证券研究报告·公司点评报告·消费电子 安克创新（300866） 2024 年三季报点评：Q3 归母净利润同比 +52%，扩品+扩渠道实现持续高增 2024 年 10 月 29 日 买入（维持） | --- | --- | --- | --- | --- | --- | |------------------------------|-------|-------|-------|-------|-------| | 盈利预测与估值 [Table_EPS] | 2022A | 2023A | 2024E | 2025E | 2026E | | 营业总收入（百万元） | 14251 | 17507 | 23855 | 31484 | 39541 | | 同比（ % ） | 13.33 | 22.85 | 36.26 | 31.98 | 25.59 | | 归母净利润（百万元） | 1143 | 1615 | 2003 | 2472 | 2980 | | 同比（ % ） | 16.48 | 41.22 | 24.04 | 23.39 | 20.55 | | EPS- 最新摊薄（元 / 股） | 2.15 | 3.0 ...

日期 2024/10/30 当前股价(元) 80.91 一年最高最低(元) 102.00/50.21 总市值(亿元) 429.96 流通市值(亿元) 239.82 总股本(亿股) 5.31 流通股本(亿股) 2.96 近 3 个月换手率(%) 94.89 公 司 研 究 安克创新（300866.SZ） 2024 年 10 月 30 日 2024Q3 业绩延续高增，关注渠道+潜力品类共振带动 长期增长 投资评级：买入（维持） ——公司信息更新报告 | --- | --- | --- | --- | --- | --- | --- | --- | --- | |---------------------------|---------------------------|-------|---------------------|----------------|-------|-------|-------|-------| | | | | | | | | | | | 吕明（分析师） | 周嘉乐（分析师） | | 林文隆（分析师） | | | | | | | lvming@kysec.cn | zhoujial ...

国泰君安版权所有发送给上海东方财富金融数据服务有限公司.东财接收研报邮箱.ybjieshou@eastmoney.com p1 股 票 研 究 ——安克创新 2024 年三季报点评 | --- | --- | |-------------------|---------------------| | | | | 刘越男 ( 分析师 ) | [table_Authors] | | | | | 021-38677706 | | | | liuyuenan@gtjas.com | | S0880516030003 | 登记编号 | | --- | --- | |--------------------------|------------------------------| | | | | 陈笑 ( 分析师 ) | 赵国振 ( 分析师 ) | | 021-38677906 | 021-38031044 | | chenxiao015813@gtjas.com | zhaoguozhen028586@gtjas.co m | | S0880518020002 | S0880524030006 | 本报告导读： Q3 ...

证 券 研 究 报 告 安克创新（300866）2024 年三季报点评 强推（维持） 增长势能强劲，经营再超预期 目标价：95 元 当前价：83.91 元 事项： ❖ 公司发布 2024 年三季报，24Q1-Q3 公司实现营收 164.5 亿元，同比增长 39.6%； 归母净利润 14.7 亿元，同比增长 21.3%。单季度来看，24Q3 公司实现营收 68.0 亿元，同比增长 44.1%，归母净利润 6.0 亿元，同比增长 52.4%。 评论： ❖ 营收再度提速，势能持续凸显。24Q1-Q3 公司实现营收 164.5 亿元，同比 +39.6%，其中单 Q3 营收 68.0 亿元，同比+44.1%，在同期基数偏高背景下收 入仍在加速。分渠道看，我们认为一方面得益于海外线上需求景气（24Q3 亚 马逊 Prime Day 销售额同比+11%），另一方面公司独立站亦带来一定增量，收 入占比由 9.6%(24H1)→10.0%(24Q1-Q3)，考虑三季度为亚马逊大促节点，若 在常规季度或有更高表现，已起到贡献报表增量效果，使得线上收入由 24H1 同比+38.5%→24Q1-Q3 同比+41.7%。分产品看，24 ...

证券研究报告 | 2024年10月30日 安克创新（300866.SZ） 优于大市 第三季度归母净利润增长 52%，全渠道扩张稳步推进 三季度业绩增长中高双位数。公司 2024 年前三季度营收 164.49 亿元，同比 +39.56%，归母净利润 14.72 亿元，同比+21.29%，扣非净利润 13.03 亿元， 同比+41.3%。单三季度看，收入 68 亿元，同比+44.05%，归母净利润 5.99 亿元，同比+52.44%，扣非净利润 5.37 亿元，同比+41.98%。整体三季度业 绩在行业景气及公司推进品类拓展和渠道优化下表现较好。 核心渠道增长稳健，积极推进品类迭代升级。分渠道看，公司前三季度线上 渠道收入114.97 亿元，同比+41.7%；线下渠道收入49.52 亿元，同比+34.82%， 其中独立站渠道表现优异，收入 16.46 亿元，同比+104.52%，占营收的比重 升至 10%。品类方面看，公司重视产品研发创新，数码充电领域 8 月发布系 列新品，继续优化智能安防领域产品结构，满足消费者需求。 费用率优化，现金流向好。公司 2024 年 Q3 毛利率 42.99%，同比-0.47pct ...

Financial Performance - Revenue for the third quarter reached 6.8 billion yuan, a year-on-year increase of 44.05%[2] - Net profit attributable to shareholders of the listed company was 599.44 million yuan, up 52.44% year-on-year[2] - Revenue increased by 39.56% to 16,448,654,845.50 RMB, driven by market expansion and new product launches[6] - Revenue for the first three quarters of 2024 reached 16.449 billion yuan, a year-on-year increase of 39.56%[12] - Net profit attributable to the parent company for the first three quarters of 2024 was 1.472 billion yuan, up 21.29% year-on-year[12] - Revenue for the third quarter of 2024 was 6.8 billion yuan, a year-on-year increase of 44.05%[13] - Net profit attributable to the parent company for the third quarter of 2024 was 599 million yuan, up 52.44% year-on-year[13] - Total revenue for the first three quarters of 2024 reached RMB 16.45 billion, a 39.6% increase compared to RMB 11.79 billion in the same period last year[24] - Net profit attributable to the parent company's shareholders was RMB 1.47 billion, up 21.3% year-over-year from RMB 1.21 billion[26] - Basic earnings per share (EPS) stood at RMB 2.78, slightly lower than RMB 2.99 in the same period last year[27] - The company's gross profit margin improved to 39.9%, up from 38.7% in the previous year[25] Assets and Liabilities - Total assets as of the end of the reporting period were 16.12 billion yuan, an increase of 26.17% compared to the end of the previous year[2] - Inventory increased by 69.94% to 4.1 billion yuan due to active stockpiling for platform promotional activities[5] - Accounts payable surged by 121.14% to 2.56 billion yuan, driven by increased inventory preparation[5] - Short-term borrowings rose by 47.84% to 398.83 million yuan due to new bank loans[5] - Deferred tax assets grew by 34.92% to 496.44 million yuan, mainly due to seasonal fluctuations in inventory[5] - Other receivables increased by 125.47% to 212.97 million yuan, primarily due to cross-period settlements of foreign exchange hedging[5] - Long-term employee benefits payable rose by 78.23% to 503.93 million yuan, driven by increased long-term bonus amounts[5] - The company's total assets increased to 16,120,076,978.00 yuan as of September 30, 2024, up from 12,776,701,177.48 yuan at the beginning of the period[22] - Current assets totaled 12,273,055,345.91 yuan, with inventory increasing to 4,097,882,411.79 yuan from 2,411,311,030.09 yuan[22] - Non-current assets reached 3,847,021,632.09 yuan, including 1,279,982,197.96 yuan in other non-current financial assets[23] - Current liabilities included 2,563,581,903.46 yuan in accounts payable and 713,753,341.92 yuan in employee compensation payable[23] - The company's monetary funds increased to 2,258,055,286.02 yuan from 2,065,286,483.05 yuan[22] - Trade receivables grew to 1,700,227,115.02 yuan compared to 1,527,817,539.84 yuan at the beginning of the period[22] - Other receivables increased significantly to 212,970,441.35 yuan from 94,456,598.14 yuan[22] - Deferred tax assets rose to 496,442,763.01 yuan from 367,943,008.43 yuan[23] - Total liabilities increased by 66.8% to RMB 7.70 billion, driven by higher short-term and long-term borrowings[24] - The company's total assets grew by 26.2% to RMB 16.12 billion, with owner's equity reaching RMB 8.42 billion[24] Cash Flow - Net cash flow from operating activities surged by 78.06% to 1,651,200,264.69 RMB, reflecting higher net profit and improved working capital efficiency[7] - Net cash flow from investing activities decreased by 2,958.32% to -795,441,312.84 RMB, primarily due to financial product purchases[7] - Net cash flow from financing activities fell by 94.96% to -832,702,006.14 RMB, mainly due to shareholder dividend payments[7] - Sales of goods and services received cash of 14.19 billion yuan, a significant increase from 9.9 billion yuan in the previous period[28] - Total cash inflow from operating activities reached 15.62 billion yuan, up from 10.63 billion yuan in the previous period[28] - Net cash flow from operating activities was 1.65 billion yuan, compared to 927.32 million yuan in the previous period[28] - Cash received from tax refunds amounted to 762.99 million yuan, up from 613.86 million yuan in the previous period[28] - Cash paid for goods and services was 9.24 billion yuan, an increase from 6.67 billion yuan in the previous period[28] - Net cash flow from investing activities was -795.44 million yuan, compared to -26.01 million yuan in the previous period[29] - Net cash flow from financing activities was -832.7 million yuan, compared to -427.12 million yuan in the previous period[29] - The company's cash and cash equivalents at the end of the period were 1.95 billion yuan, up from 1.43 billion yuan in the previous period[29] R&D and Operating Costs - Operating costs rose by 37.14% to 9,165,921,587.43 RMB, in line with revenue growth[6] - R&D expenses grew by 50.78% to 1,402,206,974.18 RMB, due to increased project investments and personnel costs[6] - R&D expenses increased by 50.8% to RMB 1.40 billion, accounting for 8.5% of total revenue[25] - Sales expenses rose by 39.9% to RMB 3.61 billion, reflecting the company's continued investment in market expansion[25] Investment and Shareholder Information - The company's investment income increased by 201.30% to 143,464,753.74 RMB, driven by financial product returns and equity investments[6] - Yang Meng holds 43.78% of the company's shares, making him the largest shareholder[9] - Hong Kong Securities Clearing Company Limited holds 9.17% of the shares, ranking third among shareholders[9] - The top 10 shareholders collectively hold a significant portion of the company's equity, with the top 5 holding over 70%[9] - Investment income surged by 201.3% to RMB 143.46 million, driven by gains from equity investments[25] Product Launches - Anker Prime series products were launched in August 2024, featuring 250W output performance and a 2.26-inch multifunctional information screen[14] - Anker SOLIX C300 DC series was launched in August 2024, with a total capacity of 90,000mAh and 7 interfaces[14] - eufyCam S3 Pro was launched in September 2024, featuring 4K camera and MaxColor Vision™ technology[15] Incentive Plans and Share Grants - The company granted 4,201,903 shares of restricted stock to 305 incentive recipients, with Director Zhu Fanghao receiving 954,300 shares[21] - The restricted stock grant price for the 2024 incentive plan was adjusted from 40.62 yuan/share to 40.02 yuan/share[21] Miscellaneous - The company's third-quarter report was unaudited[30]

投资者关系活动记录表 深圳市全景网络有限公司 证券代码：300866 证券简称：安克创新 公告编号：2024-005 安克创新科技股份有限公司 | --- | --- | --- | |-------------------------|--------------------------------------------------------------------|-----------------------------------------------------------------------------------------| | 投资者关系活动 \n类别 | □ 特定对象调研 \n□ 媒体采访 □ \n□ 新闻发布会 \n□ 现场参观 | □ 分析师会议 \n 业绩说明会 \n □ 路演活动 | | | ☑ 其他 （湖南辖区 | 2024 年度投资者网上集体接待日活动） | | 参与单位名称及 人员姓名 | 投资者网上提问 | | | 时间 | 2024 年 10 月 10 日 | (周四) 下午 15:30-17:00 | | 地点 | 参加湖南辖区 2024 | 公司通过全景网" ...

证券代码：300866 证券简称：安克创新 公告编号：2024-078 安克创新科技股份有限公司 关于参加湖南辖区 2024 年度投资者网上集体接待日活动的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 为进一步加强与广大投资者的互动交流，安克创新科技股份有限公司（以下 简称"公司"）将参加由湖南证监局、湖南省上市公司协会与深圳市全景网络有 限公司联合举办的"湖南辖区 2024 年度投资者网上集体接待日"活动，现将有 关事项公告如下： 本次活动将采用网络远程的方式举行，投资者可以登录"全景路演"网站 （http://rs.p5w.net），或关注微信公众号"全景财经"，或下载"全景路演"APP， 参与本次互动交流，活动时间为 2024 年 10 月 10 日（星期四）15:30-17:00。届 时公司董事会秘书张希先生、证券事务代表曾旖女士将在线通过网络文字交流形 式就公司治理、发展战略、经营状况等投资者关心的问题，与投资者进行沟通与 交流。欢迎广大投资者踊跃参与！ 特此公告。 安克创新科技股份有限公司 董事会 2024 年 9 月 24 日 ...

超300家机构调研这家品牌消费品出海稀缺标的，公司上半年收入及扣非净利润增速均超预期，品牌认 可度及私域流量持续提升。 调研要点： ①超300家机构调研这家品牌消费品出海稀缺标的，公司上半年收入及扣非净利润增速均超预期，品牌 认可度及私域流量持续提升； ②风险提示：调研内容仅为机构与上市公司间的业务交流，不构成投研观点，信息以上市公司公告和分 析师公开报告为准。 安克创新与8月30日至9月12日期间接待316家机构570人次调研，2024年上半年度，公司实现营业收 入96.48亿元，同比增长36.55%；归母净利润8.72亿元，同比增长6.36%；扣非归母净利润7.66亿元， 同比增长40.53%。 2024年上半年，公司充电储能类业务实现营收49.75亿元，同比增长42.81%。公司数码充电产品的持 续发力，通过不断的产品创新、设计创新，持续获得消费者青睐。公司入局消费级新能源领域，推出便 携式储能、阳台光伏、分布式户用储能等多种形态的产品。在消费级新能源领域，上半年推出Anker SOLIX X1家用储能系统和阳台光伏Anker SOLIX Solarbank2代Pro和Plus，持续获得市场关注。 渠道 ...

证券代码：300866 证券简称：安克创新 公告编号：2024-004 安克创新科技股份有限公司 | --- | --- | --- | |-----------------------|---------------------------------------------------------------------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------| | 投资者关系活 \n动类别 | ☑ 特定对象调研 \n□媒体采访 \n□新闻发布会 | 投资者关系活动记录表 \n☑ 分析师会议 \n□业绩说明会 \n□路演活动 | | | □现场参观 | | | | ☑ 其他 线上会议等 | | | 参与单位名称 共计 | 316 家机构 570 | 人次，详见附件清单 | | 时间 | 2 ...