Harbin Electric still a Buy
Harbin Reports Stellar Fourth Quarter and Full Year 2006
Harbin Electric (Nasdaq: HRBN) a U.S.-listed company focusing on linear motor technology, with operations based in Harbin, China, on March 7 announced financial results for its fourth quarter and full year ended December 31, 2006.
Revenues in the fourth quarter totaled $12.0 million, versus $7.2 million in the same quarter last year, an increase of 66.9%. Revenues for the full year 2006 totaled $40.4 million, an increase of 70.9% from $23.6 million 2005. Net income for the year was $18.4 million, or $1.11 per diluted share, compared with net income of $10.0 million, or $0.67per diluted share, last year.
Shares of Harbin are up approximately 13% since being added to the Rising Star Stocks portfolio. We maintain our Buy rating and price target of $13.00.
