Anker Innovations(300866) 长江证券·2024-11-21 09:08Investment Rating - The report maintains a "Buy" rating for Anker Innovation (300866 SZ) [5] Core Views - Anker Innovation achieved robust revenue growth of 39 56% YoY in the first three quarters of 2024, reaching RMB 16 449 billion, with net profit attributable to shareholders increasing by 21 29% to RMB 1 472 billion [5] - In Q3 2024, the company's revenue grew by 44 05% YoY to RMB 6 8 billion, with net profit attributable to shareholders surging by 52 44% to RMB 599 million [5] - The company's strategic focus on core categories such as charging and energy storage, smart innovation, and smart audio-visual products has driven sustained growth, with market share expected to continue expanding [5] - Anker Innovation's gross profit margin in Q3 2024 decreased slightly by 0 47 percentage points due to exchange rate fluctuations and rising shipping costs, but the gross-to-sales margin improved by 0 34 percentage points [6] - R&D expenses as a percentage of revenue increased by 1 85 percentage points to 8 86% in Q3 2024, reflecting the company's increased investment in talent and product development [6] - Operating cash flow surged by 155 26% YoY in Q3 2024, indicating improved operational efficiency [6] Financial Performance and Projections - The company's revenue is projected to grow from RMB 24 497 billion in 2024E to RMB 33 758 billion in 2026E, with net profit attributable to shareholders expected to increase from RMB 2 082 billion in 2024E to RMB 3 046 billion in 2026E [7] - EPS is forecasted to rise from RMB 3 92 in 2024E to RMB 5 73 in 2026E, with a corresponding PE ratio declining from 23 0x in 2024E to 15 7x in 2026E [7] - The company's gross margin is expected to remain stable at around 44%-45% from 2024E to 2026E, with R&D expenses as a percentage of revenue projected to stay at 9% [17] - Operating cash flow is anticipated to grow significantly, from RMB 1 214 billion in 2024E to RMB 2 646 billion in 2026E [17] Strategic Focus and Product Development - Anker Innovation has launched several innovative products, including the Anker Prime digital charging series, Anker SOLIX C300 DC consumer energy storage series, and eufy brand's first fingerprint handle lock [5] - The company's eufy X10 Pro Omni all-in-one base station robotic vacuum, released in February 2024, has seen strong user satisfaction and performed well during Amazon Prime Day in July 2024 [5] - New audio products such as the soundcore AeroFit 2 open-ear headphones and soundcore Space One Pro over-ear headphones, along with multiple projector models, have been introduced to the market [5] - The company's focus on strategic categories and continuous investment in R&D is expected to enhance its competitive edge and drive market share growth [7]