Tianfeng Securities on TGOOD (300001.SZ): Steady Core Business Growth; Ongoing Share Buybacks (2026-10-11)
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Tianfeng Securities maintains a Buy rating on TGOOD (300001.SZ). First-half 2026 revenue reached 6.635 billion yuan, up 6.1% year over year, with net profit attributable to shareholders of 428 million yuan, up 30.7%. Second-quarter momentum accelerated: revenue of 4.419 billion yuan and net profit of 356 million yuan rose 6.4% and 35.6% respectively, with profitability improving markedly and gross margin recovering sequentially. The power equipment business grew steadily, with core power transmission and distribution equipment a bright spot, while charging operations reached a profit inflection, posting first-half net profit of 30 million yuan, up 1,685.80%, as the higher-margin business added increments. The company continues share repurchases, buying back 10,574,227 shares, or 1.0020% of total share capital, for about 370 million yuan by September 30, 2026, signaling long-term confidence. The analyst lowered the 2026 net profit forecast to 1.44 billion yuan on lower overseas export revenue, introduced 2027-2028 forecasts, and views computing power demand and overseas markets as incremental drivers, with steady equipment growth and the charging-network turnaround providing twin engines for earnings acceleration.
Key exhibits
Exhibit 1
