Anker Innovations(300866) 华泰证券·2025-01-20 10:00Investment Rating - The investment rating for the company is "Buy" with a target price of 115.00 RMB [8][9]. Core Views - The company is expanding its product matrix with new launches such as solar beach umbrellas and AI-powered noise-canceling speakers, which are expected to drive high-quality revenue growth in 2025 [1][2]. - The introduction of new products, combined with the upcoming overseas traditional sales peak season, is anticipated to sustain the growth momentum observed in the first three quarters of 2024 [1]. - The company is entering the lawn mower robot market with its first smart lawn mower, which is expected to launch in Spring 2025, tapping into a market with significant growth potential [3]. - The company is actively expanding its overseas supply chain and reducing reliance on the U.S. market, with non-U.S. revenue reaching 5.25 billion RMB in the first half of 2024, a year-on-year increase of 36.7% [4]. Summary by Sections Product Expansion - At the 2025 CES, the company showcased several new products, including the Anker SOLIX solar beach umbrella and the eufy Clean E20, which is a versatile cleaning device set to launch at a price of 549 USD in North America [2]. Market Potential - The global penetration rate of lawn mower robots is currently only 7.5%, indicating substantial growth opportunities for the company as it leverages its supply chain capabilities and overseas operational experience [3]. Financial Projections - The company has adjusted its EPS forecasts for 2024-2026 to 3.82, 4.60, and 5.50 RMB, respectively, reflecting a positive outlook driven by new product introductions [5]. - The projected revenue for 2024 is 24.61 billion RMB, with a year-on-year growth rate of 40.57% [7]. Valuation - The company is assigned a 2025 PE ratio of 25 times, with a target price of 115 RMB, indicating a strong valuation relative to its peers [5].