Anker Innovations(SZ:300866) Huachuang Securities·2025-05-09 08:44Investment Rating - The report maintains a "Strong Buy" rating for the company, with a target price of 115 yuan, corresponding to a PE ratio of 22 times for 2025 [2][8]. Core Views - The company demonstrated strong operational performance, achieving a revenue of 24.71 billion yuan in 2024, a year-on-year increase of 41.1%, and a net profit attributable to shareholders of 2.11 billion yuan, up 30.9% [2][8]. - The first quarter of 2025 continued this trend with a revenue of 5.99 billion yuan, reflecting a 36.9% year-on-year growth, and a net profit of 500 million yuan, which is a 59.6% increase [2][8]. - The report highlights the company's robust growth momentum, particularly in the charging and energy storage segment, which generated 12.67 billion yuan in revenue, a 47.2% increase year-on-year [8]. Financial Summary - 2024 Financial Performance: - Total revenue: 24,710 million yuan - Year-on-year growth: 41.1% - Net profit: 2,114 million yuan - Year-on-year growth: 30.9% - Earnings per share (EPS): 3.98 yuan [4][8]. - 2025 Financial Projections: - Expected total revenue: 32,128 million yuan - Expected year-on-year growth: 30.0% - Expected net profit: 2,737 million yuan - Expected year-on-year growth: 29.4% - Expected EPS: 5.15 yuan [4][8]. - Long-term Projections: - 2026 expected revenue: 40,075 million yuan, with a growth rate of 24.7% - 2027 expected revenue: 47,916 million yuan, with a growth rate of 19.6% [4][8]. Market Performance - The company's stock price has experienced a significant correction, attributed to tariff concerns, but the report suggests that the fundamentals remain strong with multiple quarters of exceeding market expectations [8]. - The report emphasizes that the company has successfully shifted production capacity to Southeast Asia, mitigating potential tariff impacts [8]. Investment Recommendations - The report suggests that despite recent stock price fluctuations, the company's strong financial performance and growth potential present a compelling long-term investment opportunity [8]. - The adjusted EPS forecasts for 2025 and 2026 are 5.15 yuan and 6.47 yuan respectively, indicating a positive outlook for earnings growth [8].