Anker Innovations(SZ:300866) KAIYUAN SECURITIES·2024-08-31 06:30Investment Rating - The investment rating for the company is maintained as "Buy" [2] Core Insights - The company reported a significant revenue increase in Q2 2024, achieving 5.27 billion yuan, which represents a year-on-year growth of 42.43%. The net profit attributable to shareholders was 560 million yuan, up 9.2% year-on-year, while the non-recurring net profit reached 450 million yuan, marking a 50% increase [5][11] - The company is expected to continue its strong performance in the charging storage, audio-visual, and security product categories due to strategic focus and channel deepening. The profit forecasts for 2024-2026 have been adjusted upwards, with expected net profits of 1.975 billion, 2.359 billion, and 2.838 billion yuan respectively [5][18] Summary by Sections 1. Revenue Growth in Q2 2024 - In H1 2024, the company achieved a total revenue of 9.65 billion yuan, reflecting a year-on-year increase of 36.55%. The revenue for Q2 2024 was 5.27 billion yuan, with a year-on-year growth of 42.43%. The growth in revenue was driven by the expansion of global multi-channel strategies [5][11][12] 2. Gross Margin and Expense Stability - The gross margin for Q1 and Q2 2024 was 45.12% and 45.23% respectively, showing a year-on-year increase of 3.59 and 0.55 percentage points. The expense ratio for Q2 2024 was 33.44%, maintaining stability despite slight increases in specific expense categories [7][16] 3. Profit Forecast and Investment Recommendations - The company has maintained its profit forecast for 2024 and has raised the projections for 2025-2026. The expected earnings per share (EPS) for 2024-2026 are 3.72, 4.44, and 5.34 yuan respectively, with the current stock price corresponding to price-to-earnings (P/E) ratios of 17.0, 14.2, and 11.8 [5][18]