安科瑞电气股份有限公司 关于首次回购股份暨回购进展情况的公告 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2025年4月28日召开第六 届董事会第十三次（临时）会议，审议通过了《关于回购公司股份方案的议案》， 公司拟使用不低于人民币8,000万元（含本数）且不超过人民币15,000万元（含 本数）自有资金以集中竞价交易方式回购公司部分股份，用于实施股权激励计划 或员工持股计划，回购期限为自公司董事会审议通过回购股份方案之日起12个月 内。具体内容详见公司于2025年4月29日披露在巨潮资讯网（www.cninfo.com.cn） 的《关于回购公司股份方案的公告暨回购股份报告书》。 根据《深圳证券交易所上市公司自律监管指引第9号——回购股份》等法律 法规、规范性文件的有关规定，公司应当在首次回购股份事实发生的次一交易日 予以披露，且公司在回购期间应当在每个月的前3个交易日内公告截至上月末的 回购进展情况，现将公司首次回购股份情况公告如下： 一、首次回购公司股份的情况 2025年4月30日，公司通过股份回购专用证券账 ...

Investment Rating - The report provides a positive investment outlook for the industrial control and power equipment sectors, highlighting stable growth and potential for new growth curves driven by humanoid and AI technologies [1]. Core Insights - The industrial control and power equipment industry experienced a revenue increase of 9% year-on-year and a net profit increase of 14% in Q1 2025, with total revenues reaching 204.7 billion and net profits at 14 billion [2][6]. - The overall gross profit margin for the industry faced pressure, recorded at 27.4% in Q1 2025, showing a year-on-year decline of 0.8 percentage points but an increase of 3.2 percentage points compared to the previous quarter [2][8]. - The report indicates a recovery in demand for industrial control in Q1 2025, with leading companies like Huichuan Technology exceeding profit expectations [2][26]. Summary by Sections Industrial Control Sector - The industrial control sector achieved a revenue of 28.2 billion in Q1 2025, marking a 27% increase year-on-year, with net profits rising by 33% to 2.5 billion [2][6]. - The gross profit margin for the industrial control sector was 28.3%, down 3.4 percentage points year-on-year but up 2.7 percentage points quarter-on-quarter [2][8]. - Huichuan Technology reported a significant revenue increase of 38% and a net profit increase of 63% in Q1 2025 [2][26]. Power Equipment Sector - The power equipment sector's revenue for Q1 2025 was 118.8 billion, a 4% increase year-on-year, with net profits at 7.1 billion, reflecting a 6% increase [2][6]. - The gross profit margin for the power equipment sector was under pressure, with a slight decline in profitability observed [2][8]. - The report highlights that the high-voltage and ultra-high voltage segments are beginning to rebound, with revenue growth expected in the coming quarters [2][26]. Investment Recommendations - For the power grid sector, the report recommends companies such as Siyi Electric, Samsung Medical, and China West Electric, while suggesting a watch on companies like Huaming Equipment and Mingyang Electric [2][26]. - In the industrial control sector, recommended companies include Huichuan Technology, Hongfa Technology, and Sanhua Intelligent Control, with a focus on companies like Megmeet and Hechuan Technology for potential growth [2][26].

金融界2025年5月3日消息，国家知识产权局信息显示，安科瑞电气股份有限公司、江苏安科瑞电器制造 有限公司、江苏安科瑞微电网研究院有限公司申请一项名为"一种标准化数图转换方法和电子设备"的专 利，公开号CN119903824A，申请日期为2024年12月。 天眼查资料显示，安科瑞电气股份有限公司，成立于2003年，位于上海市，是一家以从事电力、热力生 产和供应业为主的企业。企业注册资本21471.6125万人民币。通过天眼查大数据分析，安科瑞电气股份 有限公司共对外投资了19家企业，参与招投标项目412次，财产线索方面有商标信息116条，专利信息 849条，此外企业还拥有行政许可57个。 江苏安科瑞电器制造有限公司，成立于2004年，位于无锡市，是一家以从事仪器仪表制造业为主的企 业。企业注册资本21686.02万人民币。通过天眼查大数据分析，江苏安科瑞电器制造有限公司共对外投 资了1家企业，参与招投标项目59次，专利信息757条，此外企业还拥有行政许可50个。 江苏安科瑞微电网研究院有限公司，成立于2019年，位于无锡市，是一家以从事研究和试验发展为主的 企业。企业注册资本3500万人民币。通过天眼查大数据 ...

与会董事审议通过了如下议案： 一、审议通过了《关于回购公司股份方案的议案》 基于对公司未来发展的信心和对公司价值的认可，为增强投资者对公司的投资 信心，同时为进一步健全公司长效激励机制，充分调动员工的积极性，有效地将股 东利益、公司利益和员工个人利益紧密结合在一起，促进公司健康、稳定、可持续 发展，在综合考虑公司业务发展前景、经营情况、财务状况、盈利能力等基础上， 公司拟使用不低于人民币 8,000 万元（含本数）且不超过人民币 15,000 万元（含本 数）自有资金以集中竞价交易方式回购部分股份，并在未来适宜时机用于股权激励 计划或员工持股计划，回购期限为自公司董事会审议通过本次回购方案之日起 12 个 月内。 《关于回购公司股份方案的公告暨回购股份报告书》的具体内容详见中国证监 会指定创业板信息披露网站巨潮资讯网 （http://www.cninfo.com.cn）。 表决结果：同意 9 票，反对 0 票，弃权 0 票。 特此公告。 证券代码：300286 证券简称：安科瑞 公告编号：2025-036 安科瑞电气股份有限公司 第六届董事会第十三次（临时）会议决议的公告 本公司及董事会全体成员保证信息披露的 ...

安科瑞电气股份有限公司（以下简称"公司"）拟使用自有资金以集中竞价交易 方式回购公司部分人民币普通股 A 股股份。 （一）回购资金总额：拟使用不低于人民币 8,000 万元（含本数）且不超过人民 币 15,000 万元（含本数）自有资金。 （二）回购价格：不超过人民币 30 元/股（含），该回购价格上限不超过公司董 事会审议通过回购股份方案决议前三十个交易日公司股票交易均价的 150%。 （三）回购数量：假设按照回购资金总额上限 15,000 万元、回购价格上限 30 元/ 股进行测算，预计回购股份数量为 5,000,000 股，约占公司当前总股本的 1.99%；按照 回购资金总额下限 8,000 万元、回购价格上限 30 元/股进行测算，预计回购股份数量 为 2,666,666 股，约占公司当前总股本的 1.06%，具体回购股份的数量以回购结束时实 际回购的股份数量为准。 （四）回购期限：自公司董事会审议通过回购股份方案之日起 12 个月内。 证券代码：300286 证券简称：安科瑞 公告编号：2025-037 安科瑞电气股份有限公司 关于回购公司股份方案的公告暨回购股份报告书 本公司及董事会全体成员保证信 ...

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， ...