Anker Innovations(300866) 华创证券·2024-06-30 23:01Investment Rating - The report maintains a "Strong Buy" rating for the company, with a target price of 85 yuan, compared to the current price of 71.21 yuan [1][2]. Core Views - The company is launching a new employee stock ownership plan (ESOP) for 2024, targeting up to 305 core personnel with a grant price of 40.62 yuan per share, covering a total of 5.2524 million shares, which is approximately 0.99% of the company's total equity [1][2]. - The ESOP aims to enhance employee motivation and retention, aligning the interests of shareholders, the company, and employees for long-term development [2]. - The performance targets for the ESOP are based on the company's 2023 revenue or net profit, with growth rates set at a minimum of 10%/20% for 2024/2025 if granted before Q3 2024, and 20%/30% for 2025/2026 if granted after [1][2]. - The company is expected to achieve stable growth, supported by ongoing internal reforms and market expansion efforts, particularly in emerging markets [2]. - The financial forecasts for 2024, 2025, and 2026 have been adjusted to reflect an EPS of 3.83, 4.66, and 5.57 yuan respectively, with corresponding P/E ratios of 19, 15, and 13 [2][6]. Financial Summary - Main revenue for 2023 is projected at 17,507 million yuan, with a year-on-year growth of 22.9%. For 2024, revenue is expected to reach 21,955 million yuan, reflecting a growth rate of 25.4% [6]. - The net profit attributable to the parent company for 2023 is estimated at 1,615 million yuan, with a growth rate of 41.3%. The projections for 2024, 2025, and 2026 are 2,026 million yuan, 2,462 million yuan, and 2,946 million yuan respectively, with growth rates of 25.4%, 21.6%, and 19.6% [6]. - The company's total assets are expected to grow from 12,777 million yuan in 2023 to 20,905 million yuan by 2026, indicating a robust growth trajectory [6].