Group 1: Macro and Industry Insights - The impact of Trump's tariff policy on China's manufacturing industry is significant, with a shift from labor-intensive industries to equipment manufacturing, primarily targeting ASEAN markets [1] - As the export tax rates between China and ASEAN diverge, opportunities for Chinese companies to expand overseas will increase, particularly in industries heavily reliant on exports to the US, such as mobile phones and automotive parts [1] Group 2: Banking Sector - The total scale of wealth management in China's banking sector decreased by 0.8 trillion yuan at the end of Q1 2025 compared to the beginning of the year, with fluctuations in scale due to market volatility [2] - The asset allocation structure remains stable, with an increase in the proportion of interbank lending and repurchase agreements, while bond and deposit asset proportions have decreased [2] Group 3: High-end Manufacturing - In March, exports continued the growth trend from January, with notable increases in the export of lawn mowers and sewing machines, with year-on-year growth rates of 30% and 47% respectively [3] - The growth in exports is attributed to preemptive consumer behavior in the US due to tariff disruptions [3] Group 4: Real Estate Market - In Q1, the transaction volume of residential land in key cities increased, with the average transaction price in the core 30 cities rising by 24% year-on-year [4] - The overall premium rate for residential land transactions in these cities increased by 11.3 percentage points year-on-year, indicating a recovery in the real estate market [4] Group 5: Precious Metals - The recent rise in gold prices is attributed to the weakening of the US dollar, enhancing gold's monetary attributes, with increased investment demand observed [6] - The report maintains a positive outlook on gold stocks, particularly those with strong earnings potential [6] Group 6: Chemical and Petrochemical Industry - The report highlights continued optimism for domestic substitution trends and sectors benefiting from economic recovery, recommending investments in major oil companies and chemical firms [7] - Specific companies mentioned include China Petroleum, China Petrochemical, and various agricultural chemical firms [7] Group 7: Company Performance - CNOOC Services reported a significant increase in net profit of 39.6% year-on-year for Q1 2025, with total revenue reaching 10.8 billion yuan [8] - The company is expected to see continued profit growth in the coming years, with net profit projections of 3.8 billion, 4.2 billion, and 4.6 billion yuan for 2025-2027 [8] Group 8: Environmental Sector - Oriental Electronics reported steady growth in major business revenues, with Q4 2024 net profit exceeding 200 million yuan [10] - The company is focusing on expanding its virtual power plant business, which is expected to contribute to future growth [10] Group 9: Telecommunications - China Mobile achieved a slight increase in revenue for Q1 2025, with total revenue of 263.8 billion yuan, reflecting a year-on-year growth of 0.02% [21] - The company has adjusted its net profit forecasts for 2025 and 2026, indicating a positive outlook for future performance [21]

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for future performance [4]. Core Views - The company experienced a significant improvement in profitability in Q1 2025, with a 15.33% year-on-year increase in net profit, despite a 5.24% decline in revenue for 2024 [1][2]. - The company is focusing on expanding its presence in both domestic and overseas markets, particularly in high-growth sectors such as new energy and virtual power plants [3]. - The report highlights the company's strategic shift towards enhancing its technical sales team and product offerings, which is expected to drive future growth [3]. Summary by Sections Financial Performance - In 2024, the company reported revenue of 1.063 billion yuan, a decrease of 5.24% year-on-year, and a net profit of 170 million yuan, down 15.68% [1][5]. - For Q1 2025, the company achieved revenue of 243 million yuan, a slight increase of 0.58% year-on-year, and a net profit of 52 million yuan, reflecting a significant 358.99% increase from the previous quarter [1][2]. Business Segments - Revenue from power monitoring and substation comprehensive monitoring products decreased by 12.12% to 436 million yuan, while energy efficiency management products saw a slight decline of 0.57% to 355 million yuan [2]. - The company reported a 7.43% increase in revenue from power sensors, reaching 120 million yuan, and a notable 24.46% growth in microgrid-related products, totaling 57 million yuan [2]. Market Strategy - The company is actively promoting its products in the domestic market, focusing on sectors like new energy and electricity reform, while also expanding its overseas operations in regions such as Southeast Asia and Europe [3]. - The overseas revenue grew by 33.22% in 2024, reaching 44 million yuan, showcasing strong growth momentum in international markets [3]. Profitability and Valuation - The report projects a decline in net profit for 2025 to 238 million yuan, a decrease of 21% from previous estimates, with corresponding EPS of 0.95 yuan [4][5]. - The company's P/E ratios for 2025-2027 are projected to be 24, 20, and 17, respectively, indicating a favorable valuation outlook [4][5].

Real Estate - In Q1, the land auction heat in key cities continues to rise, with the average transaction price of residential land in the core 30 cities increasing by 24% year-on-year [3] - The total area of residential land sold in 100 cities reached 41.97 million square meters, a year-on-year increase of 0.1%, with a floor price of 7,373 yuan per square meter, up 15.1% year-on-year [3] - The total area of residential land sold in 30 cities was 21.34 million square meters, a year-on-year increase of 16.1%, with a floor price of 13,080 yuan per square meter, up 24.1% year-on-year [3] - The overall premium rate for residential land transactions in the core 30 cities was 18.7%, an increase of 11.3 percentage points year-on-year [3] Machinery - In March, exports continued the growth trend from January, with notable performance in lawn mowers and sewing machines [3] - The export growth rates for tractors and mining machinery in March were 21% and 24% year-on-year, respectively [3] - Cumulative exports of electric tools and lawn mowers to North America from January to March increased by 20% and 30% year-on-year, respectively [3] - The export of industrial sewing machines increased by 47% year-on-year [3] China National Offshore Oil Corporation (CNOOC) - In Q1 2025, CNOOC reported a significant increase in drilling workload, with net profit attributable to shareholders rising by 39.6% year-on-year [4] - The total operating revenue for Q1 was 10.8 billion yuan, an increase of 6.4% year-on-year, but a decrease of 26.25% quarter-on-quarter [4] - The average price of Brent crude oil in Q1 was $74.98 per barrel, down 8.3% year-on-year but up 1.3% quarter-on-quarter [4] China Jushi - In Q1 2025, China Jushi's profit per ton for its roving yarn business improved sequentially, with sales maintaining rapid growth [5] - The profitability of the electronic cloth business increased significantly year-on-year, although it saw a slight decline quarter-on-quarter [5] - The core variable for the roving yarn industry in 2025 is the demand for wind power yarn, driven by rapid growth in new wind power installations [5] Aokrey - Aokrey's overseas market expansion showed significant results, with notable improvement in profitability in Q1 2025 [6] - The company reported a total operating revenue of 1.7 billion yuan in 2024, a decrease of 5.24% year-on-year, and a net profit of 170 million yuan, down 15.68% year-on-year [6] - In Q1 2025, the operating revenue was 243 million yuan, an increase of 0.58% year-on-year, and net profit was 52 million yuan, up 15.33% year-on-year [6] Giant Technology - In 2024, Giant Technology achieved a revenue of 14.795 billion yuan, a year-on-year increase of 35.4%, and a net profit of 2.304 billion yuan, up 36.2% year-on-year [7] - The company's net profit excluding non-recurring gains and losses was also 2.304 billion yuan, reflecting a growth of 35.7% year-on-year [7] - The gross profit margin for 2024 was 32.0%, an increase of 0.2 percentage points year-on-year [7] Sanhuan Group - Sanhuan Group reported steady growth in performance, with operating revenue of 7.375 billion yuan in 2024, up 28.78% year-on-year [8] - The net profit attributable to shareholders for 2024 was 2.19 billion yuan, an increase of 38.55% year-on-year [8] - In Q4 2024, the company achieved an operating revenue of 1.994 billion yuan, a year-on-year increase of 23.03% and a quarter-on-quarter increase of 2.09% [8]

Core Viewpoint - The company experienced a decline in revenue and profit in 2024, but showed signs of recovery in Q1 2025, indicating potential for future growth through strategic market expansion and product development [3][4]. Financial Performance - In 2024, the company achieved operating revenue of 1.063 billion, a decrease of 5.24% year-on-year, and a net profit attributable to shareholders of 170 million, down 15.68% year-on-year. The non-recurring net profit was 151 million, a decline of 18.07% [3]. - In Q1 2025, the company reported operating revenue of 243 million, an increase of 0.58% year-on-year, and a net profit attributable to shareholders of 52 million, up 15.33% year-on-year, with a significant quarter-on-quarter growth of 358.99% [3]. Business Segment Analysis - The traditional business model faced challenges in 2024, impacting the conversion rate of some registered projects. Revenue from power monitoring and substation comprehensive monitoring products decreased by 12.12% to 436 million, with a gross margin decline of 1.67 percentage points to 45.19% [4]. - Revenue from energy efficiency management products decreased by 0.57% to 355 million, with a gross margin decline of 1.69 percentage points to 45.08%. Revenue from power sensors increased by 7.43% to 120 million, with a gross margin decline of 1.23 percentage points to 44.08% [4]. - Revenue from fire safety and electrical safety products decreased by 16.11% to 89 million, while revenue from enterprise microgrid-others increased by 24.46% to 57 million [4]. - The overall sales gross margin in 2024 decreased by 1.72 percentage points to 44.67%. However, in Q1 2025, the sales gross margin improved by 0.47 percentage points to 47.50%, indicating potential for continued improvement [4]. Market Expansion Strategy - The company is focusing on high-growth domestic sectors such as renewable energy, new electricity reforms, and virtual power plants to explore new business models [5]. - Internationally, the company is expanding in Southeast Asia, Europe, the Middle East, and Africa, with Singapore as a central hub for business development. In 2024, overseas revenue grew by 33.22% to 44 million, showcasing strong growth momentum [5]. Sales and R&D Integration - The company is developing a technical sales team to support the promotion of more complex EMS2.0 and EMS3.0 products. R&D personnel are being integrated into the sales process to provide technical guidance and enhance product promotion [6].

点击注册小程序 查看完整报告 特别申明： 本订阅号中所涉及的证券研究信息由光大证券研究所编写，仅面向光大证券专业投资者客户，用作新媒体形势下研究 信息和研究观点的沟通交流。非光大证券专业投资者客户，请勿订阅、接收或使用本订阅号中的任何信息。本订阅号 难以设置访问权限，若给您造成不便，敬请谅解。光大证券研究所不会因关注、收到或阅读本订阅号推送内容而视相 关人员为光大证券的客户。 打造技术型销售团队，研发下沉助力推广 随着技术复杂性更高的EMS2.0和EMS3.0产品推出，销售团队的技术水平要求显著提升。公司形成研发与 销售联动，部分研发人员下沉市场，对销售团队进行技术指导，助力产品推广。 风险提示： 电改进度不及预期风险、渠道扩展不及预期风险、市场竞争加剧风险。 发布日期： 2025-04-24 报告摘要 事件： 2024年公司实现营业收入10.63亿元，同比减少5.24%，实现归母净利润1.70亿元，同比减少15.68%，扣非 归母净利润1.51亿元，同比减少18.07%，拟向全体股东每10股派发现金红利3元（含税）。2025Q1公司实 现营业收入2.43亿元，同比增长0.58%；实现归母净利润0.52亿元， ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for future performance [4][6]. Core Views - The company experienced a significant improvement in profitability in Q1 2025, with a 15.33% year-on-year increase in net profit, despite a 5.24% decrease in revenue for 2024 [1][2]. - The company is focusing on expanding its presence in both domestic and overseas markets, particularly in high-growth sectors such as renewable energy and energy management [3][4]. - The report highlights the company's efforts to enhance its sales capabilities through technical training and product upgrades, which are expected to drive future growth [3][4]. Summary by Sections Financial Performance - In 2024, the company reported revenue of 1.063 billion yuan, a decrease of 5.24% year-on-year, and a net profit of 170 million yuan, down 15.68% [1][5]. - For Q1 2025, revenue reached 243 million yuan, a slight increase of 0.58% year-on-year, while net profit surged by 15.33% [1][2]. - The company's gross margin for 2024 was 44.67%, down from the previous year, but improved to 47.50% in Q1 2025 [2][4]. Business Segments - Revenue from power monitoring and substation monitoring products decreased by 12.12% to 436 million yuan in 2024, while energy efficiency management products saw a slight decline of 0.57% to 355 million yuan [2]. - The company reported a 7.43% increase in revenue from power sensors, reaching 120 million yuan, and a notable 24.46% growth in microgrid-related products [2][3]. Market Strategy - The company is strategically targeting high-growth domestic sectors such as new energy and virtual power plants, while also expanding its overseas footprint in regions like Southeast Asia and Europe [3][4]. - The overseas revenue grew by 33.22% to 44 million yuan in 2024, showcasing strong growth momentum in international markets [3][4]. Profitability Forecast - The report projects net profits for 2025, 2026, and 2027 to be 238 million yuan, 284 million yuan, and 335 million yuan respectively, reflecting a downward adjustment of 21% and 25% for the first two years [4][5]. - The expected earnings per share (EPS) for the same years are 0.95 yuan, 1.13 yuan, and 1.34 yuan, with corresponding price-to-earnings (P/E) ratios of 24, 20, and 17 [4][5].

证券研究报告 安科瑞 (300286 CH) Q1 业绩初步回暖，看好全年业绩修复 | 华泰研究 | | | 季报点评 | | --- | --- | --- | --- | | 2025 年 | 4 月 | 22 日│中国内地 | 计算机应用 | 安科瑞 25Q1 实现营收 2.43 亿元（yoy+0.58%、qoq-1.75%），归母净利 5,218 万元（yoy+15.33%、qoq+358.99%），扣非净利 4,993 万元（yoy+25.11%）。 公司 25Q1 业务初步修复，收入同比微增，盈利同环比较快增长，看好国家 政策+经营改善双驱动下，公司 25 年业绩加速修复，维持"买入"评级。 毛利率同比提升，费用管控见效，净利率同比提升 2.76pct 2025Q1安科瑞整体毛利率为 47.50%，同比提升 0.47pct，环比提升 8.01pct。 从全年看，随着公司软件业务占比提升及海外高毛利业务推进，毛利率有望 持续优化。2025Q1 公司销售/管理/研发费用率分别为 11.13%/5.78%/ 10.31%，分别同比+0.44pct/-0.72pct /-1.27pct，费用管控有成效。受 ...

• 安科瑞 2025 年一季度业绩显著改善，销售额出现拐点，利润增长 15%， 毛利率达 47.5%，主要得益于前期降本措施的逐步消化，预计毛利率将稳 定提升。 • 公司积极把握双碳目标、零碳、绿电、电改及虚拟电厂发展机遇，企业微 电网在虚拟电厂中发挥关键作用，一季度 55%项目涉及新能源、人工智能 优化及行业应用。 • 安科瑞销售团队由商务型向技术型转变，推广解决方案和行业标准化方案， 项目体量增大，积极拓展新能源客户，与大型企业合作开发虚拟电厂平台。 • 生产体系整合架构调整，加强柔性化和自动化管理，有效降低生产成本， 3 月份单月毛利率可能达到 50%以上，精细化管理效果显著。 • 国内市场通过调整销售模式，提升项目落地转化率和成功率，加强与大型 集团企业合作，推动商业牵引与技术团队协同工作，签订大量大客户合作 协议。 • 公司加快新能源消纳及虚拟电厂业务研发，推出 3.0 智慧能源平台，该产 品在国内市场需求旺盛，订单爆发式增长，聚焦精兵强将研发该平台。 • 海外业务增长迅速，2024 年增长超过 30%，内部统计实际增速接近 80% 到 90%，主要受益于中国制造产品竞争力强，成本低于海外竞争对手。 ...

安科瑞（300286）公告，2025年第一季度营收为2.43亿元，同比增长0.58%；净利润为5217.61万元，同 比增长15.33%。 ...

Financial Performance - Revenue for Q1 2025 was CNY 243,255,239.93, a slight increase of 0.58% compared to CNY 241,850,719.22 in the same period last year[5] - Net profit attributable to shareholders increased by 15.33% to CNY 52,176,139.70 from CNY 45,239,823.41 year-on-year[5] - Net profit excluding non-recurring items rose by 25.11% to CNY 49,925,245.43 compared to CNY 39,905,359.83 in the previous year[5] - Basic earnings per share rose by 19.05% to CNY 0.25 from CNY 0.21 in the same period last year[5] - Net profit for the current period was ¥52,157,490.39, up from ¥45,175,607.68, indicating an increase of approximately 15.5%[19] - Earnings per share (EPS) improved to ¥0.25 from ¥0.21, reflecting a growth of about 19%[20] Assets and Equity - Total assets grew by 42.58% to CNY 2,614,709,276.03 from CNY 1,833,830,264.10 at the end of the previous year[5] - Shareholders' equity increased by 60.64% to CNY 2,217,557,719.75 from CNY 1,380,486,057.14 at the end of last year[5] - Total assets increased to ¥2,614,709,276.03 from ¥1,833,830,264.10, showing a growth of approximately 42.6%[16] - The equity attributable to shareholders of the parent company rose to ¥2,217,557,719.75 from ¥1,380,486,057.14, an increase of approximately 60.5%[16] Cash Flow - Net cash flow from operating activities decreased by 57.46% to CNY 22,467,323.36 from CNY 52,810,410.72 year-on-year[5] - Operating cash inflow for the current period was $295,002,540.07, a decrease of 3.2% from $304,946,217.68 in the previous period[21] - Net cash flow from operating activities decreased significantly to $22,467,323.36, down 57.6% from $52,810,410.72 in the previous period[21] - Total cash inflow from investment activities was $211,094,304.78, down 40.7% from $356,529,985.24 in the previous period[22] - Net cash flow from investment activities was negative at -$56,214,070.98, compared to a positive $24,758,063.05 in the previous period[22] - The net increase in cash and cash equivalents for the current period was $753,515,296.61, a significant increase from $77,621,546.16 in the previous period[22] - The ending balance of cash and cash equivalents reached $1,181,748,114.53, compared to $394,658,784.82 in the previous period[22] Shareholder Information - The total number of common shareholders at the end of the reporting period is 13,487[11] - The top 10 shareholders hold a combined 54.25% of the shares, with the largest shareholder, Zhou Zhong, owning 18.26%[11] - The company plans to distribute cash dividends of RMB 3 per 10 shares, totaling RMB 75,235,396.50[12] Investments and Fundraising - The company reported a significant increase of 609.92% in capital reserves due to the receipt of targeted fundraising[9] - Investment income surged by 250.47% compared to the previous year, attributed to dividends received from Qianhang Partnership[9] - The company has approved a private placement to raise up to RMB 80 million, with an actual issuance of 36,068,530 shares at RMB 22.18 per share, totaling approximately RMB 800 million[12] Current Assets and Liabilities - Total current assets increased to RMB 2,223,852,252.11 from RMB 1,422,624,326.91, reflecting a growth of approximately 56.4%[14] - Cash and cash equivalents rose to RMB 1,184,782,698.22 from RMB 429,909,782.15, marking a significant increase of about 175.5%[14] - The company’s long-term equity investments decreased to RMB 39,407,701.94 from RMB 49,956,537.58, a decline of approximately 21.1%[14] - The company’s fixed assets decreased to RMB 195,443,078.92 from RMB 200,473,978.90, a reduction of about 2.5%[14] - Total liabilities decreased to ¥396,041,758.41 from ¥452,715,759.78, a reduction of about 12.5%[16] Research and Development - Research and development expenses decreased to ¥25,081,325.63 from ¥28,000,224.18, a decline of about 10.3%[19] Other Financial Information - Other comprehensive income after tax showed a loss of ¥325,508.17 compared to a loss of ¥1,825,074.14 in the previous period, indicating an improvement[19] - The company reported a profit before tax of ¥59,321,475.99, up from ¥55,820,371.75, reflecting an increase of approximately 4.5%[19] Audit Status - The company’s first quarter report was not audited[23]