深圳作为"跨境电商之都"，本报告全面分析深圳跨境电商的发展历程、产业生态、政策支持体系、物流网络及未来发展趋势。未来，深圳跨境电商将继续深 化"跨境电商+产业带"融合发展，加速布局海外仓网络，推进数智化转型，并抓住RCEP等政策红利，进一步巩固其在全球跨境电商领域的领先地位。 出品 | 网经社 编辑 | 无痕 审稿 | 云马 配图 | 网经社图库 深圳跨境电商的发展经历了从"野蛮生长"到"规范调整"再到"复苏创新"的三个阶段。2010年代初期，深圳开始涉足跨境电商领域，凭借毗邻香港的地理优势 和完善的制造业基础，吸引了大量跨境电商企业和供应链服务商聚集。2013年，深圳被列为国家跨境电子商务综合试验区，标志着其跨境电商发展进入规范 化阶段。这一时期，政策支持和市场机遇共同推动深圳跨境电商初步形成产业链。 2020-2022年是深圳跨境电商的爆发式增长期。新冠疫情全球蔓延，导致全球采购订单大量转移到中国，深圳的跨境电商企业凭借强大的供应链和高效的物 流体系迅速响应市场需求。2020年，深圳跨境电商进出口总额显著提升，成为深圳外贸的新亮点。安克创新、影石创新、傲基科技等企业在这段时间内实现 了快速增长，市场份额不 ...

点击招商研究小程序查看PDF报告原文 事件：公司公告24年报及25年一季报。结合公司近况，我们点评如下： 三大品类齐发力+渠道拓展顺利，驱动24年业绩延续高增长趋势。 24年营收247.1亿同比+41.1%， 归母净利21.1亿同比+30.9%，扣非归母18.9亿同比+40.5%，毛利率43.7%同比+0.1pct，净利率8.9% 同比-0.7pct，扣非净利率7.6%同比-0.03pct。24年业绩延续高增趋势，主要受益于充电储能、智能 创新、智能影音三大业务齐发力，以及海内外、线下线上渠道的多元化发展。 24年业务结构：①分业务： 1）充电储能：收入126.7亿同比+47.2%，毛利率41.5%同比-0.8pct，收 入增速提速，主因小充延续高速发展的同时，储能品牌市场份额持续显著提升，带动储能业务全年 营收达30.2亿元，同比增长184%。2）智能创新：收入63.4亿同比+39.5%，毛利率46.5%同 比-0.02pct，收入高增主要受益于安防和清洁产品增长推动。3）智能影音：收入56.9亿同比 +32.8%，毛利率45.4%同比+1.9pcts，主要系智能音频产品带动增长。 ②分渠道： 线上收入17 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][5] Core Views - The company continues to experience high growth in Q1 2025, driven by the rapid expansion of its medium and large charging storage business [5] - Revenue for 2024 is projected to be 24.7 billion yuan, representing a year-on-year increase of 41%, with a net profit of 2.11 billion yuan, up 31% [5] - The company has adjusted its profit forecasts for 2025-2027, expecting net profits of 2.609 billion yuan, 3.158 billion yuan, and 3.799 billion yuan respectively [5] Financial Performance Summary - In Q1 2025, the company reported revenue of 8.6 billion yuan, a 60% increase year-on-year, with a net profit of 500 million yuan, also up 60% [5] - The revenue breakdown for 2024 shows charging storage, smart innovation, and smart audio-visual segments generating 12.7 billion yuan, 6.3 billion yuan, and 5.7 billion yuan respectively, with year-on-year growth rates of 47%, 40%, and 33% [6] - The company’s gross margin for Q1 2025 was 43.3%, slightly down from 43.7% in 2024, attributed to increased shipping costs and a narrowing decline in battery cell costs [7] Market and Channel Insights - The company has seen significant growth in various channels, with Amazon and other third-party platforms achieving revenue increases of 34% and 57% respectively in 2024 [6] - The independent station channel experienced a remarkable growth of 101%, indicating strong demand for new energy products [6] - Key markets such as Europe, Japan, and North America, along with potential markets like mainland China, all recorded revenue growth exceeding 30% in 2024 [6]

Group 1 - The company achieved a net profit growth of 31% in 2024, with revenue reaching 24.71 billion yuan, a year-on-year increase of 41.14% [1] - In Q1 2025, the company continued its strong growth trend, with revenue increasing by 36.91% to 5.993 billion yuan and net profit rising by 59.97% to 496 million yuan [1] - Non-recurring gains included investment management income of 35.97 million yuan and fair value changes of 24.21 million yuan [1] Group 2 - The company experienced significant growth across multiple product categories, with charging and energy storage business revenue increasing by 47.23% to 12.7 billion yuan, and energy storage revenue soaring by 184% to 3.02 billion yuan [2] - In Q1, online and offline channel revenues grew by 32.03% and 48.9%, respectively, with independent site revenue increasing by 53.19% to 555 million yuan, accounting for 9.25% of total revenue [2] - The company is enhancing its global supply chain and brand premium to mitigate the impact of trade tariffs [2] Group 3 - The company's gross margin in Q1 2025 was 43.28%, showing a quarter-on-quarter increase of 0.8 percentage points, despite a year-on-year decrease of 1.84 percentage points [3] - The sales expense ratio was 21.53%, down by 0.99 percentage points year-on-year, while management and R&D expense ratios also saw reductions [3] - Operating cash flow showed a net outflow of 288 million yuan due to increased cash payments for goods and services [3]