Anker Innovations(SZ:300866) Guoyuan Securities·2025-10-30 10:51Investment Rating - The investment rating for the company is "Buy" [3][5]. Core Insights - The company achieved a revenue of 21.02 billion yuan in the first three quarters, representing a year-on-year increase of 28%. The net profit attributable to the parent company was 1.93 billion yuan, up 31% year-on-year [1]. - The company has three main business segments: charging and energy storage, smart audio-visual, and smart home automation, with revenue contributions approximately in the ratio of 5:3:2. The smart innovation segment is leading in growth, particularly in the security field [2]. - The company is expected to achieve net profits of 2.7 billion yuan and 3.3 billion yuan for 2025 and 2026, respectively [3]. Financial Performance - In Q3 2025, the company reported a revenue of 8.15 billion yuan, a year-on-year increase of 20% and a quarter-on-quarter increase of 18.61%. The net profit for the same quarter was 766 million yuan, up 27.76% year-on-year [1]. - The gross margin for the first three quarters of 2025 was 44.7%, an increase of 0.41 percentage points year-on-year, benefiting from continuous product iteration and supply chain management [1]. - The company’s R&D investment continues to strengthen, with the R&D expense ratio increasing by 0.7 percentage points year-on-year [1]. Business Segments - The charging and energy storage segment experienced a slight slowdown in revenue growth in Q3 due to high base effects from the previous year, but it still maintained a high growth rate [2]. - The smart innovation products, particularly the security systems, have shown significant growth, with the eufy NVRS4Max product ranking first in the UK market and second in the US market by sales [2]. - The smart audio-visual segment has also maintained a high revenue growth rate with the launch of several new products [2]. Market Dynamics - The European market is experiencing rapid growth, driven by strong demand for large charging products and successful expansion of new product categories [2]. - The company’s brand recognition is increasing, as evidenced by the growth of its independent online channels and offline sales [2].