研究报告全文：股票研究TableTitleFlashNoteHarbinElectric01133HKJunZhu朱俊杰EquityResearch85225097592快讯哈尔滨电气01133HKjunjiezhugtjascomhk29December2022TableSummaryIssuanceofNewDomesticSharesataPricePremium溢价发行新内资股快HarbinElectricwillraiseRMB17billioncapitalthroughtheissuanceofnewdomesticsharestoits讯controllingshareholderHarbinElectricannouncedinearlymorningofDecember29th2022thatithasFlashNoteenteredintoadomesticsharesubscriptionagreementwithitscontrollingshareholderfortheissuanceofnewdomesticsharesatatotalsubscriptionpriceofapproximatelyRMB17billionFinalsubscriptionpricewillbebetweenHK342andHK360representingapricepremiumof110to165comparedtotheclosingpriceofHK309dated28thDecember2022Dependingonthefinalsubscriptionpricethetotalnewdomesticsharestobeissuedfromthistransactionwillbebetween529753millionsharesand556009millionsharesrepresentingapproximately237to246ofthetotalissuedsharecapitaloftheCompanyasenlargedbytheissueofthenewdomesticsharesProceedsraisedfromthetransactionwillhelpoptimizethecapitalstructureandpromotethetransformationofHarbinElectricNetproceedstoberaisedfromthetransactionareexpectedtobeapproximatelyRMB1697millionTheCompanyintendstousethesenetproceedstoreplenishitsgeneral证workingcapitalimproveitsassetliabilityratiooptimizeitscapitalstructureandreduceitsfinancialexpensesaswellasfinancialrisksUnderthebackgroundofChinasstrategyofpromotinggreenandlow-carbon券transformationanddevelopmenttheproceedsfromtheissuanceofnewdomesticshareswillprovidefinancial研supportfortheCompanysreformtransformationandsustainabledevelopmentandwillhelptheCompanyto告stimulatebusinessdevelopmentmomentumandcarryoutnewstrategiessothatthecompanycancreate究greatervaluefortheoverallshareholdersWithChinarollingoutmassiveinvestmentplansonenergy报报infrastructureinvestmentpumpedstorageprojectsfrom325GWattheendof2020to62GWby2025and告究toapproximately120GWby2030thermalpowerplantrehabilitationandupgradesbetween250GWandEquityResearchReport300GWofcoal-firedpowerplantsneedupgradingduring14-FYPaswellasinvestmentresumptionon研coal-firedpowernolessthan240GWtobeaddedinnext3yearsinnextfewyearsweexpecttheoperatingTabl券performanceofHarbinElectricwillcontinuetobeatthemarketexpectationfrom2023to2025WethinktheeInfrecoveryoftheCompanyisalreadyonitsway证o1新ReiterateBuyinvestmentratingforHarbinElectricWearebullishontheoutlookofHarbinElectricand能webelievethetransactionwillboostthemarketconfidenceintheCompanySharepriceofHarbinElectric源jumpedby462fromlateAugusttodatedrivenbymarketconfidenceinitsoutlookandexpectationofa行recoveryWewillmaintainourinvestmentratingofBuyforHarbinElectricandwillfurtherraiseitsTP业哈尔滨电气将向其控股股东增发新内资股以募资人民币亿元哈尔滨电气于年月日早上公告称已与其控股股NewEnergyNewSector1720221229东就发行新内资股签订了内资股认购协议总认购价格约为人民币17亿元最终认购价介乎342港元至360港元较2022年12月28日收市价309港元溢价110至165视最终认购价格而定本次发行的新内资股总数为529753百万股至556009百万股约占公司经本次发行新股扩大后总股本的237至246本次交易募集资金将有利于优化公司的资本结构以及促进哈尔滨电气的转型本次交易募集资金净额预计将约为人民币1697亿元公司拟将该等募集资金净额用于补充公司的流动资金改善资产负债率优化资本结构降低财务费用和财务风Tab险在国家推进绿色低碳转型发展的战略背景下本次发行新内资股募集资金将为公司改革转型和可持续发展提供资金支持leI将有助于公司激发业务发展动力推进其新战略为公司全体股东创造更大价值随着中国推出了大规模的能源基建投资计nfo2划抽水蓄能项目将由2020年底的325吉瓦提升至2025年的62吉瓦以及到2030年的约120吉瓦火电厂升级改造计划250吉瓦至300吉瓦燃煤电厂需于十四五期间进行升级改造以及对燃煤发电站的投资重启未来3年不少于240吉中瓦的新增煤电产能我们预计哈尔滨电气于2023年至2025年间的经营业绩将持续超出市场预期我们认为公司的复苏已在哈外路上尔运滨重申对哈尔滨电气买入的投资评级我们看好哈尔滨电气的前景相信本次的交易将提振市场对公司的信心受到市场电输对其前景的信心和复苏预期的推动公司的股价从8月底至今已上涨了462我们将维持对哈尔滨电气买入的投资评气级并将进一步上调公司的目标价Harbin01133ElectricHKSeethelastpagefordisclaimerPage1of2TablePageHeaderHarbinElectric01133HKCompanyTableCompanyRatingDefinitioRatingDefinitionnTheBenchmarkHongKongHangSengIndex1raMthgiRelbaTTimeHorizon6to18monthsRatingDefinitionBuy买入RelativePerformance15orthefundamentaloutlookofthecompanyorsectorisfavorableAccumulate收集RelativePerformanceis5to15orthefundamentaloutlookofthecompanyorsectorisfavorableNeutral中性RelativePerformanceis-5to5orthefundamentaloutlookofthecompanyorsectorisneutral29December2022Reduce减持RelativePerformanceis-5to-15orthefundamentaloutlookofthecompanyorsectorisunfavorableSell卖出RelativePerformance-15orthefundamentaloutlookofthecompanyorsectorisunfavorableSectorTableRatingIndustryDefinitionRatingDefinitionTheBenchmarkHongKongHangSengIndexTimeHorizon6to18monthsRatingDefinition2raMthgiRelbaTOutperform跑赢大市RelativePerformance5orthefundamentaloutlookofthesectorisfavorableNeutral中性RelativePerformanceis-5to5orthefundamentaloutlookofthesectorisneutralUnderperform跑输大市RelativePerformance-5OrthefundamentaloutlookofthesectorisunfavorableDISCLOSURETableDISCLOSUREOFINTERESTSOFINTERESTS1TheAnalystsandtheirassociatesdonotserveasanofficeroftheissuermentionedinthisResearchReport2TheAnalystsandtheirassociatesdonothaveanyfinancialinterestsinrelationtotheissuermentionedinthisResearchReport3ExceptforCHINAGRANDPHARMACEUTICALANDHEALTHCARE00512HKLUZHOUBANK01983HKSFREIT0219101133HKHKJINSHANGBANK02558HKBANKOFZHENGZHOU06196HKGuotaiJunananditsgroupcompaniesdonotholdequaltoormorethan1ofthemarketcapitalizationoftheissuermentionedinthisResearchReport4GuotaiJunananditsgroupcompanieshavenothadinvestmentbankingrelationshipswiththeissuermentionedinthisResearchReportwithinthepreceding12months5GuotaiJunananditsgroupcompaniesarenotmakingamarketinthesecuritiesinrespectoftheissuermentionedinthisResearchReport哈尔滨电气6GuotaiJunananditsgroupcompanieshavenotemployedanindividualservingasanofficeroftheissuermentionedinthisResearchReportThereisnoofficeroftheissuermentionedinthisResearchReportassociatedwithGuotaiJunananditsgroupcompaniesHarbinElectricDISCLAIMERThisResearchReportdoesnotconstituteaninvitationoroffertoacquirepurchaseorsubscribeforsecuritiesbyGuotaiJunanSecuritiesHongKongLimitedGuotaiJunanGuotaiJunananditsgroupcompaniesmaydobusinessthatrelatestocompaniescoveredinresearchreportsincludinginvestmentbankinginvestmentservicesetcforexampletheplacingagentleadmanagersponsorunderwriterorinvestproprietarilyAnyopinionsexpressedinthisreportmaydifferorbecontrarytoopinionsorinvestmentstrategiesexpressedorallyorinwrittenformbysalespersonsdealersandotherprofessionalexecutivesofGuotaiJunangroupofcompaniesAnyopinionsexpressedinthisreportmaydifferorbecontrarytoopinionsorinvestmentdecisionsmadebytheassetmanagementandinvestmentbankinggroupsofGuotaiJunanThoughbestefforthasbeenmadetoensuretheaccuracyoftheinformationanddatacontainedinthisResearchReportGuotaiJunandoesnotguaranteetheaccuracyandcompletenessoftheinformationanddatahereinThisResearchReportmaycontainsomeforward-lookingestimatesandforecastsderivedfromtheassumptionsofthefuturepoliticalandeconomicconditionswithinherentlyunpredictableandmutablesituationsouncertaintymaycontainInvestorsshouldunderstandandcomprehendtheinvestmentobjectivesanditsrelatedrisksandwherenecessaryconsulttheirownfinancialadviserspriortoanyinvestmentdecisionThisResearchReportisnotdirectedatorintendedfordistributiontoorusebyanypersonorentitywhoisacitizenorresidentoforlocatedinanyjurisdictionwheresuchdistributionpublicationavailabilityorusewouldbecontrarytoapplicablelaworregulationorwhichwouldsubjectGuotaiJunananditsgroupcompaniestoanyregistrationorlicensingrequirementwithinsuchjurisdiction2022GuotaiJunanSecuritiesHongKongLimitedAllRightsReserved27FLowBlockGrandMillenniumPlaza181QueensRoadCentralHongKongTel8522509-9118Fax8522509-7793WebsitewwwgtjacomhkFlashNoteSeethelastpagefordisclaimerPage2of2