2025 年 8 月 27 日 公司研究 费用管控成效显著，盈利能力改善明显 ——安科瑞（300286.SZ）2025 年半年报点评 要点 事件：公司发布 2025 年半年报，2025 年上半年实现营业收入 5.39 亿元，同比 增长 1.54%，实现归母净利润 1.26 亿元，同比增长 24.83%，扣非归母净利润 1.09 亿元，同比增长 22.60%，拟向全体股东每 10 股派发现金红利 1 元（含税）。 其中 2025Q2 公司实现营业收入 2.95 亿元，同比增长 2.34%，环比增长 21.46%； 实现归母净利润 0.73 亿元，同比增长 32.58%，环比增长 40.66%。 各项业务营收基本保持稳定，毛利率均有所提升。2025 年上半年公司电力监控 及变电站综合监控产品及系统营收同比增长 0.01%至 2.26 亿元，毛利率同比上 升 1.03pct 至 48.34%；能效管理产品及系统营收同比减少 0.12%至 1.75 亿元， 毛利率同比上升 0.73pct 至 48.39%；电量传感器营收同比增长 6.47%至 0.63 亿元，毛利率同比上升 0.06pct 至 45.34%；消防及用 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for future performance [4][6][7]. Core Insights - The company reported strong revenue growth of 41.26% year-on-year, reaching 28.537 billion CNY in the first half of 2025, with a net profit of 1.488 billion CNY, reflecting a 7.26% increase [1]. - The order backlog has shown robust growth, with external orders increasing by 45.58% year-on-year to 51.81 GW, including a 42.27% increase in overseas orders [2]. - The company's wind turbine sales have significantly improved, with a 106.60% increase in sales volume to 10.64 GW in the first half of 2025, driven by a recovery in domestic wind power demand [2]. - The gross margin for wind turbine and component sales improved by 4.22 percentage points to 7.97%, indicating enhanced profitability [2]. - The company is actively expanding its wind power service and investment business, achieving service revenue of 2.896 billion CNY, with a 9.56% increase in after-sales service revenue [3]. Summary by Sections Financial Performance - In the second quarter of 2025, the company achieved a revenue of 19.065 billion CNY, a 44.18% year-on-year increase and a 101.28% quarter-on-quarter increase, with a net profit of 919 million CNY [1]. - The company expects net profits for 2025-2027 to be 3.221 billion CNY, 4.136 billion CNY, and 4.836 billion CNY respectively, with significant upward revisions of 23%, 35%, and 43% [4]. Market Position - The company is focusing on international and offshore business, which is expected to support its market share growth [2]. - The average operating hours for domestic units reached 1,255 hours, exceeding the national average by 168 hours, contributing to increased revenue from power generation [3]. Valuation Metrics - The projected earnings per share (EPS) for 2025-2027 are 0.76 CNY, 0.98 CNY, and 1.14 CNY, with corresponding price-to-earnings (P/E) ratios of 16 and 11 for A and H shares respectively [4][5].

Investment Rating - The report maintains a "Buy" rating for the company [6]. Core Views - The company achieved steady revenue growth with a notable increase in non-recurring net profit, driven by overseas business expansion and domestic business transformation [2][3]. - The company has established four overseas subsidiaries and is accelerating its dealer network layout in key regions, contributing to a positive trend in overseas business development [2]. - The company’s gross margin improved by 1.1 percentage points to 20.2%, and net profit margin increased by 0.4 percentage points to 8.1% in the first half of 2025 [2]. Summary by Sections Financial Performance - In the first half of 2025, the company reported revenue of 7.0 billion yuan, a year-on-year increase of 3.0%, and a net profit attributable to shareholders of 570 million yuan, up 8.8% [1]. - The non-recurring net profit reached 560 million yuan, reflecting a significant year-on-year growth of 36.5% [1]. - For Q2 2025, revenue was 3.7 billion yuan, showing a year-on-year increase of 3.2% and a quarter-on-quarter increase of 12.2% [1]. Revenue Breakdown - The main engine machinery sales generated revenue of 5.13 billion yuan, a year-on-year increase of 7.5%, accounting for 73.3% of total revenue [3]. - Overseas business revenue reached 3.9 billion yuan, growing by 7.7% year-on-year, contributing to approximately 43% of the annual target [2]. Profitability and Cost Control - The company’s comprehensive gross margin improved to 20.2%, with a net profit margin of 8.1% in the first half of 2025 [2]. - The company effectively controlled costs, with selling expenses increasing by 31% due to higher sales incentives [2]. Future Outlook - The company’s net profit forecasts for 2025-2027 have been raised by 8.2%, 7.8%, and 3.9% respectively, indicating a positive outlook for profitability [3]. - The current stock price corresponds to a PE ratio of 11, 9, and 8 for 2025-2027, suggesting attractive valuation levels [3].

Investment Rating - The report maintains a "Buy" rating for the company [5] Core Views - The company achieved a revenue of 6.105 billion yuan in H1 2025, representing a year-on-year increase of 26.39%, and a net profit attributable to shareholders of 828 million yuan, up 28.48% year-on-year [1] - The growth in gross profit is primarily driven by seamless steel pipes and composite steel pipes, with total gross profit reaching 1.66 billion yuan, a year-on-year increase of 37.99% [1] - The company is actively expanding into emerging markets and increasing R&D investment, which reached 212 million yuan in H1 2025, a 14.20% increase year-on-year [2] - The net profit from the company's European operations was 176 million yuan in H1 2025, an increase of 138 million yuan year-on-year [2] - The company has reduced its stake in Yongxing Materials to 5% as of August 25, 2025 [3] Financial Summary - Revenue projections for 2025-2027 are 16.24 billion yuan, 18.76 billion yuan, and 21.60 billion yuan respectively, with a maintained "Buy" rating [3] - The company’s revenue for 2025 is estimated at 11.943 billion yuan, with a growth rate of 9.39% [4] - The net profit for 2025 is projected to be 1.624 billion yuan, reflecting an 8.94% growth rate [4] - The company’s EPS for 2025 is expected to be 1.66 yuan [4] - The projected ROE for 2025 is 18.94% [4] Profitability and Valuation Metrics - The gross margin is expected to improve to 28.2% in 2025 [15] - The P/E ratio is projected to decrease from 15 in 2023 to 10 in 2027 [16] - The dividend per share is expected to be 0.83 yuan in 2025 [16]

Investment Rating - The report maintains a "Buy" rating for the company [1]. Core Views - The company achieved a revenue of 4.32 billion yuan in the first half of 2025, representing a year-on-year increase of 9.4%, and a net profit attributable to shareholders of 110 million yuan, up 117.8% year-on-year [4][5]. - Domestic sales are accelerating, while North American operations continue to grow against the trend, with domestic and foreign sales revenue reaching 750 million yuan and 3.42 billion yuan respectively in the first half of 2025 [5]. - The company is focusing on expanding its online business, which has led to an increase in sales expenses [10][12]. Summary by Sections Financial Performance - In 1H2025, the company reported a gross margin of 39.2%, an increase of 1.1 percentage points year-on-year, with domestic gross margin at 51.1%, up 6.7 percentage points [8][9]. - The company’s revenue for 2025 is projected to be 9.463 billion yuan, with a net profit forecast of 282 million yuan, reflecting a significant recovery from previous losses [12][14]. Sales Channels - The company’s domestic brand achieved a revenue of 550 million yuan in 1H2025, with online sales growing by 16% year-on-year [5]. - The number of direct and dealer stores decreased slightly, but the company is accelerating new store recruitment and optimizing product structure [6][7]. Market Outlook - The report highlights a positive outlook for the company due to expected domestic market growth and favorable overseas conditions, including potential tariff changes that may benefit local production [11][12]. - The company is expected to see improved profitability as it completes store upgrades and stabilizes its overseas online business [12].

Investment Rating - The report maintains a "Buy" rating for both A-shares and H-shares of the company [14]. Core Views - The company has shown robust performance with a significant increase in net profit and revenue, driven by stable growth in its rail transit equipment and emerging equipment businesses [6][7][8]. - The company is well-positioned to benefit from the large-scale bidding for train sets, which opens up market opportunities, and the new capacity in the power semiconductor business continues to contribute incremental growth [6][14]. Summary by Sections Financial Performance - In the first half of 2025, the company achieved operating revenue of 12.21 billion yuan, a year-on-year increase of 17.9% (adjusted); net profit attributable to shareholders was 1.67 billion yuan, up 12.9% (adjusted); and net profit after deducting non-recurring gains and losses was 1.59 billion yuan, a growth of 37.0% (adjusted) [6]. - The gross margin was 32.0%, an increase of 4.4 percentage points year-on-year (adjusted), while the net profit margin was 14.6%, a decrease of 0.6 percentage points year-on-year (adjusted) [6]. Rail Transit Equipment Business - The rail transit equipment segment generated operating revenue of 6.91 billion yuan, reflecting a year-on-year growth of 12.6%. The revenue from various products within this segment showed positive growth, with notable increases in communication signals and other rail transit equipment [7]. - The company maintained a stable market share in the ongoing bidding for train sets and locomotives, with successful progress in the performance verification of CR450 train sets and ongoing development of series of new energy locomotives [7]. Emerging Equipment Business - The emerging equipment segment reported operating revenue of 5.24 billion yuan, a year-on-year increase of 25.9%. Key areas such as basic components and new energy vehicle drive systems saw substantial growth [8]. - The company is aligned with the national "dual carbon" strategy, leading to rapid development in businesses related to green energy and low carbon [8]. Semiconductor Business - The basic components segment achieved operating revenue of 2.42 billion yuan, a year-on-year increase of 29.1%. The company is advancing its power semiconductor projects and has made significant technological progress in IGBT reverse conduction chips [9]. - The company is positioned as a leader in the domestic new energy vehicle and power generation markets, with continuous improvements in production capacity [9]. New Energy Drive Systems - The new energy vehicle drive systems segment generated revenue of 1 billion yuan, reflecting a modest year-on-year growth of 1.3%. The company has made breakthroughs in high-voltage assembly and multi-in-one products [10]. New Energy Generation and Industrial Conversion - The new energy generation segment achieved revenue of 1.05 billion yuan, a year-on-year increase of 42.9%, with significant achievements in offshore photovoltaic projects and overseas market penetration [11]. - The industrial conversion segment reported revenue of 360 million yuan, a remarkable year-on-year growth of 110.1%, driven by successful orders in various sectors [12]. Marine Engineering Equipment - The marine engineering equipment segment generated revenue of 420 million yuan, a year-on-year increase of 4.4%. The company has secured multiple new orders and is positioned to benefit from government policies promoting deep-sea technology [13].

Investment Rating - The report maintains a "Buy" rating for the company [3][5]. Core Views - The company reported a revenue of 722 million yuan for the first half of 2025, a year-on-year decrease of 9.42%, and a net profit attributable to shareholders of 119 million yuan, down 32.71% year-on-year [1]. - The photovoltaic business is facing a downturn, with a revenue of 298 million yuan in the first half of 2025, a decrease of 25.18% year-on-year, while the semiconductor and nuclear fusion power businesses are progressing well [2][3]. - The company is actively expanding its overseas photovoltaic market and enhancing project acceptance management and accounts receivable collection to mitigate domestic market challenges [2]. - The semiconductor sector saw a revenue of 160 million yuan, down 13.45% year-on-year, but the company is increasing its R&D investment and customer base in this area [2]. - The company is also expanding into other power supply businesses, including charging stations and nuclear fusion, with significant growth in orders in the steel metallurgy sector [3]. Summary by Relevant Sections Financial Performance - In Q2 2025, the company achieved a revenue of 397 million yuan, a year-on-year decrease of 5.98% but a quarter-on-quarter increase of 22.36% [1]. - The company's net profit for Q2 2025 was 69 million yuan, down 29.32% year-on-year but up 36.64% quarter-on-quarter [1]. Revenue and Profit Forecast - The company has adjusted its profit forecasts for 2025-2027, expecting net profits of 281 million yuan, 329 million yuan, and 383 million yuan respectively, which represents a downward adjustment of 30%, 27%, and 24% [3][4]. - The expected EPS for 2025-2027 is 1.27 yuan, 1.49 yuan, and 1.73 yuan, with corresponding P/E ratios of 41, 35, and 30 times [3][4]. Business Segments - The photovoltaic sector is under pressure, while the semiconductor and nuclear fusion sectors are seen as having significant growth potential [3]. - The company is forming partnerships in the charging station sector and has secured over 10 million yuan in nuclear fusion-related power orders for 2024 [3].

Investment Rating - The report maintains a "Buy" rating for the company [5]. Core Insights - The company reported a total net revenue of 4.4 billion yuan for the fiscal year 2025, a year-on-year decline of 32.7%, but achieved a net profit of 6.19 million yuan, recovering from losses in the first half of the fiscal year [1]. - The company's self-operated product strategy has matured, becoming a core growth engine, with self-operated product GMV reaching approximately 3.81 billion yuan, accounting for 43.8% of total GMV [2]. - The self-built APP channel has shown steady growth, with APP revenue of about 1.1 billion yuan, representing a year-on-year increase of 22% and accounting for 25% of total revenue [3]. - The company has adjusted its profit forecasts for fiscal years 2026 and 2027, reducing the expected net profit to 270 million yuan and 340 million yuan respectively, while introducing a new forecast for fiscal year 2028 at 400 million yuan [4]. Summary by Sections Financial Performance - For fiscal year 2025, the company reported a total net revenue of 4.4 billion yuan, a decrease of 32.7% year-on-year, while the net profit from continuing operations was 6.19 million yuan, down 97.5% year-on-year [1]. - The self-operated product GMV was approximately 3.81 billion yuan, which is 43.8% of total GMV, and the self-operated product revenue was about 3.5 billion yuan, making up 80% of total revenue [2]. APP Development and Membership Growth - The self-built APP channel achieved revenue of approximately 1.1 billion yuan, a 22% increase year-on-year, and accounted for 25% of total revenue [3]. - The number of paid APP members reached 264,000, reflecting a growth of 33% year-on-year, with a user satisfaction rate of 98.7% [3]. Profit Forecast and Valuation - The company has adjusted its profit forecasts for fiscal years 2026 and 2027, with expected net profits of 270 million yuan and 340 million yuan respectively, and a new forecast for fiscal year 2028 at 400 million yuan [4].

Investment Rating - The report maintains a "Buy" rating for the company [1]. Core Views - The company achieved a revenue of 14.62 billion yuan in H1 2025, representing a year-on-year growth of 9.07%. However, the net profit attributable to shareholders decreased by 9.72% to 727 million yuan [5]. - The company plans to acquire a 50% stake in Qiaogou Mining for 855 million yuan, which will enhance its resource advantages in phosphate mining [5][7]. - The company’s specialty chemicals business saw a slight revenue increase of 0.3% to 2.61 billion yuan, while the pesticide and fertilizer segments experienced declines of 3.8% and 3.9%, respectively [6]. - The company is expected to benefit from rising domestic glyphosate prices, which have increased by approximately 8.5% since the end of June 2025 [6]. Summary by Sections Financial Performance - In H1 2025, the company reported a revenue of 14.62 billion yuan, with a 13.44% increase in Q2 revenue compared to the previous year [5][6]. - The gross margin decreased by 0.9 percentage points to 16.4% due to lower average selling prices across various product lines [6]. Acquisition Plans - The acquisition of Qiaogou Mining will increase the company's phosphate resource reserves and production capacity, positioning it favorably in a high-demand market [7]. Future Outlook - The company is expected to see significant profit growth in Q3 2025, driven by favorable export conditions for phosphate and rising domestic prices for glyphosate [6]. - New projects are being launched, including various chemical production facilities, which will diversify the product portfolio and create new profit growth points [8]. Profit Forecast and Valuation - The report maintains profit forecasts for 2025-2027, estimating net profits of 2.09 billion yuan, 2.44 billion yuan, and 2.88 billion yuan, respectively [9][10].

Investment Rating - The report maintains a "Buy" rating for the company [4] Core Views - The company's performance in the first half of 2025 met expectations, with total revenue increasing by 15.2% year-on-year to 1.29 billion yuan and net profit attributable to shareholders rising by 27.2% to 200 million yuan [1] - The strong growth in the first half of 2025 is attributed to increased sales of Xiaomi's supporting models and a decline in raw material prices [1] - The gross margin improved by 4.5 percentage points year-on-year to 29.0% in the first half of 2025, driven by the expansion of stamping business scale and the ramp-up of electroplating business [2] - The company is expected to benefit from the strong sales momentum of its core customers, including new energy vehicle clients, which will enhance its business scale and profitability [3] Summary by Sections Financial Performance - In 1H25, the company's total operating revenue was 1.29 billion yuan, accounting for approximately 38% of the annual forecast, while net profit attributable to shareholders was 200 million yuan, representing about 40% of the annual forecast [1] - For 2Q25, operating revenue reached 690 million yuan, up 9.5% year-on-year and 14.4% quarter-on-quarter, with net profit of 110 million yuan, reflecting a year-on-year increase of 31.9% and a quarter-on-quarter increase of 13.0% [1] Profitability and Cost Management - The gross margin for 1H25 was 29.0%, an increase of 4.5 percentage points year-on-year, with 2Q25 gross margin at 29.9%, up 6.2 percentage points year-on-year and 1.8 percentage points quarter-on-quarter [2] - The selling, general, and administrative expenses ratio decreased by 0.9 percentage points year-on-year to 6.6% in 1H25, indicating effective cost management [2] Business Opportunities - The company has established partnerships with major clients such as SAIC, Tesla, and Xiaomi, with significant sales growth from new energy vehicle clients expected to drive further development in its stamping business [3] - The electroplating business is anticipated to expand, particularly with new contracts from major automotive semiconductor manufacturers, which could provide new growth points [3] Valuation and Forecast - The report projects net profits of 500 million yuan, 600 million yuan, and 660 million yuan for 2025E, 2026E, and 2027E respectively, with an upward adjustment of the target price to 39.81 yuan based on a 16.5x PE ratio for 2026 [4][5]