E s s e n t i a l s | 17 Mar 2026 05:00:09 ET │ 38 pages Harbin Electric (1133.HK) Initiate at Buy: Strong Domestic Demand and Attractive Valuation CITI'S TAKE We initiate on Harbin Electric (Harbin) with a Buy rating and TP of HK$32, preferring it to Dongfang Electric and Shanghai Electric – the other two leading manufacturers of power-generation equipment makers we cover. In favor of Harbin is its: (i) strong domestic demand for nuclear and hydropower equipment; (ii) potential overseas gas-fired exposure ...