Investment Rating - The investment rating for the company is "Buy" and is maintained [7]. Core Views - The company achieved a revenue of 24.71 billion yuan in 2024, representing a year-on-year increase of 41.14%. The net profit attributable to shareholders was 2.11 billion yuan, up 30.93% year-on-year, and the net profit after deducting non-recurring items was 1.89 billion yuan, an increase of 40.50% year-on-year. In Q4 2024, the company recorded a revenue of 8.26 billion yuan, a year-on-year increase of 44.41%, with a net profit of 643 million yuan, up 60.06% year-on-year [2][4]. Summary by Sections Financial Performance - In Q1 2025, the company reported a revenue of 5.99 billion yuan, a year-on-year increase of 36.91%, with a net profit of 496 million yuan, up 59.57% year-on-year. The company declared a cash dividend of 15 yuan per 10 shares, corresponding to a dividend payout ratio of 37.70% [2][4]. Revenue Growth - The company's revenue growth was driven by a focus on strategic product categories, with revenue from charging and energy storage, smart innovation, and smart audio categories increasing by 47.23%, 39.53%, and 32.84% respectively in 2024. The charging and energy storage segment saw a significant increase, with digital charging and energy storage revenues growing by 28% and 184% respectively [10]. Profitability - The company's gross margin for 2024 was 43.67%, a slight increase of 0.14 percentage points year-on-year. The gross margin for the charging and energy storage segment decreased by 0.80 percentage points, while the smart audio segment saw an increase of 1.88 percentage points. The overall net profit margin for 2024 was 8.6% [10]. Future Projections - The company is expected to achieve net profits of 2.51 billion yuan, 3.05 billion yuan, and 3.69 billion yuan for 2025, 2026, and 2027 respectively, with corresponding price-to-earnings ratios of 18.84, 15.47, and 12.80 [10].

证券研究报告 公司研究 [Table_ReportType] 公司点评报告 [Table_StockAndRank] 安克创新(300866) 投资评级 无评级 上次评级 [Table_Author] 姜文镪 新消费行业首席分析师 执业编号：S1500524120004 邮 箱： jiangwenqiang@cindasc.com 骆峥 新消费行业分析师 执业编号：S1500525020001 邮 箱： luozheng1@cindasc.com 信达证券股份有限公司 CINDA SECURITIES CO.,LTD 北京市西城区宣武门西大街甲127号金隅大厦B 座 邮编：100031 [Table_S 事件：公司ummar 发布y]2024 年年报及 2025 年一季报。24 年公司实现收入 247.10 亿元（同比+41.1%，下同），归母净利润 21.14 亿元（+30.9%），扣非归母 净利润 18.88 亿元（+40.5%）；24Q4 公司实现收入 82.61 亿元（+44.4%）， 归母净利润 6.43 亿元（+60.1%），扣非归母净利润 5.85 亿元（+39.1%）； 25Q1 公司实现收入 ...

Core Viewpoint - Anker Innovations reported strong financial performance for 2024, with significant revenue and profit growth despite challenges in the consumer electronics industry [1][2]. Group 1: Financial Performance - The company achieved a total revenue of 24.71 billion yuan in 2024, representing a year-on-year increase of 41.14%, and a net profit of 2.11 billion yuan, up 30.93% [1]. - In Q1 2025, Anker Innovations reported revenue of 5.99 billion yuan, a 36.91% increase year-on-year, and a net profit of 496 million yuan, growing by 59.57% [1]. Group 2: Business Segments - The charging and energy storage products, primarily under the Anker brand, generated 12.67 billion yuan in revenue, a substantial increase of 47.23%, accounting for 51.26% of total revenue [2]. - Smart innovation products, including eufy smart home devices and AnkerMake 3D printers, contributed 6.64 billion yuan, growing by 39.53% and representing 25.64% of total revenue [2]. - The audio products segment, including soundcore wireless headphones and Nebula projectors, achieved revenue of 5.69 billion yuan, a 32.84% increase, making up 23.04% of total revenue [2]. Group 3: Sales Channels - Amazon remains the primary revenue channel for Anker Innovations, contributing 13.42 billion yuan in 2024, a 34.23% increase, and accounting for 54.30% of total revenue [3]. - Other third-party platforms generated 1.68 billion yuan, up 57.33%, while six independent sites collectively achieved 2.50 billion yuan, a remarkable growth of 101.34% [3]. Group 4: Strategic Initiatives - Anker Innovations is focusing on expanding its business into energy storage, robotics, and AI, moving beyond its initial identity as a charging device company [4]. - The company has made significant investments in R&D, with expenditures reaching 2.11 billion yuan in 2024, a 49.13% increase, and the R&D team expanding to 2,672 members [2][4]. - Anker Innovations has also led investments in a robotics startup, indicating a strategic shift towards emerging technologies [4]. Group 5: Future Outlook - The energy storage business achieved revenue of 3.02 billion yuan in 2024, marking a remarkable growth of 184.00% [5]. - The company is still in the early stages of its journey into embodied intelligence and AI, with ongoing adjustments in its business lines [5].

证券研究报告 | 公司点评报告 2025 年 05 月 05 日 安克创新（300866.SZ） 24 年及 25Q1 延续高增，短期关税扰动不改公司长期价值 TMT 及中小盘/电子 公司公告 24 年报及 25 年一季报。结合公司近况，我们点评如下： ❑ 风险提示：地缘政治及贸易摩擦加剧、产品需求不及预期、原材料价格波动、 市场竞争加剧、海运费用波动。 增持（维持） 当前股价：88.84 元 基础数据 | 总股本（百万股） | 531 | | --- | --- | | 已上市流通股（百万股） | 296 | | 总市值（十亿元） | 47.2 | | 流通市值（十亿元） | 26.3 | | 每股净资产（MRQ） | 17.6 | | ROE（TTM） | 24.6 | | 资产负债率 | 44.7% | | 主要股东 | 阳萌 | | 主要股东持股比例 | 43.78% | 股价表现 % 1m 6m 12m 绝对表现 -14 10 38 相对表现 -11 13 34 资料来源：公司数据、招商证券 -40 -20 0 20 40 60 80 100 May/24 Aug/24 Dec/24 Apr/25 ...

安克创新（ [Table_StockNameRptType] 300866） 公司点评 关注股价回调下公司对非美市场挖掘 ——安克创新 24A&25Q1 点评 | 投资评级：买入（维持） [Table_Rank] | | | --- | --- | | 报告日期： 2025-05-02 | | | [Table_BaseData] 收盘价（元） | 88.84 | | 近 12 个月最高/最低（元） 121.53/50.21 | | | 总股本（百万股） | 531 | | 流通股本（百万股） | 296 | | 流通股比例（%） | 55.78 | | 总市值（亿元） | 472 | | 流通市值（亿元） | 263 | [公司价格与沪深 Table_Chart] 300 走势比较 -33% -2% 30% 61% 92% 5/24 8/24 11/24 2/25 安克创新 沪深300 [Table_Author] 分析师：邓欣 执业证书号：S0010524010001 邮箱：dengxin@hazq.com 联系人：唐楚彦 执业证书号：S0010124070002 邮箱：tangchuyan@hazq.c ...

Investment Rating - The report maintains a "Buy" rating for Anker Innovations [1] Core Views - Anker Innovations demonstrated strong revenue and profit growth in 2024 and Q1 2025, with revenue reaching 24.71 billion yuan in 2024, a year-on-year increase of 41%, and a net profit of 2.11 billion yuan, up 31% year-on-year [7][8] - The company is resilient under tariff pressures, with strategies in place to mitigate impacts, including inventory management and supply chain adjustments [7][8] - The report highlights the company's strong performance across product categories, particularly in charging products, which saw a revenue increase of 47.23% year-on-year [7][8] Revenue and Profit Forecast - Total revenue is projected to grow from 24.71 billion yuan in 2024 to 32.14 billion yuan in 2025, with a compound annual growth rate (CAGR) of 30.06% [1][7] - Net profit is expected to increase from 2.11 billion yuan in 2024 to 2.49 billion yuan in 2025, reflecting a year-on-year growth of 17.57% [1][7] Product Category Performance - Charging products generated 12.67 billion yuan in revenue in 2024, a 47.23% increase year-on-year, with a gross margin of 41.5% [7][8] - Smart innovation products achieved 6.34 billion yuan in revenue, up 39.5% year-on-year, maintaining a gross margin of 46.5% [7][8] - Smart audio-visual products reported revenue of 5.69 billion yuan, a 32.8% increase year-on-year, with a gross margin of 45.4% [7][8] Financial Metrics - The report projects earnings per share (EPS) to rise from 3.98 yuan in 2024 to 4.68 yuan in 2025, with a price-to-earnings (P/E) ratio decreasing from 21.12 to 17.96 [1][7] - The company plans to distribute a cash dividend of 1.5 yuan per share, resulting in a dividend payout ratio of 28% and a dividend yield of 1.8% based on the closing price on April 29 [7][8]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][5] Core Views - The company continues to experience high growth in Q1 2025, driven by the rapid expansion of its medium and large charging storage business [5] - Revenue for 2024 is projected to be 24.7 billion yuan, representing a year-on-year increase of 41%, with a net profit of 2.11 billion yuan, up 31% [5] - The company has adjusted its profit forecasts for 2025-2027, expecting net profits of 2.609 billion yuan, 3.158 billion yuan, and 3.799 billion yuan respectively [5] Financial Performance Summary - In Q1 2025, the company reported revenue of 8.6 billion yuan, a 60% increase year-on-year, with a net profit of 500 million yuan, also up 60% [5] - The revenue breakdown for 2024 shows charging storage, smart innovation, and smart audio-visual segments generating 12.7 billion yuan, 6.3 billion yuan, and 5.7 billion yuan respectively, with year-on-year growth rates of 47%, 40%, and 33% [6] - The company’s gross margin for Q1 2025 was 43.3%, slightly down from 43.7% in 2024, attributed to increased shipping costs and a narrowing decline in battery cell costs [7] Market and Channel Insights - The company has seen significant growth in various channels, with Amazon and other third-party platforms achieving revenue increases of 34% and 57% respectively in 2024 [6] - The independent station channel experienced a remarkable growth of 101%, indicating strong demand for new energy products [6] - Key markets such as Europe, Japan, and North America, along with potential markets like mainland China, all recorded revenue growth exceeding 30% in 2024 [6]

Core Viewpoint - The company reported strong financial performance for 2024, with revenue of 24.71 billion and a year-on-year growth of 41.1%, and a net profit of 2.11 billion, up 30.9% year-on-year, exceeding previous expectations [1] Financial Performance - In Q1 2025, the company achieved revenue of 5.99 billion, representing a year-on-year increase of 36.9%, and a net profit of 0.50 billion, which is a 59.6% increase year-on-year [2] - For 2024, the company's energy storage business revenue grew by 184%, with significant contributions from various product categories [2][3] - The revenue breakdown for 2024 shows charging storage, smart innovation, and smart audio categories generating 12.67 billion, 6.34 billion, and 5.69 billion respectively, with year-on-year growth rates of 47.2%, 39.5%, and 32.8% [2] Product and Market Development - The company has focused on continuous innovation and product iteration, launching new energy storage solutions such as the SOLIX Solarbank 2 and SOLIX X1 for overseas markets [3] - Online and offline revenue for 2024 reached 17.60 billion and 7.11 billion respectively, with year-on-year growth of 43.0% and 36.7%, highlighting the effectiveness of both independent and third-party platforms [3] Cost and Profitability Metrics - The gross margin for 2024 was 43.7%, a slight increase of 0.1 percentage points year-on-year, attributed to product structure optimization [3] - The sales expense ratio was 22.5%, up 0.3 percentage points year-on-year, mainly due to increased marketing and platform costs [3] - The net profit margin for 2024 was 8.6%, down 0.7 percentage points year-on-year [3] Future Outlook and Valuation - The company forecasts net profits of 2.416 billion, 2.828 billion, and 3.344 billion for 2025-2027, with corresponding EPS of 4.55, 5.32, and 6.29 [4] - Due to increased tariff risks, revenue and profit expectations for 2025 and 2026 have been adjusted downward [4] - The company maintains a "buy" rating with a target price of 100.1, based on a 22x PE for 2025 [4]

Investment Rating - The investment rating for the company is "Buy" with a target price of 100.10 RMB [6][7]. Core Views - The company reported a revenue of 24.71 billion RMB in 2024, a year-on-year increase of 41.1%, and a net profit of 2.11 billion RMB, up 30.9% year-on-year, exceeding previous expectations [1]. - In Q1 2025, the company achieved a revenue of 5.99 billion RMB, representing a 36.9% year-on-year growth, and a net profit of 500 million RMB, which is a 59.6% increase year-on-year [1]. - The growth is attributed to product innovation and optimization of the product structure, along with increased foreign exchange gains [1]. - The company is expected to maintain a long-term upward trend despite short-term disruptions from increased tariffs on domestic goods by the US [1]. Revenue and Profit Analysis - In 2024, the revenue from the energy storage business surged by 184% year-on-year, with total revenues from charging storage, smart innovation, and smart audio categories reaching 12.67 billion RMB, 6.34 billion RMB, and 5.69 billion RMB respectively, with year-on-year growth rates of 47.2%, 39.5%, and 32.8% [2]. - Online and offline revenues for 2024 were 17.6 billion RMB and 7.11 billion RMB, reflecting increases of 43.0% and 36.7% respectively, with independent site revenue growing by 101.3% [2]. Cost and Margin Insights - The gross margin for 2024 was 43.7%, a slight increase of 0.1 percentage points year-on-year, primarily due to product structure optimization [3]. - The sales expense ratio was 22.5%, up 0.3 percentage points year-on-year, driven by increased marketing and platform costs [3]. - The R&D expense ratio increased to 8.5%, up 0.45 percentage points year-on-year, while the financial expense ratio decreased to 0.1% due to increased foreign exchange gains [3]. Profit Forecast and Valuation - The forecasted net profits for 2025, 2026, and 2027 are 2.42 billion RMB, 2.83 billion RMB, and 3.34 billion RMB respectively, with corresponding EPS of 4.55 RMB, 5.32 RMB, and 6.29 RMB [4]. - The average PE for comparable companies in 2025 is expected to be 22 times, and the company is assigned a 2025 PE of 22 times, leading to a target price of 100.1 RMB [4]. Financial Metrics Overview - The projected revenue for 2025 is 30.95 billion RMB, reflecting a growth rate of 25.25% [5]. - The net profit for 2025 is expected to be 2.42 billion RMB, with a growth rate of 14.26% [5]. - The company’s ROE is projected to be 21.65% in 2025, indicating strong profitability [5].

Group 1 - The company achieved a net profit growth of 31% in 2024, with revenue reaching 24.71 billion yuan, a year-on-year increase of 41.14% [1] - In Q1 2025, the company continued its strong growth trend, with revenue increasing by 36.91% to 5.993 billion yuan and net profit rising by 59.97% to 496 million yuan [1] - Non-recurring gains included investment management income of 35.97 million yuan and fair value changes of 24.21 million yuan [1] Group 2 - The company experienced significant growth across multiple product categories, with charging and energy storage business revenue increasing by 47.23% to 12.7 billion yuan, and energy storage revenue soaring by 184% to 3.02 billion yuan [2] - In Q1, online and offline channel revenues grew by 32.03% and 48.9%, respectively, with independent site revenue increasing by 53.19% to 555 million yuan, accounting for 9.25% of total revenue [2] - The company is enhancing its global supply chain and brand premium to mitigate the impact of trade tariffs [2] Group 3 - The company's gross margin in Q1 2025 was 43.28%, showing a quarter-on-quarter increase of 0.8 percentage points, despite a year-on-year decrease of 1.84 percentage points [3] - The sales expense ratio was 21.53%, down by 0.99 percentage points year-on-year, while management and R&D expense ratios also saw reductions [3] - Operating cash flow showed a net outflow of 288 million yuan due to increased cash payments for goods and services [3]