国元国际：维持哈尔滨电气(01133)“买入”评级提升目标价至26.35港元

智通财经

Feb 05

智通财经APP获悉，国元国际发布研报称，更新哈尔滨电气(01133)营收预期并提升目标价，给予公司目标估值PE(2026E)15.0倍，对应PE(TTM)19.80倍，提升目标价至26.35港元，对应现价预计升幅30.4%，维持“买入”评级。

国元国际主要观点如下：

公司预计25财年净利润26.5亿元；上调模型营收预期

公司预计2025年实现归母净利润26.5亿元，同比增长约57.2%，超过该行此前25亿元的盈利预期。期间净利润大幅增长的主要原因包括营业收入增长、产品盈利能力进一步提高。这与该行此前对公司前期收获的高价值订单将逐步释放，毛利率仍有上升空间的判断一致；同时由于公司生产规模扩大，智能化制造能力显著增强，企业的规模效应和运营效率大幅提升。

该行更新预期模型，上调了公司未来营收预期，主要影响包括：

收入部分，主要提高了2026-202727E公司水电、核电及现代制造服务业的收入增速，主要因为公司水电、核电在手订单饱满，行业发展势能良好，且水电能源装备有望打开出口通道；火电灵活性改造订单有望从十五五中期逐步释放。利润部分，由于公司25年净利润超预期，因此上调2026-2027E毛利率预测值，逐步对标同行业平均水平。

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