Anker Innovations(SZ:300866) Guoyuan Securities·2024-09-03 06:16Investment Rating - The report maintains a "Buy" investment rating for the company [2][13]. Core Insights - The company achieved total revenue of 9.648 billion yuan, 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 after deducting non-recurring items reached 766 million yuan, reflecting a 40.53% increase year-on-year. The revenue growth was primarily driven by the continuous launch of new products and effective market expansion [3][9]. - The company’s gross margin for the first half of 2024 was 45.18%, an increase of 2 percentage points year-on-year. The gross margins for the charging storage, innovative, and audio categories were 42.98%, 48.3%, and 46.62%, respectively. The increase in gross margin was attributed to the introduction of high-priced new products and significant cost reduction from focusing on core categories and supply chain integration [3][9][10]. - The company is expected to achieve net profits of 1.94 billion yuan and 2.35 billion yuan in 2024 and 2025, respectively, representing year-on-year growth of 20% and 21%. The corresponding EPS is projected to be 3.65 yuan and 4.41 yuan [3][13]. Business Segment Summary - In the charging storage segment, revenue for the first half of 2024 was 4.975 billion yuan, accounting for 51.6% of total revenue, with a year-on-year growth of 43%. The company leveraged the Anker brand to introduce innovative products, benefiting from the increasing demand for fast charging [10]. - The smart innovation segment generated revenue of 2.36 billion yuan, representing 24.5% of total revenue, with a year-on-year growth of 35%. The company’s products in this category, including smart security and cleaning devices, are expected to maintain a growth rate of over 30% [10][11]. - The smart audio segment achieved revenue of 2.309 billion yuan, accounting for 23.9% of total revenue, with a year-on-year growth of 31%. The growth was driven by new product launches in wireless headphones and speakers [10][11]. Regional and Channel Performance - North America and Europe were the fastest-growing regions, with revenue growth of 41% and 45% year-on-year, respectively. The company also identified Australia and mainland China as key potential markets, with revenue growth of 23% and 39% [11]. - The company’s revenue from the Amazon platform grew by 28% year-on-year, while revenue from third-party platforms increased by 67%. The independent channel also saw a doubling of revenue, benefiting from high-priced products [11].