Anfu Technology(SH:603031) Xin Lang Cai Jing·2025-11-05 10:47Core Viewpoint - Anfu Technology plans to acquire a 6.7402% stake in Anhui Anfu Energy Technology Co., Ltd. for 304 million yuan, increasing its ownership in the core asset, Nanfu Battery, from 39.09% to 41.91% [1] Group 1: Acquisition Details - This acquisition marks the third purchase of Anfu Energy by Anfu Technology in over a year, following previous acquisitions of 31% and 8.09% stakes for 1.152 billion yuan and 276 million yuan respectively [1] - The total equity valuation of Anfu Energy is assessed at 4.505 billion yuan, reflecting an increase of 308 million yuan or 7.34% from the previous restructuring valuation of 4.197 billion yuan [1] - The increase in valuation is attributed to cash dividends of 326 million yuan received from Yajing Technology, with the company stating that the transaction valuation is slightly lower than the previous restructuring when excluding cash dividends [1] Group 2: Financial Performance and Concerns - Anfu Technology's sales expense ratio remains high at 17.2% for the first three quarters of 2025, up 0.6 percentage points year-on-year, significantly exceeding the industry average [2] - As of September 30, 2024, the company's goodwill stands at 2.906 billion yuan, accounting for 42% of total assets, primarily from the high-premium acquisition of Yajing Technology [2] - There are concerns regarding discrepancies between revenue forecasts and actual performance, with a 263 million yuan overestimation in the 2022 acquisition of Yajing Technology [2] Group 3: Investment Risks - Anfu Technology faces investment risks, particularly with its investment in Shenzhen Pengbo Industrial Group, which has significant delisting risks, and this investment has been impaired to zero [2] - The actual controllers of Anfu Technology have committed to a cumulative net profit of no less than 1.05 billion yuan for Anfu Energy from 2024 to 2026, but the coverage of this commitment is low [3] - In the August acquisition, the maximum compensation amount accounted for 77.92% of the total transaction price, leaving some risks uncovered [4] Group 4: Future Outlook - Anfu Technology expresses confidence in stable cash dividends from Nanfu Battery and Yajing Technology, with dividends of 265 million yuan, 326 million yuan, and 230 million yuan expected for 2023, 2024, and the first half of 2025 respectively [4] - However, the combination of high valuations, elevated expenses, and investment risks raises questions about the company's ability to achieve sustained growth through this acquisition [4]