Core Viewpoint - Guoyuan International has updated the revenue expectations for Harbin Electric (01133) and raised the target price to HKD 26.35, reflecting a potential increase of 30.4% from the current price, maintaining a "Buy" rating [1] Group 1 - The company expects a net profit of RMB 2.65 billion for the fiscal year 2025, which represents a year-on-year growth of approximately 57.2%, exceeding the previous profit forecast of RMB 2.5 billion [2] - The significant growth in net profit is attributed to increased operating revenue and improved product profitability, consistent with the expectation that high-value orders will gradually be released, and gross margins have room for improvement [2] - The company's expanded production scale and enhanced intelligent manufacturing capabilities have significantly improved operational efficiency and economies of scale [2] Group 2 - The updated forecast model reflects an increase in future revenue expectations, particularly for hydropower, nuclear power, and modern manufacturing services, driven by a robust order backlog and favorable industry dynamics [3] - The anticipated revenue growth is also supported by the expectation that hydropower equipment will open export channels, and flexible transformation orders for thermal power are expected to be gradually released [3] - Due to the better-than-expected net profit for 2025, the gross margin forecasts for 2026-2027 have been adjusted upward to align more closely with industry averages [3]
国元国际：维持哈尔滨电气(01133)“买入”评级 提升目标价至26.35港元