Anker Innovations(SZ:300866) NORTHEAST SECURITIES·2025-09-08 09:15Investment Rating - The report maintains a "Buy" rating for the company [4][3]. Core Insights - The company achieved a revenue of 12.867 billion yuan in H1 2025, representing a year-on-year growth of 33.36%. The net profit attributable to shareholders was 1.167 billion yuan, up 33.80% year-on-year [1][2]. - The company continues to expand its market presence and product offerings, with significant growth in its charging and storage products, smart innovation, and smart audio-visual categories [2]. - The company has successfully entered major retail chains in North America and is expanding its offline channels in Europe, Japan, Southeast Asia, and South America [2]. Financial Summary - In H1 2025, the company reported a gross margin of 44.73%, a slight decrease of 0.45 percentage points year-on-year, and a net profit margin of 9.06%, down 0.32 percentage points [2]. - The company’s revenue is projected to grow significantly, with estimates of 33.008 billion yuan for 2025, 42.145 billion yuan for 2026, and 52.073 billion yuan for 2027, reflecting growth rates of 33.58%, 27.68%, and 23.55% respectively [3][10]. - The earnings per share (EPS) are forecasted to be 5.09 yuan in 2025, 6.30 yuan in 2026, and 7.73 yuan in 2027, with corresponding price-to-earnings (PE) ratios of 27X, 22X, and 18X [3][10].