UBS Key Call: Anker Innovations — Q2 2026 Beat Driven by Gross-Margin Gains from Tariff Refunds
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UBS keeps its Buy on Anker Innovations but cuts the 12-month target price from RMB155 to RMB146 (August 31 close: RMB125.77). First-half 2026 revenue and net profit were RMB16.61 billion and RMB1.70 billion, up 29% and 46% year-on-year—implying Q2 growth of 31% and 83%—with earnings beating UBS estimates on roughly RMB600 million of estimated US IEEPA tariff refunds and a RMB359 million fair-value gain on its Southchip stake, partly offset by a three-percentage-point rise in the R&D expense ratio and RMB377 million of asset impairments (up 93%).
Q2 gross margin expanded nine percentage points year-on-year to 55%; excluding refunds it still rose two points on better mix in mobile charging and earphones. Energy-storage revenue grew more than 35% in the first half to around RMB2.9 billion, with demand helped by Middle East tensions but capped by supply shortages. The new target implies 21x 2027E P/E, a 21% 2026-28E EPS CAGR, and 1.0x PEG, with expected price return of 16.1% and expected excess return of 11.6%. UBS forecasts 2026-28E revenue of RMB39.62/47.69/55.04 billion and diluted EPS of RMB5.64/6.93/8.28; market capitalization is RMB74 billion (US$11 billion).