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]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a significant increase in revenue and net profit for Q3 2024, with a year-on-year growth of 44% in revenue and 52.4% in net profit [2][3] - The growth is attributed to product category expansion and new channel development, particularly in energy storage and smart innovation products [2][4] - The company is expected to continue its growth trajectory through new product launches and market expansion into Europe, Australia, and emerging markets [4] Financial Performance Summary - For the first three quarters of 2024, the company achieved total revenue of 16.45 billion yuan, a year-on-year increase of 39.6%, and a net profit of 1.47 billion yuan, up 21.3% [1][2] - In Q3 2024 alone, the company reported revenue of 6.8 billion yuan and a net profit of 600 million yuan, reflecting a year-on-year increase of 44% and 52.4%, respectively [2][3] - The gross margin for Q3 was 43.0%, with a slight decrease compared to the previous year, while the net profit margin improved due to higher investment income [3] Product and Market Development - The company launched several key products in the first half of 2024, including new wireless charging devices and innovative security products, which are expected to drive sales during the upcoming peak shopping season [3] - The performance of various product categories showed strong growth, with energy storage products achieving a revenue increase of 42.8% and smart innovation products growing by 35.3% [2][3] Earnings Forecast and Valuation - The earnings forecast for the company has been adjusted upwards, with expected net profits for 2024, 2025, and 2026 now projected at 2.00 billion, 2.47 billion, and 2.98 billion yuan, respectively [4] - The price-to-earnings (P/E) ratio based on the current price is projected to be 22, 18, and 15 times for the years 2024, 2025, and 2026 [4]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has shown significant growth in Q3 2024, with revenue reaching 68.0 billion yuan, a year-on-year increase of 44.1%, and net profit attributable to shareholders at 5.99 billion yuan, up 52.4% [1] - The report highlights the continuous high growth across all product categories driven by channel deepening, with an upward revision of profit forecasts for 2024-2026 [1] - The long-term growth potential is supported by brand strength and improved channel coverage, particularly in the energy storage and security sectors [1][2] Financial Performance Summary - For Q1-Q3 2024, the company reported revenue of 164.49 billion yuan, a 39.6% increase year-on-year, and a net profit of 14.72 billion yuan, up 21.3% [1] - The gross margin for Q3 2024 was 42.99%, showing a slight decline compared to previous quarters, attributed to rising shipping costs and currency fluctuations [3] - The company expects net profits for 2024-2026 to be 20.42 billion yuan, 24.24 billion yuan, and 29.13 billion yuan respectively, with corresponding EPS of 3.84 yuan, 4.56 yuan, and 5.48 yuan [1][4] Channel Performance Summary - Online and offline channel revenues for Q1-Q3 2024 were 114.97 billion yuan and 49.52 billion yuan, respectively, with year-on-year growth of 41.7% and 34.82% [2] - In Q3 2024, online and offline channel revenues grew by 46.51% and 38.61% year-on-year, with independent site revenue doubling [2] Product Category Insights - Key product categories such as charging storage, smart security, and smart home continue to show strong growth, particularly with new products launched for iPhone 15 [2] - The report emphasizes the potential for growth in energy storage and smart security markets, especially in overseas markets [2]

Investment Rating - The investment rating for the company is "Buy" [5] - The target price is set at 103.68 CNY, up from the previous forecast of 82.84 CNY [5] Core Insights - The company's Q3 net profit grew by 52%, indicating strong brand momentum and growth potential, with expectations for continued high growth trends into the overseas consumption peak season in November and December [3] - The company reported a revenue of 164.5 billion CNY for the first three quarters, a year-on-year increase of 39.6%, and a net profit attributable to shareholders of 14.72 billion CNY, up 21.3% [10] - The Q3 revenue reached 68 billion CNY, reflecting a 44.1% increase, while the net profit attributable to shareholders was 5.99 billion CNY, marking a 52.4% growth [10] Financial Performance Summary - For the first three quarters, the company achieved a gross margin of 44.3%, an increase of 0.98 percentage points year-on-year, and a net profit margin of 7.92%, up 0.09 percentage points [10] - The operating cash flow for the first three quarters was 16.5 billion CNY, a significant increase of 78.1%, with Q3 alone showing a 155% increase to 8.1 billion CNY [10] - The company’s revenue growth rates for Q1 to Q3 were 30.1%, 42.4%, and 44.1% respectively, with net profit growth rates of 11.6%, 9.2%, and 52.4% [10] Market Position and Outlook - The company is positioned as a leader in the domestic cross-border e-commerce sector, with strong performance in overseas markets, particularly in online sales [10] - The company is expected to maintain strong performance in Q4, which is projected to account for 32.7% of annual revenue and 31.3% of annual net profit [10] - New product launches in the charging and storage sectors, as well as innovations in smart technology, are anticipated to contribute to long-term growth [10]

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 ...

Investment Rating - The investment rating for the company is "Outperform the Market" [1][3][10] Core Views - The company has shown strong performance in Q3 2024, with a 52% year-on-year growth in net profit attributable to shareholders and a 39.56% increase in revenue for the first three quarters [1][5] - The company is benefiting from the growth in overseas e-commerce demand and is actively expanding its product categories and market reach [1][9] Financial Performance Summary - For the first three quarters of 2024, the company reported revenue of 16.449 billion yuan, up 39.56% year-on-year, and a net profit of 1.472 billion yuan, up 21.29% year-on-year [1][5] - In Q3 alone, revenue reached 6.8 billion yuan, reflecting a 44.05% increase year-on-year, while net profit was 599 million yuan, marking a 52.44% increase [1][5] - The gross margin for Q3 2024 was 42.99%, slightly down by 0.47 percentage points year-on-year, with a sales expense ratio of 22% [7][9] Channel Performance Summary - Online channel revenue for the first three quarters was 11.497 billion yuan, up 41.7% year-on-year, while offline channel revenue was 4.952 billion yuan, up 34.82% [1][5] - The independent station channel performed exceptionally well, generating 1.646 billion yuan in revenue, a 104.52% increase year-on-year, accounting for 10% of total revenue [1][5] Profitability and Cash Flow Summary - The company achieved a net operating cash flow of 1.651 billion yuan in the first three quarters, a significant increase of 78.06% year-on-year [7][9] - The inventory turnover days increased slightly to 95.87 days, up by 4.13 days year-on-year, indicating effective inventory management [7][9] Earnings Forecast - The net profit forecasts for 2024-2026 have been revised upwards to 2.091 billion, 2.608 billion, and 3.134 billion yuan respectively, with corresponding PE ratios of 21.3, 17.1, and 14.2 times [10][11]

证券代码：300866 证券简称：安克创新 公告编号：2024-083 安克创新科技股份有限公司 公司于 2024 年 6 月 27 日召开第三届董事会第二十一次会议与第三届监事会第 十九次会议，审议通过了《关于 2023 年限制性股票激励计划首次授予部分第一个归 1 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。 安克创新科技股份有限公司（以下简称"公司"）于 2024 年 10 月 28 日召开第 三届董事会第二十五次会议，审议通过了《关于修订<公司章程>并办理工商变更登 记的议案》。因限制性股票归属事项导致公司股本发生变化，以及为进一步完善公 司治理，促进公司规范运作，公司拟对《公司章程》相关条款进行修订，并提请公 司股东大会授权董事会及其指定人员负责办理后续工商登记备案等相关事宜。 一、公司总股本变动情况 1、2022 年限制性股票激励计划首次授予部分第二个归属期归属工作完成 公司于 2024 年 6 月 27 日召开第三届董事会第二十一次会议与第三届监事会第 十九次会议，审议通过了《关于 2022 年限制性股票激励计划首次授予部分第二个归 属期归属条 ...

安克创新科技股份有限公司 章 程 二〇二四年十月 | | | | 第一章 | 总 | 则 3 | | --- | --- | --- | | 第二章 | | 经营宗旨和范围 4 | | 第三章 | 股 | 份 4 | | 第一节 | | 股份发行 4 | | 第二节 | | 股份增减和回购 5 | | 第三节 | | 股份转让 6 | | 第四章 | | 股东和股东大会 7 | | 第一节 | | 股东 7 | | 第二节 | | 股东大会的一般规定 9 | | 第三节 | | 股东大会的召集 13 | | 第四节 | | 股东大会的提案与通知 14 | | 第五节 | | 股东大会的召开 16 | | 第六节 | | 股东大会的表决和决议 18 | | 第五章 | | 董事会 22 | | 第一节 | | 董事 22 | | 第二节 | | 董事会 25 | | 第六章 | | 总经理及其他高级管理人员 30 | | 第七章 | | 监事会 32 | | 第一节 | | 监事 32 | | 第二节 | | 监事会 33 | | 第八章 | | 财务会计制度、利润分配和审计 34 | | 第一节 | | 财务 ...

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]

证券代码：300866 证券简称：安克创新 公告编号：2024-085 安克创新科技股份有限公司 关于拟购买董监高责任险的公告 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。 安克创新科技股份有限公司（以下简称"公司"或"安克创新"）于 2024 年 10 月 28 日召开第三届董事会第二十五次会议、第三届监事会第二十三次会议 审议了《关于拟购买董监高责任险的议案》。为进一步完善公司风险管理体系， 降低公司运营风险，促进公司董事、监事及高级管理人员在其职责范围内更充分 地行使权力、履行职责，保障投资者的权益，根据《上市公司治理准则》等相关 规定，公司拟为公司及控股子公司、全体董事、监事、高级管理人员以及相关负 责人购买责任保险。公司全体董事、监事在审议本事项时履行了回避义务未参与 表决，本议案将直接提交公司 2024 年第四次临时股东大会审议。现将相关事项 公告如下： 一、董监高责任保险方案 1、投保人：安克创新科技股份有限公司； 2、被投保人：公司及控股子公司、全体董事、监事、高级管理人员以及相 关负责人（具体以保险合同为准）； 3、赔偿限额：不超过人民币 ...