安靠智电 20250826 摘要 安靠智电上半年业绩受传统产品及政府投资项目影响，电缆系统业务同 比下降 10%，家用产品和智能电力系统服务营收大幅下滑。但公司在手 订单良好，预计下半年项目交付将加速，电缆辅件业务有望持平或略增。 公司研发费用增加 1,300 万元，主要投入于开店一体机、变压器技术及 环保气体研究。下半年重点项目包括海东商业中心、绿发新疆等大型智 慧变电站订单交付，对整体业绩持乐观态度。 安靠智电正积极跟踪特高压项目，如浙江环网特高压、干店入浙和库布 齐沙漠送出项目，预计总设备体量达 20-30 亿元，有望在年底至明年招 标。 模块化并联站业务聚焦新能源升压和超算数据中心，与中国绿发合作新 疆、青海、甘肃等地升压站项目，并取得青海海东绿散项目，该项目一 期包含 2000 匹算力需求及自建 120kV 变电站。 雅江项目总长约 1,800 公里，预计 2027 年底至 2030 年完成，采用 500 千伏捷奥设备。公司正积极与雅江公司沟通，并参与相关汇报，争 取参与捷奥部分的供应。 Q&A 请介绍一下安靠智电 2025 年上半年的业绩情况以及下半年的展望。 2025 年上半年，安靠智电的整体经 ...

Core Viewpoint - Jiangsu Ankao Smart Electric Co., Ltd. reported a growth in operating revenue for 2024, but a decline in net profit, while operating cash flow significantly increased [1][9]. Financial Performance - Operating revenue for 2024 reached CNY 1,085,039,917.46, a 13.21% increase from CNY 958,438,645.23 in 2023 [2]. - Revenue from the power industry was CNY 1,071,781,256.06, accounting for 98.78% of total revenue, with a year-on-year growth of 12.75% [2]. - Other industries contributed CNY 13,258,661.40, representing 1.22% of total revenue, with a significant increase of 67.91% [2]. - Specific product revenue growth included: - 330kV - 500kV cable connectors: CNY 43,493,475.79, up 70.27% - GIL products and system services: CNY 231,703,993.48, up 52.60% - Smart modular substations: CNY 378,914,615.50, up 20.02% - However, some products saw revenue declines, such as: - Medium and low voltage cable connectors: CNY 8,739,931.82, down 44.50% - Smart power system services: CNY 79,016,633.66, down 53.03% - Smart sea cotton energy storage charging system services: CNY 6,141,188.01, down 49.29% [2]. Profitability - Net profit attributable to shareholders was CNY 183,360,451.10, a decrease of 10.50% from CNY 204,865,598.01 in 2023 [3]. - Net profit excluding non-recurring gains and losses was CNY 153,109,340.85, down 7.90% from CNY 166,241,399.95 in 2023 [3]. - Non-recurring gains and losses totaled CNY 30,251,110.25, primarily from investment management and fair value changes of financial assets [3]. Earnings Per Share - Basic earnings per share decreased to CNY 1.12 from CNY 1.25, a decline of 10.40% [4]. - Diluted earnings per share, excluding non-recurring gains and losses, also fell [4]. Expenses - Sales expenses decreased to CNY 44,902,935.64, down 12.41% from CNY 51,265,627.72 in 2023 [5]. - Management expenses increased to CNY 57,593,249.59, up 15.52% from CNY 49,853,697.86, due to higher depreciation and salary costs [5]. - Financial expenses significantly decreased to CNY 1,323,419.54, down 81.47% from CNY 7,141,706.41, mainly due to reduced interest expenses [5]. - R&D expenses were CNY 56,632,357.88, down 12.41% from CNY 64,658,531.61, indicating a potential impact on future innovation [5]. R&D Investment and Personnel - R&D investment was CNY 56,632,357.88, accounting for 5.22% of operating revenue, down from 6.75% in 2023 [6]. - The number of R&D personnel increased to 231, up 58.22% from 146 in 2023, indicating a shift in strategy towards human resource investment [6]. Cash Flow - Net cash flow from operating activities was CNY 173,901,054.29, a significant increase of 102.57% from CNY 85,845,852.08 in 2023 [7]. - Cash flow from investing activities was -CNY 78,610,944.71, a decrease of 146.96% from CNY 167,394,454.28, reflecting increased cash outflows for fixed assets [7]. - Cash flow from financing activities improved to -CNY 72,239,942.55, an increase of 79.29% from -CNY 348,858,779.93, indicating better debt management [7].