Investment Rating - The investment rating for Anker Innovations is "Outperform" and is maintained [1] Core Views - Anker Innovations reported strong growth in Q3 2024, with revenue increasing by 44% YoY to RMB 6.8 billion and net profit attributable to shareholders rising by 52% YoY to RMB 600 million [5] - The company's gross margin for the first three quarters of 2024 was 44.28%, an increase of 0.98 percentage points YoY, although Q3 gross margin slightly decreased by 0.47 percentage points to 42.99% [6] - Anker Innovations continues to innovate across its three main product lines: charging, smart innovation, and smart audio-visual, with new product launches contributing to growth [7] - The company's operating cash flow for the first three quarters of 2024 was RMB 1.651 billion, a significant increase of 78.06% YoY [5] Financial Performance - For Q3 2024, Anker Innovations achieved a net profit margin of 9.18%, with a weighted average return on equity (ROE) of 7.26% [5] - The company's revenue for the first three quarters of 2024 reached RMB 16.449 billion, a 39.56% increase YoY, with domestic revenue growing by 31.52% and overseas revenue by 39.86% [6] - Anker Innovations' online revenue for the first three quarters of 2024 was RMB 11.497 billion, up 41.70% YoY, while offline revenue grew by 34.82% to RMB 4.952 billion [6] - The company's independent website contributed RMB 1.646 billion in revenue, a 104.52% increase YoY, accounting for 10% of total revenue [6] Product Innovation - In the charging segment, Anker launched the Anker Prime series in August and the Anker MagGo series in September, along with the Anker SOLIX C300 DC series in the consumer energy storage market [7] - In the smart innovation segment, the company introduced the eufy Smart Lever Lock C33 in July and the eufyCam S3 Pro in September, while the eufy X10 Pro Omni robotic vacuum performed well during Amazon Prime Day [7] - In the smart audio-visual segment, Anker launched the soundcore AeroFit 2 open-ear headphones in China and the NEBULA Capsule Air projector in August [7] Expense Management - Anker Innovations' expense ratio for Q3 2024 increased by 0.52 percentage points YoY to 34.01%, primarily due to higher R&D investment [8] - The company's R&D expense ratio for Q3 2024 rose by 1.85 percentage points to 8.86%, while the sales expense ratio decreased by 0.81 percentage points to 22% [8] Future Outlook - Anker Innovations is expected to achieve revenues of RMB 24.2 billion, RMB 31.1 billion, and RMB 38.1 billion in 2024, 2025, and 2026, respectively, with YoY growth rates of 38%, 29%, and 23% [10] - The company's net profit attributable to shareholders is forecasted to be RMB 2.024 billion, RMB 2.604 billion, and RMB 3.104 billion for 2024, 2025, and 2026, respectively [10] - Anker Innovations is valued at a PE ratio of 18-22x for 2025, with a reasonable market capitalization range of RMB 46.9-57.3 billion and a fair value range of RMB 88.70-108.41 per share [10]

Investment Rating - The report maintains a "Buy" rating for the company [3] Core Views - The company reported a significant increase in revenue and net profit for Q1-Q3 2024, with revenue reaching 16.449 billion yuan, up 39.56% year-on-year, and net profit of 1.472 billion yuan, up 21.29% year-on-year [1] - The strong performance is attributed to high overseas demand and steady development of core product categories, with Q3 revenue alone reaching 6.8 billion yuan, a 44.05% increase year-on-year [1] - The company is recognized as a benchmark for Chinese brands going global, with a solid foundation for future growth and continuous product innovation [1] Financial Performance Summary - For Q1-Q3 2024, the company achieved revenue of 16.449 billion yuan, a year-on-year increase of 39.56%, and a net profit of 1.472 billion yuan, up 21.29% [1] - In Q3 2024, the company reported revenue of 6.8 billion yuan, a 44.05% increase year-on-year, and a net profit of 599 million yuan, up 52.44% year-on-year [1] - The company’s revenue from domestic and overseas markets for Q1-Q3 2024 was 573 million yuan and 15.875 billion yuan respectively, with year-on-year growth of 31.52% and 39.86% [1] - The online sales channel contributed significantly, with revenue of 11.497 billion yuan, a year-on-year increase of 41.70%, while the independent website generated 1.646 billion yuan, up 104.52% year-on-year [1] Future Projections - The report forecasts the company's revenue for 2024, 2025, and 2026 to be 23.687 billion yuan, 29.478 billion yuan, and 34.021 billion yuan respectively, with net profits projected at 2.088 billion yuan, 2.577 billion yuan, and 3.112 billion yuan [2][10] - The expected EPS for the same years is 3.93 yuan, 4.85 yuan, and 5.86 yuan per share, with corresponding P/E ratios of 20.0, 16.2, and 13.4 [2][10]

Investment Rating - The report maintains a "Buy" rating for Anker Innovations, indicating a strong performance relative to the market [3][5][15]. Core Insights - Anker Innovations reported better-than-expected performance in Q3 2024, with total revenue of 16.45 billion yuan, a year-on-year increase of 40%, and a net profit attributable to shareholders of 1.47 billion yuan, up 21% year-on-year [3][4]. - The company's growth is driven by strong online demand in overseas markets, particularly during Amazon Prime Day, and the introduction of innovative products in the consumer-grade energy storage sector [3][4]. - The company has launched several new products across its three main business segments, including charging storage products, smart innovation products, and smart audio-visual products, contributing to revenue growth [3][4]. Revenue and Profitability - For the first three quarters of 2024, Anker achieved a gross margin of 44.3%, a year-on-year increase of 1 percentage point, while the net profit margin decreased by 1.3 percentage points to 9.0% [3][10]. - The company’s operating cash flow increased by 78% year-on-year to 1.65 billion yuan, reflecting improved efficiency in working capital turnover [3][10]. Geographic and Channel Performance - Anker's domestic revenue reached 600 million yuan, a 32% increase year-on-year, while overseas revenue was 15.9 billion yuan, up 40% year-on-year [3][4]. - Online channels generated 11.5 billion yuan in revenue, a 41.7% increase, with independent sites contributing 1.65 billion yuan, marking a 104.5% growth [3][4]. Financial Projections - The report revises profit forecasts for 2024-2026, expecting net profits of 2.04 billion yuan, 2.46 billion yuan, and 2.91 billion yuan respectively, with corresponding price-to-earnings ratios of 21, 17, and 15 times [3][4].

Investment Rating - Buy/Maintain rating for Anker Innovations (300866) with a target price of 83.91 [1] Core Views - Anker Innovations achieved significant growth in both revenue and profit in Q3 2024, driven by market expansion and channel development [2] - Revenue for Q3 2024 reached 6.8 billion yuan (+44.05% YoY), with net profit attributable to shareholders at 599 million yuan (+52.44% YoY) [3] - Net profit margin increased to 9.18% (+0.38pct YoY) despite a slight decline in gross margin to 42.99% (-0.47pct YoY) [3] - R&D expenses increased significantly, with R&D expense ratio rising to 8.86% (+1.86pct YoY) [3] Financial Performance - Total revenue for the first three quarters of 2024 reached 16.449 billion yuan (+39.56% YoY) [2] - Net profit attributable to shareholders for the first three quarters of 2024 was 1.472 billion yuan (+21.29% YoY) [2] - Non-GAAP net profit attributable to shareholders for the first three quarters of 2024 was 1.303 billion yuan (+41.13% YoY) [2] Industry Outlook - Overseas demand is expected to continue recovering, with fast-charging products gaining popularity [4] - The rise of "camping economy" is driving demand for outdoor power solutions [4] - Global energy shortages and carbon neutrality goals are increasing the importance of home solar and energy storage solutions [4] - Advancements in mobile internet, AI, and big data are driving the development of smart hardware [4] Company Strategy - High-quality new products are driving structural optimization [4] - Multi-brand strategy is strengthening market position [4] - Continued growth in revenue and earnings is expected [4] Financial Projections - Projected net profit attributable to shareholders for 2024-2026: 2.255 billion yuan, 2.880 billion yuan, and 3.492 billion yuan respectively [4] - Projected EPS for 2024-2026: 4.24 yuan, 5.42 yuan, and 6.57 yuan respectively [4] - Current PE ratio: 19.77x for 2024, 15.48x for 2025, and 12.77x for 2026 [4] Market Performance - Total market capitalization: 44.591 billion yuan [2] - 12-month high/low price: 100.61 yuan / 50.21 yuan [2]

Investment Rating - Buy rating maintained for Anker Innovations [3] Core Views - Anker Innovations reported strong Q3 2024 performance with total revenue of 16.45 billion yuan, up 39.6% YoY, and net profit attributable to shareholders of 1.47 billion yuan, up 21.3% YoY [3] - Q3 2024 revenue reached 6.8 billion yuan, a 44.05% YoY increase, with net profit attributable to shareholders of 600 million yuan, up 52.44% YoY [3] - Gross margin for the first three quarters of 2024 was 44.28%, up 0.99 percentage points YoY, though Q3 gross margin declined by 2.24 percentage points QoQ [3] - Strong performance driven by robust overseas demand, continuous brand investment, and new product launches [3] - Revenue from charging products, innovative products, and audio-visual products grew rapidly, with charging products nearly doubling YoY [3] - Overseas revenue reached 15.88 billion yuan, up 39.86% YoY, with Europe leading growth and emerging markets like Australia and Southeast Asia showing strong potential [3] - Online channel revenue grew 41.70% YoY to 11.5 billion yuan, while offline channel revenue increased 34.82% YoY to 4.95 billion yuan [3] - The company's independent website revenue doubled YoY, driven by increased sales of complex product categories [3] - Anker Innovations is expected to achieve net profit attributable to shareholders of 1.95 billion yuan in 2024 and 2.35 billion yuan in 2025 [3] Product Breakdown - Charging products: Strong growth driven by new product launches, including the Anker Prime series and Anker MagGo series [3] - Innovative products: The eufyX10Pro Omni robotic vacuum cleaner, launched in February 2024, performed well during Prime Day, driving growth in cleaning products [3] - Audio-visual products: Headphones, speakers, and projectors all achieved over 30% revenue growth in the first three quarters of 2024 [3] Geographic Breakdown - Domestic revenue: 570 million yuan, up 31.52% YoY [3] - Overseas revenue: 15.88 billion yuan, up 39.86% YoY, with Europe leading growth and emerging markets like Australia and Southeast Asia showing strong potential [3] Channel Breakdown - Online channel revenue: 11.5 billion yuan, up 41.70% YoY [3] - Offline channel revenue: 4.95 billion yuan, up 34.82% YoY [3] - Independent website revenue doubled YoY, driven by increased sales of complex product categories [3] Financial Forecasts - 2024 revenue forecast: 23.67 billion yuan, up 35.20% YoY [4] - 2025 revenue forecast: 26.995 billion yuan, up 14.05% YoY [4] - 2024 net profit forecast: 1.946 billion yuan, up 20.52% YoY [4] - 2025 net profit forecast: 2.352 billion yuan, up 20.85% YoY [4] - 2024 EPS forecast: 3.66 yuan per share [4] - 2025 EPS forecast: 4.43 yuan per share [4] Valuation and Price Target - Target price: 80.91 yuan, with a 6-month horizon [5] - Current market cap: 44.59 billion yuan [5] - 52-week high/low: 98.96 yuan / 50.86 yuan [5] Historical Performance - Stock price increased by 34% over the past year, outperforming the CSI 300 index [6]

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 ...