Anfu Technology(SH:603031) Huafu Securities·2024-09-06 01:00Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected stock price increase of over 20% relative to the market benchmark within the next six months [7][17]. Core Insights - The company has shown steady growth in its battery business, with a revenue increase of 4.92% year-on-year in the first half of 2024, reaching 2.313 billion yuan, and a net profit increase of 42.74% to 93 million yuan [2][3]. - The alkaline battery segment has demonstrated stable performance, contributing significantly to revenue, while the company is actively expanding its B2B market to attract high-quality international clients [3][4]. - The gross margin improved to 49.21% in the first half of 2024, driven by customer structure optimization and cost control measures [4]. Financial Data and Valuation - The company’s projected revenues for 2024, 2025, and 2026 are 4.765 billion yuan, 5.251 billion yuan, and 5.737 billion yuan, respectively, with growth rates of 10% and 9% in the following years [6][11][13]. - Net profit forecasts for the same period are 189 million yuan, 213 million yuan, and 239 million yuan, reflecting growth rates of 63%, 13%, and 12% [6][11][13]. - The earnings per share (EPS) are expected to rise from 0.90 yuan in 2024 to 1.13 yuan in 2026, with corresponding price-to-earnings (P/E) ratios decreasing from 25.6 to 20.2 [6][11][13][14].