Harbin Electric's stock soared 5.97% intraday, reflecting a significant upward movement in its share price.

The surge is attributed to Guoyuan International maintaining a "Buy" rating and raising its target price to HK$28.6, implying over 35% upside. The firm highlighted Harbin Electric's strong financial performance, including a 19.3% year-over-year revenue increase to RMB 45.7 billion, a 58.2% surge in net profit to RMB 2.67 billion, positive operating cash flow of RMB 4.63 billion, and record new contract signings of RMB 64.63 billion, up 13.6%. The institution noted the company's robust backlog to support growth.

Additionally, the rebound indicates the market is digesting prior bearish sentiment after Citi cut its net profit forecast, with investors re-pricing the company's nuclear power growth prospects and valuation recovery.