HK Stock Market Move | HARBIN ELECTRIC (01133) falls over 3% as revenue expectations for coal-fired power generation equipment are low. Citigroup downgrades the company's net profit forecast.

Harbin Electric (01133) fell more than 3%, as of the time of writing, it fell by 2.94%, at HKD 20.5, with a turnover of HKD 39.8072 million. On the news front, Citigroup released a research report pointing out that Harbin Electric expects an average of 10 newly approved nuclear power units in China in the foreseeable future. The group pointed out that the bid price for nuclear power equipment in 2025 is expected to increase slightly, with further small increases expected this year. The bank believes that Harbin Electric is attractively valued, but due to lower expectations for income from coal-fired power equipment, it has lowered its net profit forecast for next year by 4%. The bank also mentioned that Harbin Electric's two EPC projects in Saudi Arabia are located far from conflict areas and have not been affected. However, for safety reasons, the company has requested some employees to evacuate the area. The company expects that its operations will not be significantly affected.