Core Viewpoint - Harbin Electric is expected to see a significant increase in net profit for H1 2025, projecting a rise of 95% year-on-year to 1.02 billion yuan, driven by new equipment orders and improved operational efficiency [1][2]. Group 1: Financial Performance - The company anticipates total revenue of 17.26 billion yuan for H1 2024, reflecting a year-on-year increase of 25.4% [1]. - For H1 2025, total revenue is projected to reach 23.05 billion yuan, representing a year-on-year growth of 33.5% [1]. - The expected revenue from coal, hydro, and nuclear power equipment for H1 2025 is 10.08 billion yuan, 2.61 billion yuan, and 2.27 billion yuan, with respective year-on-year increases of 71.6%, 92.4%, and 49.6% [1]. Group 2: Market Opportunities - The company is benefiting from a rebound in controllable power generation demand, with a projected 180 billion yuan in new coal power equipment orders for 2025 [1]. - The launch of the Yajiang hydropower project is expected to generate approximately 36 billion yuan in new hydropower equipment orders, potentially leading to an annual revenue increase of 7.2 billion yuan over five years [2]. - The Yajiang project is anticipated to provide a stable transition from coal power revenue peaks to hydropower revenue, mitigating risks associated with declining coal power orders [2]. Group 3: Profit Forecast and Valuation - The company maintains its profit forecast, expecting net profits of 2.14 billion yuan, 2.65 billion yuan, and 3.11 billion yuan for 2025-2027, with year-on-year growth rates of 26.8%, 23.9%, and 17.3% respectively [2]. - The estimated earnings per share (EPS) for 2025, 2026, and 2027 are projected to be 0.96 yuan, 1.18 yuan, and 1.39 yuan [2]. - The company is assigned a valuation of 10x PE, with a target price of 10.5 HKD, reflecting its current position in the revenue and gross profit recovery phase [2].
哈尔滨电气(1133.HK)：中期盈喜超预期 雅下带来新增量