Core Insights - Shenzhen is recognized as the "Cross-Border E-Commerce Capital" of China, with a comprehensive analysis of its development history, industry ecosystem, policy support, logistics network, and future trends [1] - The future of Shenzhen's cross-border e-commerce will focus on deepening the integration of "cross-border e-commerce + industrial belts," accelerating the layout of overseas warehouses, promoting digital transformation, and leveraging policy benefits from RCEP to maintain its leading position globally [1] Development Stages - Shenzhen's cross-border e-commerce has evolved through three stages: "wild growth," "regulatory adjustment," and "recovery and innovation" [1] - The initial stage began in the early 2010s, leveraging geographical advantages and a robust manufacturing base, leading to the establishment of a preliminary industrial chain by 2013 when Shenzhen was designated as a national comprehensive pilot zone for cross-border e-commerce [1][2] Growth Period - The period from 2020 to 2022 marked explosive growth for Shenzhen's cross-border e-commerce, driven by the global pandemic that shifted procurement orders to China [2] - In 2023, Shenzhen's cross-border e-commerce import and export volume reached 300 billion yuan, a year-on-year increase of 75.2%, accounting for nearly 8% of Shenzhen's total imports and exports [4] Industry Challenges - In 2021, the industry faced significant challenges due to a large-scale account suspension event on Amazon, prompting sellers to focus on regulatory compliance and diversify their sales channels [4] - The recovery and innovation phase from 2022 to 2024 saw a 2.4-fold increase in the scale of cross-border e-commerce, with 2024's first half showing a 130% year-on-year growth [4] Ecosystem and Infrastructure - Shenzhen's cross-border e-commerce ecosystem is increasingly complete, with 16 of the world's top 20 cross-border e-commerce platforms establishing operations in the city [5] - The logistics network includes 59 all-cargo flight destinations and 24 cross-border e-commerce maritime routes, significantly enhancing logistics efficiency [9][12] Policy Support - Shenzhen has a mature policy support system, including tax incentives and streamlined customs processes, which are crucial for the growth of cross-border e-commerce [5][25] - The "double 15%" tax policy and "departure tax refund" measures have effectively reduced operational costs for cross-border e-commerce enterprises [25][26] Supply Chain Advantages - Shenzhen's supply chain responsiveness is enhanced by its strong electronic information industry base, allowing for rapid market demand response [6][8] - The city has established a "one core, multiple parks" development pattern, forming a complete industrial chain with various manufacturing clusters [7] Future Trends - Future trends for Shenzhen's cross-border e-commerce include flexible supply chains, digital transformation, brand globalization, and multi-channel layouts [21][22] - The focus on emerging markets, particularly in Southeast Asia, the Middle East, and Latin America, is expected to drive significant growth [19][20][21] Brand Development - Companies like Anker Innovation and Ugreen are transitioning from "selling goods" to "building brands," with Anker achieving a revenue of 24.71 billion yuan in 2024, reflecting a successful shift to brand-centric strategies [17][18] - The establishment of independent brand sites and the expansion into various sales channels are key strategies for enhancing brand presence and reducing reliance on single platforms [23]

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]