Core Insights - The company reported strong financial performance for 2024 and Q1 2025, with revenue of 24.71 billion yuan, a year-on-year increase of 41.1%, and a net profit of 2.11 billion yuan, up 30.9% [1] - The growth was driven by market expansion, new product launches, and strong performance across three main product categories [1] Revenue Breakdown - Charging and energy storage products generated 12.67 billion yuan in revenue, accounting for 51.3% of total revenue, with a year-on-year growth of 47.2% [1] - Smart innovation products contributed 6.34 billion yuan, representing 25.6% of total revenue, with a growth of 39.5% [2] - Smart audio-visual products achieved 5.69 billion yuan in revenue, making up 23.0% of total revenue, with a year-on-year increase of 32.8% [2] Geographic Performance - Revenue from overseas markets grew by 41.2% to 23.83 billion yuan, accounting for 96.4% of total revenue [3] - Domestic market revenue increased by 38.7% to 0.88 billion yuan, representing 3.6% of total revenue [3] Online and Offline Sales - Online sales rose by 43.0% to 17.60 billion yuan, making up 71.2% of total revenue, with Amazon contributing 13.42 billion yuan [3] - Offline sales increased by 36.7% to 7.11 billion yuan, accounting for 28.8% of total revenue [4] Profitability and Expenses - The company's gross margin for 2024 was 43.7%, a slight increase of 0.1 percentage points [4] - R&D expenses increased, with a rate of 8.5% in 2024 and further rising to 9.2% in Q1 2025, indicating a commitment to innovation [4] Cash Flow and Inventory - Operating cash flow increased by 92.0% to 2.75 billion yuan in 2024, although it declined in Q1 2025 [5] - Inventory at the end of 2024 was 3.23 billion yuan, reflecting a 0.6% increase due to higher business volume [5] Future Outlook - The company is expected to continue its growth trajectory, with revised profit forecasts for 2025-2027, projecting net profits of 2.66 billion, 3.26 billion, and 3.88 billion yuan respectively [5]

Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Insights - The company reported strong performance in its 2024 annual report and 2025 Q1 report, with 2024 revenue reaching 24.71 billion yuan, a year-on-year increase of 41.1%, and net profit attributable to the parent company at 2.11 billion yuan, up 30.9% year-on-year [5][9] - The company has successfully expanded its market presence and launched new products, with all three major product categories showing rapid growth [8] - The company is recognized as a global consumer electronics brand, focusing on product strength and continuous innovation to drive performance growth [8] Financial Data and Profit Forecast - The total revenue forecast for 2024 is 24.71 billion yuan, with a year-on-year growth rate of 41.1%, and for 2025 Q1, revenue is projected at 5.99 billion yuan, reflecting a 36.9% increase [7] - The net profit attributable to the parent company is expected to be 2.66 billion yuan in 2025, with a corresponding PE ratio of 18 [7] - The company’s gross margin for 2024 is projected at 43.7%, with a slight increase in R&D investment, indicating a commitment to innovation [8] Product Performance - The charging and storage product category generated 12.67 billion yuan in revenue for 2024, accounting for 51.3% of total revenue, with a year-on-year growth of 47.2% [8] - The smart innovation product category achieved 6.34 billion yuan in revenue, representing 25.6% of total revenue, with a year-on-year growth of 39.5% [8] - The smart audio-visual product category generated 5.69 billion yuan, accounting for 23.0% of total revenue, with a year-on-year growth of 32.8% [8] Market and Regional Performance - The company experienced strong growth in both domestic and international markets, with overseas revenue increasing by 41.2% to 23.83 billion yuan in 2024 [8] - Online sales grew by 43.0% to 17.6 billion yuan, accounting for 71.2% of total revenue, with significant contributions from platforms like Amazon [8] - The independent website sales doubled, contributing 2.5 billion yuan, which is 10.1% of total revenue [8]

2024年，安克创新实现的营业收入、归母净利润分别约为247亿元、21亿元，同比增长约41%、31%。 长江商报记者发现，2018年至2024年的七个年度，安克创新实现的营收和净利连续双双快速增长。 安克创新是全球化的知名消费电子品牌企业，核心产品即为充电储能类。2024年，该类产品贡献了公司 一半以上的营业收入。 安克创新注重品牌打造及技术革新。2024年，公司销售费用、研发费用分别为55.70亿元、21.08亿元。 Anker已经成为全球知名品牌，安克创新拥有全球140多个国家与地区超1亿用户。 值得一提的是，今年初，安克创新曾被曝出拿8亿元奖金进行分红。实际情况如何？ 长江商报记者粗略计算发现，2024年，安克创新员工平均薪酬65.92万元，同比上涨约31.5%。 "充电宝一哥"安克创新（300866）(300866.SZ)经营业绩继续高速增长。 根据近期披露的一季度报告，今年前三个月，安克创新实现营业收入约60亿元，同比增长约37%；归属 母公司股东的净利润(简称"归母净利润")4.96亿元，同比增长约60%，继续保持快速增长的良好发展势 头。 安克创新成立于2011年，是国内营收规模最大的全球化消费 ...

Anker SOLIX正通过"极致创新"的储能产品，让绿色能源变得触手可及，轻松惠及全球每一个家庭。 4月28日，安克创新发布2024年及2025年第一季度财报，数据显示，公司2024年营收达247.1亿元，同比增长41.14%，归母净利润21.14亿元，同比增长 30.93%。 其中，在储能业务板块，安克创新交出了一份亮眼的成绩单：其储能业务全年营收突破30亿元，同比增长达184%，阳台储能销售额位居全球 NO.1。 这一成就尤为引人注目，因为储能市场早已成为巨头角逐的战场 。然而，安克却凭借深刻的用户洞察和独特的产品创新，在竞争激烈的储能赛道中异军突 起。 近期，Anker SOLIX推出3600W x AI驱动的阳台储能产品 - Anker SOLIX Solarbank 3 Pro ，首日销售再度刷新行业纪录，销售额达到去年的5倍，订阅转 化率更是去年同期的1.8倍。 德国多家头部媒体也纷纷为其打Call，拿下"SEHR GUT（Very Good）"大满贯。 德国顶级媒体Computer Bild的测评报告曾为Solarbank 2 Pro给出行业内首个"非常满意"评级，Solarbank 3 Pr ...

Investment Rating - The report assigns a "Buy" rating to the company, upgraded from a previous "Hold" rating [5][7]. Core Insights - The company achieved a revenue of 24.71 billion yuan in 2024, representing a year-on-year growth of 41.1%. The net profit attributable to shareholders was 2.11 billion yuan, up 30.9% year-on-year [2]. - The energy storage business experienced explosive growth, with revenue reaching 3.02 billion yuan in 2024, a staggering increase of 184% year-on-year, contributing to 12.2% of total revenue [3]. - The company optimized its traditional business structure, maintaining stable revenue contributions from charging products while expanding its global reach, covering 146 countries and regions [4]. Financial Performance Summary - In 2024, the company reported a gross margin of 43.3%, a decrease of 1.8 percentage points year-on-year, while the net profit margin improved to 8.8%, an increase of 1.3 percentage points year-on-year [2]. - The company forecasts revenue growth for 2025-2027 at 33.6%, 27.7%, and 23.6% respectively, with net profit growth projected at 28.9%, 23.8%, and 22.8% [5]. - The financial summary indicates a total revenue of 33.01 billion yuan for 2025, with a net profit of 2.73 billion yuan [6][12]. Business Development - The company’s charging product revenue remains stable, with new product iterations like GaN fast charging and wireless car charging maintaining higher average selling prices [4]. - The online sales channel accounted for 71% of total revenue in 2024, with significant contributions from platforms like Amazon [4]. - The company is leveraging its supply chain flexibility in emerging markets to mitigate trade policy risks, indicating potential for growth in regions like Southeast Asia and Australia [4].

Investment Rating - The investment rating for the cross-border e-commerce industry is "Positive" [2] Core Viewpoints - The cross-border e-commerce industry is experiencing good growth, with a total import and export volume of 2.63 trillion yuan in 2024, reflecting a year-on-year increase of 10.8%, and a 9.6% increase in Q1 2025, indicating high demand in the overseas market [10][11] - Leading sellers in the cross-border e-commerce sector are capitalizing on opportunities, achieving sustained revenue growth through brand strategies and core supply chain advantages [10][11] - The external environment remains complex, with challenges such as high shipping costs and fluctuating tariffs impacting profitability for many sellers [11][12] Summary by Sections Industry Review - The cross-border e-commerce industry shows strong growth, with high overseas market demand. The total import and export volume reached 2.63 trillion yuan in 2024, up 10.8% year-on-year, and Q1 2025 saw a 9.6% increase, reflecting a favorable market environment [10][11] - Leading sellers are leveraging their operational capabilities and brand strategies to capture market share, with significant growth in revenue [10][11] Performance Overview - Overall revenue growth is strong, but profitability is under pressure. In 2024, major sellers like Anker Innovation and Zhiou Technology reported revenue growth of 41.1% and 33.7%, respectively, while some companies faced profit declines due to high shipping costs and aggressive inventory strategies [17][20] - In Q1 2025, leading sellers continued to show good revenue growth, with Anker Innovation's revenue increasing by 36.9% and net profit by 59.6%, driven by scale effects and increased operational efficiency [17][20] Profitability - Profitability is under pressure due to declining gross margins and increased expenses. Major companies like Anker Innovation and Zhiou Technology experienced slight changes in gross margins, with Anker's margin increasing by 0.1 percentage points while others saw declines [18][21] - Companies are beginning to tighten expense management, with Anker Innovation and Zhiou Technology reducing their expense ratios by 1.2 and 2.1 percentage points, respectively, indicating a shift towards more cautious operational strategies [18][21] Investment Recommendations - Despite uncertainties in tariffs, it is recommended to focus on companies with strong profitability, global supply chain capabilities, and deepening channel strategies, such as Anker Innovation, Zhiou Technology, and others [6]

Investment Rating - The investment rating for the cross-border e-commerce sector is "Positive" [2] Core Viewpoints - The cross-border e-commerce industry is experiencing good growth, with a total import and export volume of 2.63 trillion yuan in 2024, reflecting a year-on-year increase of 10.8%, and a 9.6% increase in Q1 2025, indicating high demand in the overseas market [10][11] - Leading sellers in the cross-border e-commerce sector are capitalizing on opportunities, achieving sustained revenue growth through brand strategies and core supply chain advantages [10][11] - The external environment remains complex, with challenges such as high shipping costs and fluctuating tariffs impacting profitability for many sellers [11][12] Summary by Sections Industry Review - The cross-border e-commerce industry shows strong growth, with high overseas market demand. The online channel penetration rate for domestic goods going abroad is expected to increase, providing significant opportunities for leading sellers [10][11] Performance Overview - Revenue growth is robust, with leading companies like Anker Innovation, Zhiou Technology, and Saiwei Times reporting year-on-year revenue increases of 41.1%, 33.7%, and 56.5% respectively in 2024. However, profitability is under pressure due to high shipping costs and aggressive inventory strategies [17][20] - In Q1 2025, Anker Innovation and Saiwei Times continued to show strong revenue growth of 36.9% and 36.6% respectively, with Anker Innovation's net profit increasing by 59.6% [17][20] Profitability - Profitability is under pressure due to declining gross margins and increased expenses. Anker Innovation's gross margin increased by 0.1 percentage points, while Zhiou Technology and Saiwei Times saw declines of 1.7 and 2.1 percentage points respectively [18][21] - In Q1 2025, while gross margins remained under pressure, companies began to show improved expense management, with Anker Innovation's expense ratio decreasing by 1.2 percentage points [18][21] Investment Recommendations - The report suggests focusing on companies with strong profitability, global supply chain capabilities, and deepening channel layouts, such as Anker Innovation, Zhiou Technology, and Saiwei Times, as well as structurally growing companies like Huakai Yibai and Jihong Co [6]

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].

| 华安研究 2025年5月金股组合 | 归母净利润（百万） | 归母净利润增速 | 营业收入（百万） | 营业收入增速 | eps | pe(pb有说明) | 行业 | 金股代码 | 金股 | 核心推荐逻辑 | 风险提示 | 研究员 | 报告依据 | | | | | | | | | | | | | | | | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 2023A | 2024A/E | 2025E | 2023A | 2024A/E | 2025E | 2023A | 2024A/E | 2025E | 2023A | 2024A/E | 2025E | 2 ...

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 ...