Anker Innovations(300866) 东吴证券·2025-04-30 14:21Investment Rating - The report maintains a "Buy" rating for Anker Innovations [1] Core Views - Anker Innovations demonstrated strong revenue and profit growth in 2024 and Q1 2025, with revenue reaching 24.71 billion yuan in 2024, a year-on-year increase of 41%, and a net profit of 2.11 billion yuan, up 31% year-on-year [7][8] - The company is resilient under tariff pressures, with strategies in place to mitigate impacts, including inventory management and supply chain adjustments [7][8] - The report highlights the company's strong performance across product categories, particularly in charging products, which saw a revenue increase of 47.23% year-on-year [7][8] Revenue and Profit Forecast - Total revenue is projected to grow from 24.71 billion yuan in 2024 to 32.14 billion yuan in 2025, with a compound annual growth rate (CAGR) of 30.06% [1][7] - Net profit is expected to increase from 2.11 billion yuan in 2024 to 2.49 billion yuan in 2025, reflecting a year-on-year growth of 17.57% [1][7] Product Category Performance - Charging products generated 12.67 billion yuan in revenue in 2024, a 47.23% increase year-on-year, with a gross margin of 41.5% [7][8] - Smart innovation products achieved 6.34 billion yuan in revenue, up 39.5% year-on-year, maintaining a gross margin of 46.5% [7][8] - Smart audio-visual products reported revenue of 5.69 billion yuan, a 32.8% increase year-on-year, with a gross margin of 45.4% [7][8] Financial Metrics - The report projects earnings per share (EPS) to rise from 3.98 yuan in 2024 to 4.68 yuan in 2025, with a price-to-earnings (P/E) ratio decreasing from 21.12 to 17.96 [1][7] - The company plans to distribute a cash dividend of 1.5 yuan per share, resulting in a dividend payout ratio of 28% and a dividend yield of 1.8% based on the closing price on April 29 [7][8]