股份代號：1133 年度報告 2024 | 目錄 | | --- | | 公司簡介 | 2 | | --- | --- | | 財務摘要 | 4 | | 董事長報告書 | 6 | | 管理層論述與分析 | 8 | | 董事、監事及高級管理人員 | 17 | | 董事會報告書 | 25 | | 監事會報告書 | 40 | | 公司管治報告 | 42 | | 審計報告 | 54 | | 合併資產負債表 | 60 | | 資產負債表 | 65 | | 合併利潤表 | 70 | | 利潤表 | 73 | | 合併現金流量表 | 75 | | 現金流量表 | 78 | | 合併所有者權益變動表 | 81 | | 所有者權益變動表 | 83 | | 二零二四年度財務報表附註 | 87 | | 重要事項揭示 | 282 | | 公司資料 | 283 | | 備查文件 | 284 | 公司簡介 哈爾濱電氣股份有限公司（「本公司」），是由原哈爾濱電機廠、哈爾濱鍋爐廠、哈爾濱汽輪機廠（「三大動力」）等有 關企業重組而成。 本公司地處中國哈爾濱市，於一九九四年十月六日註冊成立，並於一九九四年十二月十六日在香港聯合交易所上 市交易， ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本通告的內 容 概 不 負 責，對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明，並 明 確 表 示，概 不對因本通告全部或任何部分內容而產生或因倚賴該等內容而引致的 任 何 損 失 承 擔 任 何 責 任。 （於中華人民共和國註冊成立的股份有限公司） （股份代號：1133） 截至二零二四年十二月三十一日止年度業績公告 哈 爾 濱 電 氣 股 份 有 限 公 司（「本公司」）董 事 會（「董事會」），謹 此 宣 佈 本 公 司及其附屬公司截至二零二四年十二月三十一日止年度按中國企業會 計 準 則 編 製 之 經 審 計 經 營 業 績。 – 1 – 合併資產負債表 （除 特 別 註 明 外：金 額 單 位 均 為 人 民 幣 元） | 目 | | 項 | 2023年12月31日 | 附 註 | 2024年12月31日 | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 動 資 產： | 流 | | | | | | | | | | 貨幣資金 | | ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本通告的內 容 概 不 負 責，對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明，並 明 確 表 示，概 不對因本通告全部或任何部分內容而產生或因倚賴該等內容而引致的 任 何 損 失 承 擔 任 何 責 任。 （於中華人民共和國註冊成立的股份有限公司） （股份代號：1133） 截至二零二四年十二月三十一日止年度業績公告 哈 爾 濱 電 氣 股 份 有 限 公 司（「本公司」）董 事 會（「董事會」），謹 此 宣 佈 本 公 司及其附屬公司截至二零二四年十二月三十一日止年度按中國企業會 計 準 則 編 製 之 經 審 計 經 營 業 績。 – 1 – 合併資產負債表 （除 特 別 註 明 外：金 額 單 位 均 為 人 民 幣 元） | 目 | | 項 | 2023年12月31日 | 附 註 | 2024年12月31日 | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 動 資 產： | 流 | | | | | | | | | | 貨幣資金 | | ...

Investment Rating - The report suggests a positive investment outlook for Harbin Electric, recommending active attention due to the company's profit exceeding expectations [5] Core Insights - The company anticipates a net profit of approximately 1.7 billion RMB for the fiscal year 2024, representing a significant increase of about 196% compared to the previous year's profit of 575 million RMB [1][2] - The growth in profit is attributed to increased demand for thermal and nuclear power equipment, successful management efficiency improvements, and the development of the pumped storage industry [2] - As a leading energy equipment manufacturer in China, Harbin Electric's new energy equipment business achieved revenues of 9.61 billion RMB in the first half of 2024, marking a year-on-year growth of 43.4% [3] - The national electricity consumption is projected to grow by 6.8% in 2024, indicating sustained demand for energy equipment, which benefits the company as a key player in the industry [4] Summary by Sections - **Profit Forecast**: The company expects a net profit of 1.7 billion RMB for 2024, significantly higher than the previously predicted 1.06 billion RMB [2] - **Energy Equipment Business**: Harbin Electric is a major player in the energy equipment sector, with substantial market shares in hydro, thermal, and nuclear power equipment. The new energy equipment business is expected to continue its strong performance into 2025 [3] - **Electricity Demand**: The national electricity consumption is projected to reach 98,521 billion kWh in 2024, with a year-on-year increase of 6.8%, supporting ongoing demand for the company's products [4]

Investment Rating - Buy rating with a target price of HKD 3.20, representing a 35% upside from the current price of HKD 2.37 [2][5] Core Views - The company's energy equipment business has shown a recovery in profitability, with strong growth momentum expected in the future [2] - Revenue in H1 2024 increased by 25.6% YoY to RMB 17.04 billion, while net profit surged by 515.7% YoY to RMB 523 million [3] - Gross profit rose by 34.0% YoY to RMB 1.95 billion, with gross margin improving by 0.7 pct to 11.4% [3] - New power equipment orders increased by 2.84% YoY to RMB 26.03 billion, with coal/hydro/nuclear power equipment orders at RMB 10.83/4.47/3.06 billion respectively [3] - The company's order backlog is sufficient to support growth in the energy equipment business, with potential for further margin improvement [4] - Hydropower equipment and thermal power flexibility transformation are expected to provide new growth drivers [4] - Operating efficiency has improved, with the combined expense ratio decreasing by 1.2 pct to 8.6% and the debt-to-asset ratio dropping by 2.8 pct to 79.6% [4] Financial Performance - Revenue for 2024E/2025E/2026E is projected at RMB 37.31/43.29/46.12 billion, with YoY growth of 27.6%/16.0%/6.5% [6] - Net profit for 2024E/2025E/2026E is forecasted at RMB 950 million/1.39 billion/1.68 billion, with a 3-year CAGR of 42.5% [5][6] - Gross margin is expected to improve to 15.5%/16.2%/16.3% in 2024E/2025E/2026E, up from 12.1% in 2023 [15] - Net margin is projected to increase to 3.0%/3.9%/4.3% in 2024E/2025E/2026E, compared to 2.1% in 2023 [15] Valuation - The company is trading at a 2024E PE of 7.0x and a TTM PB of 0.5x, which is lower than industry peers [5][13] - Industry peers such as Dongfang Electric and Shanghai Electric are trading at higher PE multiples of 6.4x and 34.2x respectively [13] Growth Drivers - The company is expected to benefit from the development of the energy equipment market, particularly in hydropower and thermal power flexibility transformation [4][5] - The rapid development of pumped storage and the transformation of thermal power flexibility are key growth areas [4] - The company's order backlog and improved order quality are expected to support future revenue growth and margin expansion [4]

Financial Performance - Revenue for the first half of 2024 reached RMB 170.43 billion, a year-on-year increase of 25.59%[6] - Net profit attributable to the parent company surged by 515.70% to RMB 522.67 million[6] - Gross profit margin increased by 0.71 percentage points to 11.43%, driven by higher margins in conventional hydropower and thermal power products[12] - The company's asset-liability ratio decreased by 2.78 percentage points to 79.57%[14] Power Generation Capacity - Total installed power generation capacity in China reached 3.07 billion kW, with non-fossil energy accounting for 55.7% of the total[4] - New power generation capacity added in the first half of 2024 was 153 million kW, with non-fossil energy contributing 89% of the total[4] - China's total installed power generation capacity is expected to reach 3.3 billion kW by the end of 2024, with non-fossil energy accounting for 57.5%[30] Contracts and Orders - The company's formal contract signing value for the first half of 2024 was RMB 26.025 billion, a decrease of 20.13% year-on-year[8] - Export orders for the first half of 2024 were RMB 1.136 billion, a decrease of 84.57% year-on-year[8] - The company secured contracts for the first domestic 300 MW variable-speed pumped storage unit and a 100 MW molten salt linear Fresnel solar thermal project[28] Production and Innovation - The company produced 14.47 million kW of power generation equipment, a year-on-year increase of 12.8%[9] - R&D expenses increased by RMB 62.49 million, reflecting the company's continued investment in technological innovation[13] - The company successfully developed and delivered the world's largest 500 MW impact turbine model and the largest 7.95-meter diameter runner for the Yinjiang Hydropower Station[28] Human Resources and Training - The company has 11,094 employees with a total payroll of 959.92 million yuan as of June 30, 2024[29] - The company organized 482 training sessions, training 21,527 employees in the first half of 2024[29] Future Plans and Development - The company plans to accelerate the development of new energy industries such as compressed air energy storage and solar thermal power in the second half of 2024[32] Corporate Governance and Structure - The company's total share capital is 2,236,276,000 shares, with state-owned legal person shares accounting for 69.79%[34] - The company's total guarantees for subsidiaries amounted to 1,306.77 million yuan as of June 30, 2024[38] - The company has 84.88 million yuan in assets pledged for working capital loans as of June 30, 2024[39] - The company's audit committee reviewed and approved the unaudited interim financial report for the first half of 2024[40] Company Information - Company legal name: Harbin Electric Company Limited[162] - Legal representative: Mr. Cao Zhi'an[162] - Registered address: No. 1399, Chuangxin 1st Road, Songbei District, Harbin, Heilongjiang Province, China[162] - Taxpayer identification number: 91230100127575573H[162] - Company secretary: Mr. Ai Lisong[162] - Joint company secretary: Mr. Tong Dazhao[162] - Office address: No. 1399, Chuangxin 1st Road, Songbei District, Harbin, Heilongjiang Province, China, Postal code: 150028[162] - H-share listing: Hong Kong Stock Exchange, Stock code: 1133[162] - Website: www.hpec.com[162]

Financial Performance - Total revenue for the first half of 2024 reached RMB 17,260,636,497.03, a 25.3% increase from RMB 13,763,822,101.53 in the same period of 2023[14]. - Net profit attributable to the parent company for the first half of 2024 was RMB 541,073,632.84, compared to RMB 104,400,407.08 in the first half of 2023, reflecting a significant increase[18]. - The company reported an operating profit of RMB 694,868,031.09 for the first half of 2024, significantly higher than RMB 105,346,974.95 in the same period of 2023[17]. - Total comprehensive income attributable to the parent company for the first half of 2024 reached RMB 523.28 million, a significant recovery from a loss of RMB 191.03 million in the same period of 2023[20]. - Basic and diluted earnings per share for the first half of 2024 were both RMB 0.23, compared to RMB 0.05 in the first half of 2023, indicating a substantial improvement[20]. - The company reported a net profit attributable to ordinary shareholders of ¥522,667,422.32 for the current period, compared to ¥84,889,971.05 in the previous period, resulting in earnings per share of ¥0.23, up from ¥0.05[38]. Assets and Liabilities - As of June 30, 2024, the total assets of Harbin Electric Company amounted to RMB 73.31 billion, an increase from RMB 71.30 billion as of December 31, 2023, representing a growth of approximately 2.8%[4]. - The total liabilities of Harbin Electric Company rose to RMB 58.34 billion from RMB 56.71 billion, indicating an increase of about 2.9%[8]. - The company's current assets decreased to RMB 62.44 billion from RMB 60.63 billion, reflecting a decline of about 2.9%[3]. - The company's long-term borrowings decreased to RMB 1.04 billion from RMB 1.75 billion, a reduction of about 40.3%[7]. - The total equity attributable to shareholders increased to RMB 14,257,828,523.06 as of June 30, 2024, from RMB 13,864,702,149.07 at the end of 2023, reflecting a strengthening of shareholder value[12]. Cash Flow - Cash inflow from operating activities for the first half of 2024 was RMB 21.04 billion, up from RMB 17.65 billion in the same period of 2023, reflecting a growth of approximately 19.5%[21]. - Cash outflow from operating activities increased to RMB 22.47 billion in the first half of 2024, compared to RMB 16.32 billion in the same period of 2023, resulting in a net cash flow from operating activities of -RMB 1.43 billion[22]. - The net increase in cash and cash equivalents for the first half of 2024 was -RMB 2.17 billion, compared to an increase of RMB 976.66 million in the same period of 2023[26]. - The ending balance of cash and cash equivalents as of June 30, 2024, was RMB 15.20 billion, down from RMB 17.27 billion at the end of June 2023[26]. Investments and R&D - The company has ongoing investments in new technologies and product development, although specific figures and details are not provided in the documents[1]. - Research and development expenses for the first half of 2024 were RMB 413,244,085.73, up from RMB 350,755,734.82 in the same period of 2023, highlighting the company's commitment to innovation[15]. - The company’s research and development investment intensity in the first half of the year is 3.6%, focusing on key core technology projects and collaborations with national innovation platforms[63]. Market and Operations - The company is focused on expanding its market presence and enhancing its product offerings in the power generation sector[29]. - The company operates through three main business segments: new energy-based power systems, green low-carbon drive systems, and clean efficient industrial systems, each requiring different technologies and market strategies[32]. - The company maintained a good level of market orders for its main products, indicating stable operational development[46]. Corporate Governance and Compliance - The company has complied with the Corporate Governance Code during the period ending June 30, 2024, but the board and supervisory committee's term expired on January 28, 2024, leading to a delay in the re-election process[76]. - The audit committee has reviewed and approved the interim financial report for the six months ending June 30, 2024[77]. - The company's auditor, Deloitte, has conducted a review of the interim financial report for the six months ending June 30, 2024, in accordance with the relevant auditing standards[78]. Employee and Training - As of June 30, 2024, the company had 11,094 employees with a total salary of 959.92 million yuan, and organized 482 training sessions for 21,527 participants in the first half of 2024[65].

Investment Rating - The report initiates coverage with a "Buy" rating and sets a target price of HKD 3.20, indicating a potential upside of 24.0% from the current price of HKD 2.58 [2][6][90]. Core Insights - Harbin Electric is one of China's largest state-owned enterprises in energy equipment manufacturing, with significant market shares in coal, hydro, and nuclear power equipment [3][14]. - The company has seen a substantial increase in coal power orders, with new orders reaching CNY 13.97 billion in 2023, a year-on-year growth of 101.6% [5][24]. - The energy sector in China is transitioning towards a new power system, where coal power remains a core component despite the rapid growth of renewable energy installations [4][34]. Company Overview - Harbin Electric is a key player in the energy equipment sector, producing major equipment for coal, hydro, nuclear, and gas power generation [3][14]. - The company has a historical significance, originating from the first five-year plan of China and has evolved into a crucial backbone of the national energy infrastructure [15][19]. Industry Analysis - The energy demand in China has been growing rapidly, with a compound annual growth rate (CAGR) of 6.4% over the past eight years [42]. - Coal power still accounts for a significant portion of the energy mix, with coal-fired generation representing 63% of total power generation in 2023, reflecting a 5 percentage point increase year-on-year [4][40]. - The government has set ambitious targets for renewable energy, with expectations for coal power to continue playing a supportive role in energy security [34][52]. Financial Performance - The company forecasts a compound annual growth rate (CAGR) of 42.5% in net profit from 2024 to 2026, with projected net profits of CNY 9.5 billion, CNY 13.9 billion, and CNY 16.8 billion respectively [6][88]. - Revenue is expected to grow significantly, with projections of CNY 367.9 billion, CNY 426.8 billion, and CNY 454.7 billion for the years 2024 to 2026 [87][88]. Order and Revenue Analysis - The company has experienced a consistent increase in order volumes, with total contract signings reaching CNY 43.57 billion in 2023, a 29.5% increase from the previous year [24][26]. - The revenue from coal power equipment is expected to rise as the company completes the delivery of previous low-cost orders, enhancing overall profitability [5][71]. Future Outlook - The report anticipates that the demand for coal power equipment will remain strong due to ongoing projects and the need for flexibility upgrades in existing coal plants [72][75]. - The company is well-positioned to benefit from the planned expansion of pumped storage capacity, with expectations for significant growth in hydro power orders [76][80].

Financial Performance - The company achieved a revenue of RMB 28,840.86 million in 2023, representing a year-on-year increase of 17.03%[5]. - Net profit attributable to the parent company reached RMB 574.76 million, an increase of RMB 47.61 million compared to the previous year[5]. - The company’s earnings per share rose to RMB 0.257, compared to RMB 0.058 in the previous year[5]. - The company's operating revenue for 2023 was RMB 28.84 billion, representing a year-on-year growth of 17.03%, with new power equipment revenue reaching RMB 15.75 billion, up 34.06%[19]. - The gross profit for 2023 was RMB 3.12 billion, an increase of RMB 256.35 million year-on-year, with a gross margin of 10.82%, down 0.8 percentage points[21]. - The company reported a significant increase in revenue, with a year-over-year growth of 15% in the latest fiscal year[42]. - Net profit for the current period was RMB 615.38 million, compared to RMB 129.43 million in the previous period, representing a significant increase of 376.5%[159]. - Total operating revenue for the current period reached RMB 29.25 billion, a 17.1% increase from RMB 24.98 billion in the previous period[158]. Assets and Liabilities - Total assets amounted to RMB 71,296.95 million, while total liabilities were RMB 56,709.16 million, indicating a solid financial position[5]. - The company’s total borrowings as of December 31, 2023, were RMB 61.48 billion, a decrease from RMB 76.07 billion at the end of 2022, with no debt default risk reported[23]. - The total liabilities of the company as of December 31, 2023, were 56,709.16 million, with a year-to-date increase of 579.95 million, resulting in a debt-to-asset ratio of 79.54%[26]. - The total equity attributable to the parent company as of December 31, 2023, was 13,864.70 million, an increase of 213.68 million, with a net asset return of 4.6%[27]. - The total current assets reached RMB 60.63 billion, up from RMB 53.52 billion, representing a growth of about 13.2%[146]. - Total liabilities increased to RMB 56,709,158,680.13 from RMB 50,909,668,579.12, representing a growth of approximately 11.0%[150]. Research and Development - Research and development expenses were increased, with the establishment of 7 innovation joint bodies and 2 national key laboratories[7]. - The company's R&D investment totaled RMB 1.584 billion in 2023, with a research intensity of 5.53%, and completed 300 research projects and developed 210 new products[15]. - The company is investing $50 million in R&D for innovative technologies over the next three years[43]. - Research and development expenses increased to RMB 998.63 million, up 37.3% from RMB 726.64 million in the previous period[158]. Market and Contracts - The company signed contracts worth RMB 43,565 million during the year, reflecting a year-on-year growth of 29.53%[7]. - The company maintained a leading market share in large hydropower equipment, with significant breakthroughs in nuclear power turbine generator market development[7]. - The new power equipment segment contributed RMB 24.590 billion, up 44.32% year-on-year, with coal power equipment increasing by 101.66% to RMB 13.973 billion[13]. - The company actively participated in the "Belt and Road" initiative, expanding its international market presence[4]. Corporate Governance - The company has appointed Mr. Cao Zhian as the executive director, chairman, and party secretary since December 2021, with extensive experience in the energy sector[34]. - The board of directors consists of 7 members, including 4 independent non-executive directors as of early 2023[106]. - The company confirmed that all independent non-executive directors provided annual confirmations of their independence[107]. - The board of directors is committed to maintaining high levels of corporate governance, which is crucial for the company's long-term success and sustainable development[103]. Cash Flow and Investments - The company’s cash and cash equivalents as of December 31, 2023, were RMB 18.68 billion, an increase of RMB 1.376 billion from the beginning of the year[24]. - Cash inflow from operating activities is RMB 41,904,757,870.87, an increase from RMB 33,169,583,759.74 in the previous period[163]. - The net cash flow from operating activities is RMB 2,284,202,514.81, a decrease from RMB 4,747,071,805.20 in the previous period[163]. - The company raised 1,714,666,520.00 RMB from new investments, a significant increase from 4,888,840.00 RMB in the previous period, reflecting strong investor confidence[165]. Employee and Training - The workforce as of December 31, 2023, consisted of 11,283 employees, with 15.71% being female and 8.91% aged 55 and above[54]. - The company organized 1,397 training sessions in 2023, training a total of 31,300 participants[54]. Compliance and Risk Management - The company has established a comprehensive risk management system to address international operational risks, including currency fluctuations and geopolitical uncertainties[48]. - The company is focused on compliance with relevant laws and regulations, ensuring that all business contracts meet the requirements of the Civil Code of the People's Republic of China[50]. - The financial system is deemed complete and well-organized, with operations running in accordance with internal control and risk management requirements[101]. Future Outlook - The company plans to enhance its core competitiveness and market influence, focusing on high-end, intelligent, and green development in the equipment manufacturing industry[9]. - The company anticipates that by the end of 2024, the national power generation capacity will reach 3.25 billion kilowatts, a year-on-year increase of approximately 12%[33]. - The company plans to strengthen its brand, quality, and service to enhance product competitiveness and expand market reach amid increasing market competition[49].

Investment Rating - The report assigns a rating of "Outperform" to the company [3] Core Views - The company reported a revenue of 28.841 billion CNY in 2023, representing a year-on-year increase of 17% [3] - The net profit attributable to shareholders reached 575 million CNY, a significant increase of 482.69% year-on-year, driven by reduced credit impairment losses and increased investment income [3] - The company continues to experience high growth in new orders, with a contract signing amount of 43.565 billion CNY in 2023, up 29.53% year-on-year [3] Financial Summary - Total revenue is projected to grow from 29.250 billion CNY in 2023 to 38.426 billion CNY in 2024, reflecting a growth rate of 34% [4] - The net profit forecast for 2024 is 925 million CNY, which indicates a year-on-year growth of 61% [4] - The company's gross margin is expected to improve from 10.97% in 2023 to 13.15% in 2024 [4] Order and Revenue Insights - New energy equipment revenue increased by 34% year-on-year, although the overall gross margin decreased by 0.8 percentage points to 10.82% due to the impact of low-margin orders [3] - The company has secured significant contracts in various sectors, including new energy and industrial systems, indicating a robust order pipeline [3] Capital Expenditure and Investment - The company plans to invest approximately 2.563 billion CNY in capital expenditures in 2024, up from 1.501 billion CNY in 2023, focusing on technology upgrades and capacity enhancements [3] - The successful completion of a private placement raised 1.7 billion CNY, increasing the major shareholder's stake to 69.79% [3]