安克创新：二季度扣非净利润增长50%，多品类拓展稳步推进

Investment Rating - The report maintains an "Outperform the Market" rating for Anker Innovations (300866.SZ) [1][3][7] Core Views - Anker Innovations achieved a revenue of 9.648 billion yuan in the first half of 2024, representing a year-on-year increase of 36.55%. The net profit attributable to shareholders was 872 million yuan, up 6.36% year-on-year, while the net profit excluding non-recurring items grew by 40.53% to 766 million yuan [1][4] - The company plans to distribute a cash dividend of 6 yuan per 10 shares, accounting for 36.56% of the current net profit attributable to shareholders [1][4] - The core charging and energy storage categories saw revenue growth exceeding 40%, with steady progress in expanding multiple product categories [1][4] Financial Performance - In Q2 alone, revenue and net profit attributable to shareholders grew by 42.43% and 9.19% year-on-year, respectively, with the growth rate improving compared to Q1 [1][4] - The gross profit margin increased by 2 percentage points to 45.18%, benefiting from product upgrades and enhanced brand strength [4][5] - Operating cash flow for the first half of the year reached 841 million yuan, a year-on-year increase of 37.91%, indicating improved cash flow conditions [4][5] Product and Regional Performance - Revenue from the charging and energy storage category was 4.975 billion yuan, accounting for 51.56% of total revenue, with a year-on-year growth of 42.81% [1][4] - The North American market achieved a revenue growth of 40.68%, while Europe saw a 44.6% increase. Japan and the Middle East markets grew by 21.5% and 39.17%, respectively [1][5] - The Amazon channel experienced a stable growth of 27.71%, and offline channels showed recovery with a year-on-year revenue increase of 32.3% [1][4] Earnings Forecast - The report slightly raises the net profit forecasts for 2024-2026 to 1.992 billion, 2.402 billion, and 2.851 billion yuan, respectively, with corresponding P/E ratios of 16, 13.3, and 11.2 times [7][8]