Anker Innovations(SZ:300866) Changjiang Securities·2025-11-05 04:42Investment Rating - The investment rating for the company is "Buy" and is maintained [7] Core Insights - The company reported a revenue of 21.019 billion yuan for the first three quarters of 2025, representing a year-on-year growth of 27.79%. The net profit attributable to shareholders reached 1.933 billion yuan, up 31.34% year-on-year, while the net profit excluding non-recurring items was 1.483 billion yuan, growing by 13.82% [2][4] - In the third quarter alone, the company achieved a revenue of 8.152 billion yuan, a year-on-year increase of 19.88%. The net profit attributable to shareholders was 766 million yuan, up 27.76% year-on-year, but the net profit excluding non-recurring items declined by 2.92% [2][4] - The company demonstrated resilience in revenue growth despite tariff disruptions, with domestic and overseas revenue growth rates of 21.59% and 28.01% respectively for the first three quarters of 2025 [10] Summary by Sections Financial Performance - For the first three quarters of 2025, the company achieved a gross margin of 44.60%, an increase of 1.61 percentage points year-on-year. The operating profit grew by 24.04% year-on-year, with an operating profit margin increase of 0.3 percentage points [10] - The company’s sales, management, R&D, and financial expense ratios for Q3 were 22.97%, 3.27%, 9.22%, and 0.66% respectively, with sales expenses increasing by 25.13% year-on-year [10] Business Segments - The company’s business segments, including charging storage, smart innovation, and smart audio-visual, are expected to maintain strong growth trends. However, the digital charging category may experience disruptions due to recalls and supply chain adjustments [10] - The company is expected to achieve net profits of 2.657 billion yuan, 3.198 billion yuan, and 3.895 billion yuan for the years 2025, 2026, and 2027 respectively, with corresponding price-to-earnings ratios of 24.85, 20.65, and 16.95 [10]