维持增持。H1营收96.5亿元/+36.6%，归母净利8.72亿元/+6.36%，扣非7.66 亿元/+40.5%好于此前预期；上调预测公司2024-26 年EPS至于3.84/4.65/5.49 元(原3.6/4.17/4.79 元)，增速26/21/18%，维持目标价83.59 元，维持增持。Introduction to this report:
The company's Q2 deduction of non-net profit surged by 41%; focusing on core categories, promoting new product research and development, establishing a long-term incentive mechanism, and optimistic about the company's development to the next level.
Key points of investment:
Maintain an increase in holdings. H1's revenue was 9.65 billion yuan/ +36.6%, net profit attributable to mother of 0.872 billion yuan/ +6.36%, better than previous expectations; the company raised the forecast for 2024-26 EPS of 3.84/4.65/5.49 yuan (previously 3.6/4.17/4.79 yuan), maintaining a target price of 26/21/ 18%, maintaining a target price of 83.59 yuan.
H1 overview: 1) Q1/2 revenue growth rate of 30.1/42.4% in a single quarter, growth rate of 1.6/ 9.2%, after deducting non-growth rate of 29/ 49.9%; 2) H1 gross profit margin of 45.2% /+2pct, of which charging energy storage/intelligent innovation/smart video were 43/48.3/ 46.6%, year-on-year, -0.4/3.3/4.9pct; 3) Expense ratio 34.2% /+0.4pct, including sales/development/financial/management/financial expenses The rates were 21.9/ 4.1/8.3/ -0.1%, +0.6/+1.1/-0.2/-1.1pct, respectively. The reduction in financial expenses was due to an increase in exchange earnings; 4) net operating cash flow of 0.841 billion yuan/ +37.9%; 5) inventory as of the end of H1 was 3.07 billion yuan/ +27%.
The core categories continue to grow rapidly, and the results of expanding regions and channels have been remarkable. 1) H1 sub-category: charging energy storage revenue 4.98 billion yuan/ +42.8% accounting for 51.6%; Zhixin category 2.36 billion yuan/ +35.3% accounting for 24.5%; smart video category 2.31 billion yuan/ +30.8% accounting for 23.9%; 2) By region:
North America revenue 4.63 billion yuan/ +40.7% accounting for 48%; Europe 2.05 billion yuan/ +44.6% accounting for 21.3%; Japan 1.29 billion yuan/ +21.5% accounting for 13.4%; Middle East 0.568 billion yuan/ +39.2% accounting for 5.9%; mainland China 0.377 billion yuan/ +39.3% accounting for 3.9%; Australia 0.344 billion yuan/ +22.9% accounting for 3.6%; 3) sub-channels: Amazon's revenue of 5.04 billion yuan/ +27.7% accounts for 52.3%; independent websites account for 0.925 billion yuan/ +102.9%; other three-party platforms account for 7.9% of 0.763 billion yuan/ +67.4%; offline 2.92 billion yuan/ +32.3% account for 30.3%.
Major household storage products have been launched, and the talent mechanism has laid the foundation for long-term development. 1) A number of major new H1 products highlight R&D innovation and brand assets: Anker SOLIX X1 was launched in North America in April to provide users with extreme household energy solutions; launched the eufy S1 Pro all-purpose floor washing robot in March; released eufy 4G LTE Cam S330, Anker MagGo ultra-fast magnetic wireless charging, etc.; 2) Based on “first nature, seeking the ultimate, and growing together”, it implements a series of talent development plans, diversified incentive policies and equity participation mechanisms to gather future creators to help long-term development; 3) Lay out cutting-edge technologies such as multi-modal AI perception and decision-making systems, automated content production systems, and real-time end-side visual understanding to further strengthen underlying capabilities.
Risk warning: the risk of international trade friction, the risk of rising shipping, increased industry competition, etc.