Anker Innovations(SZ:300866) Huachuang Securities·2024-10-30 04:40Investment Rating - The report maintains a "Strong Buy" rating for Anker Innovations (300866) with a target price of 95 CNY, compared to the current price of 83.91 CNY [1]. Core Insights - The company reported a revenue of 16.45 billion CNY for the first three quarters of 2024, representing a year-on-year growth of 39.6%. In Q3 alone, revenue reached 6.8 billion CNY, up 44.1% year-on-year, with net profit attributable to shareholders at 600 million CNY, a 52.4% increase [1]. - The growth momentum is strong, driven by robust overseas online demand and an increase in independent site sales. The online revenue growth accelerated from 38.5% in H1 2024 to 41.7% in Q1-Q3 2024 [1]. - The company’s profitability remains stable, with a net profit margin of 8.8% and a non-recurring net profit margin of 7.9% in Q3 2024. The gross margin was 43.0%, slightly down by 0.5 percentage points year-on-year [1]. - The report highlights that the company is well-positioned for continued growth, with strong performance expected during the upcoming sales seasons, including Black Friday and Cyber Monday [1]. Financial Summary - For 2023, the main revenue is projected at 17.51 billion CNY, with a year-on-year growth rate of 22.9%. By 2024, revenue is expected to reach 23.88 billion CNY, reflecting a growth rate of 36.4% [2]. - The net profit attributable to shareholders is forecasted to be 1.62 billion CNY in 2023, increasing to 2.11 billion CNY in 2024, which corresponds to a growth rate of 30.5% [2]. - The earnings per share (EPS) is estimated to be 3.04 CNY for 2023, rising to 3.97 CNY in 2024, with a corresponding price-to-earnings (P/E) ratio of 21 [2].