Anker Innovations (A): Not just balcony solar PV - upside optionality across the broader categories

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Anker Innovations (A): Not just balcony solar PV - upside optionality across the broader categories

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Anker Innovations (A)

Not just balcony solar PV - upside

optionality across the broader categories

Reiterate Rating: BUY | PO: 140.00 CNY | Price: 136.22 CNY

We met Anker at the BofA China Conference yesterday. Management highlighted 14 May 2026

multiple upsides beyond balcony solar PV and solid fundamentals, supporting recent Equity

share price strength amid improved sentiment of exports on Xi-Trump meeting.

Yoyo Pang >>

Balcony solar PV: boom continues, low competition ResearchMerrill LynchAnalyst(Hong Kong)

Balcony solar PV remains a core growth pillar (est. double YoY in 2025 and 1Q26), yoyo.pang@bofa.com

backed by strong industry tailwinds and share gains. Anker holds ~50% share in Ronald Leung, CFA >>

Research Analyst

Germany, with >1mn annual installs and plug‑and‑play demand surpassing traditional Merrill Lynch (Hong Kong)

household ESS. Ex‑Germany penetration remains low, with policy opening across ronald.leung@bofa.com

Netherland/Belgium/UK. Incremental upside comes from the US (new series E10 hybrid

for whole‑home power backup, limited competition) and Australia (policy‑aligned 7kWh

expandable system). Early-stage market + limited competition drive share gains and Stock Data

margin upside via higher‑value storage mix.

Price 136.22 CNY

New chip rewrites ANC; a key revenue upside risk Price Objective 140.00 CNY

The global wireless earphone market is ~US$40bn, where Anker ranks No.6 with ~2% Date Established 13-Apr-2026

share (behind mobile OEMs). After three years of R&D, Anker has developed its Investment Opinion C-1-7

proprietary Compute‑in‑Memory (CIM) chip, allowing model parameters to run directly in 52-Week Range 91.21 CNY-149.50 CNY