Group 1 - The company signed a contract worth approximately $0.99 billion (around 6.96 billion RMB) with overseas client F for a data center project, indicating a recovery in order placement rhythm due to improved international relations [1] - The company expects to secure around 2 billion RMB in new overseas orders from January to October, with approximately 700 million RMB coming from AIDC downstream orders, projecting over 1.4 billion RMB in new AIDC overseas orders for the year [1] - The company has established strong partnerships with major CSP clients in overseas markets, anticipating significant growth in AIDC downstream orders by 2026 compared to this year [1] Group 2 - The North American AIDC market is experiencing rapid growth, with the company focusing on the transformer market and enhancing its product offerings, which has led to increased market presence among major CSP clients [2] - The company is planning to launch overseas prototypes of SST in Q1 2026, with expectations of significant market potential in the AIDC power supply sector, projected to exceed 100 billion RMB by 2030 [2] - Profit forecasts for the company indicate net profits of 780 million RMB, 1.04 billion RMB, and 1.32 billion RMB for 2025-2027, reflecting year-on-year growth rates of 36%, 32%, and 27% respectively, maintaining a "buy" rating [2]

Core Insights - Tianhong Electric Technology Co., Ltd. has rapidly grown since its establishment in 2019, achieving an annual output value of 700 million yuan, supported by 19 million yuan in credit from Postal Savings Bank [1][2] Financial Support and Partnership - Tianhong Electric has a deep partnership with Postal Savings Bank, with an annual transaction amount exceeding 500 million yuan and multiple accounts established for margin and foreign exchange [2] - The financial services provided by Postal Savings Bank have been crucial for Tianhong Electric, particularly in securing funds for raw material procurement and fulfilling large orders [2] Production Capacity and Workforce - The company operates a modern production facility covering 80,000 square meters and employs over 380 staff, including more than 50 technical professionals [2] - Tianhong Electric's product range includes various power equipment, with specific production capacities such as 240,000 kVA for 220kV oil transformers (10 units annually), 20 units for 110kV transformers, and 10,000 units for 35kV/10kV transformers [2] International Expansion Strategy - Tianhong Electric is accelerating its internationalization strategy, planning to establish a bonded warehouse in Kazakhstan and an assembly plant in Indonesia, while also developing photovoltaic-specific transformers for the Middle East [2] - Postal Savings Bank aims to support Tianhong Electric's international market expansion through a comprehensive suite of services, including cross-border settlement and trade financing [2] Digital Transformation Initiatives - The company plans to build a cross-border e-commerce platform for power equipment and develop an intelligent quotation system that automatically matches grid parameters for 43 countries [2] - Postal Savings Bank will provide digital financial services to support Tianhong Electric's digital transformation, utilizing big data analysis for precise financing and risk management solutions [2]