Shanghai Acrel (Acrel) has reported 1H26 revenue of RMB589mn (+9.27% YoY), an attributable NP of RMB109mn (-13.30% YoY), and an ex-nonrecurring NP of RMB93mn (-14.76% YoY). In 2Q26, revenue reached RMB329mn (+11.43% YoY, +26.91% QoQ), while the attributable NP came in at RMB59mn (-20.16% YoY, +16.56% QoQ). Revenue growth accelerated steadily in 2Q26, mainly driven by a faster ramp-up in energy-efficiency management products and current sensors. We expect rising demand from new businesses such as data centers and new energy to support a steady earnings recovery in 2026. Maintain BUY.
Revenue recovers in 1H26; overseas revenue +28.43% YoY
Acrel generated revenue of RMB589mn (+9.27% YoY) in 1H26, including RMB259mn (+6.64% YoY) in 1Q26 and RMB329mn (+11.43% YoY) in 2Q26. The acceleration in 2Q26 revenue growth mainly reflected improving downstream demand. By business, energy-efficiency management products & systems and current sensors contributed most of the revenue growth in 1H26. Revenue from the two businesses reached RMB221mn and RMB80mn, up by 26.49% and 27.59% YoY, respectively, as customer demand for more granular electricity management continued to ramp up. By market, domestic and overseas revenue reached RMB554mn and RMB34mn, up by 8.27% and 28.43% YoY, respectively. Supported by the localization of its overseas operations, the company is poised to accelerate the international rollout of standardized products for industrial and commercial applications, data centers, and new energy.
GPM edges down; new business inflates near-term opex ratio
Acrel reported attributable NP of RMB109mn (-13.30% YoY) and ex-nonrecurring NP of RMB93mn (-14.76% YoY) for 1H26, with earnings weighed on by higher raw-material costs and expense ratios. The overall gross margin declined by 0.81pp YoY to 47.01%, mainly due to raw-material price increases. In response to supply-chain cost pressure, the company is accelerating the optimization of its sourcing system and broadening its supplier base to ensure stable order delivery. The selling/administrative/R&D expense ratios were 12.76%/6.19%/11.16%, up by 0.87pp/0.51pp/1.49pp YoY, respectively, mainly because the company stepped up R&D and sales investment in new businesses. We think that the current earnings pressure primarily reflects strategic investment and higher raw-material costs. Profitability should gradually recover as new businesses scale up.
Earnings forecast and valuation
We revise down our 2026/2027/2028E attributable NP forecasts to RMB256mn/ RMB333mn/RMB468mn (-18.33%/-13.65%/-8.80% vs our previous forecasts; 2026–2028E CAGR: 31.60%), with EPS of RMB1.02 /RMB1.33/RMB1.86. The forecast cuts mainly reflect continued near-term pressure on the gross margin and on expense ratios. Comparable companies are trading at 17.4x 2026E PE on Wind consensus. Given Acrel’s strong competitive advantages in software, we apply 25x 2026E PE and derive our target price of RMB25.50 (previously RMB37.50, based on 30x 2026E PE). Maintain BUY.
Risks: slower-than-expected development of the new power system, slower-than-expected rollout of EMS 3.0 products.

　　安科瑞发布中报业绩，26H1实现营收5.89亿元（yoy+9.27%），归母净利1.09亿元（yoy-13.30%），扣非净利0.93亿元（yoy-14.76%）。其中26Q2实现营收3.29亿元（yoy+11.43%，qoq+26.91%），归母净利0.59亿元（yoy-20.16%，qoq+16.56%）。公司二季度营收稳步提速，主要受益于能效管理产品及电量传感器业务加快放量。我们认为，伴随数据中心、新能源等新业务需求放量，公司26年业绩有望稳步修复，维持“买入”评级。
　　26H1营收稳步修复，海外业务营收同比+28.43%
　　26H1公司实现营收5.89亿元（yoy+9.27%），其中26Q1营收2.59亿元（yoy+6.64%），26Q2营收3.29亿元（yoy+11.43%），二季度营收增长提速主要受益于下游需求改善。分业务看，26H1能效管理产品及系统、电量传感器贡献主要营收增量，分别实现营收2.21、0.80亿元，同比+26.49%、+27.59%，客户精细化用电管理需求稳步放量。分市场看，26H1国内、海外营收分别为5.54、0.34亿元，同比+8.27%、+28.43%，受益于海外业务本土化推进，公司工商业、数据中心、新能源配套产品标准化出海有望加速。
　　26H1毛利率略承压，新业务拓展短期拉高费用率水平
　　26H1公司归母净利1.09亿元（yoy-13.30%），扣非净利0.93亿元（yoy-14.76%），原材料成本上升及费用率增长导致公司利润承压。26H1公司综合毛利率为47.01%，同比下滑0.81pct，毛利率下滑主要受原材料成本涨价影响，面对供应链涨价压力，公司加速优化供应体系，拓宽供应渠道，全力保障订单稳定交付。26H1公司销售/管理/研发费率为12.76%、6.19%、11.16%，分别同比+0.87pct、+0.51pct、+1.49pct，费用率增长主要由于公司加速新业务研发及销售。我们认为，当前利润承压主要系战略投入与原材料成本所致，随新业务规模化放量，公司盈利能力有望逐步修复。
　　卡位800VDC数据中心配电架构，打开成长空间
　　针对数据中心业务场景，公司加速构建全产业链产品体系，围绕SST固态变压器、英伟达主推的800VDC配电架构、液冷配套等前沿方向加速研发，并积极推进CE、UL国际认证。目前公司核心监控系统已通过头部企业实测，母线产品稳定供货头部服务商，多款新品进入试产、迭代及海外测试阶段，预计2026-2027年可实现试点应用与样机落地。英伟达800VDC架构推动数据中心配电体系变革，我们认为，公司凭借与头部客户联合开发的先发优势，加速新业务兑现，看好公司数据中心相关业务长期成长空间。
　　盈利预测与估值
　　我们下调公司26-28年归母净利润至2.56/3.33/4.68亿元（较前值分别调整-18.33%/-13.65%/-8.80%，三年复合增速为31.60%），对应EPS为1.02/1.33/1.86元。下调盈利预测主要考虑到公司毛利率、费用率仍面临阶段性压力。参考可比公司26年17.4xPE（Wind一致预期），考虑公司软件竞争力优势突出，给予公司26年25xPE，对应目标价25.50元（前值37.50元，对应26E30xPE），维持“买入”评级。
　　风险提示：新型电力系统建设不及预期；EMS3.0产品推进不及预期。

　　公司能效管理产品持续升级迭代。公司专注于从事中低压企业微电网能效管理所需的设备和系统的研发、生产、销售及服务，目前公司实现了三个阶段的产品升级，一是从硬件（含嵌入式软件）发展到EMS1.0阶段，具备自动化、数字化特征；二是EMS1.0发展到EMS2.0（AcrelEMS能效管理平台）的阶段，实现了平台化，打破信息孤岛、互联互通的特征；三是EMS3.0（安科瑞微电网智慧能源平台）阶段，在EMS2.0平台的基础上并入光储充平台，真正实现源网荷储充一体化柔性控制，实现互联、互通、互动。
　　聚焦主业，产品覆盖下游多个应用场景。公司产品覆盖低碳园区、智慧医院、轨道交通等场景，推动AI与能源管理深度融合，助力光储充一体化与虚拟电厂应用。2025年实现营业收入10.94亿元，同比增长2.90%；归母净利润达2.05亿元，同比增长20.81%，主业韧性与盈利显著增强。
　　企业微电网系统市场空间广阔，渗透率有望持续上行。根据国家电网统计，我国供电电压等级大于等于10kV的工商业用户超过200万户，若企业微电网系统的平均单价为100万元，则远期潜在市场容量将达到2万亿元。目前企业微电网系统的渗透率仍处于较低水平，假设渗透率为40%的情况下，市场规模有望达到8000亿元。
　　海外市场持续开拓，收入持续增长。海外市场仍以东南亚为战略支点，覆盖欧洲、中东、非洲等地，通过设立当地代理商的模式和自有海外销售团队同步推进，25年公司海外的营业收入实现0.55亿元，较上年同期增长24.01%（不包含通过国内外贸公司销往海外的收入）。
　　投资建议：我们预计公司26-28年实现归母净利润2.67/3.32/4.10亿元，同比+29.9%/+24.4%/+23.5%，对应EPS为1.06/1.32/1.63元。公司下游市场空间广阔，海外市场持续开拓，给予公司“买入”评级。
　　风险提示：宏观需求下滑，海外开拓风险等

Shanghai Acrel(Acrel)reported 1Q26 revenue of RMB259mn(+6.64%YoY,+0.82%QoQ),attributable NP of RMB50.3mn(-3.65%YoY,+288.51%QoQ),and recurring NP of RMB44.2mn(-11.47%YoY).Benefiting from improving downstream demand,the company delivered steady revenue growth.Profit declined YoY mainly because higher share-based incentive expenses pushed up expense ratios.We believe downstream demand could continue to recover steadily,supported by policies related to microgrids and virtual power plants.Maintain BUY.
ST pressure on 1Q26 NPM,but arecovery expected for 2026
Net margin(NPM)came in at 19.36%(-2.08pp YoY)in 1Q26.The decline mainly reflected higher expense ratios.In 1Q26,the selling,administrative,and R&D expense ratios were 12.36%,6.95%,and 11.58%,respectively(+1.24pp/+1.19pp/+1.29pp YoY).The increase in the selling expense ratio mainly reflected the redoubled effort to expand overseas markets.Faster development in new products likely accounted for the increase in the R&D expense ratio.The increase in the administrative expense ratio mainly reflected higher share-based incentive expenses.We believe period expense ratios could return to normal levels over the full year.Gross margin stood at 48.70%(+1.20pp YoY)in 1Q26,benefiting from continued optimization of the product mix.Overall,we believe full-year net margin is likely to recover in 2026.
Active overseas expansion,more GPM expansion likely ahead
Acrel continues to implement its overseas expansion strategy,using Southeast Asia as astrategic base.Its business now covers Europe,the Middle East,and Africa,among other regions.As the company strengthened its overseas sales team,the selling expense ratio in 1Q26 was higher(+1.24pp YoY).The company is advancing through both local agents and its own overseas sales team,and it has gradually built up overseas customers and brand recognition.Based on the 2025 annual report,gross margin for the overseas and domestic business was 65.74%and 45.44%,respectively.We believe blended gross margin has further room for improvement as overseas business ramps up and revenue contribution increases.
Earnings forecast and valuation
We maintain our 2026-2028 attributable NP forecasts at RMB314mn/RMB386mn/RMB513mn,implying athree-year CAGR of 35.71%.Corresponding EPS is RMB1.25/RMB1.54/RMB2.04.Comparable companies are trading at 21.2x 2026E PE based on Wind consensus estimates.Given the company’s strong competitive advantage in software,we apply amultiple of 30x 2026E PE to earnings to derive atarget price of RMB37.50(unchanged).Maintain BUY.
Risks:Slower-than-expected construction of the new power system,and slower-than-expected rollout of EMS 3.0 products.

　　安科瑞发布一季报，26Q1实现营收2.59亿元（yoy+6.64%、qoq+0.82%），归母净利5027.32万元（yoy-3.65%、qoq+288.51%），扣非净利4419.87万元（yoy-11.47%）。受益于下游需求改善，公司营收稳健增长，公司盈利同比下滑主要由于股权激励费用增加导致费用率上涨。我们认为，受益于微电网及虚拟电厂相关政策，公司下游需求有望稳步释放，维持“买入”。
　　26Q1净利率短期承压，看好全年盈利修复
　　26Q1公司净利率为19.36%，同比下滑2.08pct，公司净利率下滑主要由于费用率上涨。26Q1公司销售/管理/研发费率分别为12.36%、6.95%、11.58%，分别同比+1.24、+1.19、+1.29pct，销售费率增长主要考虑到公司加大海外市场拓展力度，研发费率增长主要考虑到新产品投入加快，管理费率增长主要由于股权激励费用增加。我们认为，全年维度看公司期间费率有望恢复正常水平。26Q1公司综合毛利率为48.70%，同比+1.20pct，毛利率提升得益于产品结构持续优化。综合来看，26年全年净利率有望修复。
　　积极开拓海外市场，毛利率水平有望持续优化
　　公司持续推进出海战略，以东南亚为战略支点，目前业务已覆盖欧洲、中东、非洲等地。基于业务需求，公司强化海外销售团队建设，26Q1公司销售费率同比+1.24pct，目前公司通过设立当地代理商的模式和自有海外销售团队同步推进，已逐步实现海外客户积累与品牌打造。同时，基于25年报数据，公司海外、国内业务毛利率分别为65.74%、45.44%，我们认为，伴随海外市场业务放量及收入占比提升，公司整体毛利率水平有望进一步优化。
　　产业政策持续加码，看好公司远期成长空间
　　26年微电网及虚拟电厂相关政策逐步落地，看好政策驱动需求放量。1）微电网：26年1月，工信部等五部门联合印发《工业绿色微电网建设与应用指南（2026—2030年）》，引导工业企业和园区推进工业绿色微电网建设与应用，扩大工业领域绿电应用，促进重点行业领域节能降碳；2）虚拟电厂：26年3月，山东省《虚拟电厂建设运行管理办法（征求意见稿）》发布，明确了虚拟电厂的建设标准、市场交易规则与收益机制。我们认为，产业政策陆续出台，对用电侧提出更高的能效管理、可靠用电要求，公司EMS3.0智慧能源管理平台有望成为客户的有效解决方案，看好业务长期放量。
　　盈利预测与估值
　　我们维持公司26-28年归母净利润为3.14/3.86/5.13亿元（三年复合增速为35.71%），对应EPS为1.25/1.54/2.04元。参考可比公司26年21.2xPE（Wind一致预期），考虑公司软件竞争力优势突出，给予公司26年30xPE，对应目标价37.50元（前值37.50元，对应26E30xPE），维持“买入”。
　　风险提示：新型电力系统建设不及预期；EMS3.0产品推进不及预期。