Anker Innovations(300866) NORTHEAST SECURITIES·2025-05-07 06:45Investment Rating - The report assigns a "Buy" rating to the company, upgraded from a previous "Hold" rating [5][7]. Core Insights - The company achieved a revenue of 24.71 billion yuan in 2024, representing a year-on-year growth of 41.1%. The net profit attributable to shareholders was 2.11 billion yuan, up 30.9% year-on-year [2]. - The energy storage business experienced explosive growth, with revenue reaching 3.02 billion yuan in 2024, a staggering increase of 184% year-on-year, contributing to 12.2% of total revenue [3]. - The company optimized its traditional business structure, maintaining stable revenue contributions from charging products while expanding its global reach, covering 146 countries and regions [4]. Financial Performance Summary - In 2024, the company reported a gross margin of 43.3%, a decrease of 1.8 percentage points year-on-year, while the net profit margin improved to 8.8%, an increase of 1.3 percentage points year-on-year [2]. - The company forecasts revenue growth for 2025-2027 at 33.6%, 27.7%, and 23.6% respectively, with net profit growth projected at 28.9%, 23.8%, and 22.8% [5]. - The financial summary indicates a total revenue of 33.01 billion yuan for 2025, with a net profit of 2.73 billion yuan [6][12]. Business Development - The company’s charging product revenue remains stable, with new product iterations like GaN fast charging and wireless car charging maintaining higher average selling prices [4]. - The online sales channel accounted for 71% of total revenue in 2024, with significant contributions from platforms like Amazon [4]. - The company is leveraging its supply chain flexibility in emerging markets to mitigate trade policy risks, indicating potential for growth in regions like Southeast Asia and Australia [4].