Anker Innovations(SZ:300866) Haitong Securities·2024-06-02 06:31Investment Rating - The investment rating for the company is "Outperform the Market" and is maintained [2] Core Views - The company reported a revenue of 17.507 billion yuan in 2023, representing a year-on-year growth of 22.85%. The net profit attributable to the parent company was 1.615 billion yuan, up 41.22% year-on-year, with a diluted EPS of 3.96 yuan [5][8] - In Q1 2024, the company achieved a revenue of 4.378 billion yuan, a year-on-year increase of 30.09%, and a net profit of 311 million yuan, reflecting a growth of 1.6% year-on-year [6][9] - The company has a strong focus on product innovation across three main categories: charging storage, smart innovation, and smart audio-visual products, which are expected to drive future growth [9][10] Summary by Sections Financial Performance - In 2023, the company reported a total revenue of 17.507 billion yuan, with a gross margin of 43.54%, an increase of 4.81 percentage points year-on-year. The net profit margin was 9.2% [6][7] - The company’s operating cash flow for 2023 was 1.430 billion yuan, showing a slight increase of 0.42% year-on-year [8][9] Revenue Breakdown - Revenue by region in 2023: North America (47.81%), Europe (21.02%), Japan (14.20%), Middle East (5.19%), Mainland China (3.64%), and others (8.14%) [6][11] - Revenue by product category in 2023: charging storage (49.14%), smart innovation (25.94%), and smart audio-visual (24.48%) [6][9] Future Projections - The company expects revenues of 21.903 billion yuan in 2024, 26.387 billion yuan in 2025, and 31.205 billion yuan in 2026, with respective year-on-year growth rates of 25%, 20.5%, and 18% [7][13] - The projected net profit for 2024 is 1.815 billion yuan, with a diluted EPS of 3.43 yuan [7][13] Dividend Policy - The company announced a dividend plan for 2023, distributing 20 yuan in cash dividends per 10 shares, and plans to combine undistributed profits with current performance for future dividends [6][9]