【环球网报道 记者 索炎琦】据路透社9月30日援引业内和政府消息人士的话报道，印度私营煤电生产商 已敦促印度政府放宽对中国煤电设备的限制，允许从中国进口相关设备。他们表示，印度当前国内煤电 设备资源不足且成本高昂。 报道介绍，2021年，印度电力部门在其"印度制造"计划下强制煤电生产商使用国产设备，以寻求促进本 土制造业发展。此外，报道提到，这一计划出台时，中印外交关系当时较为紧张。 报道表示，印度电力部门尚未回应置评请求。不过，消息人士称，印度政府正在考虑该协会的请求。 路透社提到，印度曾表示，计划到2035年增加97吉瓦的煤炭发电能力。消息人士称，印度现有煤炭发电 能力中约有48至50吉瓦正在使用中国设备，因为这些电厂是在2021年之前建成的。 据了解，印度拥有世界第五大煤炭储量，政府表示煤炭燃料"仍然至关重要"。尽管印度本土企业集团对 太阳能和风电场进行了巨额投资，但印度仍然依赖煤炭提供74%的发电量。在世界多国寻求减碳转型之 际，印度煤炭巨头——印度国家煤炭公司计划今年重新开放30多个煤矿，并且还将额外开发5座全新煤 矿。据英国《金融时报》6月8日报道，该公司表示，该国的可再生能源行业尚无法满足日益增 ...

格隆汇9月23日｜华源证券研报指出，东方电气25H1实现归母净利润19.1亿元（同比+12.9%）。其中 25Q2实现归母净利润7.6亿元（同比-3.8%）。25Q2毛利率及费用率均有明显改善，但资产减值、公允 价值变动、所得税影响业绩表现。除燃机外主要电源设备均实现收入增长，煤电、风电毛利率同比均提 升。总的来看，可再生能源装备增速最快，或与风电全行业招标量大幅提升以及抽水蓄能逐渐进入招标 高峰相关。清洁高效能源装备同比基本持平，或证明煤电设备需求并未出现明显下滑，后续煤电需求持 续性可能超出市场预期。公司在手订单充沛，2025年有望迎来煤电和核电交付高峰，对公司带来较大业 绩弹性。后续抽蓄业务有望接力贡献业绩，风电利润率存在改善可能，维持"买入"评级。 ...

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].

Core Viewpoint - Harbin Electric is expected to see a significant increase in net profit for H1 2025, projecting a rise of 95% year-on-year to 1.02 billion yuan, driven by new equipment orders and improved operational efficiency [1][2]. Group 1: Financial Performance - The company anticipates total revenue of 17.26 billion yuan for H1 2024, reflecting a year-on-year increase of 25.4% [1]. - For H1 2025, total revenue is projected to reach 23.05 billion yuan, representing a year-on-year growth of 33.5% [1]. - The expected revenue from coal, hydro, and nuclear power equipment for H1 2025 is 10.08 billion yuan, 2.61 billion yuan, and 2.27 billion yuan, with respective year-on-year increases of 71.6%, 92.4%, and 49.6% [1]. Group 2: Market Opportunities - The company is benefiting from a rebound in controllable power generation demand, with a projected 180 billion yuan in new coal power equipment orders for 2025 [1]. - The launch of the Yajiang hydropower project is expected to generate approximately 36 billion yuan in new hydropower equipment orders, potentially leading to an annual revenue increase of 7.2 billion yuan over five years [2]. - The Yajiang project is anticipated to provide a stable transition from coal power revenue peaks to hydropower revenue, mitigating risks associated with declining coal power orders [2]. Group 3: Profit Forecast and Valuation - The company maintains its profit forecast, expecting net profits of 2.14 billion yuan, 2.65 billion yuan, and 3.11 billion yuan for 2025-2027, with year-on-year growth rates of 26.8%, 23.9%, and 17.3% respectively [2]. - The estimated earnings per share (EPS) for 2025, 2026, and 2027 are projected to be 0.96 yuan, 1.18 yuan, and 1.39 yuan [2]. - The company is assigned a valuation of 10x PE, with a target price of 10.5 HKD, reflecting its current position in the revenue and gross profit recovery phase [2].

Core Viewpoint - Huatai Securities expects Harbin Electric to gain an incremental order of 36 billion RMB from the Yaxia project, maintaining a "Buy" rating [1] Group 1: Financial Performance - Harbin Electric anticipates a 95% year-on-year increase in mid-term net profit to 1.02 billion RMB [1] - The total revenue for the group is projected to reach 23.05 billion RMB, representing a 33.5% year-on-year growth [1] - Revenue from coal, hydro, and nuclear power equipment is expected to increase by 71.6%, 92.4%, and 49.6% respectively [1] Group 2: Order Forecast - The company is expected to maintain approximately 18 billion RMB in new coal power equipment orders this year [1] - New orders for hydro and nuclear equipment are projected to rise by 14.5% and 13.5% year-on-year respectively [1] Group 3: Future Projections - The company’s net profit is forecasted to be 2.14 billion RMB, 2.65 billion RMB, and 3.11 billion RMB for the years 2025 to 2027, reflecting year-on-year growth rates of 26.8%, 23.9%, and 17.3% respectively [1] - The target price is set at 10.5 HKD with a "Buy" rating maintained [1]

Investment Rating - The report maintains a "Buy" rating for Harbin Electric, with a target price of HKD 10.50, based on a 10x PE valuation for 2025 [6][4]. Core Views - Harbin Electric is expected to achieve a significant increase in net profit for H1 2025, projected at CNY 1.02 billion, representing a 95% year-on-year growth from CNY 523 million in H1 2024. This growth is attributed to the fulfillment of new equipment orders and improved operational efficiency [1][2]. - The company is benefiting from a rebound in controllable power generation installations, with total revenue expected to reach CNY 23.05 billion in H1 2025, a 33.5% increase year-on-year. Revenue from coal, hydro, and nuclear power equipment is projected to grow significantly [2][3]. - The launch of the Yajiang hydropower project is anticipated to generate approximately CNY 36 billion in new orders for hydropower equipment, which will help sustain revenue growth and offset potential declines in coal power orders [3][4]. Summary by Sections Financial Performance - Harbin Electric's total revenue for 2024 is projected at CNY 38.72 billion, with a year-on-year growth of 32.38%. The net profit for 2024 is expected to be CNY 1.69 billion, reflecting a 193.27% increase [10][14]. - The company forecasts net profits of CNY 2.14 billion, CNY 2.65 billion, and CNY 3.11 billion for 2025, 2026, and 2027, respectively, with corresponding EPS of CNY 0.96, CNY 1.18, and CNY 1.39 [4][14]. Order and Revenue Projections - The report indicates that coal power equipment orders are expected to remain high at around CNY 18 billion in 2025, with hydropower and nuclear power equipment orders projected to grow by 14.5% and 13.5%, respectively [2][3]. - The total revenue from the power equipment production segment is expected to reach CNY 33.16 billion in 2025, with a year-on-year growth of 22.9% [12][13]. Market Outlook - The overall electricity consumption in China is projected to maintain a compound annual growth rate of 6% from 2025 to 2030, driven by new production capacities and increasing residential electricity demand [2][3]. - The report emphasizes the importance of the Yajiang project in providing a stable revenue stream that will align with the peak revenue from coal power equipment, thus ensuring continuous growth in traditional power equipment revenue [3][4].

Investment Rating - The investment rating for the power equipment industry is "Positive" (maintained) [4] Core Viewpoints - The thermal power installed capacity has seen a significant year-on-year increase, with a delivery peak expected this year. In the first five months of this year, China added 17.55 million kilowatts of thermal power capacity, a substantial increase of approximately 45% compared to the same period last year [4] - The approval of coal power projects is expected to maintain a high level, with projections indicating that the approved capacity for coal power will exceed 80 GW for the year [4] - The growth in load demand is anticipated to outpace electricity consumption growth, driven by the increasing electricity demand from the tertiary sector and urban residents [4] - The need for traditional power sources like coal and nuclear power will persist due to the instability of renewable energy sources [4] - The demand for coal power replacement and upgrades is expected to continue expanding, with the implementation of the "New Generation Coal Power Upgrade Special Action Implementation Plan (2025-2027)" [4] - Pumped storage approvals are increasing, with the cumulative installed capacity expected to exceed 62 GW by 2025 and 120 GW by 2030 [4] - The total orders for pumped storage turbines are projected to reach approximately 150 billion yuan, with companies like Harbin Electric and Dongfang Electric expected to maintain high growth rates in their water power orders [4] Summary by Sections Section: Industry Performance - The coal power approval volume remains high, with significant increases in installed capacity expected in the coming years [4] Section: Investment Analysis - The sustained high approval volume for coal power and the increasing peak load demand indicate a long-term underestimated demand for coal power [4] - Companies such as Harbin Electric, Dongfang Electric (A+H), and Shanghai Electric are recommended for investment opportunities [4]

Core Viewpoint - The leadership change at China Dongfang Electric Corporation (CDEC) with Luo Qianyi appointed as the new chairman, while the chairman of its listed subsidiary, Dongfang Electric (SH600875), remains unchanged for now [1][2][5]. Group 1: Leadership Changes - Luo Qianyi has been appointed as the new chairman and party secretary of CDEC, replacing Yu Peigen, whose information has been removed from the company website [1][2]. - Yu Peigen's tenure as chairman began in May 2019 and was set to end in June 2027 [5]. Group 2: Company Overview - CDEC, founded in 1958, is a state-owned enterprise crucial for national energy security and is one of the largest energy equipment manufacturing groups globally [2]. - The group has a total asset value of 138.895 billion yuan as of the end of 2023, with a total operating revenue of 66.507 billion yuan and a net profit attributable to shareholders of 1.977 billion yuan for the same year [7]. Group 3: Financial Performance - Dongfang Electric's 2024 annual report indicates an operating revenue of 69.695 billion yuan, a year-on-year increase of 14.86%, while the net profit attributable to shareholders decreased by 17.7% to 2.922 billion yuan [9]. - The decline in net profit is attributed to a decrease in gross margin and significant impairment losses [9]. Group 4: Strategic Direction - CDEC is focusing on expanding its overseas market presence, actively participating in the Belt and Road Initiative, and providing complete equipment and engineering contracting services to over 110 countries and regions [9]. - The company aims to leverage strategic opportunities for high-quality development amid increasing competition and signs of overcapacity in the domestic power equipment industry [9].