证券研究报告 | 行业周报 | 公用事业 公用事业 报告日期：2025 年 03 月 16 日 绿电直供凸显环境属性，清洁能源迎来专项资金 ——环保与公用事业行业周报 投资要点 ❑ 行情回顾 本周，公用事业板块指数上涨 2.19%，涨跌幅在 31 个申万一级行业中排名第 11，跑赢沪深 300 指数 0.61%；本周，环保板块指数上涨 2.53%，涨跌幅在 32 个 申万一级行业中排名第 9，跑赢沪深 300 指数 0.94%。截至 2025 年 3 月 7 日，公 用事业（申万）PE（TTM）为 16.87 倍，PB（LF）为 1.48 倍；环保（申万）PE （TTM）为 21.60 倍，PB（LF）为 1.48 倍。 ❑ 行业重要动态 ❑ 核心观点与投资建议 ❑ 公用事业行业，本周重点关注个股组合：佛燃能源+东方电子+中国核电。 A.绿电运营板块。去年以来政策推动典型高耗能行业参与绿证绿电交易，绿电环 境价值有望进一步兑现；此外新能源全面入市有望带动电价下行，叠加电网发债 持续推进下绿电企业国补欠补问题有望改善。考虑到当前绿电估值已处价值洼地， 尤其是港股绿电普遍处于破净状态，后续可进一步关注新能源大基地 ...

Group 1: Data Center Industry Insights - The company has established numerous successful cases in the data center sector, providing comprehensive product solutions to meet the demands of power distribution monitoring and management [1] - The rapid development of AI technology significantly boosts investment in data centers, with major tech companies increasing their capital expenditures in this area for 2025 [1] - Traditional data centers face substantial renovation needs to meet the requirements of AI data centers, indicating a growing market demand [1] Group 2: Impact of New Energy Policy - The recent notice from the National Development and Reform Commission emphasizes the acceleration of a new power system and the establishment of a green, low-carbon development mechanism [2] - Microgrids can sell excess renewable energy during high electricity prices and store energy or purchase from the main grid during low prices, enhancing economic returns [2] - The cost of renewable energy generation is subject to market fluctuations, posing challenges for cost control in microgrids [2] Group 3: Technological and Operational Challenges - Microgrids require precise forecasting of renewable energy generation and load demands, necessitating the use of smart energy management systems [2] - The development of power electronics technology is crucial for the flexible connection of microgrids to the main grid, enhancing performance and reliability [2] - The intermittency and volatility of renewable energy generation increase the difficulty of power balance in microgrids, highlighting the importance of energy storage systems [2] Group 4: Market Competition and Development - Microgrids must improve operational efficiency and service quality to compete as independent market entities in the electricity market [2] - The policy encourages technological innovation and industry upgrades in microgrids, attracting more enterprises to participate in their construction and operation [2] - The company's EMS 3.0 core functions align with electricity reform policies, becoming essential for commercial users looking to engage in market transactions [2]

其一为一种基于充电站负载的充电管理系统及其充电控制方法，专利号ZL 2022 1 0875781.3，专利权人 包括安科瑞电气股份有限公司、江苏安科瑞电器制造有限公司和江苏安科瑞微电网研究院有限公司。 其二为一种RS485级联的多用户电能表及其数据传输方式，专利号ZL 2020 1 0375450.4，专利权人包括 江苏安科瑞电器制造有限公司和安科瑞电气股份有限公司。 财联社1月8日电，安科瑞公告，公司于近日取得国家知识产权局颁发的发明专利证书2份。 这两项专利的取得预计未来一年内不会对公司生产经营产生重大影响，但有利于公司完善知识产权保护 体系，形成持续创新机制，增强核心竞争力。 ...

Financial Performance - Revenue for the third quarter was RMB 285.2 million, a decrease of 15.48% year-over-year[3] - Net profit attributable to shareholders was RMB 57.87 million, down 21.18% compared to the same period last year[3] - Total revenue for the current period is 815,754,589.12 RMB, a decrease from the previous period's 875,339,138.84 RMB[16] - Net profit attributable to the parent company's owners is 948,877,395.55 RMB, up from 875,602,044.08 RMB at the beginning of the period[15] - Net profit attributable to parent company shareholders was RMB 158.46 million, compared to RMB 173.87 million in the same period last year[17] - Basic earnings per share were RMB 0.75, down from RMB 0.82 in the same period last year[18] - Total comprehensive income attributable to parent company shareholders was RMB 156.18 million, compared to RMB 170.22 million in the same period last year[18] - Sales revenue from goods and services was RMB 843.31 million, down from RMB 862.24 million in the same period last year[19] Cash Flow and Financial Position - Operating cash flow for the first nine months increased by 33.24% to RMB 172.43 million[3] - Cash flow from financing activities decreased by 101.18% due to increased cash dividend distribution[7] - Operating cash flow increased to RMB 172.43 million, up from RMB 129.41 million in the same period last year[19] - Investment cash flow was negative RMB 54.71 million, compared to negative RMB 13.73 million in the same period last year[20] - Cash and cash equivalents at the end of the period were RMB 349.07 million, up from RMB 234.95 million in the same period last year[20] - Cash received from tax refunds was RMB 18.35 million, down from RMB 23.40 million in the same period last year[19] - Cash paid for employee compensation was RMB 222.29 million, down from RMB 241.12 million in the same period last year[19] - Cash and cash equivalents as of September 30, 2024, are 350,335,543.85 RMB, slightly up from 347,141,869.56 RMB at the beginning of the period[13] Assets and Liabilities - Total assets grew by 3.54% to RMB 1.796 billion compared to the end of the previous year[3] - Total assets as of September 30, 2024, are 1,796,419,653.24 RMB, up from 1,735,022,436.93 RMB at the beginning of the period[13] - Total liabilities as of September 30, 2024, are 409,470,079.22 RMB, down from 426,680,206.94 RMB at the beginning of the period[14] - Total equity attributable to the parent company's owners is 1,386,250,047.56 RMB, up from 1,308,056,509.56 RMB at the beginning of the period[15] - Fixed assets as of September 30, 2024, are 200,119,918.19 RMB, down from 214,937,200.34 RMB at the beginning of the period[13] - Accounts receivable as of September 30, 2024, are 205,610,291.43 RMB, up from 170,965,284.30 RMB at the beginning of the period[13] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period is 13,189[8] - Zhou Zhong holds 18.26% of the shares, totaling 39,197,988 shares, with 29,398,491 shares under restricted conditions[8] - Shanghai Qianhang Investment Co., Ltd. holds 16.21% of the shares, totaling 34,800,000 shares[8] - Wu Jianming holds 7.42% of the shares, totaling 15,929,436 shares[8] - Zhu Fang holds 5.58% of the shares, totaling 11,977,752 shares, with 8,983,314 shares under restricted conditions[8] - Zhou Zhong's restricted shares at the end of the period are 29,398,491, with no changes during the period[9] - Zhu Fang's restricted shares decreased by 760,275 during the period, leaving 8,983,314 shares under restriction[9] - The total restricted shares at the end of the period are 39,142,726, a decrease of 950,275 from the beginning of the period[9] Expenses and Costs - Operating costs for the current period are 679,913,347.57 RMB, down from 723,722,196.08 RMB in the previous period[16] - R&D expenses for the current period are 87,781,418.20 RMB, a decrease from 98,379,046.39 RMB in the previous period[16] - Income tax expense decreased to RMB 10.94 million, down from RMB 21.38 million in the same period last year[17] Investments and Financial Activities - The company's income tax rate was adjusted to 10% due to its recognition as a key software enterprise, resulting in a tax adjustment of RMB 7.97 million[5] - Construction in progress increased by 758.11% due to the addition of the Shanghai headquarters building project[6] - Financial expenses decreased by 196.63% due to increased interest income[6] - Investment income decreased by 49.81% due to reduced dividends from Qianhang Partnership[6] - Fair value change income increased by 256.35% due to changes in the fair value of trading financial assets[6] - The company's entrusted financial management during the reporting period amounted to 22,500 million yuan, with an outstanding balance of 41,500 million yuan[10] Corporate Governance and Changes - Zong Shousong resigned as director and vice president due to personal reasons[12]

董事会对宗寿松先生在任职期间所做的工作表示衷心的感谢。公司将按照相关法定 程序适时完成董事、高级管理人员的补选和聘任工作。 证券代码：300286 证券简称：安科瑞 公告编号：2024-061 特此公告。 安科瑞电气股份有限公司 安科瑞电气股份有限公司 关于董事、高级管理人员辞职的公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假记载、误 导性陈述或重大遗漏。 安科瑞电气股份有限公司（以下简称"公司"）董事会于近日收到公司董事、高管 宗寿松先生的辞职报告。宗寿松先生因个人原因辞去公司董事、副总经理职务，原定任 期至第六届董事会届满之日止。其辞去董事、副总经理职务后继续担任公司其他职务。 根据《公司法》《深圳证券交易所上市公司自律监管指引第 2 号——创业板上市公 司规范运作》《公司章程》的相关规定，宗寿松先生的辞职，不会导致公司董事会人数 低于法定人数，亦不会影响董事会正常运作和公司正常的生产经营，其辞职报告自送达 董事会之日起生效。 截至本公告披露日，宗寿松先生直接持有公司股票 193,750 股，其所持股份将继续 严格按照《公司法》《证券法》《上市公司董事、监事和高级管理人员所持本公 ...

证券代码：300286 证券简称：安科瑞 公告编号：2024-060 安科瑞电气股份有限公司 关于向特定对象发行股票申请获得 本次向特定对象发行股票的发行人和保荐人（主承销商）的联系方式如下： 一、发行人：安科瑞电气股份有限公司 联系部门：证券部 中国证券监督管理委员会同意注册批复的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有 虚假记载、误导性陈述或重大遗漏。 安科瑞电气股份有限公司（以下简称"公司"）于近日收到中国证券监督管 理委员会出具的《关于同意安科瑞电气股份有限公司向特定对象发行股票注册的 批复》（证监许可〔2024〕1260 号），批复主要内容如下： 一、同意你公司向特定对象发行股票的注册申请。 二、你公司本次发行应严格按照报送深圳证券交易所的申报文件和发行方案 实施。 三、本批复自同意注册之日起 12 个月内有效。 四、自同意注册之日起至本次发行结束前，你公司如发生重大事项，应及时 报告深圳证券交易所并按有关规定处理。 公司董事会将根据上述批复和相关法律法规的要求以及公司股东大会的授 权，在规定期限内办理本次向特定对象发行股票相关事宜，并及时履行信息披露 义务，敬请广大投资 ...

证券简称：安科瑞 证券代码：300286 安科瑞电气股份有限公司 Acrel Co.,Ltd. （上海市嘉定区育绿路 253 号） 2023年度向特定对象发行股票 募集说明书 （注册稿） 保荐机构（主承销商） （江西省南昌市新建区子实路 1589 号） 二〇二四年九月 安科瑞电气股份有限公司向特定对象发行股票募集说明书 声 明 1、本公司及董事会全体成员保证公告内容真实、准确、完整，并确认不存 在虚假记载、误导性陈述或重大遗漏，并对本募集说明书内容的真实性、准确性、 完整性承担个别和连带的法律责任。 2、本募集说明书按照《上市公司证券发行注册管理办法》《公开发行证券的 公司信息披露内容与格式准则第 61 号——上市公司向特定对象发行证券募集说 明书和发行情况报告书》等要求编制。 3、本次向特定对象发行股票完成后，公司经营与收益的变化由公司自行负 责；因本次向特定对象发行股票引致的投资风险由投资者自行负责。 4、本募集说明书是公司董事会对本次向特定对象发行股票的说明，任何与 之相反的声明均属不实陈述。 5、投资者如有任何疑问，应咨询自己的经纪人、律师、专业会计师或其他 专业顾问。 6、本募集说明书所述事项并不代 ...

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申请文件财务数据更新的提示性公告 证券代码：300286 证券简称：安科瑞 公告编号：2024-059 安科瑞电气股份有限公司 关于2023年度向特定对象发行股票募集说明书（注册稿）等 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有 虚假记载、误导性陈述或重大遗漏。 安科瑞电气股份有限公司（以下简称"公司"）向特定对象发行股票的申请 已于 2024 年 8 月 2 日获得深圳证券交易所上市审核中心审核通过，具体内容详 见公司于 2024 年 8 月 3 日在巨潮资讯网（http://www.cninfo.com.cn）披露的《关 于收到<关于安科瑞电气股份有限公司申请向特定对象发行股票的审核中心意见 告知函>的公告》（公告编号：2024-046）。 因公司于 2024 年 8 月 28 日披露了《2024 年半年度报告》，公司会同相关 中介机构对募集说明书等申请文件中涉及的财务数据进行了更新，具体内容详见 公司同日在巨潮资讯网披露的《安科瑞电气股份有限公司 2023 年度向特定对象 发行股票募集说明书（注册稿）（2024 年半年报更新）》等相关文件。 公司本次向特定对象发行股票事项尚需获得中国 ...

审 计 报 告 天健审〔2024〕746 号 安科瑞电气股份有限公司全体股东： 一、审计意见 目 录 | | | | 二、财务报表……………………………………………………… 第 | 6—13 页 | | --- | --- | | （一）合并资产负债表…………………………………………… | 第 6 页 | | （二）母公司资产负债表………………………………………… | 第 7 页 | | （三）合并利润表………………………………………………… | 第 8 页 | | （四）母公司利润表……………………………………………… | 第 9 页 | | （五）合并现金流量表……………………………………………第 | 10 页 | | （六）母公司现金流量表…………………………………………第 | 11 页 | | （七）合并所有者权益变动表……………………………………第 | 12 页 | | （八）母公司所有者权益变动表…………………………………第 | 13 页 | | 三、财务报表附注…………………………………………………第 14—86 | 页 | | I (1) | | | | --- | --- | --- | | ...