Anker Innovations(SZ:300866) Huachuang Securities·2025-10-30 11:20Investment Rating - The report maintains a "Strong Buy" rating for Anker Innovations, with a target price of 145 CNY [2]. Core Insights - Anker Innovations reported strong performance in its Q3 2025 results, achieving a revenue of 81.5 billion CNY, a year-on-year increase of 19.9%, and a net profit of 7.7 billion CNY, up 27.8% year-on-year [2][9]. - The company has shown resilience in its operations despite external uncertainties, with expectations for improved sales during the upcoming promotional seasons [9]. Financial Performance Summary - For the first three quarters of 2025, Anker Innovations achieved a total revenue of 210.2 billion CNY, representing a 27.8% year-on-year growth, and a net profit of 19.3 billion CNY, which is a 31.3% increase year-on-year [2][9]. - The Q3 2025 gross margin was reported at 44.6%, an increase of 1.6 percentage points year-on-year, indicating effective cost management despite tariff disruptions [9]. - The company’s earnings per share (EPS) for 2025 is projected at 5.08 CNY, with a price-to-earnings (P/E) ratio of 24 times [5][9]. Revenue and Profit Forecast - Revenue projections for Anker Innovations are as follows: 2024A at 24,710 million CNY, 2025E at 31,527 million CNY, 2026E at 39,519 million CNY, and 2027E at 47,496 million CNY, with respective growth rates of 41.1%, 27.6%, 25.3%, and 20.2% [5][10]. - The forecasted net profit for the same years is 2,114 million CNY for 2024A, 2,722 million CNY for 2025E, 3,286 million CNY for 2026E, and 3,893 million CNY for 2027E, with growth rates of 30.9%, 28.7%, 20.7%, and 18.5% respectively [5][10].