Harbin Electric (1133) H2 2024 earnings summary

Executive summary

• Achieved record operating revenue of RMB38.30 billion in 2024, up 32.79% year-over-year; net profit attributable to owners rose 193.33% to RMB1.69 billion.

• Signed new contracts worth RMB56.87 billion, up 30.55% year-over-year, with strong growth in thermal, hydro, and nuclear power equipment.

• R&D investment reached RMB1.91 billion, with major technological breakthroughs and 242 patents authorized.

• Export revenue accounted for 12.31% of total, with main markets in Asia, Americas, and Europe.

Financial highlights

• Operating income: RMB38.30 billion (+32.79% YoY); net profit attributable to owners: RMB1.69 billion (+193.33% YoY).

• Gross profit margin improved to 12.53% (+2.11 ppts YoY); EPS: RMB0.754.

• Total assets: RMB71.95 billion; total liabilities: RMB55.76 billion; equity attributable to owners: RMB15.48 billion.

• Final dividend proposed: RMB0.227 per share (30.11% payout ratio).

Outlook and guidance

• 2025 expected to see continued rapid growth in new energy capacity in China, with total installed power generation capacity projected to surpass 3.8 billion kW.

• Focus on high-quality development, digital transformation, and green, intelligent equipment manufacturing.

• Strategic emphasis on innovation, industrial upgrading, and expansion into high-value-added fields.