安克创新(300866)：业绩表现超预期 三大品类均快速增长

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]