安克创新(300866)：营收及利润保持高增 看好长期趋势

Core Viewpoint - The company reported strong financial performance for 2024, with revenue of 24.71 billion and a year-on-year growth of 41.1%, and a net profit of 2.11 billion, up 30.9% year-on-year, exceeding previous expectations [1] Financial Performance - In Q1 2025, the company achieved revenue of 5.99 billion, representing a year-on-year increase of 36.9%, and a net profit of 0.50 billion, which is a 59.6% increase year-on-year [2] - For 2024, the company's energy storage business revenue grew by 184%, with significant contributions from various product categories [2][3] - The revenue breakdown for 2024 shows charging storage, smart innovation, and smart audio categories generating 12.67 billion, 6.34 billion, and 5.69 billion respectively, with year-on-year growth rates of 47.2%, 39.5%, and 32.8% [2] Product and Market Development - The company has focused on continuous innovation and product iteration, launching new energy storage solutions such as the SOLIX Solarbank 2 and SOLIX X1 for overseas markets [3] - Online and offline revenue for 2024 reached 17.60 billion and 7.11 billion respectively, with year-on-year growth of 43.0% and 36.7%, highlighting the effectiveness of both independent and third-party platforms [3] Cost and Profitability Metrics - The gross margin for 2024 was 43.7%, a slight increase of 0.1 percentage points year-on-year, attributed to product structure optimization [3] - The sales expense ratio was 22.5%, up 0.3 percentage points year-on-year, mainly due to increased marketing and platform costs [3] - The net profit margin for 2024 was 8.6%, down 0.7 percentage points year-on-year [3] Future Outlook and Valuation - The company forecasts net profits of 2.416 billion, 2.828 billion, and 3.344 billion for 2025-2027, with corresponding EPS of 4.55, 5.32, and 6.29 [4] - Due to increased tariff risks, revenue and profit expectations for 2025 and 2026 have been adjusted downward [4] - The company maintains a "buy" rating with a target price of 100.1, based on a 22x PE for 2025 [4]