证券研究报告·公司点评报告·电网设备 安科瑞（300286） 2023 年报点评：顺周期下游需求放缓，产品 迭代静待花开 2024 年 04 月 01 日 买入（维持） | --- | --- | --- | --- | --- | --- | |------------------------------|--------|--------|--------|--------|--------| | 盈利预测与估值 [Table_EPS] | 2022A | 2023A | 2024E | 2025E | 2026E | | 营业总收入（百万元） | 1,019 | 1,122 | 1,319 | 1,545 | 1,866 | | 同比 | 0.16% | 10.17% | 17.58% | 17.10% | 20.74% | | 归母净利润（百万元） | 170.61 | 201.40 | 252.05 | 328.09 | 412.71 | | 同比 | 0.32% | 18.05% | 25.15% | 30.17% | 25.79% | | EPS- 最新摊薄（元 / 股） | 0.79 | 0. ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a revenue of 1.122 billion yuan for 2023, a year-on-year increase of 10%, and a net profit attributable to shareholders of 201 million yuan, up 18% year-on-year. The Q4 revenue was 247 million yuan, showing a slight increase of 0.4% year-on-year but a decrease of 27% quarter-on-quarter [1] - The company is actively expanding into overseas markets to mitigate the slowdown in downstream demand, achieving a 128% year-on-year increase in overseas revenue. The revenue from enterprise microgrids and systems is expected to grow nearly 20% in 2024 [1] - The company is focusing on product upgrades and enhancing its product array, with a significant increase in R&D investment, which is expected to lead to rapid profit growth once the downstream market recovers [1] - The company has shown a significant improvement in cash flow, with a net cash inflow from operating activities of 315 million yuan, a year-on-year increase of 93.52% [1] Financial Summary - For 2023, the company achieved a gross margin of 46.39%, an increase of 0.24 percentage points year-on-year, and a net profit margin of 17.95%, up 1.20 percentage points year-on-year [1] - The company’s operating expenses increased by 10% to 359 million yuan, with sales expenses rising by 19% to 163 million yuan due to increased sales efforts and overseas team expansion [1] - The forecast for net profit attributable to shareholders is adjusted to 250 million yuan for 2024 and 330 million yuan for 2025, with an expected net profit of 410 million yuan for 2026, reflecting growth rates of 25%, 30%, and 26% respectively [1]

Financial Performance - The company's operating revenue for 2023 was ¥1,122,153,496.98, an increase of 10.17% compared to ¥1,018,584,921.58 in 2022[25]. - The net profit attributable to shareholders for 2023 was ¥201,402,061.82, representing an 18.05% increase from ¥170,607,089.59 in 2022[25]. - The net cash flow from operating activities reached ¥315,499,667.34, a significant increase of 93.52% compared to ¥163,036,143.08 in 2022[25]. - Basic earnings per share for 2023 were ¥0.95, up 15.85% from ¥0.82 in 2022[25]. - The total assets at the end of 2023 amounted to ¥1,735,022,436.93, reflecting a growth of 10.04% from ¥1,576,655,152.82 at the end of 2022[25]. - The company reported a total of ¥17,374,341.62 in non-recurring gains and losses for 2023, compared to ¥15,944,206.75 in 2022[31]. - The company's weighted average return on equity for 2023 was 16.46%, slightly up from 16.11% in 2022[25]. - In 2023, the company achieved total revenue of CNY 1.12 billion, a year-on-year increase of 10.17%[70]. - The net profit attributable to shareholders reached CNY 201 million, reflecting an 18.05% growth compared to the previous year[70]. - The gross margin improved to 46.39%, up by 0.24% from the previous year[70]. Dividend Policy - The company plans to distribute a cash dividend of 3 RMB per 10 shares (including tax) based on a total of 214,716,125 shares[9]. - The cash dividend policy stipulates that at least 15% of the distributable profits for the year must be distributed in cash, provided there are no major investment plans or cash expenditures[163]. - The company distributed a total cash dividend of 64,414,837.50 CNY (including tax) for the 2022 fiscal year, which represents 100% of the total profit distribution amount[164][165]. - The company has a clear and transparent cash dividend policy that aligns with its articles of association and shareholder resolutions[165]. Market and Product Development - The company is focusing on differentiated product strategies and exploring new market segments to maintain competitiveness and improve production efficiency[6]. - The company is actively involved in various fields including power, environmental protection, new energy, and smart buildings, indicating a broad market expansion strategy[36]. - The company is focusing on expanding its business in the new energy sector, particularly in energy storage and photovoltaic fields, to provide intelligent microgrid control systems[59]. - The company is focusing on enhancing its product competitiveness and expanding its market presence in the renewable energy sector[71]. - The company is enhancing its product line in the renewable energy sector, particularly in wind power and energy storage applications[90]. Research and Development - The company's R&D investment amounted to CNY 128 million, a 5.65% increase year-on-year, representing 11.40% of total revenue[71]. - The company’s R&D model combines independent innovation with collaboration with universities and research institutions to address user needs and industry characteristics[55]. - The company has a robust R&D team with a focus on technology innovation, having established various R&D models including independent research and development and industry-academia collaboration[61]. - The company aims to increase its investment in research and development to drive innovation and maintain market leadership[137]. Risk Management - The company is facing risks related to declining gross margins due to rising labor and R&D costs, and plans to enhance market and R&D investments to mitigate this risk[6]. - The company is implementing a robust accounts receivable management strategy to reduce liquidity and bad debt risks associated with longer project acceptance cycles[8]. - The company aims to enhance its management level and operational layout to respond proactively to market changes and risks associated with economic downturns[60]. - The company anticipates risks related to macroeconomic conditions, industry regulations, operational management, and fluctuations in raw material prices that could impact future performance[115][116][117]. Corporate Governance - The governance structure of the company complies with relevant laws and regulations, ensuring equal treatment of all shareholders, particularly minority shareholders[123]. - The company has established a comprehensive information disclosure system, ensuring transparency and equal access to information for all shareholders[127]. - The company actively fulfills its corporate social responsibility, balancing the interests of shareholders, employees, and society[127]. - The company maintains independence from its controlling shareholder, ensuring separate operations and decision-making processes[124]. - The company has a diverse board of directors, including independent directors, ensuring governance and oversight[132]. Employee Management - The company has established a comprehensive training system to enhance employee capabilities and support strategic goals[161]. - The total number of employees at the end of the reporting period is 768, with 289 in the parent company and 478 in major subsidiaries[157]. - The company has a total of 27 employees with a master's degree or above, and 534 with a bachelor's degree[157]. - The company emphasizes a compensation policy that combines individual and team performance to attract and retain talent[158]. Environmental Responsibility - The company actively engages in energy-saving technology upgrades and clean energy projects to reduce carbon emissions and enhance environmental sustainability[180]. - The company complies with all relevant environmental protection laws and has not faced any penalties for violations during the reporting period[181]. - The company adheres to legal regulations and focuses on both economic and social benefits in its operations[186]. Strategic Initiatives - The company is exploring potential mergers and acquisitions to enhance its competitive position in the market[137]. - The company is implementing new strategies to improve operational efficiency and reduce costs[137]. - The company plans to improve market share and product quality by expanding production capacity and optimizing design, aiming for a comprehensive enhancement of product performance and quality[111].

安科瑞电气股份有限公司（以下简称"公司"）于 2024 年 3 月 29 日召开公 司第五届董事会第二十三次会议审议通过了《关于公司及子公司 2024 年度向银 行申请授信额度及追加抵押物的议案》，具体内容为： 为满足公司及子公司生产经营和发展的需要，公司及子公司预计2024年度向 银行等金融机构申请综合授信额度拟为不超过人民币15亿元，授信的品种包括但 不限于流动资金贷款、银行承兑汇票、信用证、供应链融资或银行保函等，其中 公司向广发银行股份有限公司上海分行及交通银行股份有限公司上海嘉定支行 分别拟申请综合授信额度不超过人民币3亿元，合计申请授信额度不超过6亿元， 并增加公司银行承兑汇票入票据池质押担保；公司控股子公司江苏安科瑞电能服 务股份有限公司（以下简称"电能公司"）向交通银行股份有限公司江阴澄西支 行拟申请综合授信额度不超过人民币0.3亿元并增加公司房产抵押担保。 为便于公司及子公司2024年度向银行申请授信额度工作顺利进行，公司董事 会拟授权董事长、总经理周中先生全权处理与公司及子公司向银行申请授信额度 相关的一切事务，由此产生的法律、经济责任全部由公司承担。本次授权决议有 效期自2023年度股东 ...

安科瑞电气股份有限公司 2023 年度独立董事述职报告 公司董事会： 本人作为安科瑞电气股份有限公司（以下简称"公司"）的独立董事，在 2023 年度 严格按照相关法律、法规和《公司章程》的规定和要求，本着客观、公正、独立的原则， 诚实、勤勉、独立履行职责。在 2023 年度任职期间，积极出席相关会议，认真审议各 项会议议案，对公司重大事项发表了独立意见，充分发挥了独立董事及董事会专门委员 会的作用。严格审核公司提交董事会的相关事项，切实维护公司和全体股东尤其是广大 中小投资者的合法权益，促进公司规范运作。现就本人在 2023 年度履行独立董事职责 情况汇报如下： 一、独立董事基本情况 （一）独立董事工作履历、专业背景及兼职情况 本人杜毅威，男，汉族，1963 年出生，毕业于浙江大学，本科学历，教授级高级 工程师、注册电气工 程师、四川省工程勘察设计大师。 1984 年 7 月至今在中国建筑 西南设计研究院有限公司从事建筑电气 设计、研究、咨询工作，现任公司总监、公司 电气总工程师。兼任中国建筑学会建筑电气分会副理事长、中国勘察设计协会建筑电气 工程设计分会副会长、中国节能协会专家委员会气分会副理事长、全国建 ...

证券代码：300286 证券简称：安科瑞 公告编号：2024-020 安科瑞电气股份有限公司独立董事提名人声明 提名人安科瑞电气股份有限公司董事会现就提名高小平为安科瑞电气股份 有限公司第六届董事会独立董事候选人发表公开声明。被提名人已书面同意作为 安科瑞电气股份有限公司第六届董事会独立董事候选人（参见该独立董事候选人 声明）。本次提名是在充分了解被提名人职业、学历、职称、详细的工作经历、 全部兼职、有无重大失信等不良记录等情况后作出的，本提名人认为被提名人符 合相关法律、行政法规、部门规章、规范性文件和深圳证券交易所业务规则对独 立董事候选人任职资格及独立性的要求，具体声明并承诺如下事项： 一、被提名人已经通过安科瑞电气股份有限公司第五届董事会提名委员会或 者独立董事专门会议资格审查，提名人与被提名人不存在利害关系或者其他可能 影响独立履职情形的密切关系。 □√ 是 □ 否 如否，请详细说明：______________________________ 二、被提名人不存在《中华人民共和国公司法》第一百四十六条等规定不得 担任公司董事的情形。 □√ 是 □ 否 如否，请详细说明：_______________ ...

安科瑞电气股份有限公司 关于公司第六届监事会监事薪酬方案的公告 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")于 2024 年 3 月 29 日召开第五届监事 会第二十次会议，审议通过了《关于公司第六届监事会监事薪酬方案的议案》，上述议 案尚需提交公司股东大会审议。现将具体情况公告如下： 一、适用对象 公司监事。 二、适用期限 自公司 2023 年度股东大会审议通过后生效，有效期至第六届监事会任期届满为止。 证券代码：300286 证券简称：安科瑞 公告编号：2024-023 四、其他说明 1、公司监事薪金按月发放。 2、公司监事因换届、改选、任期内辞职等原因离任的，按其实际任期计算并予以发 放。 3、根据相关法律法规及《公司章程》的要求，监事薪酬方案须提交股东大会审议通 过方可生效。 五、备查文件 公司第五届监事会第二十次会议决议。 三、公司监事薪酬标准 公司无外部监事，内部监事依其所任职务领取薪酬，不单独领取监事津贴。 特此公告。 安科瑞电气股份有限公司 监事会 2024年3月30日 ...

经与会监事认真审议以举手表决的方式，形成如下决议： 一、审议通过了《公司 2023 年度监事会工作报告》 证券代码：300286 证券简称：安科瑞 公告编号：2024-005 安科瑞电气股份有限公司 第五届监事会第二十次会议决议的公告 本公司及监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"）第五届监事会第二十次会议于 2024 年 3 月 29 日在公司会议室召开，本次会议应出席会议监事 3 名，实际出席会议监事 3 名，董事会秘书列席了会议，会议由杨广亮先生主持。本次会议的召集、召开符合《中 华人民共和国公司法》及《安科瑞电气股份有限公司章程》等有关法律、法规及规定。 表决结果：3 票同意、0 票弃权、0 票反对，同意票占有表决权票总数的 100%。 《安科瑞电气股份有限公司 2023 年度监事会工作报告》的具体内容详见巨潮资 讯网（www.cninfo.com.cn）。 该议案尚需提交公司股东大会审议。 二、审议通过了《公司 2023 年度财务决算报告》 表决结果：3 票同意、0 票弃权、0 票反对，同意票占有表决权票总数 ...

证券代码：300286 证券简称：安科瑞 公告编号：2024-017 □√ 是 □ 否 如否，请详细说明：______________________________ 二、被提名人不存在《中华人民共和国公司法》第一百四十六条等规定不得 担任公司董事的情形。 □√ 是 □ 否 如否，请详细说明：______________________________ 三、被提名人符合中国证监会《上市公司独立董事管理办法》和深圳证券交 易所业务规则规定的独立董事任职资格和条件。 □√ 是 □ 否 如否，请详细说明：______________________________ 安科瑞电气股份有限公司独立董事提名人声明 提名人安科瑞电气股份有限公司董事会现就提名李仁青为安科瑞电气股份 有限公司第六届董事会独立董事候选人发表公开声明。被提名人已书面同意作为 安科瑞电气股份有限公司第六届董事会独立董事候选人（参见该独立董事候选人 声明）。本次提名是在充分了解被提名人职业、学历、职称、详细的工作经历、 全部兼职、有无重大失信等不良记录等情况后作出的，本提名人认为被提名人符 合相关法律、行政法规、部门规章、规范性文件和深圳证券交易所业务 ...

证券代码：300286 证券简称：安科瑞 公告编号：2024-022 安科瑞电气股份有限公司 关于公司第六届董事会董事薪酬方案的公告 自公司 2023 年度股东大会审议通过后生效，有效期至第六届董事会任期届满 为止。 三、公司董事薪酬标准 （一）非独立董事 在公司任职的非独立董事根据其担任的其他任职岗位的具体工作职责和内容， 按照公司相关薪酬与绩效考核管理制度领取薪酬，不单独领取董事津贴。 （二）独立董事 实行年薪制，津贴标准为税前人民币 8 万元/年。 四、其他说明 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")于 2024 年 3 月 29 日召开第五届 董事会第二十三次会议，审议通过了《关于公司第六届董事会董事薪酬方案的议案》、 上述议案尚需提交公司股东大会审议。现将具体情况公告如下： 一、适用对象 公司董事（含独立董事）。 二、适用期限 3、根据相关法律法规及《公司章程》的要求，董事薪酬方案须提交股东大会审 议通过方可生效。 五、备查文件 公司第五届董事会第二十三次会议决议。 特此公告。 安科瑞电气股份有限公 ...