Group 1 - The core viewpoint of the report is that Guoyuan International has updated the revenue expectations for Harbin Electric (01133) and raised the target price to HKD 26.35, indicating a potential upside of 30.4% from the current price, while maintaining a "Buy" rating [1] Group 2 - 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, aligning with the expectation that high-value orders will gradually be released and that gross margins have room for improvement [2] - The updated revenue model reflects an increase in revenue expectations for 2026-2027, driven by strong order backlogs in hydropower and nuclear power, as well as the potential for export opportunities in hydropower equipment [2] - The flexibility transformation orders for thermal power are expected to gradually be released from the mid-term of the 14th Five-Year Plan [2] - Due to the better-than-expected net profit for 2025, the company has also raised the gross margin forecast for 2026-2027 to align more closely with industry averages [2]
国元国际：维持哈尔滨电气“买入”评级 提升目标价至26.35港元