安克创新（300866）：聚焦战略下，营收业绩延续高增

Investment Rating - The investment rating for the company is "Buy" and is maintained [7]. Core Views - The company achieved a revenue of 24.71 billion yuan in 2024, representing a year-on-year increase of 41.14%. The net profit attributable to shareholders was 2.11 billion yuan, up 30.93% year-on-year, and the net profit after deducting non-recurring items was 1.89 billion yuan, an increase of 40.50% year-on-year. In Q4 2024, the company recorded a revenue of 8.26 billion yuan, a year-on-year increase of 44.41%, with a net profit of 643 million yuan, up 60.06% year-on-year [2][4]. Summary by Sections Financial Performance - In Q1 2025, the company reported a revenue of 5.99 billion yuan, a year-on-year increase of 36.91%, with a net profit of 496 million yuan, up 59.57% year-on-year. The company declared a cash dividend of 15 yuan per 10 shares, corresponding to a dividend payout ratio of 37.70% [2][4]. Revenue Growth - The company's revenue growth was driven by a focus on strategic product categories, with revenue from charging and energy storage, smart innovation, and smart audio categories increasing by 47.23%, 39.53%, and 32.84% respectively in 2024. The charging and energy storage segment saw a significant increase, with digital charging and energy storage revenues growing by 28% and 184% respectively [10]. Profitability - The company's gross margin for 2024 was 43.67%, a slight increase of 0.14 percentage points year-on-year. The gross margin for the charging and energy storage segment decreased by 0.80 percentage points, while the smart audio segment saw an increase of 1.88 percentage points. The overall net profit margin for 2024 was 8.6% [10]. Future Projections - The company is expected to achieve net profits of 2.51 billion yuan, 3.05 billion yuan, and 3.69 billion yuan for 2025, 2026, and 2027 respectively, with corresponding price-to-earnings ratios of 18.84, 15.47, and 12.80 [10].