Anker Innovation first half of 2023 financial report interpretation

Time: 2023-09-05 11:10

Last week, Anke Innovation, a leading cross-border company, released its 2023 semi-annual report, with quite bright financial figures, with sharp increases in revenue and profit.
In this article, IAN will review the highlights of Anker Innovation's financial results in the first half of the year, analyze the reasons for the positive performance, and look forward to the company's future development prospects.

I. Overview of Anker Innovation financial report data
In the first half of 2023, Anke Innovation achieved operating revenue of 7.07 billion yuan, up 20.0% compared with the same period last year. Net profit was 820 million yuan, up 42.3% compared with the same period last year.
In terms of a single quarter, in the second quarter of 2023, Anke Innovation achieved operating revenue of 3.70 billion yuan, up 22.4% compared with the same period last year. Implementation to female net profit of 510 million yuan, 36.3% year-on-year growth.
Overall, Anker Innovation exceeded expectations in the first half of 2023, with very strong revenue and profit growth, especially in the second quarter.

Second, the operating income growth faster, independent stand grab an eye most sources of growth
1. From the perspective of different business segments
In terms of the charging category, revenue was 3.48 billion yuan, up 18.3% year on year. Charging products is still the main source of revenue growth. This mainly comes from two aspects: one is the iteration and upgrading of traditional charging products; Second, the continuous power storage field has also brought incremental.
Smart innovation class income is 1.95 billion yuan, up 16.7% from a year earlier. It should be intelligent security products contribute more, and the newly launched middle and high-end sweeper X9 Pro is also the main force driving sales growth.
Wireless audio revenue was 1.56 billion yuan, up 29.1% year on year.
Overall, charging products are still the main growth force of the company, but new businesses such as intelligence and audio are also growing steadily, further optimizing the business structure.

2. From different channels
Online channels, the company implemented the business income is 4.86 billion yuan, up 28.3% from a year earlier. Among them, independent stations contributed greatly, with the revenue of independent stations reaching 460 million yuan, up 112.6% year on year. In offline channels, the Company achieved operating revenue of RMB2.21 billion, representing a slower growth rate of 5.1% year-on-year. The reason for the slower growth of offline channels may be related to the higher inventory of overseas retailers in the first half of the year.
Overall, the company's online channel development momentum is strong, especially the rapid growth of independent stations, become a new source of revenue.

Third, earnings improved sharply, thanks to lower shipping costs
The company can achieve such a large performance growth, mainly due to the decline in shipping expenses to ease the company's cost pressure.
In the first half of the year, the composite shipping index fell 69.3% year on year, and shipping costs fell sharply. The company's overall gross margin increased 3.8 percentage points to 43.2%. The dividend will help the company's big-ticket products, such as speakers and robots that sweep floors, more because they are more affected by shipping costs. Gross margin of smart products increased 7.9 percentage points, and that of audio products increased 5.6 percentage points.

Fourth, the category of strategic adjustment, power enke momentum continued innovation performance
As a leading cross-border e-commerce enterprise, Anke is actively supplementing its back-end R&D capabilities while consolidating its market brand and channel competitive advantages. Companies are adjusting the core strategy category, the original 20-30 focus adjustment to more than 10 category, more focus on core business, incremental mining space. Charging products maintained a good growth momentum and trend in the first half of 2023; Intelligent security products still have a lot of room to grow in the future and possibilities; The company also increased the investment in the field of energy storage business and layout, to expand the scale of the business sector; Due to the slowdown in the growth of the sweeper business, a low base effect is formed and a higher growth rate is expected to pick up in the future.
In general, the company's core business maintains a momentum of growth, new business is actively expanding, and the growth rate is expected to further increase in the future.

In the context of cross-border e-commerce returning to the origin of value, Anke Innovation still has strong growth momentum. Category lean adjusted, company's r&d investment is expected to improve efficiency. As the marginal profit in overseas markets has improved, Anke Innovation has great potential to further expand overseas markets. Overall, we are confident in Anker's prospects for continued growth in the future.

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