安克创新（300866）：业绩表现超预期，三大品类均快速增长

Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Insights - The company reported strong performance in its 2024 annual report and 2025 Q1 report, with 2024 revenue reaching 24.71 billion yuan, a year-on-year increase of 41.1%, and net profit attributable to the parent company at 2.11 billion yuan, up 30.9% year-on-year [5][9] - The company has successfully expanded its market presence and launched new products, with all three major product categories showing rapid growth [8] - The company is recognized as a global consumer electronics brand, focusing on product strength and continuous innovation to drive performance growth [8] Financial Data and Profit Forecast - The total revenue forecast for 2024 is 24.71 billion yuan, with a year-on-year growth rate of 41.1%, and for 2025 Q1, revenue is projected at 5.99 billion yuan, reflecting a 36.9% increase [7] - The net profit attributable to the parent company is expected to be 2.66 billion yuan in 2025, with a corresponding PE ratio of 18 [7] - The company’s gross margin for 2024 is projected at 43.7%, with a slight increase in R&D investment, indicating a commitment to innovation [8] Product Performance - The charging and storage product category generated 12.67 billion yuan in revenue for 2024, accounting for 51.3% of total revenue, with a year-on-year growth of 47.2% [8] - The smart innovation product category achieved 6.34 billion yuan in revenue, representing 25.6% of total revenue, with a year-on-year growth of 39.5% [8] - The smart audio-visual product category generated 5.69 billion yuan, accounting for 23.0% of total revenue, with a year-on-year growth of 32.8% [8] Market and Regional Performance - The company experienced strong growth in both domestic and international markets, with overseas revenue increasing by 41.2% to 23.83 billion yuan in 2024 [8] - Online sales grew by 43.0% to 17.6 billion yuan, accounting for 71.2% of total revenue, with significant contributions from platforms like Amazon [8] - The independent website sales doubled, contributing 2.5 billion yuan, which is 10.1% of total revenue [8]