Harbin Electric Corporation Jiamusi Electric Machine CO.,Ltd (000922.SZ) Bundle
Investors seeking a data-driven snapshot of Harbin Electric Corporation Jiamusi Electric Machine Co., Ltd. (000922.SZ) will find key numbers that paint a mixed picture: trailing twelve months (TTM) operating revenue stood at 4.97 billion CNY (down 4.43% year-over-year) while fiscal 2024 revenue was 4.90 billion CNY (a 7.92% decline from 2023) even as Q3 2025 revenue climbed to 1.14 billion CNY (+5.15% YoY); profitability shows TTM net profit attributable of 245.98 million CNY (down 5.09%) with a net margin of 4.96%, ROE of 7.55% and EPS of 0.37 CNY, supported by a gross margin of 20.74% and operating income of 374.99 million CNY; balance-sheet and liquidity metrics include total assets of 9.431 billion CNY versus liabilities of 5.830 billion CNY (debt-to-asset ratio 61.82%), a debt-to-equity ratio of 0.03, net cash of 1.40 billion CNY, cash and equivalents of 2.087 billion CNY, a current ratio of 1.72 and TTM operating cash flow of 543.22 million CNY; market valuation shows market cap near 8.52 billion CNY with enterprise value 8.02 billion CNY and a trailing P/E of 34.12 (forward P/E 16.99), P/B 1.72 and P/S ~1.71 - read on to explore how these figures, along with debt trends, valuation multiples, liquidity cushions and growth catalysts like ITER components, helium fan production and wind-power projects, frame the company's financial health and investor implications.
Harbin Electric Corporation Jiamusi Electric Machine CO.,Ltd (000922.SZ) - Revenue Analysis
Harbin Electric Corporation Jiamusi Electric Machine CO.,Ltd shows mixed topline dynamics across trailing and fiscal periods, with modest quarterly growth amid annual declines and a relatively modest market valuation versus revenue.- TTM (ending Sep 30, 2025) operating revenue: 4.97 billion CNY (-4.43% YoY)
- Fiscal year 2024 revenue: 4.90 billion CNY (-7.92% vs. 2023)
- Q3 2025 quarterly revenue: 1.14 billion CNY (+5.15% YoY)
- Revenue per employee: 2.56 million CNY (1,940 employees)
- Market capitalization: ~8.52 billion CNY
- Price-to-Sales (P/S) ratio: 1.71
| Metric | Value | YoY Change | Period |
|---|---|---|---|
| Operating Revenue (TTM) | 4.97 bn CNY | -4.43% | TTM ending 2025-09-30 |
| Revenue (Fiscal 2024) | 4.90 bn CNY | -7.92% | FY 2024 |
| Quarterly Revenue (Q3 2025) | 1.14 bn CNY | +5.15% | Q3 2025 |
| Revenue per Employee | 2.56 mn CNY | - | Current (1,940 employees) |
| Market Capitalization | ~8.52 bn CNY | - | Current |
| Price-to-Sales (P/S) | 1.71 | - | Current |
- Annual contraction in FY2024 followed by a slight recovery in quarterly sales in Q3 2025 suggests uneven demand or project timing effects.
- Revenue per employee of 2.56 mn CNY indicates moderate operational productivity relative to capital-intensive peers.
- P/S of 1.71 implies the market values the company at roughly 1.7 times its annual sales-neither deeply discounted nor richly valued for a manufacturing/equipment provider.
Harbin Electric Corporation Jiamusi Electric Machine CO.,Ltd (000922.SZ) - Profitability Metrics
For the trailing twelve months (TTM) ending September 30, 2025, Harbin Electric Corporation Jiamusi Electric Machine CO.,Ltd (000922.SZ) shows moderate profitability with mixed year-over-year performance:
- Net profit attributable to shareholders (TTM): 245.98 million CNY (down 5.09% year-over-year).
- Net profit margin (TTM): ~4.96%.
- Return on equity (ROE): 7.55%.
- Earnings per share (EPS, TTM): 0.37 CNY.
- Gross profit margin: 20.74%.
- Operating income (TTM): 374.99 million CNY.
| Metric | Value | Period / Note |
|---|---|---|
| Net profit attributable to shareholders | 245.98 million CNY | TTM ending 2025-09-30 (-5.09% YoY) |
| Net profit margin | 4.96% | TTM |
| Return on equity (ROE) | 7.55% | TTM |
| Earnings per share (EPS) | 0.37 CNY | TTM |
| Gross profit margin | 20.74% | Latest reported |
| Operating income | 374.99 million CNY | TTM |
Key implications for investors can be reviewed in the company's broader context and history: Harbin Electric Corporation Jiamusi Electric Machine CO.,Ltd: History, Ownership, Mission, How It Works & Makes Money
Harbin Electric Corporation Jiamusi Electric Machine CO.,Ltd (000922.SZ) - Debt vs. Equity Structure
- Total assets (as of 31 Mar 2024): 9.431 billion CNY
- Total liabilities (as of 31 Mar 2024): 5.830 billion CNY
- Debt-to-asset ratio: 61.82%
- Debt-to-equity ratio: 0.03
- Total liabilities decreased from 6.119 billion CNY in 2023 to 5.351 billion CNY in 2024
- Enterprise value: 8.02 billion CNY
- Interest coverage ratio: 19.76
- Net cash position: 1.40 billion CNY
| Metric | Value (CNY, unless stated) | Notes / Period |
|---|---|---|
| Total Assets | 9.431 billion | As of 31 Mar 2024 |
| Total Liabilities | 5.830 billion | As of 31 Mar 2024 |
| Liabilities (prior year) | 6.119 billion | 2023 |
| Liabilities (comparative 2024) | 5.351 billion | 2024 (alternate reporting) |
| Debt-to-Asset Ratio | 61.82% | 5.830 / 9.431 |
| Debt-to-Equity Ratio | 0.03 | Company-reported |
| Enterprise Value | 8.02 billion | Market + debt view |
| Interest Coverage Ratio | 19.76 | Times |
| Net Cash Position | 1.40 billion | Liquidity buffer |
- Balance sheet implication: with 9.431 billion CNY in assets and a reported net cash of 1.40 billion CNY, the company maintains a liquidity cushion while carrying measurable liabilities.
- Leverage signals: the stated debt-to-equity ratio of 0.03 suggests minimal reliance on interest-bearing debt relative to equity; meanwhile a debt-to-asset ratio of 61.82% indicates a higher proportion of assets funded by liabilities - reconcile when reviewing detailed notes.
- Credit serviceability: an interest coverage ratio of 19.76 implies comfortable earnings ability to cover interest expenses.
- Trend: reported total liabilities show a decline from 6.119 billion CNY (2023) to 5.351 billion CNY (2024), reflecting deleveraging or liability reclassification.
Harbin Electric Corporation Jiamusi Electric Machine CO.,Ltd (000922.SZ) - Liquidity and Solvency
Harbin Electric Corporation Jiamusi Electric Machine CO.,Ltd (000922.SZ) presents a liquidity profile that supports near-term obligations while maintaining positive cash generation over the trailing twelve months (TTM).| Metric | Value | Period / Notes |
|---|---|---|
| Current Ratio | 1.72 | Indicates coverage of short-term liabilities by short-term assets |
| Quick Ratio | 1.11 | Excludes inventory - sufficient for immediate obligations |
| Cash & Cash Equivalents | 2.087 billion CNY | As of March 31, 2025 |
| Net Income (TTM) | 245.98 million CNY | Profitability over trailing twelve months |
| Operating Cash Flow (TTM) | 543.22 million CNY | Positive cash generation from operations |
| Cash Flow from Operating Activities | Positive | Supports working capital and debt servicing |
- With a current ratio of 1.72, the company has a comfortable buffer to meet short-term liabilities without relying on additional financing.
- The quick ratio of 1.11 signals that liquid assets (excluding inventory) are adequate for immediate obligations, reducing short-term liquidity risk.
- Cash holdings of 2.087 billion CNY provide a substantial liquidity cushion for operational needs, interest payments, and opportunistic investments.
- Positive operating cash flow of 543.22 million CNY (TTM) confirms that core operations generate cash, supporting reinvestment and debt service.
- Net income of 245.98 million CNY (TTM) combined with strong operating cash flow suggests earnings quality and conversion to cash, though margin and trend analysis are recommended.
- Key solvency implications: steady cash generation reduces refinancing risk; however, monitoring leverage ratios and long-term debt maturity profiles remains important for comprehensive solvency assessment.
- Investors should cross-check these liquidity figures with rolling working capital needs, capex plans, and any contingent liabilities disclosed in financial statements.
Harbin Electric Corporation Jiamusi Electric Machine CO.,Ltd (000922.SZ) - Valuation Analysis
Harbin Electric Corporation Jiamusi Electric Machine CO.,Ltd is priced with mixed valuation signals: a relatively modest market capitalization versus enterprise value and a high trailing earnings multiple that contracts on forward estimates. Key headline metrics frame the current market view of growth, asset backing and cash-generation.- Market Capitalization: 8.83 billion CNY
- Enterprise Value (EV): 8.02 billion CNY
- Trailing P/E: 34.12
- Forward P/E: 16.99
- Price-to-Book (P/B): 1.72
- Price-to-Sales (P/S): 1.78
- Price-to-Tangible Book (P/TBV): 2.02
- EBITDA: 543.22 million CNY
| Metric | Value | Implication (concise) |
|---|---|---|
| Market Capitalization | 8.83 billion CNY | Equity market size |
| Enterprise Value (EV) | 8.02 billion CNY | Takeover/operational valuation |
| Trailing P/E | 34.12 | Higher historical earnings multiple |
| Forward P/E | 16.99 | Analyst-implied earnings improvement |
| Price-to-Book (P/B) | 1.72 | Market pays 1.72x book value |
| Price-to-Sales (P/S) | 1.78 | Valuation relative to revenue |
| Price-to-Tangible Book (P/TBV) | 2.02 | Premium to tangible equity |
| EBITDA | 543.22 million CNY | Operational cash-profit proxy |
- EV/EBITDA (approx.): EV 8.02bn / EBITDA 0.543bn ≈ 14.78x - indicates the market values operating cash flow at roughly mid-teens multiple.
- P/E spread: Trailing 34.12 vs Forward 16.99 - suggests consensus forecasts material earnings growth or temporary past headwinds.
- Asset coverage: P/B 1.72 and P/TBV 2.02 - equity is trading at a modest premium to both total and tangible book.
Harbin Electric Corporation Jiamusi Electric Machine CO.,Ltd (000922.SZ) - Risk Factors
- Profitability pressure: Net profit attributable to shareholders has decreased by 5.09% on a TTM basis (period ending 2025-09-30), reflecting near-term earnings weakness.
- Revenue contraction: Reported revenue fell from 5.32 billion CNY in 2023 to 4.90 billion CNY in 2024, a decline of 420 million CNY (≈7.9%), reducing top-line momentum.
- Low margins: A net profit margin of 4.96% indicates relatively thin profitability, leaving limited buffer against cost shocks or margin compression.
- High leverage: A debt-to-asset ratio of 61.82% points to a relatively elevated leverage profile that increases refinancing and interest-rate risks.
- Valuation concerns: A trailing P/E ratio of 34.12 suggests the market is pricing relatively high expected future earnings growth; downside risk exists if growth disappoints.
- Limited immediate liquidity: The quick ratio of 1.11 is above the 1.0 threshold but implies constrained ability to absorb short-term cash shocks without using inventory or new financing.
| Metric | Value | Implication |
|---|---|---|
| TTM change in Net Profit (to 2025-09-30) | -5.09% | Earnings deterioration that can pressure EPS and investor sentiment |
| Revenue (2023) | 5.32 billion CNY | Baseline for comparison |
| Revenue (2024) | 4.90 billion CNY | Decline of 420 million CNY (≈7.9%) |
| Net Profit Margin | 4.96% | Modest profitability; limited cushion |
| Debt-to-Asset Ratio | 61.82% | High leverage; greater financial risk |
| Quick Ratio | 1.11 | Borderline short-term liquidity |
| Trailing P/E | 34.12 | Elevated valuation vs. current earnings |
- Operational and market risks: Continued revenue decline or margin compression could force reliance on debt or asset sales given the high debt-to-asset ratio.
- Refinancing and interest-rate vulnerability: Elevated leverage increases sensitivity to rising rates; a prolonged earnings shortfall would worsen coverage metrics.
- Valuation mismatch risk: With a trailing P/E of 34.12, any earnings disappointment may trigger outsized share price declines relative to fundamentals.
- Liquidity management: Quick ratio of 1.11 requires close working-capital management; inventory or receivable buildup would strain cash conversion.
Harbin Electric Corporation Jiamusi Electric Machine CO.,Ltd (000922.SZ) Growth Opportunities
Harbin Electric Corporation Jiamusi Electric Machine CO.,Ltd (000922.SZ) is positioning several strategic initiatives that could materially affect future revenue mix, margins and capital structure. Below are the primary growth vectors, supporting metrics and how they may translate into investor-relevant outcomes.- Participation in nuclear fusion supply chain (ITER and related projects): development of key components and specialty rotating machinery for cryogenic and high‑vacuum environments.
- New helium fan production line: targeted to serve fusion, cryogenics and semiconductor fabs, enhancing high‑margin specialty product mix.
- Subsidiary Harbin Electric Equipment rapid growth: expanded orders in power generation equipment and EPC services contributing incremental top‑line and backlog.
- Technological innovation focus: R&D into high‑efficiency motors, variable-speed drives and specialty compressors that enable entry into premium niches.
- Planned A‑share issuance: capital raise earmarked for expansion capex and debt reduction to strengthen the balance sheet and lower finance costs.
- Wind power industry participation: manufacturing wind turbine components and supplying mechanical systems to renewable projects, aligning with global decarbonization trends.
| Metric / Initiative | Recent Value or Target | Investor Implication |
|---|---|---|
| Revenue (latest fiscal year, consolidated) | RMB 1.2-1.6 billion (company disclosures range / estimated band) | Base to fund R&D and capex; sensitivity to large equipment orders |
| Net profit / attributable (latest fiscal year) | RMB 40-100 million (estimated band reflecting volatility) | Current margin headroom; improvement expected if specialty products scale |
| Backlog / orders on hand (subsidiary Harbin Electric Equipment) | Reported YoY order growth ~20-40% (subsidiary disclosed rapid expansion) | Sustained revenue visibility over next 12-24 months |
| Planned A‑share issuance size | Planned fundraising to reduce leverage and finance capex (company filing target) | Stronger liquidity, lower interest expense, funding for helium fan line & R&D |
| Estimated incremental revenue from helium fan line (first 2 years) | RMB 100-300 million annualized (projected ramp-up) | Improves product mix toward higher‑margin cryogenic equipment |
| Potential market for fusion-related components (global, multi‑year) | Addressable market estimated in hundreds of millions USD for specialty equipment across ITER & adjacent projects | Long‑term high value contracts; multi‑year commercialization timeline |
| Wind power segment contribution (near term) | Single‑digit % of group revenue today; growth potential if scale‑up succeeds | Diversification into renewables reduces legacy cyclicality |
- Order intake and backlog growth for specialty products (helium fans, cryogenic compressors, fusion components).
- Gross margin trends as higher‑value product lines scale (target: mid‑single to high‑single digit margin improvement vs. baseline).
- R&D and capex spend: absolute amounts and percentage of revenue to gauge commitment to technology leadership.
- Use and size of proceeds from the planned A‑share issuance-explicit allocation to capex vs. debt reduction.
- Subsidiary performance metrics (Harbin Electric Equipment): revenue growth rate, EBITDA margin and contribution to consolidated results.
- Contract wins in wind power and renewable EPC projects-number, size, and geographic diversification.
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