\u3000\u30 Xuchang Ketop Testing Research Institute Co.Ltd(003008) 66 Anker Innovations Technology Co.Ltd(300866) )
Anker Innovations Technology Co.Ltd(300866) 4 released the 2021 annual report on April 12. The annual revenue was 12.574 billion yuan, a year-on-year increase of 34.45%; The gross profit margin was 35.72%, a year-on-year decrease of 3.55 PCTs; The net profit attributable to the parent company was 982 million yuan, a year-on-year increase of 14.7%; Deduct the net profit not attributable to the parent company of 708 million yuan, a year-on-year decrease of 2.7%.
Revenue side: the company achieved a revenue of RMB 12.574 billion in 2021, a year-on-year increase of 34.45%. Among them, the revenue of 21q1 / Q2 / Q3 / Q4 was RMB 2.427 billion / 2.944 billion / 3.055 billion / 4.149 billion respectively, with a year-on-year increase of 57.94% / 47.84% / 22.63% / 24.44%.
In terms of products, the charging category, intelligent innovation category and wireless audio category are growing rapidly.
(1) in 2021, the company’s charging products achieved an operating revenue of 5.552 billion yuan, a year-on-year increase of 34.00%, accounting for 44.16% of the total operating revenue.
(2) in 2021, the company’s intelligent innovation category achieved an annual operating revenue of 4.104 billion yuan, a year-on-year increase of 34.13%, accounting for 32.63% of the total operating revenue.
(3) in 2021, the company’s wireless audio category achieved an annual operating revenue of 2.852 billion yuan, a year-on-year increase of 34.44%, accounting for 22.68% of the total operating revenue.
By channel, the company’s online channel sales revenue in 2021 was 8 billion yuan, a year-on-year increase of 25.60%; The offline channel revenue was 4.574 billion yuan, a year-on-year increase of 53.33%
According to the regional perspective, the growth rate of revenue in Europe and Chinese mainland is over 30%. Among them, the revenues of the company in North America / Europe / Japan / Middle East / Chinese mainland are 6 billion 341 million /25.42 billion /17.32 billion /5.61 billion /4.20 billion, up by 26.33%/39.44%/26.17%/28.46%/194.47% compared with the same period last year.
Gross profit margin: in 2021, the gross profit margin was 35.72%, a year-on-year decrease of 8.13pct, of which 21q4 gross profit margin was 18.46%, a year-on-year decrease of 23.84pct.
Expense side: in 2021, the company’s sales / management / Finance / R & D expense rates were 19.44% / 2.98% / 0.36% / 6.19% respectively, with a year-on-year change of -0.01pcts / – 0.05pcts / – 0.39pcts / + 0.12pcts.
Net profit: in 2021, the net profit attributable to the parent company was 982 million yuan, with a year-on-year increase of 15%, and the net interest rate attributable to the parent company was 7.81%, with a year-on-year decrease of 1.34 PCTs; Deduct the net profit not attributable to the parent company of 708 million yuan, a year-on-year decrease of 2.7%.
Cash flow: in 2021, the net cash flow generated by the company’s operating activities was 449 million yuan, compared with 188 million yuan in the same period last year, with a year-on-year increase of 139.11%, mainly due to the optimization of cash flow management of operating activities.
Profit forecast and Valuation: firmly recommend the leading consumer electronics brand Anker Innovations Technology Co.Ltd(300866) . With the continuous expansion of Anke’s overseas channels, there has been a breakthrough in the Chinese market, but in terms of cost, the increase of shipping expenses has increased the sales expense rate, superimposed the price rise of raw materials and other factors, lowered the profit expectation, adjusted the net profit expectation from the previous value of 1.5 billion yuan in 2022 to 995 million yuan / 1.427 billion yuan in 20222023, with a relative valuation of 24 / 17xpe, and maintained the buy rating.
Risk tips: raw material price rise risk, shipping capacity is less than expected, exchange rate change risk, brand expansion is less than expected, and new product research and development is less than expected
