Anker Innovations(300866) 天风证券·2024-09-03 11:09Investment Rating - The report maintains a Buy rating for the company, with a target price of 66.63 RMB [4] - The 6-month rating is Buy, reflecting confidence in the company's growth trajectory [4] Core Views - The company's H1 2024 revenue reached 9.648 billion RMB, a 36.55% YoY increase, with net profit attributable to parent company at 872 million RMB, up 6.36% YoY [1] - Q2 2024 revenue grew 42.43% YoY to 5.271 billion RMB, with net profit attributable to parent company increasing 9.19% YoY to 561 million RMB [1] - The company's gross margin improved by 2.0 pct to 45.2% in H1 2024, driven by innovative product launches and efficient cost management [1] - Independent website revenue doubled in H1 2024, reaching 925 million RMB, accounting for 9.6% of total revenue, up 3.1 pct YoY [1] Financial Performance - Revenue growth is expected to accelerate, with 2024E revenue projected at 22.88 billion RMB, a 30.69% YoY increase, and 2026E revenue forecasted at 33.18 billion RMB, an 18.96% YoY increase [3] - Net profit attributable to parent company is expected to grow to 1.988 billion RMB in 2024E, a 23.13% YoY increase, and reach 2.956 billion RMB by 2026E, a 22.15% YoY increase [3] - EPS is projected to increase from 3.74 RMB in 2024E to 5.56 RMB in 2026E [3] Business Highlights - Charging products revenue grew 42.8% YoY in H1 2024, driven by innovative products like the Anker SOLIX Solarbank 2 Pro and Plus, which feature industry-leading design and energy efficiency [1] - Innovative products and wireless audio products also showed strong growth, with revenue increases of 35.3% and 30.8% YoY, respectively [1] - Amazon and other online channels saw revenue growth of 27.7% and 67.4% YoY, respectively, while independent website revenue surged 102.9% YoY [1] Valuation Metrics - The company's P/E ratio is expected to decline from 16.7x in 2024E to 11.2x in 2026E, reflecting strong earnings growth [3] - P/B ratio is projected to decrease from 5.07x in 2024E to 3.51x in 2026E, indicating improved valuation attractiveness [3] - EV/EBITDA is expected to drop from 12.05x in 2024E to 7.72x in 2026E, signaling enhanced operational efficiency [3] Industry Outlook - The company is positioned as a leading cross-border e-commerce player, with a strong brand and channel system, poised to capitalize on global expansion opportunities [2] - The consumer electronics industry is expected to benefit from continued innovation and demand for high-quality products, supporting the company's growth trajectory [4]