The Huayuan Securities Research Report pointed out that Anke Innovation's revenue accelerated month-on-month, and net interest rates after deduction of non-return to mother improved year-on-year. 2026H1 achieved net profit of 1.70 billion yuan, +45.9% year on year; single Q2 revenue was +30.9% year over year, revenue accelerated month-on-month; net profit after deducting non-return to mother was +71% year over year. Looking ahead to H2 and the medium to long term, energy storage+AI hardware two-wheel drive, growth certainty is expected to increase. Charging and energy storage: In the small charging category, we expect the 2026H2 revenue growth rate to be repaired, and downstream demand and product upgrade logic will continue to be verified; in the medium to large charging category, the company will release new products such as SolarBankMaxAC and Solarbank4E5000Pro, compounding regional expansion and channel deepening. We believe demand and shipment are expected to accelerate. Intelligent innovation category: IFA released Mindbase home local AI hub, and AI enhances security and other product experiences. Smart video category: The company launched a variety of new headsets equipped with the Thus™ AI audio chip. AI continues to empower and consolidate the growth potential and market share of the category. The company's net profit due to mother in 2026-2028 is estimated to be 36.2/41.4/92 billion yuan, respectively. The PE corresponding to the current stock price is 21/18/15 times, respectively, maintaining the “increase in holdings” rating.

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