Anker Innovations(300866) 长江证券·2025-04-13 12:44Investment Rating - The report maintains a "Buy" rating for Anker Innovations [13]. Core Viewpoints - The report emphasizes that Anker Innovations has implemented a core category focus strategy in 2023, which is expected to enhance market share and sustain efficient growth [4][21]. - The analysis is structured around three dimensions: organizational changes and optimizations, business outlook for future growth, and strategies to address growth challenges posed by tariff disturbances [4][21]. Summary by Sections Growth Foundation: "First Principles, Pursue Excellence," Leveraging AI Empowerment - The company has shifted its business model to focus on the high-value ends of the smile curve, maintaining a technical staff ratio above 45% [8][23]. - Anker has adopted the "value creation determines value distribution" principle, enhancing its incentive system and organizational efficiency through the introduction of the IPD process since 2019 [8][23][25]. - The company is actively integrating AI technologies to improve operational efficiency and product innovation across various business lines [8][23][47]. Growth Prospects: Strengthening Core Capabilities, Sustaining Growth Momentum - In the first half of 2024, the charging storage, smart innovation, and smart audio categories are expected to grow over 30% year-on-year, significantly accelerating from the 2021-2023 compound growth rates [9][55]. - The company has successfully established itself as a global leader in small charging products, benefiting from structural upgrades in fast charging and wireless charging [9][55]. - The portable energy storage products are gaining traction in North America and Europe due to challenges in power stability and the transition to clean energy [9][55]. Growth Challenges: Multi-faceted Strategies to Mitigate Tariff Impacts - Historical data shows that tariff costs have accounted for less than 2% of total revenue from 2020 to the first half of 2024, with fluctuations impacting revenue by less than 1% [10][21]. - The company can offset tariff impacts through price adjustments, with estimated increases of 0.97% to 15.85% needed to counteract various tariff scenarios [10][21]. - Anker is also exploring options to reduce exposure to U.S. tariffs and seeking overseas manufacturing partnerships to manage tariff challenges effectively [10][21]. Investment Recommendations: Organizational Evolution, Quality Growth - Following the implementation of the focus strategy, Anker has optimized its organizational principles and enhanced the product capabilities of its core categories, leading to accelerated growth and efficiency improvements [11][21]. - The company is expected to achieve net profits of 2.082 billion, 2.563 billion, and 3.046 billion yuan from 2024 to 2026, with corresponding P/E ratios of 20.14, 16.36, and 13.77 [11][21].