金吾财讯 | 华泰证券研报指，哈尔滨电气(01133)发布2025年中期报告盈喜，预计H1实现归母净利润10.2亿元，同比大增95%（2024H1归母净利润5.23亿元）。利润增长主要系此前新增设备订单陆续兑现，带动营业收入规模大幅上涨，叠加原材料供应链管理和经营效率提升实现毛利修复。哈尔滨电气作为煤、气、水、核电等传统电力设备龙头，该机构继续看好公司新签高质量订单兑现贡献营收增量，叠加经营效率提升与费率压降实现业绩修复。该机构提到，市场此前普遍担忧煤电装机与设备招标需求有下滑风险，该机构认为雅江项目带来的水电设备营收增量有望与2025-27年煤电业务收入高峰实现平稳衔接，对冲公司订单下滑风险，实现公司传统电源设备营收的持续性增长。该机构暂时维持此前盈利预测，等待公司进一步明确指引，预计2025-27年归母净利润为21.4/26.5/31.1亿元，同比+26.8%/23.9%/17.3%；对应EPS0.96/1.18/1.39元。公司A股可比公司2025E平均PE为19.02x，考虑2025-26年公司陆续进入新签高毛利订单交付期，当前尚处于营收与毛利修复初期，且传统电力设备布局有待“十五五”装机规划进一步指引，该机构仍给予公司2025年10xPE估值，重申目标价10.5港币。维持“买入”评级。
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