Lu Stock Watch | Trina Solar, which has entered the winning bid mode, excels both internally and externally

Author | Chen Mingyi

As March unfolds, Qingdao Teraid Electric Co., Ltd. (abbreviated as Teraid; stock code: 300001), known as the “first stock of the ChiNext Board,” has entered a winning mode. Within just half a month, this leading power equipment enterprise has secured (or pre-secured) three major projects, with a cumulative amount exceeding 1.1 billion yuan, attracting attention.

Image source: Screenshot from the Shenzhen Stock Exchange website

Main Business “Triple Win”: 1.16 Billion Yuan Orders Arrive

On March 15, Teraid disclosed a notice regarding its winning bid for the Qinghai Oilfield wind power project, winning the bid for the pre-assembled substation bulk procurement of the Haixi 2 million kW wind power project, with a bid amount of approximately 150 million yuan. This project not only has a considerable amount but, more importantly, the client is the state-owned giant China National Petroleum Corporation.

Just two days later, on March 17, Teraid reported another piece of good news, as it simultaneously pre-secured the framework procurement project for 35kV box transformers for Three Gorges Energy for 2026-2027 and the pre-assembled substation bulk procurement for the 1 million kW wind power project in Turpan, Xinjiang, with an estimated total bid amount of approximately 121 million yuan. Although it is the second candidate for the bid, the recognition from both the Three Gorges Group and the China National Petroleum Corporation indicates Teraid’s competitive advantage in the field of new energy power equipment.

On March 23, Teraid announced again that it had pre-secured the framework agreement procurement project for booster station prefabricated cabins (substations) from China Huaneng Group Co., Ltd. for 2026-2027, becoming the first candidate for the bid. According to the distribution ratio of 5:3:2 in the bidding documents, Teraid will obtain 50% of the order share, which means that in the next two years, it is expected to receive about 900 million yuan in prefabricated cabin substation orders from Huaneng Group.

In the aforementioned announcements, Teraid mentioned that as a leading domestic manufacturer of high and medium voltage prefabricated cabin substations, it is committed to providing safe, efficient, intelligent, and reliable overall solutions for the construction of new power systems. Its products are widely used in fields such as renewable energy generation, grid transmission and distribution, data centers, rail transit, petrochemicals, coal mining, industrial parks, and new energy storage, gaining unanimous recognition from the industry and customers.

“This winning bid is a recognition of the company’s high voltage prefabricated cabin substation products and technical capabilities, as well as an affirmation of the company’s comprehensive solutions and service capabilities in the new energy field.” At the same time, Teraid reminded in the announcement, “We have not yet received the bid notice from the bidder or relevant agencies, and the project amount needs to be determined based on subsequent actual execution.”

Image source: Screenshot from the Shenzhen Stock Exchange website

Technical Moat: From Box-Type Power Equipment to Prefabricated Cabin Substations

The “smart manufacturing + integrated services” business centered on intelligent box-type power equipment and the electric vehicle charging network business are Teraid’s two main business segments. Adhering to a global development strategy of “one machine, two wings, dual-wheel drive,” Teraid has established a leading position in both the power equipment and charging network sectors through technological barriers, ecological layout, and international strategies.

Compared to the electric vehicle charging network business laid out in 2014, power equipment has always been Teraid’s “trump card.”

Teraid’s smart manufacturing business mainly covers two categories: 10kV-220kV box substations and complete switchgear. With core competitiveness characterized by high quality, low cost, fast delivery, and excellent service, Teraid has reached an industry-leading level and is currently widely applied in renewable energy generation, grids, railways, rail transit, data centers, and industrial users, providing high-quality power system solutions for all scenarios of “source, grid, load, and storage.”

In addition, its integrated service business is centered on high-voltage prefabricated cabin modular substations, offering customers one-stop EPCO services from overall design to equipment integration, installation, commissioning, and intelligent operation and maintenance. The prefabricated cabin modular substation products are an innovative upgrade based on mature manufacturing technology of outdoor box power equipment, designed for fast delivery and mainly applied in scenarios with voltages of 110kV or higher. Since their launch in 2014, they have been widely used in renewable energy generation, grids, and various enterprise users. Furthermore, Teraid can also provide value-added services such as power equipment leasing services and power engineering integration services.

H-Share Sprint: Opening New Space for Global Layout

While frequently winning bids on the business front, Teraid’s capital layout is also accelerating. On February 26, Teraid officially submitted its listing application to the Hong Kong Stock Exchange, sprinting towards an “A+H” dual capital platform. This is seen as a key step for Teraid in advancing its globalization strategy.

In recent years, Teraid’s operating performance has shown a growth trend. In 2022, the company achieved a net profit attributable to shareholders of 272 million yuan, a year-on-year increase of 45.43%; in 2023, the net profit attributable to shareholders reached 491 million yuan, a year-on-year increase of 80.44%; in 2024, it is expected to reach 917 million yuan, a year-on-year increase of 86.62%; and in the first three quarters of 2025, it achieved a net profit attributable to shareholders of 686 million yuan, a year-on-year increase of 53.55%.

Image source: Screenshot from the Shenzhen Stock Exchange website

In the first half of 2025, Teraid’s overseas business achieved a contract amount of approximately 1 billion yuan, an increase of 84% compared to the same period last year; overseas business revenue increased significantly by 152.91% to 600 million yuan, with its share of total revenue rising to 9.60%, whereas this proportion was only 3.07% in 2024. The company’s products have been sold to over 60 countries and regions worldwide, establishing an international marketing and service network in the Middle East, Southeast Asia, Central Asia, Europe, and Africa. The strong growth in overseas business and the continuous advancement of globalization lay a solid international foundation for Teraid’s sprint to the Hong Kong Stock Exchange.

Listing in Hong Kong will not only expand financing channels but also provide strong support for Teraid’s internationalization strategy. The Hong Kong stock market, as an international financial center, will help Teraid enhance its international brand image, attract high-quality overseas investors and partners, and provide financial and resource support for the company’s global business expansion.

It can be said that the consecutive winning bids in March have laid a solid foundation for Teraid’s performance in 2026, with the 1.16 billion yuan order being a recognition of its technical strength. Transitioning from a domestic leader to global layout, from the first stock on the ChiNext Board to sprinting for A+H, Teraid is opening up new growth spaces in the power equipment sector with its technological barriers and globalization strategy.