Anker Innovations Technology Co.Ltd(300866) ( Anker Innovations Technology Co.Ltd(300866) ) key investment points
The performance achieved steady growth in 2021. According to the annual report of 2021 disclosed by the company, the revenue in 2021 was 12.574 billion yuan, a year-on-year increase of 34.45%, and the net profit attributable to the parent company was 982 million yuan, a year-on-year increase of 14.70%. Corresponding to the revenue of 4.149 billion yuan in the single quarter of 2021q4, a year-on-year increase of 24.45% and a month on month increase of 35.83%. The net profit attributable to the parent company in the single quarter of Q4 was 33600 yuan, a year-on-year increase of 4.02% and a month on month increase of 41.70%. During the period, the company's business has covered more than 146 countries and regions, and created a diversified intelligent electronic product matrix with charging products, intelligent innovation products and wireless audio products as the core, with more than 100 million users worldwide.
All business segments achieved year-on-year growth. During the period, thanks to the continuous improvement of the demand for fast charging products and the introduction of new products such as wireless charging accessories, the charging products achieved a revenue of 5.552 billion yuan, a year-on-year increase of 34% and a gross profit margin of 37.71%. In the business of intelligent innovative products, the company has continuously enriched and upgraded product types, including cleaning products, security products, projection equipment and other smart home products, which have achieved steady growth. The revenue of intelligent innovative products was 4.104 billion yuan, a year-on-year increase of 34.13% and the gross profit margin was 33.90%. For wireless audio products, the sales of the company's main series life and liberty increased steadily, realizing a revenue of 2.852 billion yuan, a year-on-year increase of 34.44% and a gross profit margin of 34.75%.
Wuxi Online Offline Communication Information Technology Co.Ltd(300959) channels are fully covered, and brand awareness and reputation are continuously improved. In addition to maintaining the advantages of online channel operation, with the help of good product reputation and brand potential, the company quickly develops the offline market and establishes a "Online + offline" three-dimensional sales model. The company has entered offline markets in many countries and regions. In 2021, the income from offline accounted for 36.38% of the main business income, with a year-on-year increase of 4.48 PCT in 2020. The excellent product quality and innovation ability, boosted by the continuous strengthening of global integrated marketing ability, have contributed to the continuous improvement of the company's brand awareness and market reputation. The company has also been reported by many mainstream media in the world. Hundreds of anchor channels have released the company's product evaluation videos on YouTube.
Attach great importance to R & D investment and carry out R & D innovation guided by the market. The company has set up a product development department, R & D center, design center, software development department and product testing department, built a multi-dimensional R & D system, formed a matrix R & D team structure with the intersection of product department and support department, and has a number of core technologies in the field of consumer electronics products such as charging products, wireless audio products and intelligent innovation products. Excellent consumer electronics product design and R & D capabilities, and has become one of the company's core competitiveness. In 2021, the company invested 778 million yuan in R & D, accounting for 6.19% of revenue, and the scale of R & D team reached 1605, accounting for 45.44% of the total.
[investment suggestions]
As the third-party digital charging brand ranking first in global retail sales, the company continues to cultivate consumer electronic products and improve channel layout, which will benefit from the rising global intelligent hardware market and the continuous development of China's cross-border e-commerce business. In 2021, under the external factors such as epidemic situation and geopolitics, the operation was under certain pressure, and the company continued to expand its product line. The investment in R & D expenses was higher than our previous prediction, and the overall performance was slightly lower than our previous expectation. We lowered the company's revenue and overall gross profit margin expectations from 2022 to 2023, adjusted the expense rate during the period, and increased the profit forecast for 2024. It is estimated that the revenue from 2022 to 2024 will be 16.274 billion yuan, 20.392 billion yuan and 24.765 billion yuan respectively, the net profit attributable to the parent company will be 1.261 billion yuan, 1.511 billion yuan and 1.855 billion yuan respectively, the corresponding EPS will be 3.10, 3.72 and 4.56 yuan / share respectively, and the corresponding current PE will be 19, 16 and 13 times respectively, maintaining the "overweight" rating.
[risk tips]
The market demand is less than expected
Raw materials and logistics costs continued to rise
Deterioration of market competition pattern
