Core Viewpoint - The company is expected to maintain high growth trends in existing categories, with 3D printing and lawn mower businesses poised to become new growth engines, supported by equity incentives that strengthen human capital advantages, indicating a positive outlook for future growth [1] Investment Highlights - The company maintains a "buy" rating, with expectations for continued high growth in products such as small chargers, security devices, and headphones, alongside significant growth in energy storage. The convertible bond fundraising will enhance new product development. EPS forecasts for 2025-2027 are set at 4.93, 6.02, and 7.29 yuan, with growth rates of 25%, 22%, and 21% respectively. A target price of 159 yuan is set based on a 32x PE for 2025 [2] - The company's 3D printing business is expected to accelerate. In 2022, the company launched the AnkerMake sub-brand and introduced the AnkerMake M5, achieving a crowdfunding record of 8.88 million USD on Kickstarter. In 2023, a budget version, AnkerMake M5C, was released. In March 2025, the 3D printing line was rebranded to eufyMake, integrating into the eufy smart home ecosystem. In April 2025, the E1 UV printer was launched on Kickstarter, raising 46.76 million USD, setting a new crowdfunding record [2][3] - The company's lawn mower business is also expected to gain momentum. In 2022, a 60-person R&D team was formed for lawn mower development, although the project was disbanded after a year. However, the company continues to push for related technology development. At CES 2025, the first lawn mowing robot was released, achieving over 10,000 USD in sales within a week in Germany [3] Equity Incentives - On July 30, the company announced a plan to grant approximately 5.246 million restricted stocks at a price of 126.9 yuan per share to no more than 608 individuals, accounting for about 0.99% of total shares. The performance targets are set for revenue growth of no less than 10%, 20%, and 30% for 2025-2027 based on 2024 revenue, or net profit growth based on 2024 non-recurring net profit [3] - The establishment of a regular incentive mechanism is noted, with 193 and 305 individuals incentivized under the 2023 and 2024 equity incentive plans, respectively. This, along with operational sharing awards, aims to transform "human costs" into "human capital." The absence of a discounted grant price reflects confidence in future development [3]