HARBIN ELECTRIC (01133) continued its upward momentum with another near-7% gain, bringing its year-to-date cumulative increase to over 325%. As of press time, the stock was up 5.2% to HK$9.71, with trading volume reaching HK$73.9352 million.

On the news front, HARBIN ELECTRIC previously announced its interim results, reporting total operating revenue of approximately 22.696 billion yuan, up 31.49% year-over-year, and net profit attributable to shareholders of approximately 1.051 billion yuan, representing a 101.06% year-over-year increase.

UBS forecasts that China's nuclear equipment gross margin will grow at an average annual rate of 25% between 2025 and 2028, estimating that each additional Small Modular Reactor (SMR) could generate approximately 620 million yuan in revenue upside for HARBIN ELECTRIC. The bank noted that with increased market confidence in nuclear power prospects and HARBIN ELECTRIC's order execution capabilities, there remains room for re-rating.

A research report from Guoyuan International pointed out that HARBIN ELECTRIC currently maintains abundant orders for its coal power business, with current order quality showing improvements in both volume and pricing compared to the previous cycle. These orders will continue to be released, contributing to the company's profit growth.

Hydropower: Previously secured pumped storage project orders are gradually entering the execution phase, with new capacity beginning to be released. Large hydropower projects will benefit from increased demand driven by the Yajiang hydropower project, which the institution expects may be gradually released around 2030.

Nuclear Power: Market nuclear power approvals have increased from approximately 5 units per year during 2019-2021 to around 10 units per year for 2022-2025. The company's related orders will also gradually enter the execution phase. Given the long-cycle nature of nuclear power projects, benefits are expected to materialize around the mid-period of the 15th Five-Year Plan.

Modern Manufacturing Services: The newly issued Implementation Plan emphasizes improving operational efficiency targets for existing coal power units, which is expected to drive growth in the company's related business segments.