国元证券：给予安克创新买入评级

Core Viewpoint - Anker Innovations has shown strong growth across all business lines, driven by continuous product launches and increasing global penetration, leading to a "buy" rating from Guoyuan Securities [1][2]. Financial Performance - In the first half of 2025, Anker Innovations achieved revenue of 12.867 billion yuan, a year-on-year increase of 33.4%, with a net profit attributable to shareholders of 1.167 billion yuan, up 33.8% year-on-year [1]. - The company's gross margin stood at 44.7%, slightly down by 0.45 percentage points year-on-year, while R&D investment has been continuously strengthened [1]. Business Segments - The company operates in three main business areas: Smart Power (53% of revenue), Smart Audio (25%), and Smart Home Automation (22%) [2]. - Revenue from charging and storage products reached 6.8 billion yuan, up 37% year-on-year, with the F3800Plus product winning a major award in North America [2]. - Innovative products generated 3.3 billion yuan in revenue, a 38% increase, with the eufyMakeE1 3D texture UV printer breaking crowdfunding records [2]. - Smart audio products generated 2.8 billion yuan, a 21% increase, with new headphones launched to meet diverse user needs [2]. Market Expansion - Domestic revenue was 450 million yuan, up 19.5% year-on-year, while overseas revenue reached 12.42 billion yuan, a 33.9% increase, with Europe leading growth [3]. - Online sales grew by 29% to 8.7 billion yuan, while offline sales surged by 44% to 4.2 billion yuan, indicating strong brand recognition and customer loyalty [3]. Future Outlook - The company is expected to achieve net profits of 2.7 billion yuan in 2025 and 3.3 billion yuan in 2026, maintaining a "buy" investment rating [3].