Anker Innovations(300866) 开源证券·2025-02-06 00:31Investment Rating - The investment rating for Anker Innovations is maintained as "Buy" [1] Core Views - The report emphasizes that Anker Innovations is focusing on its core product categories, including small charging devices, medium and large storage solutions, and security products, which are expected to drive long-term growth. The company is well-positioned to leverage its brand strength and channel capabilities, particularly with backing from major players like Apple and Amazon [6][7][8]. Summary by Sections Financial Overview - As of February 5, 2025, the current stock price is 113.20 CNY, with a total market capitalization of 601.56 billion CNY and a circulating market capitalization of 335.53 billion CNY. The total number of shares is 5.31 billion, with a circulating share count of 2.96 billion. The turnover rate over the past three months is 91.47% [2]. Small Charging Devices - The small charging category, which includes chargers, power banks, and wireless chargers, is expected to maintain steady growth due to the company's strong brand and channel momentum. The market sizes for mobile chargers, power banks, and wireless chargers are projected to reach 800 billion CNY, 316 billion CNY, and 378 billion CNY, respectively. Anker's market share in the third-party charger segment is over 10% [7][25]. Medium and Large Storage Solutions - The medium and large storage market is identified as a significant growth area, with a global market size exceeding 10 billion USD. Anker has achieved full-scene coverage in portable storage, home storage, balcony solar storage, and fixed home storage. The report highlights 2025 as a critical year for growth in this segment, with opportunities in household storage and balcony solar storage [8][9]. Security Products - The smart security segment is expected to grow significantly, with a global market size projected to reach 10 billion USD. Anker's products in this category are noted for their superior storage and AI capabilities compared to overseas brands. The company has already ranked among the top in global and North American shipments [8][9]. Profit Forecast - The report maintains profit forecasts for Anker Innovations, projecting net profits of 20.42 billion CNY, 24.24 billion CNY, and 29.13 billion CNY for the years 2024, 2025, and 2026, respectively. Corresponding EPS figures are expected to be 3.84 CNY, 4.56 CNY, and 5.48 CNY, with current P/E ratios of 29.5, 24.8, and 20.6 for the respective years [6][10].