Investment Rating - The investment rating for Anker Innovations is "Buy" with a target price not specified [4] Core Views - The company has shown steady revenue growth, with a reported revenue of 21.02 billion yuan for the first three quarters of 2025, representing a year-on-year increase of 27.8%. The net profit attributable to the parent company reached 1.93 billion yuan, up 31.3% year-on-year [1] - The report highlights that the domestic and overseas revenue growth for the first three quarters of 2025 was 22% and 28% respectively, with the third quarter showing a 19.9% increase in revenue [2] - The report anticipates a recovery in the charging and energy storage business as the impact of previous product recalls diminishes and new products are launched [2] Financial Performance - For Q3 2025, the gross margin was 44.6%, with a net profit margin of 9.8%, reflecting a year-on-year increase of 0.7 percentage points [3] - The company expects net profits for 2025 to reach 2.6 billion yuan, with projected growth rates of 22.93% for 2025, 25.98% for 2026, and 24.20% for 2027 [3][9] - The report provides a detailed financial forecast, indicating a revenue growth rate of 34.32% for 2025 and a projected revenue of 33.19 billion yuan [9][10] Market Position - Anker Innovations maintains a strong market position in the smart innovation sector, with its eufy NVR S4 Max security system ranking first in sales in the UK, second in the US, and third in Germany [2] - The report notes that the charging and energy storage business may face challenges due to previous product recalls and high base effects from last year's natural disasters [2] Future Outlook - The report expresses optimism about the long-term investment value of Anker Innovations, despite short-term disruptions from tariffs and product recalls [3] - The anticipated launch of new products, such as the Anker Prime series and Anker SOLIX C1000 Gen2, is expected to drive growth in the charging and energy storage segment [2]

投资要点 收入稳健25Q1-3 同增28%，扣非利润受资产减值等因素拖累1）25Q1-3：收入210 亿（+28%，以下均为 同比），归母净利19.33 亿（+31%），扣非净利14.8 亿（+14%）； 2）25 单Q3：收入81.5 亿（+20%），归母净利7.66 亿（+28%），扣非净利5.21亿（-3%）。其中 2025Q3 公允价值变动收益2.33 亿元，24Q3 为-0.3 亿元；资产减值损失-0.5 亿元，24Q3 为0.1 亿元；投 资收益0.6 亿元。 汇率及运费波动、产品推新速度不及预期、行业竞争加剧等 坚定创新研发投入，25Q3 三大品类均有新品推出1） 充电储能：小充，9 月于IFA 展会推出新一代 Anker Prime 系列，迄今为止最先进的多设备充电产品家族，整合升级Anker Nano、此外推出Anker × 《黑神话：悟空》联名系列产品。储能，IFA 展会上发布新一代家庭能源系统，支持多台阳台光储系统 并联，可实现14.4kW 光伏输入、4.8kW 交流输出功率及64.5kWh 储能容量，满足全屋日常用电需求；9 月，全球首款搭载手势控制的智能充电桩正式登陆欧洲，亦在北美发 ...