安克创新：公司半年报点评：1H24收入增37%扣非净利增41%，毛利率持续提升

Investment Rating - The investment rating for the company is "Outperform the Market" and is maintained [2]. Core Insights - The company reported a revenue of 9.648 billion yuan for 1H24, representing a year-on-year growth of 36.55%. The net profit attributable to shareholders was 872 million yuan, a 6.36% increase year-on-year, while the non-recurring net profit grew by 40.53% to 766 million yuan [6][7]. - The company has shown strong performance across various regions and product lines, with significant growth in online sales channels [6][9]. Financial Performance Summary - Revenue and Profitability: In 1H24, the company achieved a revenue of 9.648 billion yuan, with a gross margin of 45.18%, an increase of 2 percentage points year-on-year. The operating cash flow was 841 million yuan, up 37.91% year-on-year [6][7]. - Regional Performance: Revenue growth by region in 1H24 was as follows: North America (40.68%), Europe (44.60%), Japan (21.50%), Middle East (39.17%), Mainland China (39.30%), and Australia (22.91%) [6][11]. - Product Performance: Revenue growth by product category was: charging and storage products (42.81%), smart innovation products (35.33%), and smart audio-visual products (30.84%) [10]. - Sales Channels: Online sales reached 6.73 billion yuan, growing by 38.48%, accounting for 69.75% of total revenue. Offline sales were 2.918 billion yuan, up 32.30%, making up 30.25% of total revenue [6][9]. Expense Analysis - The total expense ratio for 1H24 was 34.22%, an increase of 0.41 percentage points, primarily due to rising sales and management expenses. Sales expenses increased by 0.62 percentage points to 21.92% of revenue [6][12]. - Research and development expenses rose by 33.46% to 800 million yuan, with a research expense ratio of 8.29%, down 0.19 percentage points [6][12]. Future Projections - Revenue projections for 2024-2026 are estimated at 22.891 billion yuan, 28.342 billion yuan, and 34.121 billion yuan, with year-on-year growth rates of 30.7%, 23.8%, and 20.4% respectively. Net profit projections for the same period are 1.939 billion yuan, 2.389 billion yuan, and 2.897 billion yuan, with growth rates of 20%, 23%, and 21% respectively [8][9][16].