Investment Rating - The report suggests a positive investment outlook for Harbin Electric, recommending active attention due to the company's profit exceeding expectations [5] Core Insights - The company anticipates a net profit of approximately 1.7 billion RMB for the fiscal year 2024, representing a significant increase of about 196% compared to the previous year's profit of 575 million RMB [1][2] - The growth in profit is attributed to increased demand for thermal and nuclear power equipment, successful management efficiency improvements, and the development of the pumped storage industry [2] - As a leading energy equipment manufacturer in China, Harbin Electric's new energy equipment business achieved revenues of 9.61 billion RMB in the first half of 2024, marking a year-on-year growth of 43.4% [3] - The national electricity consumption is projected to grow by 6.8% in 2024, indicating sustained demand for energy equipment, which benefits the company as a key player in the industry [4] Summary by Sections - Profit Forecast: The company expects a net profit of 1.7 billion RMB for 2024, significantly higher than the previously predicted 1.06 billion RMB [2] - Energy Equipment Business: Harbin Electric is a major player in the energy equipment sector, with substantial market shares in hydro, thermal, and nuclear power equipment. The new energy equipment business is expected to continue its strong performance into 2025 [3] - Electricity Demand: The national electricity consumption is projected to reach 98,521 billion kWh in 2024, with a year-on-year increase of 6.8%, supporting ongoing demand for the company's products [4]
哈尔滨电气：公司盈喜，24年净利润超预期增长约196%