-developed by the company [1]. - The main charging module used in new charging stations is a 40KW module [1]. - The cost proportion of the charging module varies greatly based on different charging solutions [1].

Core Insights - The National Development and Reform Commission and five other departments have issued an action plan to double the service capacity of electric vehicle charging facilities by 2027, aiming to establish 28 million charging facilities nationwide and provide over 300 million kilowatts of public charging capacity to meet the demand of over 80 million electric vehicles [1][3]. Charging Infrastructure Goals - By the end of 2027, the plan sets specific targets for urban, highway, and rural charging networks, including the addition of 1.6 million DC charging guns in cities, 40,000 high-power charging guns on highways, and at least 14,000 DC charging guns in rural areas [3]. - The initiative also promotes a "unified construction and service" model for residential areas, aiming to establish 1,000 pilot communities to enhance private charging pile access and safety management [3]. Current Market Performance - As of August 2025, China has added 4.53 million charging piles, with a total of 17.348 million charging facilities, reflecting a year-on-year growth of 53.5% [5]. - Public charging facilities have reached 4.316 million, showing a 37.8% increase, while private charging facilities have grown by 59.6% to 13.032 million [5]. Key Companies in the Industry - **Teruid**: Leading in both charging operation and equipment manufacturing, with over 790,000 public charging terminals and a market share of 24%. Projected net profit for 2024 is 917 million yuan, expected to reach 1.577 billion yuan by 2026 [6]. - **State Grid Corporation's NARI Technology**: A subsidiary of the State Grid, it has built over 2,000 standardized charging stations and is a key player in setting international charging standards. Projected net profit for 2024 is 7.6 billion yuan, increasing to 9.4 billion yuan by 2026 [7][8]. - **Green Energy Huichong**: A leader in high-power DC charging machines, holding a 22% market share in the electric heavy truck fast charging market [9]. - **Yonggui Electric**: The first in China to achieve mass production of liquid-cooled charging guns, leading in technology and entering the supply chain of major automotive manufacturers [11][12]. - **Shenghong Co., Ltd.**: Engaged in the production of liquid-cooled supercharging piles and expanding its integrated light-storage charging systems into overseas markets [14].

Core Insights - The public utility sector is experiencing fluctuations in electricity prices and coal prices, with a notable decrease in electricity procurement prices year-on-year and an increase in coal prices week-on-week [1][3] - The performance of Jintou Energy in Q3 2025 is highlighted, showing significant profit growth due to favorable conditions in the coal market and increased electricity demand during peak summer [2] - The National Development and Reform Commission (NDRC) has introduced initiatives to boost electric vehicle charging infrastructure, indicating potential investment opportunities in this sector [2] Electricity and Coal Prices - In August 2025, the electricity procurement price decreased by 2% year-on-year but increased by 1.3% month-on-month [1][3] - As of October 17, 2025, the price of thermal coal at Qinhuangdao was 748 RMB per ton, reflecting a week-on-week increase of 39 RMB per ton [1][3] Electricity Consumption and Generation - Total electricity consumption from January to July 2025 reached 5.86 trillion kWh, representing a year-on-year increase of 4.5% [1][3] - Cumulative electricity generation during the same period was 5.47 trillion kWh, with a year-on-year growth of 1.3% [1][3] - Different energy sources showed varied performance: thermal power and hydropower decreased by 1.3% and 4.5% respectively, while nuclear, wind, and solar power increased by 10.8%, 10.4%, and 22.7% respectively [1][3] Investment Opportunities - The report suggests focusing on undervalued thermal power assets and the growth potential of electric vehicle charging infrastructure [4] - Recommendations include investing in companies like Jintou Energy, Jingneng Power, and Datang Power for thermal power opportunities [4] - The charging pile equipment sector is highlighted with companies such as Teruid and Shenghong as potential investment targets [4] - Renewable energy assets, particularly solar and charging infrastructure, are expected to see a revaluation due to market dynamics [4]

Summary of Qingdao TGOOD Electric Conference Call Industry Overview - The conference call discusses the electric vehicle (EV) charging industry in China, particularly focusing on the government's initiatives to enhance charging infrastructure. - The "Three-Year Action Plan to Doubling Electric Vehicle Charging Facility Service Capacity (2025-2027)" aims to increase the number of EV charging facilities from 12.82 million units by the end of 2024 to 28 million by the end of 2027, with a total power charging capacity of 30GW to support 80 million vehicles [1][2][6]. Key Points and Arguments - **Government Support**: The plan is backed by six PRC government departments, indicating strong governmental support for the expansion of EV charging infrastructure [1][2]. - **Market Growth**: In the first eight months of 2025, China added 4.53 million new charging facilities, representing an 88.5% year-over-year increase. The total public EV charging volume also grew by 51.7% year-over-year to 52,490 GWh [1][7]. - **TGOOD's Position**: Qingdao TGOOD Electric is positioned to benefit from this growth, being the top EV charging operator in China with a 47.0% year-over-year increase in charging volume to 12,065 GWh in the same period [1][7]. - **Expansion Opportunities**: TGOOD plans to expand its business into residential districts by providing centralized installation and operation services for residential charging facilities, as well as increasing vehicle-grid integration projects to generate additional income from power markets [1][2]. Financial Performance - **Earnings Summary**: - 2023A: Net Profit of RMB 491 million, Diluted EPS of RMB 0.469, EPS growth of 79.1% - 2024A: Net Profit of RMB 917 million, Diluted EPS of RMB 0.868, EPS growth of 85.3% - 2025E: Net Profit of RMB 1,234 million, Diluted EPS of RMB 1.169, EPS growth of 34.7% - 2026E: Net Profit of RMB 1,529 million, Diluted EPS of RMB 1.448, EPS growth of 23.8% - 2027E: Net Profit of RMB 1,778 million, Diluted EPS of RMB 1.684, EPS growth of 16.3% [2]. Valuation and Target Price - The target price for TGOOD is set at RMB 29.8, with an expected share price return of 5.3% and a total expected return of 6.0% [4][10]. Risks - Key risks that could affect TGOOD's share price include: - Slower-than-expected additions of EV charging capacity - Lower-than-expected utilization of EV charging due to competition - Less-than-expected demand for renewable electrical equipment [11]. Conclusion - The conference call highlights the significant growth potential in the EV charging sector in China, driven by government initiatives and increasing demand. TGOOD is well-positioned to capitalize on these trends, although it faces certain risks that could impact its performance.

Core Insights - The National Development and Reform Commission and five other departments issued the "Three-Year Doubling Action Plan for Electric Vehicle Charging Facility Service Capacity (2025-2027)" on October 15, aiming to establish 28 million charging facilities nationwide by the end of 2027, providing over 300 million kilowatts of public charging capacity to meet the charging needs of over 80 million electric vehicles, achieving a doubling of charging service capacity [1][2]. Summary by Sections Action Plan Goals - By the end of 2027, the plan sets specific growth targets for urban, highway, and rural charging networks, including: - Adding 1.6 million DC charging guns in cities, including 100,000 high-power charging guns [3]. - Constructing or renovating 40,000 "super-fast combined" charging guns (60 kW and above) in highway service areas [3]. - Adding at least 14,000 DC charging guns in rural areas where public charging stations have not yet been built [3]. - Establishing 1,000 pilot communities for the "unified construction and service" model to enhance private charging pile access and safety management [3]. - Expanding the scale of vehicle-to-grid (V2G) facilities with over 5,000 new installations and a reverse discharge volume exceeding 20 million kilowatt-hours [3]. Current Infrastructure Status - As of August 2025, China had a total of 17.348 million electric vehicle charging facilities, a year-on-year increase of 53.5%. This includes 4.316 million public charging facilities (up 37.8%) and 13.032 million private charging facilities (up 59.6%) [4]. - In the first eight months of 2025, 4.53 million new charging facilities were added, representing an 88.5% year-on-year increase, with public facilities increasing by 737,000 (up 37.2%) and private facilities by 3.793 million (up 103.3%) [4]. Investment Recommendations - The implementation of the charging facility service capacity plan is expected to lead to a new wave of investment in charging stations, benefiting various segments of the industry: - Charging Stations: Recommended companies include Terui De and Green Energy Huichong; beneficiaries include Shenghong Co. and Zhida Technology [6]. - Charging Modules: Recommended company is Tonghe Technology; beneficiaries include Youyou Green Energy and Yingkerui [6]. - Charging Guns and Cables: Beneficiaries include Yonggui Electric and Xinhongye [6]. - Charging Operations and Aggregation: Recommended company is Terui De; beneficiary is Langxin Group [6].

Market Overview - The shared economy sector experienced a decline of 3.23% on October 17, with Jinbei Electric leading the drop [1] - The Shanghai Composite Index closed at 3839.76, down 1.95%, while the Shenzhen Component Index closed at 12688.94, down 3.04% [1] Individual Stock Performance - Haiqi Group (603069) closed at 24.30, up 1.17% with a trading volume of 265,700 shares and a transaction value of 652 million [1] - Jinbei Electric (002533) saw a significant drop of 7.51%, closing at 11.82 with a trading volume of 448,300 shares and a transaction value of 544 million [2] - Other notable declines include Chang'an Automobile (000625) down 6.38% and Wan'an Technology (002590) down 6.47% [2] Capital Flow Analysis - The shared economy sector saw a net outflow of 3.955 billion in main funds, while retail investors contributed a net inflow of 2.72 billion [2][3] - The table of capital flow indicates that Siwei Tuxin (002405) had a main fund net inflow of 51.2572 million, while Haiqi Group (603069) experienced a net outflow of 12.71 million [3]

Group 1 - The electric grid equipment sector experienced a majority of adjustments at the beginning of trading on October 17, with several companies showing significant declines [1] - Huaming Equipment, Guodian Nanzi, and Jinpan Technology saw drops exceeding 7%, indicating a notable downturn in their stock performance [1] - Other companies such as Zhongdian Xinlong, Tongda Co., and Teruid also followed the downward trend, reflecting a broader impact on the sector [1]

Core Insights - On October 16, Tereader's stock rose by 6.01%, with a trading volume of 4.195 billion yuan [1] - The company recorded a net financing purchase of 1.57 billion yuan on the same day, with a total financing and securities balance of 16.57 billion yuan [1] Financing Overview - On October 16, Tereader had a financing purchase of 6.53 billion yuan, with a financing balance of 16.43 billion yuan, representing 5.24% of its market capitalization [1] - The financing balance is above the 90th percentile of the past year, indicating a high level of financing activity [1] Securities Lending Overview - On October 16, Tereader repaid 1,400 shares in securities lending and sold 260,000 shares, amounting to 7.8011 million yuan based on the closing price [1] - The remaining securities lending balance was 137.561 million yuan, also above the 90th percentile of the past year [1] Company Profile - Tereader Electric Co., Ltd. is located in Laoshan District, Qingdao, Shandong Province, established on March 16, 2004, and listed on October 30, 2009 [1] - The company specializes in outdoor box-type electrical equipment and indoor switchgear, focusing on the research, design, and manufacturing of power distribution products up to 220kV [1] - The revenue composition includes 70.57% from smart manufacturing and integrated services, and 29.43% from electric vehicle charging networks [1] Shareholder and Financial Performance - As of June 30, Tereader had 46,900 shareholders, a decrease of 9.45% from the previous period, with an average of 21,882 circulating shares per shareholder, an increase of 10.35% [2] - For the first half of 2025, Tereader reported revenue of 6.256 billion yuan, a year-on-year decrease of 1.21%, while net profit attributable to shareholders increased by 69.32% to 327 million yuan [2] - The company has distributed a total of 684 million yuan in dividends since its A-share listing, with 314 million yuan in the last three years [2] Institutional Holdings - As of June 30, 2025, the second-largest circulating shareholder is Hong Kong Central Clearing Limited, holding 29.4614 million shares, an increase of 7.3175 million shares from the previous period [2] - The third-largest shareholder is E Fund's ChiNext ETF, holding 17.8468 million shares, a decrease of 479,400 shares [2] - Southern CSI 500 ETF is the sixth-largest shareholder with 10.9954 million shares, an increase of 1.4144 million shares [2]

Core Insights - The A-share charging pile industry saw significant stock price increases following the release of a new action plan by the National Development and Reform Commission, which aims to double the charging service capacity by 2027 [1][3] Industry Overview - The new action plan targets the construction of 28 million charging facilities and over 300 million kilowatts of public charging capacity by the end of 2027, addressing the charging needs of over 80 million electric vehicles [1][3] - The current public charging station count exceeds 300,000, representing a 303% increase since 2021, and is three times the number of gas stations [3][4] Market Dynamics - The charging infrastructure is crucial for the rapid growth of the electric vehicle market, which is expected to continue expanding over the next three years [3][4] - The action plan aims to enhance the quality and coverage of charging networks, addressing issues such as uneven distribution and insufficient service in rural areas [5][6] Infrastructure Development - The plan includes the addition of 1.6 million direct current charging guns in urban areas and 40,000 high-power charging guns at highway service areas by 2027 [6][7] - It also emphasizes the need for upgrades to the power grid to support the increased demand for charging facilities, particularly in urban core areas and rural regions [7][8] Technological Advancements - The industry is transitioning from merely increasing the number of charging stations to improving the quality and efficiency of these facilities [8][9] - The price of charging modules has seen a significant decline, with a nearly 40% drop expected from early 2024 to the end of the year, indicating a shift in market dynamics [9]

Core Viewpoint - The article highlights the significant growth potential in China's electric vehicle (EV) charging infrastructure, driven by the government's "Three-Year Doubling" action plan, which aims to enhance charging capacity and accessibility by 2027 [1][6]. Group 1: Industry Growth and Demand - The electric vehicle market in China is entering a critical growth phase, with charging demand expected to increase rapidly and diversify [6]. - The current public charging network consists of over 300,000 stations, which have increased by 303% since 2021, now outnumbering gas stations by three times [6][7]. - The action plan aims to build 28 million charging facilities by the end of 2027, providing over 300 million kilowatts of public charging capacity to support more than 80 million electric vehicles [1][6]. Group 2: Infrastructure Challenges - Despite rapid growth, there are issues such as uneven distribution of charging stations, insufficient service in residential areas, and the need for improved operational management [6][7]. - The article notes that while there are approximately 17 million charging stations supporting 50 million electric vehicles, the proposed addition of 11 million charging facilities aligns with the expected growth of 30 million new electric vehicles over the next three years [7][8]. Group 3: Upgrading Charging Facilities - The action plan includes specific targets for upgrading urban charging networks, with a goal of adding 1.6 million direct current charging guns in cities by 2027, including 100,000 high-power charging guns [9][10]. - For rural areas, the plan aims to add at least 14,000 direct current charging guns in townships that currently lack public charging stations [10]. Group 4: Technological and Market Dynamics - The charging industry is transitioning from a focus on quantity to quality, emphasizing the need for high-quality charging infrastructure and services [11][12]. - The article mentions a significant price drop in charging modules, with prices falling nearly 40% from early 2024 to the end of the year, indicating a shift in market dynamics [13].