Harbin Electric (01133.HK): Sustained Release of High-Quality Order Profits; Diversified Demand Underpins Medium-Term Growth
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Key Views
- 16MW gas turbine expected to complete whole-machine testing in 2H2026, paving the way for commercialization.
- Under the 15th Five-Year Plan's new power system buildout, expected installed capacity CAGRs of 19.4% for pumped storage and 12.0% for nuclear; company nuclear market share is about 25%.
- Clean and efficient coal-power upgrades and flexibility retrofits address replacement and retrofit capacity above 120GW, offering high margins and a sizable market as a new profit pillar.
Outlook
Analyst Feng Hao forecasts 2026E–2028E attributable net profit of RMB3.53/3.83/4.43 billion and revenue of RMB51.11/55.11/60.53 billion (+11.8%/+7.8%/+9.8%). Risks: raw-material cost spikes, longer order cycles, slower order collections.
Recommended Securities
- Harbin Electric (1133.HK): Buy maintained; target price HK$28.6, implying 61.4% upside.
Key exhibits
Exhibit 1
