HK Stock Market Move | HARBIN ELECTRIC (01133) rises by over 5% again, with a nearly doubled year-on-year net profit. Institutions say that the performance far exceeds expectations.

HARBIN ELECTRIC (01133) rose by more than 5% in early trading, with a cumulative increase of over 36% after the results announcement. As of the time of writing, it rose by 5.79% to HKD 3.47, with a trading volume of HKD 25.5123 million. In terms of news, HARBIN ELECTRIC previously announced that it expects to achieve a net profit attributable to shareholders of approximately RMB 1.7 billion in the fiscal year of 2024, an increase of about 196% year-on-year. The main reasons are the significant increase in operating income in the fiscal year of 2024 compared to last year, and the positive results of the company's quality and efficiency improvement efforts. Guoyuan International pointed out that the company is expected to achieve a net profit of RMB 1.7 billion in 2024, far exceeding the forecast of RMB 1.06 billion. The bank noted that as a leading energy equipment company, the company's energy equipment business revenue growth in 2024 was rapid; with a 6.8% increase in social electricity consumption in 2024, the demand for energy equipment remained strong.