Core Viewpoint - Harbin Electric (01133) has seen a significant stock price increase of over 325% year-to-date, with a recent rise of 5.2% to HKD 9.71, driven by strong financial performance and positive market sentiment towards nuclear power and the company's order execution capabilities [1][2]. Financial Performance - The company reported total revenue of approximately CNY 22.696 billion, representing a year-on-year growth of 31.49% [1]. - Net profit attributable to the parent company was about CNY 1.051 billion, showing a substantial year-on-year increase of 101.06% [1]. Market Outlook - UBS forecasts an average annual growth rate of 25% for gross profit from nuclear equipment in China between 2025 and 2028, with each new small modular reactor (SMR) potentially contributing around CNY 620 million in revenue for Harbin Electric [1]. - The market's confidence in the nuclear power outlook and the company's order execution capabilities suggests potential for further re-rating [1]. Business Segments - Coal Power: The company has a robust order book with improved order quality compared to the previous cycle, which is expected to enhance profits [2]. - Hydropower: Orders from pumped storage projects are entering execution phases, and new capacity is being released, with large hydropower projects benefiting from increased demand due to the Yarlung Tsangpo River hydropower project [2]. - Nuclear Power: The approval rate for nuclear projects has increased from about 5 units per year (2019-2021) to approximately 10 units per year (2022-2025), with related orders gradually entering execution phases [2]. - Modern Manufacturing Services: New policies emphasize improving operational efficiency of existing coal power units, which may drive growth in related business areas [2].
哈尔滨电气再涨近7% 煤电业务在手订单充沛 水电核电服务业有望提供长期支撑