证券研究报告 | 2024年04月29日 安克创新（300866.SZ） 买入 一季度扣非净利润增长 29%，多品类跨区域布局驱动增长 核心观点 公司研究·财报点评 2023年利润表现较好，2024年一季度高基数下仍取得稳健增长。公司2023 商贸零售·互联网电商 年营收175.07亿元，同比+22.85%，归母净利润16.15亿元，同比+41.22%， 证券分析师：张峻豪 证券分析师：柳旭 扣非净利润同比+71.88%，整体业绩表现亮眼。2024年一季度营收同比 021-60933168 0755-81981311 zhangjh@guosen.com.cn liuxu1@guosen.com.cn +30.09%，归母净利润/扣非净利润分别同比+1.6%/+29.04%。非经损益主要 S0980517070001 S0980522120001 系公允价值变动损失及外汇远期合约损失等，整体扣非净利润在去年一季度 基础数据 较高基数下仍表现较好。分红方面，2023年拟每10股派发现金红利20元（含 投资评级 买入(维持) 税），分红率达50.34%，同时以资本公积向全体股东每10股转增3股。 合理估值 收盘价 ...

电子/消费电子 公 司 研 安克创新（300866.SZ） 2023Q4 及 2024Q1 营收表现亮眼，毛利率持续提升 究 2024年04月28日 ——公司信息更新报告 投资评级：买入（维持） 吕明（分析师） 周嘉乐（分析师） 林文隆（联系人） lvming@kysec.cn zhoujiale@kysec.cn linwenlong@kysec.cn 日期 2024/4/26 证 书编号：S0790520030002 证书编号：S0790522030002 证书编号：S0790122070043 当前股价(元) 84.78  2023Q4/2024Q1扣非业绩亮眼，储能/音频快速增长，维持“买入”评级 公 一年最高最低(元) 102.00/60.21 2023年营收175.07亿元（同比+22.85%，下同），归母净利润16.15亿元（+41.22%）， 司 扣非归母净利润 13.44 亿元（+71.88%）。2023Q4 营收 57.21 亿元（+21.36%）， 信 总市值(亿元) 344.57 归母净利润4.02亿元（+28.31%），扣非归母净利润4.21亿元（+70.27%）。2024Q1 息 ...

[Table_Page] 季报点评|商贸零售 证券研究报告 [安Table_克Title] 创新（300866.SZ） [公Tab司le_I评nves级t] 买入 当前价格 84.78元 一季度业绩稳健增长，新品驱动收入提速 合理价值 104.71元 前次评级 买入 [ 核Tabl 心e_Su 观mm 点ary] ： 报告日期 2024-04-28 ⚫ 事件：公司发布 2024 年一季报。公司实现营收43.8 亿元，同比增长 [相Tab对le_P市icQ场uote表] 现 30.1%。归母净利润 3.1 亿元，同比增长 1.6%。扣非归母净利润 3.2 亿元，同比增长 29.0%。毛利率 45.1%，同比提升 3.58pps。净利率 62% 7.1%，同比下降1.99pps。 46% 29% ⚫ （2）24Q1公司管理费用同比增长68.3%至1.9亿元，主要原因在于 13% 员工薪酬、专业服务费用增加。24Q1公司销售费用同比增长38.0%至 -4% 04/23 06/23 08/23 10/23 12/23 02/24 04/24 9.8亿元，主要原因在于销售平台费用、市场推广费以及员工薪酬增加。 -20% ...

证券研究报告·公司点评报告·消费电子 安克创新（300866） 2023 年年报点评：归母净利润同比+41%符 2024 年 04月 26日 合预期，业绩质量较高、新产品或高增 证券分析师 吴劲草 买入（维持） 执业证书：S0600520090006 wujc@dwzq.com.cn 盈[T 利ab 预le_ 测EP 与S 估] 值 2022A 2023A 2024E 2025E 2026E 证券分析师 阳靖 营业总收入（百万元） 14,251 17,507 21,352 25,194 29,290 执业证书：S0600523020005 yangjing@dwzq.com.cn 同比（%） 13.33 22.85 21.96 17.99 16.26 归母净利润（百万元） 1,143 1,615 1,760 2,111 2,483 股价走势 同比（%） 16.48 41.22 9.01 19.92 17.63 安克创新 沪深300 EPS-最新摊薄（元/股） 2.81 3.97 4.33 5.19 6.11 60% P/E（现价&最新摊薄） 28.67 20.30 18.62 15.53 13.20 52% ...

本次会议由监事会主席杨婷女士召集并主持，会议的出席人数、召集、召 开程序和审议内容均符合《中华人民共和国公司法》等有关法律、法规、规范 性文件及《公司章程》的有关规定，会议合法有效。 二、监事会会议审议情况 一、监事会会议召开情况 安克创新科技股份有限公司（以下简称"公司"）第三届监事会第十七次 会议于 2024 年 4 月 25 日（星期四）在长沙高新开发区尖山路 39 号长沙中电软 件园有限公司一期七栋 7 楼 701 室以现场结合通讯的方式召开。会议通知已于 2024 年 4 月 19 日通过邮件或电话的方式送达各位监事。本次会议应出席监事 3 人，实际出席监事 3 人。 安克创新科技股份有限公司 第三届监事会第十七次会议决议 本公司及监事会全体成员保证信息披露的内容真实、准确、完整，没有 虚假记载、误导性陈述或重大遗漏。 证券代码：300866 证券简称：安克创新 公告编号：2024-035 与会监事对本次会议需审议的议案进行了充分讨论，审议通过以下议案： （一）《2024 年第一季度报告》 经审核，监事会认为：公司董事会编制《2024 年第一季度报告》的程序符 合法律、行政法规和中国证监会的规定，报 ...

证券代码：300866 证券简称：安克创新 公告编号：2024-034 二、董事会会议审议情况 与会董事对本次会议需审议的议案进行了充分讨论，审议通过以下议案： （一）《2024 年第一季度报告》 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有 虚假记载、误导性陈述或重大遗漏。 一、董事会会议召开情况 安克创新科技股份有限公司（以下简称"公司"）第三届董事会第十九次 会议于 2024 年 4 月 25 日（星期四）在长沙高新开发区尖山路 39 号长沙中电软 件园有限公司一期七栋 7 楼 701 室以现场结合通讯的方式召开。会议通知已于 2024 年 4 月 19 日通过邮件或电话的方式送达各位董事。本次会议应出席董事 9 人，实际出席董事 9 人。 本次会议由董事长阳萌先生召集并主持，会议的出席人数、召集、召开程 序和审议内容均符合《中华人民共和国公司法》等有关法律、法规、规范性文 件及《公司章程》的有关规定，会议合法有效。 安克创新科技股份有限公司 第三届董事会第十九次会议决议公告 具体内容详见公司披露于巨潮资讯网（www.cninfo.com.cn）的《2024 年第 一季度报告》（公告编 ...

Revenue and Profit Performance - Revenue for Q1 2024 increased by 30.09% to 4,377,729,053.27 yuan compared to the same period last year[3] - Anker Innovations achieved revenue of 4.378 billion yuan in Q1 2024, a year-on-year increase of 30.09%[16] - Total revenue for Q1 2024 reached 4.38 billion yuan, up 30.1% year-over-year from 3.37 billion yuan[25] - Total operating revenue for Q1 2024 reached 3,946,247,048.79 RMB, with operating costs at 2,402,449,974.50 RMB[26] - Sales revenue from goods and services was 4,110,967,436.88 RMB, compared to 3,452,454,680.34 RMB in the previous year[29] - Net profit attributable to shareholders increased by 1.60% to 310,694,250.33 yuan[3] - Net profit attributable to the parent company was 311 million yuan, a year-on-year increase of 1.6%[16] - Net profit attributable to shareholders rose to 4.64 billion yuan, a 7.2% increase from 4.33 billion yuan at the start of the year[24] - Net profit attributable to the parent company's owners was 310,694,250.33 RMB, a slight increase from 305,807,117.41 RMB in the previous year[28] - Non-GAAP net profit was 315 million yuan, a year-on-year increase of 29.04%[16] - Basic earnings per share (EPS) for Q1 2024 was 0.7645 RMB, up from 0.7524 RMB in the same period last year[28] - Total comprehensive income for the period was 353,877,771.00 RMB, compared to 291,349,820.33 RMB in the previous year[28] Cash Flow and Financial Position - Operating cash flow decreased by 61.73% to 180,906,236.00 yuan due to increased payments for goods, services, and taxes[9] - Cash flow from financing activities surged by 977.23% to 185,260,417.39 yuan due to increased bank borrowings[9] - Net cash flow from operating activities was 180,906,236.00 RMB, a decrease from 472,741,725.33 RMB in the previous year[29] - Cash received from tax refunds was 182,703,957.80 RMB, slightly down from 185,590,338.79 RMB in the previous year[29] - Cash paid for employee benefits and wages increased to 592,899,343.51 RMB, up from 475,470,550.76 RMB in the previous year[29] - Total cash inflows from investment activities were 394,062,184.95 RMB, compared to 877,224,412.80 RMB in the previous year[29] - Investment activities cash outflow totaled 738,025,892.23, with a net cash flow from investment activities of -343,963,707.28[30] - Financing activities cash inflow totaled 342,874,247.14, with a net cash flow from financing activities of 185,260,417.39[30] - Repayment of debt amounted to 74,754,895.85, while dividends, profits, or interest payments totaled 7,415,404.12[30] - The net increase in cash and cash equivalents was 25,656,863.17, with an ending balance of 1,814,757,997.73[30] - Cash and cash equivalents increased to 2.35 billion yuan as of March 31, 2024, up from 2.07 billion yuan at the start of the year[22] Expenses and Costs - R&D expenses increased by 32.84% to 372,017,462.44 yuan, driven by higher employee compensation and project costs[7] - Sales expenses rose by 38.02% to 978,298,580.52 yuan due to increased platform fees, marketing expenses, and employee salaries[7] - R&D expenses increased to 372,017,462.44 RMB, up from 280,050,833.12 RMB in the same period last year[26] - Inventory impairment losses increased by 356.25% to 40,412,282.27 yuan[8] Assets and Liabilities - Total assets grew by 4.36% to 13,333,883,422.03 yuan compared to the end of the previous year[3] - Short-term borrowings increased by 34.15% to 361,919,063.29 yuan due to new loans[6] - Inventory grew to 2.65 billion yuan, up 10% from 2.41 billion yuan at the beginning of 2024[22] Product Launches and Innovations - The company launched new products in its three major categories during Q1 2024[17] - Anker launched 6 new Qi2-enabled Anker MagGo ultra-fast magnetic wireless charging products in January, including the world's first foldable Qi2 3-in-1 wireless charger[18] - Anker introduced the Anker SOLIX C800 Plus outdoor power station in February, featuring 1600W Surge Pad technology and 3 camping light modes, winning the iF Design Award[18] - The company released the eufy X10 Pro Omni all-in-one robot vacuum in February, with 8000Pa suction power and MopMaster 2.0 technology for deep cleaning[19] - Anker launched the soundcore C30i open-ear clip headphones in March, weighing 5.7g per side with 10-hour battery life and IPX4 water resistance[20] - The soundcore Boom 2 portable Bluetooth speaker debuted in March, featuring dual tweeters, a subwoofer, and RGB lighting effects[20] - AnkerWork S600 speaker launched in March as the world's first with voiceprint noise cancellation and Qi2.0 wireless charging[20] Shareholder Information - The total number of common shareholders at the end of the reporting period was 15,949[10] - The top shareholder, Yang Meng, holds 44.04% of the shares, totaling 178,974,000 shares[10] Miscellaneous - Fair value changes in financial assets and liabilities resulted in a loss of 40,882,534.79 yuan[4] - Domestic revenue reached 164 million yuan, a year-on-year increase of 24.06%[17] - Overseas revenue reached 4.214 billion yuan, a year-on-year increase of 30.34%[17] - Online channel revenue was 3.112 billion yuan, a year-on-year increase of 33.52%[17] - Offline channel revenue was 1.266 billion yuan, a year-on-year increase of 22.37%[17] - The company's first-quarter report for 2024 was not audited[31]

[Table_Page] 年报点评|商贸零售 证券研究报告 [安Table_克Title] 创新（300866.SZ） [公Tab司le_I评nves级t] 买入 当前价格 80.66元 业绩增长稳健，创新驱动成长 合理价值 114.41元 前次评级 买入 [ 核Tabl 心e_Su 观mm 点ary] ： 报告日期 2024-04-25 ⚫ 公司发布 2023 年年报。根据公司 2023 年年报，（1）公司实现营收 [相Tab对le_P市icQ场uote表] 现 175.1亿元，同比增长22.9%。归母净利润16.1亿元，同比增长41.2%。 扣非归母净利润 13.4 亿元，同比增长 71.9%。毛利率上升 4.8pps 至 60% 44% 43.5%，归母净利率上升1.20pps至9.2%。（2）单23Q4业绩方面， 28% 公司营业收入较22Q4同比增长21.4%至57.2亿元，归母净利润同比 12% 增长28.4%至4.0亿元，扣非归母净利润同比增长70.3%至4.2亿元， -4% 04/23 06/23 08/23 10/23 12/23 02/24 04/24 归母净利率同比上升0.38pps至7 ...

[Table_Main] 公司研究|信息技术|技术硬件与设备 证券研究报告 安克创新(300866)公司点评报告 2024年04月25日 [Table_T聚itle焦] 关键品类，新品驱动高质增长 [Table_Inves 买t] 入|维持 ——公司 23 年年报点评 [报Ta告ble要_S点um：m ary] [当Ta前b价le_/目Ta标rg价etP：r 8ic 3e.7] 6元/100.52元 公司23年实现营业收入175亿元，同比+22.85%；实现归母净利润16 目标期限： 6 个月 亿元，同比+41.22%，扣非后归母净利润13.4亿元，同比+71.88%。 [基Ta本bl数e_据Ba se] 充电储能领域是公司重点发展领域，23年收入同比增长25%。其中以 52周最高/最低价（元）： 96.27 / 60.68 Anker品牌为主的充电产品是公司稳健的基本盘，预计公司凭借品牌壁垒、 A股流通股（百万股）： 222.99 产品力优势和营销能力，将在充电产品领域持续受益于快充刚需化、充电配 A股总股本（百万股）： 406.43 件不附送等趋势；以Anker SOLIX品牌为主的家用光伏和储能产品是公 ...

Investment Rating - The investment rating for Anker Innovations (300866) is "Buy" [1][3] - Previous rating was also "Buy" [1] Core Views - The report highlights a significant increase in net profit, with a year-on-year growth of 72% and a notable improvement in profitability and turnover efficiency [1] - The target price is set at 111.07, with the current price at 85.43, indicating potential upside [1][3] Summary by Sections Financial Performance - Revenue for 2023 is projected to be 17.51 billion, representing a 22.9% increase year-on-year, while net profit attributable to shareholders is expected to reach 1.615 billion, up 41.2% [1][3] - The report forecasts a net profit growth rate of 15% for 2026, maintaining the target price of 111.07 [1] Operational Efficiency - Key performance indicators such as profitability and inventory turnover have shown significant improvement, with a net profit margin of 9.68% and a return on equity (ROE) of 20.2% for 2023 [1][3] - The report notes a substantial increase in gross margin to 43.5%, reflecting operational efficiency [1] Market Position - Anker Innovations has strengthened its market position with a notable increase in sales from independent channels, particularly in North America and Europe, with revenue from North America reaching 8.37 billion, accounting for 47.8% of total revenue [1] - The company is expanding its product offerings and enhancing its organizational structure and talent development, which is expected to support long-term growth [1] Dividend Policy - The company plans to distribute dividends of 8.12 billion, with a payout ratio of approximately 50% [1]