Anker Innovations(SZ:300866) Tai Ping Yang·2024-09-02 05:03Investment Rating - The report maintains a "Buy" rating for Anker Innovations, indicating an expected relative increase of over 15% compared to the CSI 300 index in the next six months [1][3][8]. Core Insights - Anker Innovations reported a significant growth in its financial performance for Q2 2024, with a revenue of 5.27 billion yuan, representing a year-on-year increase of 42.43%. The net profit attributable to shareholders was 561 million yuan, up 9.19%, while the net profit excluding non-recurring items surged by 49.89% to 450 million yuan [2][3]. - The company's revenue for H1 2024 reached 9.648 billion yuan, a 36.55% increase year-on-year, with a net profit of 872 million yuan, reflecting a 6.36% growth. The net profit excluding non-recurring items was 766 million yuan, marking a 40.53% increase [2][3]. - Anker's core business segments, including charging storage, smart innovation, and smart audio-visual products, all showed robust growth, with revenues of 4.975 billion yuan, 2.360 billion yuan, and 2.309 billion yuan respectively for H1 2024, growing by 42.81%, 35.33%, and 30.84% year-on-year [2][3]. Financial Summary - For H1 2024, Anker Innovations achieved a gross margin of 45.23%, a slight increase of 0.56 percentage points, attributed to product mix optimization and improvements in the domestic market [2][3]. - The company expects continued revenue growth, projecting revenues of 22.812 billion yuan in 2024, 27.603 billion yuan in 2025, and 32.571 billion yuan in 2026, with respective growth rates of 30.30%, 21.00%, and 18.00% [4][6]. - The net profit attributable to shareholders is forecasted to reach 2.027 billion yuan in 2024, 2.486 billion yuan in 2025, and 3.052 billion yuan in 2026, with growth rates of 25.50%, 22.68%, and 22.73% respectively [4][6].