安克创新24Q3业绩点评：Q3业绩持续亮眼，多品类增长强劲

Investment Rating - Buy rating maintained for Anker Innovations [3] Core Views - Anker Innovations reported strong Q3 2024 performance with total revenue of 16.45 billion yuan, up 39.6% YoY, and net profit attributable to shareholders of 1.47 billion yuan, up 21.3% YoY [3] - Q3 2024 revenue reached 6.8 billion yuan, a 44.05% YoY increase, with net profit attributable to shareholders of 600 million yuan, up 52.44% YoY [3] - Gross margin for the first three quarters of 2024 was 44.28%, up 0.99 percentage points YoY, though Q3 gross margin declined by 2.24 percentage points QoQ [3] - Strong performance driven by robust overseas demand, continuous brand investment, and new product launches [3] - Revenue from charging products, innovative products, and audio-visual products grew rapidly, with charging products nearly doubling YoY [3] - Overseas revenue reached 15.88 billion yuan, up 39.86% YoY, with Europe leading growth and emerging markets like Australia and Southeast Asia showing strong potential [3] - Online channel revenue grew 41.70% YoY to 11.5 billion yuan, while offline channel revenue increased 34.82% YoY to 4.95 billion yuan [3] - The company's independent website revenue doubled YoY, driven by increased sales of complex product categories [3] - Anker Innovations is expected to achieve net profit attributable to shareholders of 1.95 billion yuan in 2024 and 2.35 billion yuan in 2025 [3] Product Breakdown - Charging products: Strong growth driven by new product launches, including the Anker Prime series and Anker MagGo series [3] - Innovative products: The eufyX10Pro Omni robotic vacuum cleaner, launched in February 2024, performed well during Prime Day, driving growth in cleaning products [3] - Audio-visual products: Headphones, speakers, and projectors all achieved over 30% revenue growth in the first three quarters of 2024 [3] Geographic Breakdown - Domestic revenue: 570 million yuan, up 31.52% YoY [3] - Overseas revenue: 15.88 billion yuan, up 39.86% YoY, with Europe leading growth and emerging markets like Australia and Southeast Asia showing strong potential [3] Channel Breakdown - Online channel revenue: 11.5 billion yuan, up 41.70% YoY [3] - Offline channel revenue: 4.95 billion yuan, up 34.82% YoY [3] - Independent website revenue doubled YoY, driven by increased sales of complex product categories [3] Financial Forecasts - 2024 revenue forecast: 23.67 billion yuan, up 35.20% YoY [4] - 2025 revenue forecast: 26.995 billion yuan, up 14.05% YoY [4] - 2024 net profit forecast: 1.946 billion yuan, up 20.52% YoY [4] - 2025 net profit forecast: 2.352 billion yuan, up 20.85% YoY [4] - 2024 EPS forecast: 3.66 yuan per share [4] - 2025 EPS forecast: 4.43 yuan per share [4] Valuation and Price Target - Target price: 80.91 yuan, with a 6-month horizon [5] - Current market cap: 44.59 billion yuan [5] - 52-week high/low: 98.96 yuan / 50.86 yuan [5] Historical Performance - Stock price increased by 34% over the past year, outperforming the CSI 300 index [6]