安克创新（300866）：短期经营展现韧性，高质高增可看长远

Investment Rating - The report maintains a "Strong Buy" rating for Anker Innovations with a target price of 165 CNY [2][4]. Core Insights - The company's H1 2025 revenue reached 12.87 billion CNY, a year-on-year increase of 33.4%, with a net profit of 1.17 billion CNY, also up 33.8% year-on-year [2][4]. - Despite a recall event affecting profits, the company demonstrated resilience with a gross margin improvement, achieving a gross margin of 46.0% in Q2 2025, up 0.8 percentage points year-on-year [2][4]. - The company is expected to maintain high growth momentum, driven by new product launches and expansion into European markets, with a projected revenue growth rate of 31.9% for 2025 [2][4]. Financial Summary - For 2025, the total revenue is projected at 32.58 billion CNY, with a year-on-year growth rate of 31.9% [4][9]. - The net profit for 2025 is estimated at 2.79 billion CNY, reflecting a growth rate of 31.9% [4][9]. - The earnings per share (EPS) for 2025 is forecasted to be 5.20 CNY, with a price-to-earnings (P/E) ratio of 27 [4][9].