Anker Innovations(300866) 国泰君安·2024-07-01 04:01Investment Rating - The report maintains an Overweight rating for Anker Innovations (300866) with a target price of 83.59 RMB, unchanged from the previous forecast [2][3] Core Views - The company has released a new restricted stock incentive plan for 2024, aiming to grant approximately 5.25 million shares at 40.62 RMB per share, accounting for 0.99% of the total shares outstanding at the time of the announcement [3] - The incentive plan targets 305 individuals, including directors, executives, and key technical and business personnel, with performance goals tied to either revenue or profit growth [3] - Revenue growth targets are set at ≥10% for 2024 and ≥20% for 2025, while non-GAAP net profit growth targets are ≥10% for 2024 and ≥20% for 2025 [3] - The company is expected to achieve EPS of 3.6/4.17/4.79 RMB for 2024-2026, with growth rates of 18%/16%/15% respectively [3] - Anker Innovations ranked 16th in the "BrandZ™ 2024 China Global Brand 50" list and 1st in the electronics accessories category, marking its 8th consecutive year on the list [3] Financial Performance - Revenue for 2024-2026 is projected to be 20,880/24,334/28,219 million RMB, with growth rates of 19.3%/16.5%/16.0% [8] - Net profit (attributable to parent company) is forecasted to be 1,905/2,203/2,532 million RMB for 2024-2026, with growth rates of 17.9%/15.7%/14.9% [8] - ROE is expected to increase from 20.2% in 2023 to 21.5% in 2026, while the net profit margin is projected to remain stable at around 9.4%-9.5% [8][9] - The company's gross margin is expected to improve slightly, from 43.5% in 2023 to 43.9% in 2026 [9] Market and Valuation - The current stock price is 71.21 RMB, with a 52-week range of 66.60-98.96 RMB [4] - The company's market capitalization is 37,633 million RMB, with a P/E ratio of 23.30x based on 2023 earnings [4][8] - The P/B ratio is 4.5x, and the P/S ratio is 2.15x based on the current price [4][9] Strategic Initiatives - The company is focusing on long-term talent retention through its equity incentive plan, which is expected to align the interests of shareholders, the company, and employees [3] - Anker Innovations is deepening its R&D efforts in areas such as real-time visual understanding, multimodal AI perception, and decision-making systems [3] - The company is exploring new business opportunities in emerging markets and channels, with a strong performance expected in energy storage and security products [3]