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]

Core Insights - Anke Rui (300286) reported a revenue of 1.063 billion and a net profit of 170 million for the year 2024 [1] - The company is focusing on product upgrades and transforming its market promotion model while optimizing its customer structure and expanding into overseas markets [1] Group 1: Financial Performance - In 2024, the company achieved a revenue of 1.063 billion and a net profit of 170 million [1] - The overseas revenue grew by 33.22% year-on-year, highlighting a new growth area for the company [1] Group 2: Business Strategy - The company is actively engaging in domestic booming industries and optimizing its customer structure while accelerating overseas market expansion [1] - The sales and technical teams are participating in industry exhibitions in Southeast Asia, Europe, the Middle East, and Africa to enhance brand image and establish partnerships [1] Group 3: Core Business Drivers - The core drivers of the company's development include new energy business, new power system reform-related business, and virtual power plant business [1] - The company's new energy-related products, such as the source-grid-load-storage charging platform and charging pile products, are laying the foundation for new business models over the next three years [1] Group 4: Research and Development - The company maintained a high level of R&D investment, with 116 million allocated in 2024, accounting for 10.94% of its revenue [1] - Through continuous technological innovation, the company has made significant progress in the intelligent development of enterprise microgrid systems [1]

Investment Rating - The investment rating for the company is maintained as "Buy" with a target price of 30.68 RMB [8][9]. Core Views - The company is expected to benefit from the implementation of national virtual power plant policies, with its EMS 2.0 and 3.0 businesses anticipated to accelerate in 2025 [1][4]. - The company's revenue for 2024 is projected to be 1.063 billion RMB, a year-on-year decrease of 5.24%, while the net profit attributable to the parent company is expected to be 169.83 million RMB, down 15.68% year-on-year [7]. - The company has shown stable management of expenses, with sales, management, and R&D expense ratios for 2024 at 13.84%, 6.04%, and 10.94% respectively [3]. Summary by Sections Financial Performance - In 2024, the company achieved revenue of 1.063 billion RMB, a decrease of 5.24% year-on-year, and a net profit of 169.83 million RMB, down 15.68% year-on-year [7]. - The fourth quarter revenue was 248 million RMB, with a year-on-year increase of 0.32%, but net profit decreased by 58.70% year-on-year to 11.37 million RMB [1]. Business Segmentation - Domestic revenue for 2024 is expected to be 1.019 billion RMB, down 6.41% year-on-year, while overseas revenue is projected at 44 million RMB, up 33.22% year-on-year [2]. - The company’s product revenue in various segments showed declines, with power monitoring and substation monitoring systems down 12.12% and energy efficiency management products down 0.57% [2]. Cost Management and Profitability - The company maintained stable expense ratios, with a slight decrease in sales expenses and a minor increase in management expenses [3]. - The net profit margin, excluding other income and investment income, improved to approximately 18.74%, an increase of 0.81 percentage points year-on-year [3]. Future Outlook - The national policy on virtual power plants aims for a regulation capacity of over 20 million kilowatts by 2027 and over 50 million kilowatts by 2030, which is expected to create significant growth opportunities for the company [4]. - The company’s net profit forecasts for 2025, 2026, and 2027 are 295 million RMB, 384 million RMB, and 502 million RMB respectively, reflecting a recovery trajectory [5][7].

Group 1 - Anke Rui (300286.SZ) released its 2024 annual report on April 19, 2025, indicating that as of April 18, 2025, 77 institutional investors disclosed holding A-shares, totaling 54.428 million shares, which accounts for 25.35% of Anke Rui's total share capital [1] - The top ten institutional investors collectively hold 23.82% of the shares, with a decrease of 0.73 percentage points compared to the previous quarter [1] Group 2 - In the public fund sector, 11 funds reduced their holdings compared to the previous quarter, with a decrease rate of 0.91% [2] - A total of 62 new public funds were disclosed this period, including several notable funds such as Huashang New Trend Preferred Mixed and ICBC Small and Medium Cap Mixed [2] - One public fund, Dachen Specialized and New Mixed A, was not disclosed this period compared to the previous quarter [2]

安科瑞电气股份有限公司 2024 年度内部控制自我评价报告 安科瑞电气股份有限公司全体股东： 根据《企业内部控制基本规范》及其配套指引的规定和其他内部控制监管要 求（以下简称"企业内部控制规范体系"），结合安科瑞电气股份有限公司（以下 简称"公司"）内部控制制度和评价办法，在内部控制日常监督和专项监督的基 础上，我们对公司 2024 年 12 月 31 日（内部控制评价报告基准日）的内部控制 有效性进行了评价。 一、董事会责任声明 按照企业内部控制规范体系的规定，建立健全和有效实施内部控制，评价其 有效性，并如实披露内部控制评价报告是公司董事会的责任。监事会对董事会建 立和实施内部控制进行监督。经理层负责组织领导企业内部控制的日常运行。公 司董事会、监事会及董事、监事、高级管理人员保证本报告内容不存在任何虚假 记载、误导性陈述或重大遗漏，并对报告内容的真实性、准确性和完整性承担个 别及连带法律责任。 具体包括： 公司内部控制的目标是合理保证经营管理合法合规、资产安全、财务报告及 相关信息真实完整，提高经营效率和效果，促进实现发展战略。由于内部控制存 在的固有局限性，故仅能为实现上述目标提供合理保证。此外，由于 ...

证券代码：300286 证券简称：安科瑞 公告编号：2025-024 安科瑞电气股份有限公司 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 18 日召开公 司第六届董事会第十一次会议审议通过了《关于公司及子公司 2025 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2025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。 为便于公司及子公司2025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 ...