Investment Rating - The report assigns an "Accumulate" rating for the company for the first time [1]. Core Viewpoints - The company has undergone a strategic transformation, acquiring a 51% stake in its parent company, which has led to a shift in its main business focus to alkaline batteries. This transition has resulted in a steady increase in revenue, with a reported revenue of 3.594 billion yuan in the first three quarters of 2024, reflecting a year-on-year growth of 7.15%. The company has also turned profitable, achieving a gross margin of 47% in 2022, up by 24 percentage points, and a net profit margin of 15%. The net profit attributable to shareholders reached 150 million yuan in the first three quarters of 2024, a year-on-year increase of 46% [2][4]. Summary by Sections Strategic Layout - The company has successfully transformed into the consumer battery sector, focusing on alkaline batteries as its core product. The acquisition of a 51% stake in the parent company has solidified its position in the market [10][12]. - The management team is experienced and stable, with key leaders having long tenures and relevant expertise, which supports the company's capital operations [12]. - The company has successfully increased its control over core assets, with plans to raise its stake in the parent company from 26% to 43% [13][15]. Market Demand and Product Advantages - The demand for alkaline batteries remains robust, with a significant market share in the retail sector, capturing over 80% in China. The alkaline battery market is characterized by low self-discharge rates and competitive pricing, making it difficult to replace [3][41]. - The company benefits from a diverse product matrix, including various battery types, which enhances its competitive edge [3][10]. Financial Performance and Forecast - The company forecasts revenues of 4.736 billion yuan, 5.312 billion yuan, and 5.719 billion yuan for 2024, 2025, and 2026, respectively, with net profits projected at 184 million yuan, 254 million yuan, and 283 million yuan for the same years. The corresponding price-to-earnings ratios are expected to be 32.92, 23.67, and 21.31 times [4][5]. - The gross margin has consistently remained above 45%, reaching 48.51% in the first three quarters of 2024, significantly higher than the industry average of 22% [3][4].

Investment Rating - The report assigns a "Buy" rating for the company with a target price of 37 CNY per share [5]. Core Views - The company has divested its department store business and now controls Nanfu Battery, which holds over 80% market share in the domestic alkaline battery sector. The company plans to increase its stake in Nanfu Battery from 26% to 39.09% through a series of acquisitions [1][6]. - Nanfu Battery is recognized as a leading alkaline battery manufacturer in China, with a strong brand presence and continuous growth in revenue and profit. The company has maintained a net profit margin around 20% and a compound annual growth rate (CAGR) of 10% for both revenue and net profit from 2014 to 2023 [2][49]. Summary by Sections Company Overview - The company transitioned from a department store business to focus on consumer batteries, acquiring control of Nanfu Battery through strategic investments [1][17]. - The company currently holds a 26% stake in Nanfu Battery, with plans to increase this to 39.09% [24][26]. Competitive Advantages - Nanfu Battery has a significant competitive edge with over 80% market share in the domestic alkaline battery market, driven by high product performance and a well-established retail network [2][36]. - The company offers competitive pricing, with its AA batteries priced lower than competitors like Duracell on major e-commerce platforms [2][36]. - The company has achieved a leading position in battery technology, with its fourth-generation batteries exceeding national standards by 333% in performance [2][41]. Growth Potential - There is substantial room for growth as alkaline batteries continue to replace carbon batteries in the market. The company plans to expand its production capacity by 1 billion units annually, enhancing its OEM market share [3][11]. - The company is also exploring opportunities in energy storage and lithium battery markets through its subsidiary Hefei Energy [3][11]. Financial Projections - Revenue forecasts for 2024-2026 are projected at 45 billion, 54 billion, and 60 billion CNY, respectively, with net profits expected to reach 2.04 billion, 3.92 billion, and 4.37 billion CNY [6][10]. - The company maintains a strong financial position with stable cash flow and high return on equity (ROE) and return on assets (ROA) [2][49].

Financial Performance - The company's operating revenue for Q3 2024 reached ¥1,281,773,882.91, representing an increase of 11.41% compared to the same period last year[2]. - Net profit attributable to shareholders was ¥56,806,385.94, a significant increase of 50.49% year-over-year[2]. - The net profit after deducting non-recurring gains and losses was ¥56,343,038.92, up by 49.53% compared to the previous year[2]. - The net profit attributable to shareholders for the current period is 50.49 million RMB, primarily due to an increased shareholding in Anfu Energy and optimized borrowing structure, resulting in lower financial expenses[9]. - The net profit attributable to shareholders after deducting non-recurring gains and losses for the current period is 49.53 million RMB, reflecting similar reasons as above[9]. - The company reported a net profit of CNY 486,241,250.36 for the first three quarters of 2024, compared to CNY 401,807,932.09 in the same period of 2023, indicating a growth of 20.97%[15]. - The net profit for Q3 2024 was CNY 676,388,028.47, an increase of 14.4% compared to CNY 591,598,682.51 in Q3 2023[17]. Cash Flow and Liquidity - The net cash flow from operating activities for the year-to-date period was ¥705,925,200.27, an increase of 44.02% compared to the same period last year[3]. - The cash flow from operating activities increased by 44.02 million RMB, mainly due to higher revenue and increased cash receipts[9]. - The cash flow from financing activities showed a net outflow of 454.53 million RMB, mainly due to increased loan repayments and higher dividends compared to the previous year[9]. - The cash flow from operating activities for the first three quarters of 2024 was CNY 705,925,200.27, significantly higher than CNY 490,170,671.85 in the same period of 2023, marking an increase of 43.9%[20]. - The total cash flow from investing activities for the first three quarters of 2024 was a net outflow of CNY 173,194,479.94, an improvement from a net outflow of CNY 537,000,320.05 in the same period of 2023[20]. - The financing activities generated a net cash outflow of CNY 38,175,106.60 in Q3 2024, compared to a net inflow of CNY 10,767,726.65 in Q3 2023[20]. - The company reported a significant increase in cash and cash equivalents, with a change of 87.10% attributed to increased cash receipts and short-term borrowings[6]. - The company's cash and cash equivalents increased to CNY 1,063,644,721.44 as of September 30, 2024, compared to CNY 568,502,807.69 at the end of 2023, representing an increase of 86.73%[14]. - The cash and cash equivalents at the end of Q3 2024 amounted to CNY 1,043,870,876.56, compared to CNY 365,414,920.89 at the end of Q3 2023, showing a significant increase of 186.5%[21]. Assets and Liabilities - The total assets at the end of the reporting period amounted to ¥6,863,357,170.61, reflecting a growth of 2.33% from the end of the previous year[3]. - The total assets of the company increased to CNY 6,863,357,170.61 as of September 30, 2024, compared to CNY 6,706,819,721.18 at the end of 2023, reflecting a growth of 2.33%[15]. - The company's total liabilities increased to CNY 2,908,701,184.56, up from CNY 2,715,794,026.88 at the end of 2023, representing a growth of 7.11%[15]. - The total equity attributable to shareholders decreased by 2.34% to ¥1,817,562,585.37 compared to the end of the previous year[3]. - The equity attributable to shareholders decreased slightly to CNY 1,817,562,585.37 from CNY 1,861,081,464.07 at the end of 2023, a decline of 2.34%[15]. Operational Metrics - The basic earnings per share for Q3 2024 was ¥0.27, down by 20.59% year-over-year[3]. - The basic earnings per share for Q3 2024 was CNY 0.71, a decrease from CNY 0.92 in Q3 2023, reflecting a decline of 22.8%[18]. - The operating profit for Q3 2024 was CNY 818,257,968.46, compared to CNY 701,515,143.51 in Q3 2023, reflecting a growth of 16.7%[17]. - Total operating revenue for the first three quarters of 2024 reached CNY 3,594,362,250.94, an increase of 7.13% compared to CNY 3,354,634,181.70 in the same period of 2023[16]. - Total operating costs for the first three quarters of 2024 were CNY 2,764,277,049.06, up from CNY 2,640,575,196.81 in 2023, reflecting a growth of 4.68%[16]. Other Financial Aspects - Non-recurring gains and losses for the period included government subsidies totaling ¥1,846,126.57, with a year-to-date total of ¥9,126,025.25[4]. - The company reported a significant decrease in financial expenses by 42.84% compared to the same period last year, attributed to an optimized borrowing structure[9]. - The investment income for the period was 140.75 million RMB, influenced by significant foreign exchange losses in the previous period[9]. - The total accounts receivable increased to 62.94 million RMB, driven by increased OEM business volume and longer collection periods from overseas customers[9]. - The company’s construction in progress increased by 562.92 million RMB due to updates and new warehouse construction[9]. - The company’s short-term borrowings increased by 60.78 million RMB to supplement working capital[9]. - The company’s inventory decreased by 37.70 million RMB, primarily due to pre-holiday stockpiling in the previous year[9]. - The company incurred a loss of CNY 403,000,000.00 in other comprehensive income for Q3 2024, compared to a loss of CNY 89,000,000.00 in Q3 2023[18]. - The company reported a total comprehensive income of CNY 273,388,028.47 for Q3 2024, down from CNY 502,598,682.51 in Q3 2023, indicating a decrease of 45.7%[18].

证券代码：603031 证券简称：安孚科技 公告编号：2024-069 安徽安孚电池科技股份有限公司 关于召开 2024 年第三季度业绩说明会的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 投资者可于 2024 年 11 月 11 日(星期一)至 11 月 15 日(星期五)16:00 前登 录上证路演中心网站首页点击"提问预征集"栏目或通 过公司邮箱 ir@anfucorp.com 进行提问。公司将在说明会上对投资者普遍关注的问题进行回 答。 安徽安孚电池科技股份有限公司（以下简称"公司"）已于 2024 年 10 月 30 日发布公司 2024 年第三季度报告，为便于广大投资者更全面深入地了解公司 2024 年第三季度经营成果、财务状况，公司计划于 2024 年 11 月 18 日上午 9:00- 10:00 举行 2024 年第三季度业绩说明会，就投资者关心的问题进行交流。 一、说明会类型 本次投资者说明会以网络互动形式召开，公司将针对 2024 年第三季度的经 营成果及财务指标的具体情况与投资者 ...

安徽安孚电池科技股份有限公司 关于发行股份及支付现金购买资产并募集配套资金 暨关联交易的申请文件获得上海证券交易所受理的 公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 安徽安孚电池科技股份有限公司（以下简称"公司"）拟以发行股份及支付 现金的方式购买宁波九格众蓝股权投资合伙企业（有限合伙）、袁莉、华芳集团 有限公司、张萍、钱树良和安徽金通新能源汽车二期基金合伙企业（有限合伙） 持有的安徽安孚能源科技有限公司 31.00%的股权，同时，公司拟向不超过 35 名 特定对象发行股份募集配套资金（以下简称"本次交易"）。 证券代码：603031 证券简称：安孚科技 公告编号：2024-068 本次交易尚需经上交所审核通过及中国证券监督管理委员会 （以下简称 "中 国证监会"）同意注册后方可正式实施，最终能否通过上交所审核并获得中国证 监会注册同意尚存在不确定性。 公司将根据上述事项的进展情况，及时履行信息披露义务，敬请广大投资者 注意投资风险。 特此公告。 安徽安孚电池科技股份有限公司董事会 2024 年 10 月 29 日 ...

| 报告编码: | 3434020001202400074 | | --- | --- | | 合同编号: | 2024PG02003A | | 报告类型: | 法定评估业务资产评估报告 | | 报告文号: | 皖中联国信评报字(2024)第162号 | | | 安徽安孚电池科技股份有限公司拟发行股份及支付 | | 报告名称: | 现金购买资产涉及的安徽安孚能源科技有限公司股 | | | 东全部权益价值项目 | | 评估结论: | 4,196,520,066.63元 | | 评估报告日: | 2024年04月18日 | | 评估机构名称: | 安徽中联国信资产评估有限责任公司 | | | 何国荣 (资产评估师) 会员编号:34120011 | | 答名人员: | 谷黎明 (资产评估师) 会员编号:34220015 | | | 倪嘉 (资产评估师) 会员编号:34230097 | | | (可扫描二维码查询备案业务信息) | 3-2-1 本资产评估报告依据中国资产评估准则编制 安徽安孚电池科技股份有限公司 拟发行股份及支付现金购买资产涉及的 安徽安孚能源科技有限公司股东全部权益价值项目 资产评估报告 皖中联国信 ...

2-2 法律意见书 | 序号 | 名称 | 页码 | | --- | --- | --- | | | （2024）承义法字第 00098 号《安徽承义律师事务所关于安徽安孚电池科技股份有限公 | 2-2-1-1 至 | | 2-2-1 | 司发行股份及支付现金购买资产并募集配套资金暨关联交易的法律意见书 | | | | | 2-2-1-139 | | 2-2-2 | （2024）承义法字第 00098-4 号《安徽承义律师事务所关于安徽安孚电池科技股份有限 | 2-2-2-1 至 | | | 公司发行股份及支付现金购买资产并募集配套资金暨关联交易的法律意见书 | | | | | 2-2-2-139 | | 2-2-3 | （2024）承义法字第 00098-6 号《安徽承义律师事务所关于安徽安孚电池科技股份有限 | 2-2-3-1 至 | | | 公司发行股份及支付现金购买资产并募集配套资金暨关联交易的法律意见书 （一） | | | | | 2-2-3-46 | 安徽承义律师事务所 关于安徽安孚电池科技股份有限公司 发行股份及支付现金购买资产 并募集配套资金暨关联交易的 法律意见书 安徽承义律师事务所 ANH ...

股票代码：603031 上市地点：上海证券交易所 股票简称：安孚科技 独立财务顾问 安徽安孚电池科技股份有限公司发行股份及支付现金购买资产并募集配套资金暨关联交易报告书（草案） 声明 一、公司声明 本公司及全体董事、监事、高级管理人员保证本报告书及其摘要内容的真 实、准确、完整，对本报告书及其摘要的虚假记载、误导性陈述或重大遗漏负 相应的法律责任。 本公司控股股东、实际控制人及全体董事、监事、高级管理人员承诺：如 本次交易所披露或提供的信息涉嫌虚假记载、误导性陈述或者重大遗漏，并被 司法机关立案侦查或者被中国证监会立案调查的，在形成调查结论以前，不转 让在上市公司拥有权益的股份，并于收到立案稽查通知的两个交易日内将暂停 转让的书面申请和股票账户提交上市公司董事会，由董事会代本企业/本公司/本 人向证券交易所和证券登记结算机构申请锁定；未在两个交易日内提交锁定申 请的，授权董事会核实后直接向证券交易所和证券登记结算机构报送本企业/本 公司/本人的身份信息和账户信息并申请锁定；董事会未向证券交易所和证券登 记结算机构报送本企业/本公司/本人的身份信息和账户信息的，授权证券交易所 和证券登记结算机构直接锁定相关股份 ...

华安证券股份有限公司 关于 安徽安孚电池科技股份有限公司 发行股份及支付现金购买资产并募集配套资金暨关联 交易 之 独立财务顾问报告 签署日期：二〇二四年十月 2-1-1-1 独立财务顾问声明与承诺 华安证券股份有限公司（以下简称"华安证券"或"本独立财务顾问"）受 安徽安孚电池科技股份有限公司（以下简称"安孚科技"或"上市公司"）委托， 担任本次发行股份及支付现金购买资产并募集配套资金暨关联交易（以下简称 "本次交易"）之独立财务顾问，并出具独立财务顾问报告。 本独立财务顾问严格按照《中华人民共和国公司法》《中华人民共和国证券 法》《上市公司重大资产重组管理办法》《上市公司并购重组财务顾问业务管理 办法》《公开发行证券的公司信息披露内容与格式准则第 26 号——上市公司重 大资产重组》《上海证券交易所上市公司自律监管指引第 6 号——重大资产重组》 和《上海证券交易所股票上市规则》等相关法律法规的规定，以及交易各方提 供的董事会决议、审计报告、资产评估报告以及本独立财务顾问在工作中形成 的有关记录等文件，按照行业公认的业务标准、道德规范，本着诚实信用和勤 勉尽责的原则，通过尽职调查和对重组方案等文件的审慎核 ...

证券代码：603031 证券简称：安孚科技 公告编号：2024-064 安徽安孚电池科技股份有限公司 第五届监事会第三次会议决议公告 本公司监事会及全体监事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 安徽安孚电池科技股份有限公司（以下简称"公司"、"上市公司"或"安 孚科技"）第五届监事会第三次会议通知于 2024 年 10 月 23 日以现场送达和通 讯方式送达各位监事，会议于 2024 年 10 月 25 日以通讯方式召开。本次会议应 到监事 3 人，实到监事 3 人。会议由监事会主席朱海生先生主持。会议的召开和 表决程序符合《公司法》和《公司章程》的有关规定，会议合法、有效。 经与会监事认真审议，形成如下决议： 一、审议通过《关于调整公司发行股份及支付现金购买资产并募集配套资金 暨关联交易方案的议案》 公司拟通过发行股份及支付现金的方式购买宁波九格众蓝股权投资合伙企 业（有限合伙）（以下简称"九格众蓝"）、华芳集团有限公司（以下简称"华 芳集团"）、安徽金通新能源汽车二期基金合伙企业（有限合伙）（以下简称"新 能源二期基金"）、袁莉、张萍 ...