Anker Innovations(SZ:300866) Shenwan Hongyuan Securities·2025-10-31 12:47Investment Rating - The report maintains a "Buy" rating for Anker Innovations, indicating a strong performance relative to the market [6][6][6] Core Insights - Anker Innovations reported steady growth in Q3 2025, with total revenue increasing by 27.8% year-on-year to 21.02 billion yuan and net profit attributable to shareholders rising by 31.3% to 1.93 billion yuan [6][6][6] - The company launched several innovative products across its three core categories, enhancing its product lineup and addressing user needs [6][6][6] - Anker's global market expansion has shown significant results, with domestic revenue growing by 21.6% and overseas revenue increasing by 28% [6][6][6] - The company's profitability remains robust, with a gross margin of 44.7% and a net profit margin of 9.2% [6][6][6] - Inventory levels increased significantly, up 90.4% to 6.15 billion yuan, as the company prepared for potential tariff risks and the upcoming peak season [6][6][6] - The report forecasts net profits for 2025-2027 to be 2.74 billion, 3.44 billion, and 4.25 billion yuan respectively, with corresponding price-to-earnings ratios of 23, 18, and 15 [6][6][6] Financial Data and Profit Forecast - Total revenue projections for Anker Innovations are 24.71 billion yuan for 2024, 32.30 billion yuan for 2025, 40.84 billion yuan for 2026, and 50.29 billion yuan for 2027, with respective year-on-year growth rates of 41.1%, 30.7%, 26.4%, and 23.1% [5][5][5] - The expected earnings per share (EPS) are 3.99 yuan for 2024, 5.11 yuan for 2025, 6.42 yuan for 2026, and 7.93 yuan for 2027 [5][5][5] - The return on equity (ROE) is projected to be 23.6% for 2024, 23.2% for 2025, 23.8% for 2026, and 24.1% for 2027 [5][5][5]