Investment Rating - The report assigns a positive investment rating, suggesting active attention to the company due to its operational efficiency and industry improvement [4]. Core Insights - The company is expected to achieve a net profit of approximately 2.65 billion RMB for the fiscal year 2025, representing a significant year-on-year increase of about 57.2% from 1.69 billion RMB in the previous year, exceeding the forecast of 2.5 billion RMB [2][3]. - The substantial growth in net profit is attributed to increased operating revenue and improved product profitability, aligning with previous assessments regarding the release of high-value orders and potential for margin expansion [2][3]. - The company has a robust order backlog, particularly in coal power orders, which are expected to be a core profit contributor in the short to medium term, while long-term growth is anticipated from energy equipment exports and other projects [3]. Summary by Sections Financial Performance - The company forecasts a net profit of 2.65 billion RMB for 2025, a 57.2% increase from the previous year [2]. - The growth is driven by increased revenue and enhanced product profitability [2]. Order Backlog and Future Growth - The company maintains a strong order backlog, with coal power orders expected to contribute significantly to profits in the near term [3]. - Long-term growth is anticipated from energy equipment exports and other engineering projects [3]. Investment Recommendation - The report recommends active monitoring of the company due to its status as a quality state-owned enterprise and the ongoing improvement in operational efficiency within the industry [4].

Investment Rating - The report maintains a "Buy" rating for Harbin Electric with a target price of HKD 27.05 [6][4]. Core Insights - Harbin Electric is expected to achieve a net profit of RMB 2.65 billion in 2025, representing a year-on-year increase of 57%, exceeding expectations by 10.5% [1][4]. - The profit growth is attributed to the fulfillment of new equipment orders and improved internal management efficiency, alongside the realization of high-margin orders [1][4]. - The company is positioned to benefit from increasing domestic electricity demand and the emphasis on multi-energy supply in the "14th Five-Year Plan" [1][2]. Summary by Sections Financial Performance - The forecast for net profit for 2025-2027 is adjusted to RMB 2.65 billion, RMB 3.48 billion, and RMB 4.08 billion, reflecting increases of 57%, 31%, and 17% respectively [4][10]. - The earnings per share (EPS) estimates for 2025, 2026, and 2027 are RMB 1.19, RMB 1.55, and RMB 1.82 [4][10]. Market Opportunities - The demand for traditional baseload power sources is expected to drive a significant increase in equipment orders, with new orders projected at RMB 56.87 billion and RMB 35.56 billion for 2024 and the first half of 2025, respectively [11]. - The company has optimized its contracting strategy since 2022, focusing on high-margin quality orders, which may further enhance profitability [11]. Industry Trends - The report highlights a potential growth opportunity in the overseas market due to a shortage of electricity, particularly in data centers and re-industrialization efforts [3]. - Harbin Electric has developed capabilities in heavy-duty gas turbine systems and is positioned to benefit from global electricity shortages, with its small gas turbines expected to see export demand [3][4]. Valuation - The report employs a segmented valuation approach, assigning a price-to-earnings (PE) ratio of 20.86x for the fourth-generation nuclear power business and 14.17x for the power equipment segment [4][14]. - The target price has been raised to HKD 27.05 from HKD 21, reflecting a positive outlook on the company's growth prospects [4][6].

消息面上，1月26日，哈尔滨电气发布公告，预期该公司2025财政年度取得归属于母公司所有者的净利 润约人民币26.5亿元(上年同期取得约人民币16.86亿元)，较上年同期大幅提升。主要原因是公司2025财 政年度营业收入较去年同期有所增长，产品盈利能力进一步提高。 哈尔滨电气(01133)盈喜后高开逾5%，截至发稿，涨5.26%，报20港元，成交额564万港元。 ...

消息面上，1月26日，哈尔滨电气发布公告，预期该公司2025财政年度取得归属于母公司所有者的净利 润约人民币26.5亿元(上年同期取得约人民币16.86亿元)，较上年同期大幅提升。主要原因是公司2025财 政年度营业收入较去年同期有所增长，产品盈利能力进一步提高。 智通财经APP获悉，哈尔滨电气(01133)盈喜后高开逾5%，截至发稿，涨5.26%，报20港元，成交额564 万港元。 ...

Major Events - Dongpeng Beverage (09980) will conduct its IPO from January 26 to January 29, with an expected listing date of February 3 [1] - Zijin Mining (02899) plans to acquire 100% of Allied Gold Corporation for approximately CAD 5.5 billion [2] - AsiaInfo Technologies (01675) collaborates with ABB Robotics to establish an "Embodied Intelligence Laboratory" [3] - Dongyang Sunshine Pharmaceutical (06887) signs a strategic cooperation agreement with Shenzhen Jingtai to form a joint venture for an AI-driven drug research platform [4] - Howie Group (00501) intends to invest up to USD 50 million to subscribe for shares in Aixin Yuanzhi's initial public offering [5] - Singularity Guofeng (01280) enters a GPU distribution cooperation agreement with Muxi Co., aiming to penetrate the domestic AI computing power market [6] - Guorui Life (00108) signs a strategic cooperation memorandum with Mingzhi Medical to promote deep integration and industrial upgrading of "medical + technology + scenarios" [7] Financial Reports - Harbin Electric (01133) anticipates a net profit attributable to shareholders of approximately CNY 2.65 billion for 2025 [8] - Joyson Electronics (00699) expects an annual net profit of about CNY 1.35 billion, representing a year-on-year growth of approximately 40.56% [9] - Guotai Junan International (01788) projects an annual net profit between HKD 1.28 billion and HKD 1.38 billion, a significant increase of 265% to 293% year-on-year [10] - Tianyue Advanced (02631) forecasts annual revenue of CNY 1.45 billion to CNY 1.5 billion [11] - China Power (02380) estimates a consolidated total electricity sales volume of approximately 126 million megawatt-hours for 2025 [12] - Chalco International (02068) expects a total new contract amount of CNY 46.836 billion for 2025, a year-on-year increase of 51.94% [13]

Company News - China Power (02380.HK) expects a total consolidated electricity sales volume of 10.73105 million MWh by December 2025, a decrease of 2.31% year-on-year; the total annual electricity sales volume is approximately 126 million MWh, down 1.27% year-on-year [2] - Harbin Electric (01133.HK) anticipates a net profit attributable to shareholders of approximately RMB 2.65 billion for the fiscal year 2025, compared to RMB 1.686 billion in the previous year, mainly due to increased operating revenue and improved product profitability [2] - Singularity Guofeng (01280.HK) has entered into a GPU distribution cooperation agreement with Muxi Co., aiming to enter the domestic AI computing power market [2] - Dongyang Sunshine Pharmaceutical (06887.HK) has signed a strategic cooperation agreement with Shenzhen Jingtai to establish a joint venture for building an AI-driven drug research and development platform [2] - Weisheng Pharmaceutical-B (02561.HK) has received approval from the National Medical Products Administration for the marketing authorization application of injectable Long Pei growth hormone [2] - Kintor Pharmaceutical-B (02171.HK) issued a profit warning, expecting a net loss for 2025 to be reduced to no more than approximately RMB 120 million [2] - Zhaoke Ophthalmology-B (06622.HK) is advancing the commercialization process of BRIMOCHOL PF for treating presbyopia in Singapore and Vietnam through partnerships with AFT and Qianshou [2] Additional Company Developments - Heng Rui Medicine (01276.HK) has received a clinical trial approval notice for SHR-1049 injection [3] - Baolong Real Estate (01238.HK) has had its bond restructuring plan approved by the relevant bondholders' meeting [3] Strategic Partnerships - Yabo Technology Holdings (08279.HK) has entered into a technical service agreement with Hong Kong Gold Exchange Limited [4] - Future Data Group (08229.HK) has signed a strategic cooperation framework agreement with Linghe Culture [4] - Howey Group (00501.HK) plans to invest up to USD 50 million to subscribe for shares in Aixin Yuanzhi's initial public offering [4] Buyback Activities - Xiaomi Group-W (01810.HK) repurchased 3.9872 million shares for HKD 140 million, with a repurchase price ranging from HKD 35.04 to HKD 35.22 [5] - China Metallurgical Group (01618.HK) repurchased 9.011 million shares for HKD 16.9299 million, with a repurchase price of HKD 1.87 to HKD 1.88 [5] - Geely Automobile (00175.HK) repurchased 4.401 million shares for HKD 72.952 million, with a repurchase price ranging from HKD 16.43 to HKD 16.65 [6] - Reshape Energy (02570.HK) completed the placement of a total of 4.536 million placement shares, raising approximately HKD 258 million [6] - Kintor Pharmaceutical-B (09939.HK) saw an increase of 4.7 million shares by Chairman Tong Youzhi [6]

Core Viewpoint - Harbin Electric (01133) expects to achieve a net profit attributable to shareholders of approximately RMB 2.65 billion for the fiscal year 2025, significantly up from approximately RMB 1.686 billion in the previous year, driven by increased revenue and improved product profitability [1] Financial Performance - The company's projected net profit for fiscal year 2025 is RMB 2.65 billion, representing a substantial increase compared to the previous year's net profit of RMB 1.686 billion [1] - The growth in net profit is attributed to an increase in operating revenue compared to the same period last year [1] - The company has also seen an improvement in product profitability, contributing to the overall financial performance [1]

智通财经APP讯，哈尔滨电气(01133)公布，预期该公司2025财政年度取得归属于母公司所有者的净利润 约人民币26.5亿元(上年同期取得约人民币16.86亿元)，较上年同期大幅提升。主要原因是公司2025财政 年度营业收入较去年同期有所增长，产品盈利能力进一步提高。 ...

格隆汇1月26日丨哈尔滨电气(01133.HK)公告，根据对公司目前可得的资料(包括但不限于公司截至2025 年12月31日止年度(「2025财政年度」)的未经审核管理账目)的初步评估，预期公司2025财政年度录得归 属于母公司所有者的净利润约人民币26.5亿元(上年同期录得约人民币16.86亿元)，较上年同期大幅提 升。主要原因是公司2025财政年度营业收入较去年同期有所增长，产品盈利能力进一步提高。 ...

（於中華人民共和國註冊成立的股份有限公司） （股份代號：1133） 內幕消息 正面盈利預告 本 公 告 乃 由 哈 爾 濱 電 氣 股 份 有 限 公 司（「本公司」）根 據 香 港 聯 合 交 易 所 有 限 公 司 證 券 上 市 規 則（「上市規則」）第13.09條及香港法例第571章《證 券 及 期 貨 條 例》第XIVA部 項 下 的 內 幕 消 息 條 文（定 義 見 上 市 規 則）而 作 出。 本 公 司 董 事 會（「董事會」）欣 然 知 會 本 公 司 股 東（「股 東」）及 潛 在 投 資 者， 根 據 對 本 公 司 目 前 可 得 的 資 料（包 括 但 不 限 於 本 公 司 截 至 二 零 二 五 年 十 二 月 三 十 一 日 止 年 度（「二零二五財政年度」）的 未 經 審 核 管 理 賬 目）的 初 步 評 估，預 期 本 公 司 二 零 二 五 財 政 年 度 錄 得 歸 屬 於 母 公 司 所 有 者 的 淨利潤約人民幣26.5億 元（上 年 同 期 錄 得 約 人 民 幣16.86億 元），較 上 年 同 期 大 幅 提 升。主 要 原 因 是 本 公 司 二 零 二 ...