安克创新：业绩表现超预期，产品推新、渠道拓展驱动高增

Investment Rating - The report maintains a "Buy" rating for Anker Innovations, indicating a strong performance relative to the market [6]. Core Insights - Anker Innovations reported better-than-expected performance in its 2024 mid-year results, with a revenue of 9.65 billion yuan, a year-on-year increase of 37%, and a net profit attributable to shareholders of 870 million yuan, up 6% [6]. - The company is experiencing rapid growth across all three major business segments, driven by continuous product innovation and channel expansion [6]. - The report highlights significant improvements in profitability and operational efficiency, with a gross margin increase of 2 percentage points to 45.2% [6]. Summary by Sections Financial Performance - For the first half of 2024, Anker Innovations achieved a revenue of 9.65 billion yuan, a 36.6% year-on-year growth, and a net profit of 872 million yuan, reflecting a 6.4% increase [7]. - The company plans to distribute a mid-term dividend of 0.6 yuan per share, with a payout ratio of 37% [6]. Business Segments - Charging and storage products saw a revenue increase of 43% to 4.98 billion yuan, accounting for 52% of total revenue [6]. - Smart innovation products grew by 35% to 2.36 billion yuan, representing 24% of total revenue [6]. - Smart audio-visual products increased by 31% to 2.31 billion yuan, also making up 24% of total revenue [6]. Channel and Market Expansion - Online sales accounted for 70% of total revenue, with online revenue growing by 38% to 6.7 billion yuan [6]. - The independent website's revenue surged by 103% to 920 million yuan, now representing 10% of total revenue [6]. - The North American market revenue increased by 41% to 4.6 billion yuan, while European revenue grew by 45% to 2.1 billion yuan [6]. Profitability and Efficiency - The gross margin improved to 45.2%, while the net profit margin decreased to 9.0% due to non-operating losses [12]. - Operating cash flow increased by 38% to 840 million yuan, indicating enhanced operational efficiency [6]. Future Outlook - The report raises profit forecasts for 2024-2026, expecting net profits of 1.98 billion yuan, 2.40 billion yuan, and 2.83 billion yuan respectively [6].