Anfu Technology(603031) 华创证券·2025-03-26 04:35Investment Rating - The report maintains a "Strong Buy" rating for the company, with a target price of 39.4 yuan [2][8]. Core Views - The company achieved a revenue of 4.64 billion yuan in 2024, representing a year-on-year growth of 7.4%, and a net profit attributable to shareholders of 168 million yuan, up 45.2% year-on-year [2][8]. - The fourth quarter alone saw revenues of 1.04 billion yuan, with a year-on-year increase of 8.4%, and a net profit of 18 million yuan, reflecting a 42.2% growth [2][8]. - The company is recognized for its strong operational quality and steady growth across various business segments, particularly in alkaline batteries, which maintain the highest market share domestically [8]. Financial Summary - Revenue Forecasts: Projected revenues for 2025, 2026, and 2027 are 5.39 billion yuan, 6.14 billion yuan, and 6.81 billion yuan, respectively, with growth rates of 16.1%, 14.0%, and 10.9% [4]. - Net Profit Forecasts: Expected net profits for the same years are 195 million yuan, 227 million yuan, and 248 million yuan, with growth rates of 15.8%, 16.6%, and 9.0% [4]. - Earnings Per Share (EPS): Forecasted EPS for 2025, 2026, and 2027 are 0.92 yuan, 1.08 yuan, and 1.17 yuan, respectively [4]. - Valuation Ratios: The projected price-to-earnings (P/E) ratios for the next three years are 32, 27, and 25 [4]. Business Performance - The company has expanded its production capacity to meet the growing demand for exports, with new production lines being established [8]. - The gross margin improved to 48.8%, with specific margins for alkaline, carbon, and other batteries at 54.0%, 37.0%, and 57.4%, respectively [8]. - The company is actively exploring new growth avenues, including partnerships in the GPU chip and solid-state battery sectors, indicating a strategic shift towards innovation and diversification [8].