A leading cross-border e-commerce leader with strong growth
Anke Innovation was founded in 2011 and has been deeply involved in the consumer electronics industry for more than ten years. Its basic business is charging products, and then gradually expanded into new fields such as wireless audio and intelligent innovation. The company's business model is mainly online B2C. The products are mainly sold to developed overseas countries, and it has formed a strong brand recognition on a global scale. Based on careful insight into users, the company's own product categories and downstream channels continued to expand, and successfully achieved rapid growth in revenue and profit over the years. In 2017-2022, the compounded annual growth rate of the company's revenue reached 30% (3.9 billion yuan -> 14.3 billion yuan), and the compound growth rate of net profit to mother reached 29% (320 million yuan -> 1.14 billion yuan).
Consumer electronics industry: Total growth and product upgrades resonate
1) Charging market: The popularity of smart phones and other electronic devices is driving the continuous expansion of the charging market. Products are developing in the direction of wireless, fast charging, and third-party technology, superimposed on the application of new materials and technologies such as GaN, and the trend of industry upgrading is remarkable. 2) Portable energy storage market: European and American camping culture is popular, and portable energy storage is still in the blue ocean market. It is estimated that by 2026, the global portable energy storage market will exceed 80 billion yuan, and the 5-year CAGR will reach 48%. 3) Wireless audio market: The TWS headphone market has maintained rapid growth. The current market competition pattern is very strong. Anke continues to introduce new products, and has already broken into the top ten brands to gain high recognition.
Core advantages: Excellent R&D capability+deep user insight+deep brand accumulation and marketing capabilities Product strength: 1) The company focuses on product research and development, and R&D personnel account for more than half of the number of employees. In 2022, the company's R&D expenses reached 1.08 billion yuan, an increase of 38.8% over the previous year, and the R&D expenses rate reached 7.6%, gradually accumulating thousands of intellectual property rights and “pioneers” in various industries. 2) The company attaches importance to localization, based on dynamic omni-channel data analysis and regular third-party agency research, deeply understands and explores user needs, and improves products and services in a targeted manner. 3) The company's products use strict materials, but relying on the advantages of the domestic supply chain and the efficient operation of the whole process, they are quite cost-effective in the overseas middle and high-end markets.
Channel power: The cross-border e-commerce logistics chain is long and complicated. The company continues to control operational efficiency and gradually accumulates rich experience in online B2C operations. At the same time, the company is speeding up the development of offline channels to cover more consumer groups.
Brand strength: The company is based on product differentiation in the middle and high-end brand market. Its brand matrix is rich, and the high-end brand image is deeply rooted in the hearts of the people.
Investment advice: As a leader in cross-border e-commerce with a global layout, Anke has the advantage of successfully building a perfect channel system and high brand barriers, and gradually developing into a platform-based company that has accumulated core capabilities and quickly replicated successful experiences. We are optimistic that the company will seize the opportunity to go overseas and achieve significant development. The company's 24-26 revenue scale is estimated to be 207.21/240.37/27.961 billion yuan; net profit to mother is 18.95/22.57/2,606 billion yuan, corresponding to a price-earnings ratio of 20.44x/17.17x/14.86x, which is covered for the first time and gives a “buy” rating.
Risk warning: risk of exchange rate fluctuations; risk of changes in the global economic environment; risk of increased consumer electronics industry changes and market competition; management risk