Core Viewpoint - The article discusses the significant investment and development in China's energy sector, particularly focusing on the construction of the Yarlung Tsangpo River downstream hydropower project, which has a total investment of 1.2 trillion yuan and a capacity of 60 million kilowatts, equivalent to three Three Gorges power stations [3]. Group 1: Company Overview - Harbin Electric (01133.HK) is one of the largest power equipment manufacturers in China, with an annual production capacity of 30 million kilowatts [8]. - The company was established in 1999 and is controlled by Harbin Electric Group, which is wholly owned by the State-owned Assets Supervision and Administration Commission [6][7]. - Harbin Electric's main products include coal, hydropower, nuclear power, gas power equipment, and clean energy solutions [10]. Group 2: Financial Performance - In 2021, Harbin Electric reported a revenue of 21.57 billion yuan, a year-on-year decline of 10.12%, with a significant net loss of 4.5 billion yuan due to various factors including increased costs from the pandemic [11]. - From 2022 to 2024, the company's revenue is projected to grow significantly, with expected revenues of 24.98 billion, 29.2 billion, and 38.72 billion yuan, representing year-on-year growth rates of 15.8%, 17%, and 32% respectively [12]. - The net profit forecast for the first half of 2025 is 1.02 billion yuan, a substantial increase of 95% year-on-year, indicating a positive trend in financial performance [13][14]. Group 3: Market Position and Growth Drivers - Harbin Electric holds a significant market share in various segments, including approximately one-third of the national installed capacity for coal power equipment and a similar share for nuclear power equipment [16][17]. - The company is expected to benefit from the Yarlung Tsangpo project, which could bring in approximately 36 billion yuan in new hydropower equipment orders [17]. - The overall investment in the electrical machinery and equipment manufacturing industry in China has increased by 32.2% year-on-year, contributing to the growth in Harbin Electric's revenue and profitability [15]. Group 4: Comparison with Competitors - In terms of revenue, Harbin Electric's figures are lower compared to its peers, with projected revenues of 38.7 billion yuan for 2024, while Shanghai Electric and Dongfang Electric are expected to generate 116.2 billion and 69.7 billion yuan respectively [22]. - Despite being the smallest in terms of revenue and net profit among the three major electrical companies, Harbin Electric maintains a strong position in the market, benefiting from the overall growth in the energy sector [28].
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