Stock Track | Harbin Electric Soars 5.18% Intraday on Strong Annual Results and Robust Gas Turbine Demand

Stock Track04-29 10:03

Harbin Electric's stock surged 5.18% during intraday trading on Wednesday, marking a significant upward movement for the energy equipment manufacturer.

The company reported strong annual financial results, with revenue increasing 19.33% year-over-year to 45.698 billion RMB and net profit attributable to shareholders surging 58.18% to 2.666 billion RMB. Engineering contracting and trade revenue doubled year-over-year, while modern manufacturing services revenue jumped 88.70%, indicating robust business growth across multiple segments.

Industry analysis from Citi research highlighted robust global gas turbine demand, with GE Vernova's first-quarter gas power equipment orders and reserved capacity reaching 21GW and total equipment backlog climbing to 100GW. This positive industry outlook provides additional support for Harbin Electric's business prospects and market performance.

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