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Investing.com - UBS initiated coverage on Harbin Electric Company (HK:1133) with a Buy rating and a price target of HK$9.60 on Thursday.
The Chinese power equipment manufacturer specializes in nuclear, thermal, and hydro power equipment, with UBS noting it has the highest nuclear gross profit exposure among listed domestic original equipment manufacturers (OEMs).
UBS forecasts a 19% earnings per share compound annual growth rate for Harbin Electric over 2024-2029, driven by China’s expanding nuclear reactor fleet, potential upside from small modular reactor development, and the company’s growing subscription-based maintenance services.
The firm’s 2025 EPS forecast aligns broadly with consensus estimates, while noting Harbin’s current valuation at 6x 2026 estimated price-to-earnings ratio represents an attractive discount compared to both global and domestic peers.
Harbin Electric, as a top-tier Chinese power equipment OEM, stands to benefit significantly from China’s continued investment in nuclear power infrastructure, according to the UBS analysis.
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