Anker Innovations(SZ:300866) Huachuang Securities·2025-05-09 10:55Investment 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 - Revenue Forecasts: The company is projected to achieve total revenues of 32.13 billion yuan in 2025, 40.08 billion yuan in 2026, and 47.92 billion yuan in 2027, with respective growth rates of 30.0%, 24.7%, and 19.6% [4]. - Net Profit Forecasts: The net profit attributable to shareholders is expected to reach 2.74 billion yuan in 2025, 3.44 billion yuan in 2026, and 4.16 billion yuan in 2027, with growth rates of 29.4%, 25.7%, and 20.9% respectively [4]. - Earnings Per Share (EPS): The EPS is forecasted to be 5.15 yuan in 2025, 6.47 yuan in 2026, and 7.83 yuan in 2027 [4]. - Valuation Ratios: The report indicates a PE ratio of 22 for 2025, decreasing to 14 in 2026 and 11 in 2027, while the PB ratio is projected to decline from 5.3 to 3.2 over the same period [4]. Market Performance - The company's stock price has experienced a significant correction, attributed to tariff concerns, but the report suggests that the underlying business fundamentals remain strong, with multiple quarters of exceeding market expectations [8].