安科瑞 (300286 CH) 证券研究报告 25H1 毛利率提升、费用率优化，看好全年盈利能力提升 25H1 公司归母净利率为 23.30%，同比+4.36pct，净利率提升主要受益于毛 利率提升与费用率优化。25H1 公司销售毛利率为 47.82%，同比+0.75pct， 其中电力监控及变电站综合监测系统、能效管理产品及系统、消防及用电安 全业务毛利率分别同比+1.03pct、+0.73pct、+0.69pct，毛利率提升主要受 益于公司持续优化生产线效率。25H1公司销售/管理/研发费用率为 11.89%、 5.69%、9.67%，同比-0.94pct/-0.13pct /-1.58pct，整体费用管控能力持续 优化。我们认为，受益于经营质量提升，公司盈利能力有望持续提升。 出海业务持续推进，看好国内+海外双轮驱动 25H1 公司国内业务营收 5.12 亿元（yoy+1.21%），海外业务营收 0.27 亿 元（yoy+8.40%），海外业务增长主要受益于公司在国际市场的持续开拓。 国内业务收入同比略有增长，主要由于不同行业客户的需求存在分化。公司 具备国内+海外双增长驱动，1）出海：25H1 公司继续 ...

证券之星消息，根据市场公开信息及8月25日披露的机构调研信息，长盛基金近期对4家上市公司进行了 调研，相关名单如下： 1)锐捷网络（301165）(长盛基金管理有限公司参与公司业绩说明会&电话会议) 调研纪要：锐捷网络上半年数据中心产品收入增长主要来自互联网客户，占比超过90%，400G产品占 比超60%。下半年云端算力基础设施需求依旧旺盛，互联网行业基于智算的资本开支预计继续加大。2T 规格产品主要为200G+400G组合，支持大规模GPU集群互联。Scaleup网络在国内发展迅速，公司参与 高通量以太网联盟，推出面向智算场景的产品方案。上半年海外业务收入11.45亿元，同比增长48%， 主要面向SMB市场，合作伙伴数量增长到2620家。Q2交付未受影响，Q3订单多为年初框采合同，预计 新签订单增速可能下降。国内互联网大厂对国产化无明确时间表，国产12.8T芯片可以满足大部分数据 中心场景需求。公司与国产GPU厂商有产品适配和技术交流，但商业化部署需时间。上半年费用总额同 比减少，预计全年费用同比持续下降。园区网络业务受宏观经济影响明显，2024年行业整体呈现下滑趋 势，公司层面在Q2略有复苏。数据中心产品 ...

Investment Rating - The report maintains a "Buy" rating for the company [4][6]. Core Views - The company achieved a revenue of 3.162 billion yuan in H1 2025, representing a year-on-year growth of 12.18%. The net profit attributable to shareholders was 302 million yuan, up 19.65% year-on-year [1]. - The company's major business segments showed steady growth, with significant improvements in gross margins for integrated energy and energy storage businesses, reaching 40.61%, an increase of 15.41 percentage points year-on-year [2]. - The company has increased its R&D investment to 304 million yuan in H1 2025, a year-on-year increase of 18.50%, leading to notable advancements in various business areas [3]. Summary by Sections Financial Performance - In H1 2025, the company reported revenues of 3.162 billion yuan, with a net profit of 302 million yuan, and a non-recurring net profit of 295 million yuan, reflecting growth rates of 12.18%, 19.65%, and 24.88% respectively [1]. - For Q2 2025, revenues were 1.756 billion yuan, with a net profit of 181 million yuan, marking year-on-year growth of 13.96% and 19.94% respectively [1]. Business Segments - The smart distribution and transmission automation, as well as cloud-based dispatching businesses, generated revenues of 1.748 billion yuan, 427 million yuan, and 421 million yuan respectively, with growth rates of 12.78%, 8.39%, and 12.19% [2]. - The renewable energy and energy storage business reversed its declining trend, achieving revenues of 148 million yuan, a year-on-year increase of 23.07% [2]. R&D and Innovation - The company’s R&D investment reached 304 million yuan in H1 2025, up 18.50% year-on-year, with significant achievements in developing new protective devices and digital transformation initiatives [3]. - The company has established a digital transformation model that enhances business innovation and agile delivery capabilities [3]. Market Expansion - The company secured new contracts exceeding 5.4 billion yuan in H1 2025, with notable successes in both domestic and international markets, including contracts in Saudi Arabia and South America [2]. Profit Forecast and Valuation - The report projects net profits for 2025, 2026, and 2027 to be 888 million yuan, 1.035 billion yuan, and 1.189 billion yuan respectively, with a corresponding P/E ratio of 18 times for 2025 [5][6].

[Table_Title] 证券研究报告 / 公司点评报告 分布式功率预测市场高景气度助力公司 2025H1 业绩实现高增 业务进展、盈利预测与估值不及预期。 | [Table_Finance] 财务摘要（百万元） | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入 | 456 | 550 | 702 | 891 | 1,130 | | (+/-)% | 26.89% | 20.50% | 27.60% | 26.97% | 26.90% | | 归属母公司净利润 | 84 | 94 | 120 | 154 | 196 | | (+/-)% | 25.59% | 11.09% | 28.75% | 28.11% | 27.25% | | 每股收益（元） | 0.85 | 0.94 | 0.91 | 1.16 | 1.48 | | 市盈率 | 61.04 | 48.40 | 58.98 | 46.03 | 36.18 | | 市净率 | 4.80 | 3.94 | 4.41 | 4.12 | ...

Core Insights - The world's first "super zero-carbon building," the Telai Electric Headquarters, has officially commenced operations in Qingdao, showcasing significant advancements in green energy technology and contributing to China's dual carbon goals [2][4] - The building integrates multiple innovative technologies, achieving 100% green energy replacement through a highly efficient and collaborative clean energy supply system [2][3] Group 1: Building Specifications and Features - The project began construction in May 2023 and is set for completion in March 2025, covering an area of 14.33 acres with a total building area of approximately 43,000 square meters and a height of 117 meters [2] - The building utilizes building-integrated photovoltaic (BIPV) glass curtain walls on three facades, generating direct current electricity that meets about 25% of the building's energy needs, resulting in an annual carbon reduction of nearly 500 tons [2][3] Group 2: Energy Management and Efficiency - The building features 14 sets of tiered automotive power battery packs that store surplus photovoltaic energy and provide energy during peak demand or adverse weather conditions, enhancing grid regulation capabilities [3] - Daily green energy storage is approximately 1,500 kWh, contributing to a 25% green energy replacement, while the smart parking system can discharge over 3,000 kWh from 300 electric vehicles, achieving a 50% green energy replacement [3] Group 3: Digitalization and Operational Efficiency - Nearly 30,000 micro-sensors are deployed throughout the building, creating a comprehensive sensing network that enables smart management of equipment through a digital IoT platform, achieving an overall energy saving rate of 40% [3] - The building incorporates an AI-driven smart parking system that enhances parking experience, ensures safety, and reduces construction and operational costs by 20%-30%, while improving operational efficiency by 30% [4] Group 4: Environmental Impact and Future Implications - The super zero-carbon building is expected to reduce carbon emissions by nearly 2,500 tons annually and serves as a replicable model for urban integration and green building development in China [4]

行 华福证券 公用事业 2025 年 08 月 24 日 业 研 究 行 业 定 公用事业 第 34 周：宁电入湘工程投运送电，7 月水电降幅 明显，高温天气推升用电负荷 期 报 告 7 月水电降幅明显，高温天气推升用电负荷：7 月份，全社会用电量 10226 亿千瓦时， 同比增长 8.6%。从分产业用电看，第一产业用电量 170 亿千瓦时，同比增长 20.2%； 第二产业用电量 5936 亿千瓦时，同比增长 4.7%；第三产业用电量 2081 亿千瓦时，同 比增长 10.7%；城乡居民生活用电量 2039 亿千瓦时，同比增长 18.0%。2025 年 7 月， 全国平均气温创下 1961 年以来历史同期新高，多地出现多轮高温天气，河南、陕西、 山东等省份增速甚至超过 30%。持续的高温高湿天气使得空调等降温设备负荷显著增 加，城乡居民生活用电同比大幅增长 18.0%。7 月份，规上工业发电量 9267 亿千瓦时， 同比增长 3.1%，增速比 6 月份加快 1.4 个百分点；日均发电 298.9 亿千瓦时。7 月份， 规上工业火电、风电、太阳能发电增速加快，水电降幅扩大，核电增速放缓。其中，规 上工业火电同比 ...

逆变器和户储新品陆续推出，美的渠道赋能放量可期公司上半年陆续发布了美的品牌光伏并网逆变器 20KW-40KW 功率段产品，覆盖了户用并网逆变器70%左右的市场应用场景。其中，20KW、25KW、 30KW 和40KW 功率段产品已完成长运测试，并小规模应用于公司自有光伏EPC 项目，后续将逐步向合 作资方以及其他EPC 平台销售。6 月，公司发布了待上市第二代户储一体机、5KWh 低压并联电池包、 3-6KW 单相低压分体机等多款户储产品，可适配欧洲、澳洲、亚洲、非洲等多个国家的差异化市场需 求，为业务拓展奠定产品基础。 核电领域高压变频器实现突破 凭借高压变频器领域超20 年的行业积淀，公司2024 年实现核电领域订单突破，2025 年上半年，公司自 主研发的高压变频器通过中核集团监造验收，成功交付给徐大堡核电3、4 号机组循环水泵项目，成为 首台国产变频器在核电商业堆循环水泵的应用案例。随着应用案例持续推广，公司产品在核电机组中市 占率有望进一步提升。 事件： 公司发布2025 年半年度业绩公告。2025 年上半年，公司实现营业收入44.97 亿元，同比增长163.06%； 实现归母净利润7118.37 ...

2025 年 08 月 24 日 合康新能(300048.SZ) 归母净利润 yoy+734%，期待户储放量 事件： 公司发布 2025 年半年度业绩公告。2025 年上半年，公司实现营业收 入 44.97 亿元，同比增长 163.06%；实现归母净利润 7118.37 万元， 同比增长 732.83%，经营活动产生的现金流量净额 2.51 亿元，同比 增长 8.99%。 光伏 EPC 持续放量，同比增长超 200% 分业务看，上半年光伏 EPC、户储类产品、高压变频器类产品分别实 现收入 40.66/0.16/2.81 亿元，同比+239.75%、-73.56%、+1.6%。毛 利率分别为 6.84%、4.95%、30.41%，同比-2.85%、-10.85%、-1.67%。 工商业光伏 EPC 方面；公司逐步推出"能闪送"、"能闪融"、"能闪 赢"、"能闪惠"等产品与服务，上半年公司"能闪送"产品订单转化 成效显著，成功落地 2 个单体规模超 15MW 的标杆项目。截至 2025 年 6 月 30 日，公司户用及工商业光伏电站并网容量累计已超 3GW。 绿能解决方案方面，公司户用光伏 EPC 业务加大市场 ...

Core Viewpoint - Hekang New Energy (300048) reported significant growth in revenue and net profit for the first half of 2025, indicating strong operational performance and effective management strategies [1]. Group 1: Financial Performance - The company achieved operating revenue of 4.497 billion yuan, a year-on-year increase of 163.06% [1]. - The net profit attributable to shareholders reached 71.1837 million yuan, reflecting a substantial growth of 732.83% compared to the same period last year [1]. - The net cash flow from operating activities was 251 million yuan, indicating healthy cash flow management [1]. Group 2: Operational Strategies - The company has implemented refined management practices, leading to a significant reduction in operational costs [1]. - Continuous investment in research and development is aimed at enhancing the core competitiveness of products [1]. Group 3: Business Expansion - Hekang New Energy focuses on three main business areas: green energy solutions, household energy storage, and photovoltaic grid-connected inverters, as well as high-voltage frequency converters [1]. - The household photovoltaic EPC business expanded its market presence from 15 to 22 provinces, with a cumulative grid-connected capacity exceeding 3 GW as of June 30, 2025 [1]. - The company has entered the electricity sales and virtual power plant sectors, supported by Midea Group [1]. Group 4: Product Development - In the household storage sector, the company is advancing product research and market capability, with a robust order reserve supporting future growth [2]. - A new range of photovoltaic grid-connected inverters (20KW-40KW) was launched, covering approximately 70% of the market application scenarios for household inverters [2]. - The high-voltage frequency converter business has seen significant order growth, including a joint development agreement with China National Nuclear Corporation for a nuclear power intelligent high-voltage frequency conversion system [2].

随着全国统一电力市场"1+6"基础规则体系的初步建成，电力市场的"制度骨架"愈发清晰，为各类市场主体提供了统一 的"度量衡"与行动指南。 在这一背景下，虚拟电厂作为聚合分布式能源、激活用户侧灵活性的关键载体，迎来了从"试点探索"向"规模化发展"跨 越的重要契机。在统一电力市场中，虚拟电厂扮演怎样的角色？依托"1+6"基础规则体系，虚拟电厂如何在资源整合、 市场参与、商业模式创新等方面实现突破，构建"源网荷储"高效协同的能源生态？围绕这些问题，中能传媒记者专访了 天合光能数字能源中心负责人廖宇。 全国统一电力市场"1+6"基础规则体系的初步建成，对虚拟电厂的发展环境带来了哪些根本性转变？ 廖宇： 全国统一电力市场"1+6"基础规则体系的初步建成，为虚拟电厂的发展营造了规范化、市场化的全新环境，其根 本性转变主要体现在为行业确立了统一的"度量衡"，使虚拟电厂的运营与交易有了明确的规则遵循。 与体系建成前相比，虚拟电厂在多方面将发生显著变化： 一是明确主体地位。 《电力市场运行基本规则》明确了虚拟电厂的市场经营主体地位，"1+6"规则体系将其纳入计量结 算体系，为虚拟电厂提供了清晰的准入路径和公平的市场地位，为未来 ...