Smart-tech pipeline offering innovative solutions

研报英文原文证据摘录

Smart-tech pipeline offering innovative solutions

Macquarie Equity Research Anker Innovations Technology

Key Risks to Investment Thesis Company Description

• Geopolitical risks, given the US accounts for >40% of sales. Founded in 2011, Anker Innovations Technology is a Chinese

• FX risks, given >95% exposure to overseas sales. brand that designs and sells smart devices, mainly in overseas

• Price competition in the plug-in storage market leading to markets. It has a broad portfolio of innovative products, with

its focus on three business lines: smart charging and power greater-than-expected market-share loss.

storage, smart home, and smart audio and video.

• Brand reputation risks from product-quality issues.

• Product-category underperformance leading to inventory

build-up and pressure on earnings.

• Cost inflation for key raw materials weighing on margins.

Figure 1 - Anker Innovations Technology - Historical Figure 2 - Anker Innovations Technology - Revenue

PER band growth by segment

Rmb/sh

400 45x 200%

150%

250 30x 100%

20x 50%

100 0%

10x 2023 2024 2025 2026E 2027E 2028E

50 5x

0 Charging Power storage Smart home Smart audio and video

2020/082021/062022/042023/022023/122024/102025/082026/062027/04

Source: Bloomberg, Macquarie Research, July 2026 Source: Company data, Macquarie Research, July 2026

Anker Innovations Technology (668 HK) CNY/(m) unless otherwise noted

Income Statement Dec FY 2025A 2026E 2027E 2028E 2H/25A 1H/26E Balance Sheet 2025A 2026E 2027E 2028E

Revenue 30,514 39,120 48,342 58,523 17,648 16,502 Cash 3,068 9,491 11,841 14,534

Cost of Goods Sold 16,763 21,317 25,929 30,883 9,652 9,048 Receivables 2,014 2,851 3,161 4,117

Gross Profit 13,751 17,802 22,413 27,640 7,996 7,454 Inventories 4,997 5,069 6,454 7,271