HK Stock Market Move | HARBIN ELECTRIC (01133) opens nearly 15% higher after profit announcement, expecting annual net profit to be around 1.7 billion yuan, a significant year-on-year increase.

HARBIN ELECTRIC (01133) opened nearly 15% higher after its profit announcement, as of the time of writing, it rose 14.96% to HK$2.92, with a turnover of HK$1.8338 million. On the news front, HARBIN ELECTRIC released an announcement stating that the company is expecting a net profit attributable to the owners of the parent company of approximately RMB 1.7 billion for the fiscal year 2024, compared to approximately RMB 575 million in the same period in 2023, showing a significant increase from the previous year. The main reason for this is the significant increase in the company's operating income in the fiscal year 2024 compared to the same period last year, and the company's efforts to improve quality and efficiency have yielded positive results.