Anker Innovations(300866) 长江证券·2024-09-06 02:41Investment Rating - The report maintains a "Buy" rating for Anker Innovations (300866 SZ) [4] Core Views - Anker Innovations achieved significant revenue growth in H1 2024, with total revenue reaching 9 648 billion yuan, a year-on-year increase of 36 55% [1][5] - Net profit attributable to the parent company was 872 million yuan, up 6 36% year-on-year, while non-GAAP net profit surged 40 53% to 766 million yuan [1][5] - Q2 2024 revenue grew 42 43% year-on-year to 5 271 billion yuan, with net profit up 9 19% to 561 million yuan and non-GAAP net profit jumping 49 89% to 450 million yuan [1][5] - The company declared a cash dividend of 6 yuan per 10 shares [1][5] Business Performance Breakdown Revenue by Category - Charging and energy storage products revenue increased 42 81% year-on-year, driven by strong growth in charging products and significant contributions from energy storage [5] - Smart innovation products revenue grew 35 33%, with rapid growth in robotic vacuum cleaners [5] - Smart audio products revenue rose 30 84% year-on-year [5] Revenue by Region - North America: 40 68% growth, accounting for 47 95% of total revenue [5] - Europe: 44 6% growth, representing 21 27% of revenue [5] - Japan: 21 5% growth, contributing 13 4% of revenue [5] - Middle East: 39 17% growth, making up 5 89% of revenue [5] - Mainland China: 39 3% growth, accounting for 3 91% of revenue [5] - Australia: 22 91% growth, representing 3 56% of revenue [5] - Other regions: 15 67% growth, contributing 4 01% of revenue [5] Revenue by Channel - Amazon: 27 71% growth, accounting for 52 26% of revenue [5] - Independent websites: 102 85% growth, representing 9 59% of revenue [5] - Other third-party platforms: 67 36% growth, contributing 7 91% of revenue [5] - Offline channels: 32 3% growth, making up 30 25% of revenue [5] Profitability and Efficiency - Gross margin improved by 2 percentage points to 45 18% in H1 2024 [6] - Smart innovation products gross margin increased by 3 27 percentage points, while smart audio products gross margin rose by 4 91 percentage points [6] - Operating profit grew 34 19% to 845 million yuan, with an operating margin of 8 76% [6] - Q2 2024 operating profit surged 45 21% to 444 million yuan, with an operating margin of 8 42% [6] Financial Projections - The report forecasts net profit attributable to the parent company of 2 000 billion yuan for 2024, 2 357 billion yuan for 2025, and 2 764 billion yuan for 2026 [6] - Corresponding PE ratios are projected at 17 7x for 2024, 15 0x for 2025, and 12 8x for 2026 [6] Valuation Metrics - Current stock price: 66 63 yuan [7] - 12-month high/low: 102 00 yuan / 50 21 yuan [7] - EPS projections: 3 76 yuan (2024), 4 44 yuan (2025), 5 20 yuan (2026) [11] - P/E ratios: 17 7x (2024), 15 0x (2025), 12 8x (2026) [6][11]