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 ...

Group 1: Data Center Industry Insights - The company has established numerous successful cases in the data center sector, providing comprehensive product solutions to meet the demands of power distribution monitoring and management [1] - The rapid development of AI technology significantly boosts investment in data centers, with major tech companies increasing their capital expenditures in this area for 2025 [1] - Traditional data centers face substantial renovation needs to meet the requirements of AI data centers, indicating a growing market demand [1] Group 2: Impact of New Energy Policy - The recent notice from the National Development and Reform Commission emphasizes the acceleration of a new power system and the establishment of a green, low-carbon development mechanism [2] - Microgrids can sell excess renewable energy during high electricity prices and store energy or purchase from the main grid during low prices, enhancing economic returns [2] - The cost of renewable energy generation is subject to market fluctuations, posing challenges for cost control in microgrids [2] Group 3: Technological and Operational Challenges - Microgrids require precise forecasting of renewable energy generation and load demands, necessitating the use of smart energy management systems [2] - The development of power electronics technology is crucial for the flexible connection of microgrids to the main grid, enhancing performance and reliability [2] - The intermittency and volatility of renewable energy generation increase the difficulty of power balance in microgrids, highlighting the importance of energy storage systems [2] Group 4: Market Competition and Development - Microgrids must improve operational efficiency and service quality to compete as independent market entities in the electricity market [2] - The policy encourages technological innovation and industry upgrades in microgrids, attracting more enterprises to participate in their construction and operation [2] - The company's EMS 3.0 core functions align with electricity reform policies, becoming essential for commercial users looking to engage in market transactions [2]