[Table_scodeMsg1] 联合研究丨公司深度丨安克创新（300866.SZ） [Table_Title] 纵览安克增长前景系列报告之五： 如何看待储能板块增长势能？ %% %% %% %% research.95579.com 1 丨证券研究报告丨 报告要点 [Table_Summary] 欧美市场用电成本高，电价波动幅度大、用电稳定性不足等问题突出，储能赛道有望持续增长， 便携式储能、户储行业大盘远期复合增速均在 20%+，阳台光储、澳洲户储边际景气优异。于 公司而言，作为阳台光储开创者，有望持续享受行业优异增速红利，优异产品竞争力加持下， 便携式储能和户储赛道的份额或稳中有升。 分析师及联系人 [Table_Author] 陈亮 李锦 杨洋 SAC：S0490517070017 SAC：S0490514080004 SAC：S0490517070012 SFC：BUW408 SFC：BUV258 SFC：BUW100 霍博 请阅读最后评级说明和重要声明 2 / 23 %% %% %% %% research.95579.com 2 [Table_scodeMsg2] 安克创新（300866.SZ ...

Core Insights - Anker Innovations is projected to achieve nearly 6 billion yuan in revenue from its energy storage business ("Zhongda Charge") in 2025, representing a year-on-year growth of nearly 100% [1] - The company has seen significant growth in its energy storage segment, with revenue surpassing 3 billion yuan in 2024, a year-on-year increase of 184% [1] - Anker's energy storage business is becoming a second growth curve for the company, which originally started with power banks and charging accessories [1] Revenue and Market Position - If Anker meets its revenue target of 6 billion yuan for this year, its energy storage business will be close in scale to its competitor, Zhenghao Innovation, which is expected to generate nearly 8 billion yuan in revenue in 2024 [2] - Anker's energy storage business has been restructured and expanded under the leadership of Xiong Kang since 2022, allowing it to enter major markets like North America, Japan, and Germany [4][5] Competitive Landscape - Anker has shifted its focus from competing in portable energy storage to leading in the "balcony photovoltaic" segment, which has emerged as a new growth area [7] - The company launched its Anker SOLIX brand in June 2023, integrating solar panels with energy storage systems to create user-friendly products [7] - Anker's rapid rise in the balcony photovoltaic market has put pressure on Zhenghao Innovation, which has struggled to keep pace [10][11] Product Development and Innovation - Anker has released multiple iterations of its solar energy storage products, including the Solarbank 2 Pro and Solarbank 3 Pro, enhancing their capabilities and maintaining a competitive edge [9] - The company has successfully identified and capitalized on market opportunities, particularly in response to the European energy crisis, which has increased demand for energy storage solutions [5][7] Strategic Direction - Anker is transitioning from a cross-border e-commerce model to a long-term product-oriented company, aiming to reduce reliance on platforms like Amazon [18][21] - The company's "Shallow Sea Strategy" focuses on innovation and channel advantages in multiple billion-dollar niche markets, with energy storage being a key component of this strategy [16][17] - Despite recent successes, Anker's transformation is still ongoing, with challenges remaining in fully establishing itself as a product company [21]