研报掘金丨国盛证券：维持安科瑞“买入”评级，今年业绩迎向上拐点

Core Viewpoint - Anke Rui is a leader in enterprise microgrid energy efficiency management, experiencing an upward performance trend this year [1] Financial Performance - In the first half of 2025, the company achieved revenue of 540 million yuan, a year-on-year increase of 1.5% [1] - The net profit attributable to the parent company was 130 million yuan, reflecting a year-on-year growth of 25% [1] Market Demand - The microgrid energy efficiency management market continues to show strong development vitality [1] - Investment in data centers, zero-carbon industrial parks, and virtual power plants is expected to remain robust, accelerating industry demand [1] Competitive Landscape - The supply side has many participants but few deep-rooted players, giving Anke Rui a strong competitive edge [1] Profitability - The gross profit margin for overseas business is higher than that for domestic operations (2024 gross profit margins are projected at 43.8% for domestic and 65.2% for overseas) [1] - As the proportion of overseas business increases, the company's profitability is expected to continue improving [1] Growth Potential - There is significant room for demand release in domestic and international enterprise microgrid management systems, with an anticipated acceleration in release pace [1] - As an industry leader, the company is expected to demonstrate excellent growth potential [1]