Guo Jin Securities: Otorgar a Anfu Technology una calificación de compra

China International Securities Co., Ltd. Zhao Zhongping, Wang Gang, Cai Runze recently conducted research on Anfu Technology and published the research report “Export-driven growth boosts revenue, shareholding increase enhances profitability,” giving Anfu Technology a buy rating.

Anfu Technology (603031)

On March 9, 2026, the company released its 2025 annual report. In 2025, the company achieved revenue of 4.77 billion yuan, a year-on-year increase of 2.9%, and net profit attributable to shareholders of 230 million yuan, a year-on-year increase of 34.4%. In Q4 2025, revenue was 1.17 billion yuan, up 11.7% year-on-year, and net profit attributable to shareholders was 50 million yuan, up 182.9% year-on-year.

Operational Analysis

Nanfou’s export business breakthrough drove scale growth, with steady profit performance. In 2025, Anfu’s overseas revenue reached 1.14 billion yuan, a significant increase of 44% year-on-year, mainly due to Nanfou’s continuous expansion into the TOB market, driven by battery OEM exports. Nanfou achieved a net profit of 990 million yuan, up 8.1% year-on-year, with a net profit margin of 20.7%, an increase of 1 percentage point. By product category, alkaline batteries revenue was 3.94 billion yuan, up 10.0%; carbon batteries revenue was 370 million yuan, up 6.9%; other batteries revenue was 210 million yuan, up 3.6%.

Significant increase in profit due to shareholding ratio improvement, greatly enhancing profitability. In 2025, the company’s gross profit margin was 49.4%, up 0.6 percentage points year-on-year, indicating improved profitability, mainly due to 1) the substantial growth of alkaline battery OEM export scale, strengthening scale effects, and 2) the structural impact of ceasing the Red Bull agency business with low gross margins. In Q4 2025, net profit attributable to shareholders increased sharply by 182.9%, mainly due to the company’s continuous promotion of Nanfou equity recovery, with the shareholding ratio rising to 46% in November 2025, significantly boosting net profit. Regarding expense rates, in 2025, the company’s selling, management, R&D, and financial expense rates were 18.6%, 5.1%, 2.6%, and 0.7%, respectively, with YoY changes of +0.09, -0.01, -0.38, and +0.2 percentage points, indicating good cost control. Under the comprehensive influence, the company’s full-year net profit margin attributable to shareholders was 4.7%, up 1.1 percentage points year-on-year.

Profit Forecast, Valuation, and Rating

Nanfou’s fundamental business remains stable, providing steady cash flow and high dividends. Growth is driven by battery exports, power banks, and other new businesses, with potential for further increase in Nanfou’s holding ratio and profit enhancement. The second curve businesses such as optical modules have ample potential, with industrialization steadily advancing and long-term growth space promising. We forecast that in 2026/2027/2028, the company’s net profit attributable to shareholders will be 460 million, 540 million, and 600 million yuan, respectively, representing YoY increases of 104.5%, 16.0%, and 12.7%. The current stock price corresponds to PE ratios of 29.6/25.5/22.7 times, maintaining a “Buy” rating.

Risk Tips

Risks include fluctuations in raw material prices, product substitution risks, and M&A or restructuring progress falling short of expectations.

Latest profit forecast details are as follows:

In the past 90 days, six institutions have issued ratings for this stock, with five giving a buy rating and one an overweight rating; the average target price over this period is 64.49.

The above content is compiled by Securities Star based on publicly available information, generated by AI algorithms (Wangxin Algorithm Backup 310104345710301240019), and does not constitute investment advice.