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Public company info - Harbin Electric Co. Ltd. - H Shares , 01133.HK
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Harbin Electric Co. Ltd. - H Shares, 01133.HK - Company Profile
Chairman Si Ze-fu
Share Issued (share) 676,000,000
Par Currency Renminbi
Par Value 1.0
Industry Electric Equipment
Corporate Profile Business Summary: The Group is principally engaged in production and sales of power generator and turn-key construction of power station projects. Performance for the year: In 2019, the Company recorded an operating income of RMB22,515.59 million, representing a decrease of 13.00% over the same period last year, Business Review New contracts In 2019, facing a complicated and challenging internal and external situation, the Company adhered to goal orientation, innovated marketing system, and deepened reform of the divisional system on a ongoing basis, thereby realizing RMB30.190 billion worth of duly signed contracts (2018: RMB33.744 billion), of which RMB7.714 billion (or 25.55% of total contract value) for thermal power equipment, RMB1.669 billion (or 5.53% of total contract value) for hydropower equipment, RMB2.663 billion (or 8.82% of total contract value) for nuclear power equipment, RMB0.714 billion (or 2.36% of total contract value) for steam equipment, RMB11.415 billion (or 37.81% of total contract value) for power engineering, RMB3.128 billion (or 10.36% of total contract value) for power station services, and RMB2.887 billion (or 9.56% of total contract value) for other products. Thermal power industry: Affected by the national industrial policies that restrict the development scale of coal power in recent years, the scale of new bidding is on the decline, and the amount of formal contracts signed by the Company in respect of thermal power industry is also on the decline. In 2019, the formal contracted value of the Company’s thermal power equipment decreased by 36.70% over the previous year. Steam power industry: As the Company acquired two national demonstration projects – Datang Nanjing Power Plant Phase II and Jiangyin Thermoelectricity, the formal contracted value achieved a high growth as compared with the same period last year. In 2019, the formal contract value of the Company’s steam power equipment increased by 586.33% over the previous year. Nuclear power industry: As the contract of Hainan Changjiang Phase II came into force, the formal contracted value achieved a high growth as compared with the same period last year. In 2019, the formal contract value of the Company’s nuclear power equipment increased by 518.37% over the previous year. International market: As formal contracts for power engineering kept exceeding RMB10 billion, and all industrial equipment and services went global by means of “leveraging resources lent to go global”, the formal contract value of the Company in international market in 2019 was RMB12.652 billion, representing a decrease of 11.84% over the previous year. Production & service In order to ensure the Company’s sustainable and healthy development and further reduce operational risks, the Company’s overall scale of production in 2019 declined as considering the Company’s orders in hand, market situation, user needs, and project schedules. During the year, output of the Company’s power generation equipment amounted to 10,990 MW, down by 22.5% over the same period last year, of which 1,810 MW were produced by water turbine generator units, down by 20.0% over the same period last year and 9,180 MW by steam turbine generators, down by 23.0% over the same period last year. Output of steam turbines for power stations was 9,870 MW, down by 1.6% over the same period last year and that of boilers for power stations was 14,524 MW, up by 2.4% over the same period last year. The Company actively responded to market changes, satisfied customers’ service needs for the entire life cycle of power plant units, realized a product-centric shift to a market and user-centric transformation, and made every effort to provide customers with high-quality services. In 2019, the overall technology of the Company’s self-developed full-service remote operation and maintenance intelligent diagnostic system reached the international advanced level; the “Internet+ Service” power station service platform was officially launched with service providing to 207 users online by the end of 2019, and there were over 10,000 goods provided in “spare parts and services” platform, while the timeliness rate of “customer feedback” reached 100%. Innovating “headquarters to headquarters” marketing model, the Company cooperated with five major power generation groups to achieve joint inventory for spare parts, and actively developed the marketing models such as “technical improvement + parameters upgrading”, “technical improvement + overhaul” and “technical improvement + capital”. Scientific research inputs and achievements In 2019, the Company invested RMB1.15 billion in science and technology, completed a total of 325 scientific research projects and development of 125 new products, and received 29 scientific and technological awards throughout the year, including 2 national special awards and 20 provincial and ministerial awards. “Yangtze River Three Gorges Project” conducted by Machinery Company was awarded National Special Award for Scientific and Technological Progress, and Tianwan Nuclear Power Plant Phase II Project Conventional Island Equipment was awarded First Prize for Scientific and Technological Progress in China’s Nuclear Power. During the year, the Company obtained totally 431 patents, of which there were 77 invention patents. Processing Technology for Guide Vanes of Nuclear Pumps in Nuclear Power Plant conducted by Power Equipment Company was awarded the 21st China Patent Excellence Award, and the Machinery Company was recognized as National Enterprise with Advantages in Intellectual Property. The achievements of application demonstration of tools for processing steam generator tube plate (key components) in the third generation nuclear power plant made by the Heavy Equipment Company spanned the gap in China. In 2019, the Company continued to improve the construction of R&D system, implemented the integration of the central research institute and engineering research center, and made full use of the Company’s platform of “National Engineering Research Center for Power Generation Equipment” to coordinate the development of scientific R&D and the engineering and industrialization of scientific research results. New products and new industries The Company is committed to promoting the transformation and upgrading of enterprises, establishing the industrial transformation system and promoting the development of the new sector. In 2019, the Company’ headquarters focused on new industries and attached great importance to the entry to wind power, optoelectronic, hub motor, energy storage and other industries. The subsidiaries focused on new products and attached great importance to expanding petrochemical container, environmental protection, water treatment, phase modifier, garbage power generation and other products. Scientific research institutions focused on new technologies and attached great importance to such new technologies as gas turbines, hub motor, intelligent control, multi-energy complementarity, low-nitrogen combustion, and hydrogen utilization. During the year, actively promoting the development of wind power and optothermal industry, the Company completed analysis and demonstration, and determined development layout and paths. The first domestically produced 30 MW fuel-powered compressor and 20 MW electric-powered compressor with independent intellectual property rights were put into operation in the project of “westEast Gas Transmission”. The Company had the overall ability to construct a power station after completing the introduction, understanding and absorption of trough solar thermal power generation technology. The demonstration project of coal-fired coupled biomass gasification poThe Groupr generation technology in Datang Changshan Thermal Power Plant has completed the trial operation, and the technology plan of coal-fired coupled garbage power generation has been reviewed by the National Energy Administration. Capital expenditure and significant investments held In 2019, the Company injected a total of capital expenditures worth RMB473 million for major construction and technological transformation projects. The major projects include: Making investment to undertake BOT project for ultra-low emission retrofit of boilers in thermal power plant of Chalco Shanxi New Material Co., Ltd so as to expand environmental protection business of the Company, and promote its transformation and upgrading (the project was completed at the end of 2019); making investment in the construction project for a biomass fuel company to collect and store straw, expand the Company’s industrial development, extend the scale of production and operation and increase operating profit (the project is currently being implemented). In 2020, the Company intends to commit an investment of RMB196 million in key construction and technological transformation projects, mainly for technical measures and technological transformation projects of subsidiaries and further investment for the construction project of biomass fuel company. Major acquisitions and sales of subsidiaries, associates and joint ventures On 28 November 2019, the Company entered into the Equity Transfer Agreement with China Huarong Asset Management Co., Ltd to acquire its 10.37% equity interest in the Machinery Company, 5.22% equity interest in the Boiler Company, and 26.96% equity interest in the Steam Turbine Company by cash at the purchase price of RMB432.83 million. On 17 December 2019, the Company entered into the Equity Transfer Agreement with China Great Wall Asset Management Co., Ltd to acquire its 2.70% equity interest in the Boiler Company by cash at the purchase price of RMB79.28 million. Prospects: In 2020, it is expected that China’s power supply and demand will be generally balanced, and power consumption will continue to grow steadily. The country’s estimated additional installed power generation capacity of infrastructure is about 120 million kilowatts, of which about 87 million kilowatts of non-fossil energy power generation capacity is put into operation, and the proportion will continue to rise. At the same time, the competition situation in the power generation equipment manufacturing industry is even more severe, and “competitive bidding” has become the norm. Generally speaking, for power generation equipment manufacturing enterprises, opportunities and challenges coexist, and pressure and motivation coexist. 2020 is the concluding year of the “13th Five-Year” Plan, a crucial year to lay a solid foundation for the development of the “14th Five-Year” Plan, as well as a crucial year for the Company to make every possible effort to promote high-quality development in enterprises. Continuing to implement new development philosophy, take the supply-side structural reform as the main task, take enterprise development strategy as the overarching principle, and focus on transformation development, the Company will make great effort to do well in market development, cash flow management and control, the development of new product and new industry, upgrading of traditional industry and technological innovation, accelerate high-quality development, and strive to build itself into a world-class equipment manufacturing enterprise with global competitiveness.

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