Caitong Securities Co., Ltd. Li Yuebo, Liu Yang, and Yu Jian recently conducted research on Anker Innovation and released a research report "Demand is expected to remain resilient, and cost improvement has begun." This report gives an overweight rating to Anker Innovation. The cu

Caitong Securities Co., Ltd. Li Yuebo, Liu Yang, and Yu Jian recently conducted research on Anker Innovation and released a research report "Demand is expected to remain resilient, and cost improvement has begun." This report gives an overweight rating to Anker Innovation. The current stock price is 70.32 yuan.

Anker Innovation (300866)

Core Views

Event: Recently, the company's charging division released a talent recruitment announcement, focusing on the hardware, software, and products of outdoor mobile energy storage, indoor photovoltaic energy storage, and large and medium-sized charging products. , we predict that the company will increase investment and new products can be expected.

Demand Resilience: The market believes that overall overseas market demand is under pressure, and export data continues to be under downward pressure; but we predict that there are still opportunities in the structure.

The demand for cross-border brands such as Anker has a certain degree of resilience and is expected to be better than that of OEM company .

As overseas countries recover after the epidemic, the demand for travel-related products (power banks) is expected to structurally explode. The company has many product categories and is expected to gain growth resilience through structural adjustments.

H2 The launch of new products in the peak season ( sweepers, sweepers, security, mobile energy storage, etc.) and accelerated iterations are expected to stimulate some demand.

cost margin improvement: shipping, raw materials, tariffs, exchange rate , all have improved significantly, and net profit margin repair is expected to start.

Ocean freight rates have dropped. On July 1, the SCFI freight index continued to fall, falling by more than 20% month-on-month from the highest point in the year in January; the year-on-year growth rate narrowed significantly, basically falling to the level of the same period in 2021, and the pressure on shipping freight costs tends to ease. In 2021, the company's freight cost will account for 13.3%, seriously eroding profits, and the decline is expected to significantly improve profits.

core raw material prices stabilized and fell. On June 30, the price of plastic index/LME copper/LME aluminum/ phosphate iron lithium electrolyte dropped by 6.8%/19.5%/31.2%/30.0% respectively from the high point on April 1. Raw material costs have fallen significantly, and gross profit margins are expected to be restored.

Tariff Exemption: The U.S. 325 tariff exemption list on March 23 covers the company's sweepers, vacuum cleaners, , audio and other products; in addition, the company's charging, smart security and other 3C products are consumer goods for people's livelihood, and are expected to enter the new era under inflationary pressure. Round exemption list.

RMB depreciation. The average spot exchange rate of RMB against the US dollar in 22Q2 was 6.61, +2.36% year-on-year, which is expected to improve some profit elasticity.

Catalyst: Employee equity incentives have recently been launched at the bottom of the industry, and the assessment target of 15% in 2022 may become the lower limit anchor for revenue growth;

investment advice: Category diversification gives revenue resilience, and improvement in cost factors is expected to bring profit flexibility, and is expected to open up net profit margins repair. Since the interim report has not been disclosed, we still maintain our previous profit forecast. It is expected that the company's revenue from 2022 to 2024 will be 15.789/20.686/26.943 billion yuan, a year-on-year increase of 25.56%/31.02%/30.25%, and the net profit attributable to the parent company will be 1.130/13.94/1.827 billion. yuan, a year-on-year increase of 15.07%/23.44%/31.04%, corresponding to 25X/20X/16XPE in 2022. Maintain "overweight" rating.

risk warning: new product sales are less than expected; cost improvement is less than expected; inventory backlog;

Securities Star Data Center calculates based on research report data released in the past three years, Tianfeng Securities Liu Zhangming researcher team has conducted more in-depth research on this stock. The average forecast accuracy in the past three years is as high as 84.22%. It predicts that the attributable net profit in 2022 will be a profit of 995 million, and the predicted PE converted based on current prices is 28.7. The latest profit forecast details of

are as follows:

22 institutions have rated the stock in the past 90 days, has 316 institutions with buy ratings, and 6 institutions have rated overweight; the average target price of institutions in the past 90 days is 82.84. According to the financial report data of the past five years, the Securities Star valuation analysis tool shows that Anker Innovation (300866) has 4 stars for good company, 3 stars for good price, and an overall score of 3.5 stars. (Rating range: 0 ~ 5 stars, the highest is 5 stars)

The above content is compiled by Securities Star based on public information. If you have any questions, please contact us.