安孚科技（603031）：出口增速较快，盈利水平有所优化

Investment Rating - The investment rating for the company is "Accumulate" [5] Core Views - The company has shown a steady revenue growth of 5.0% year-on-year in H1 2025, with total revenue reaching 2.43 billion yuan and a net profit attributable to shareholders of 0.11 billion yuan, reflecting a 14.4% increase [1] - The growth in revenue is primarily driven by an increase in exports, supported by product innovation and capacity expansion [2] - The company's gross margin slightly decreased by 0.9 percentage points to 48.3% in H1 2025, while the net margin improved by 0.4 percentage points to 19.1% [3] Revenue Growth - The company launched the fifth generation of its battery products, enhancing performance and solidifying its market leadership in both domestic and overseas markets [2] - The company plans to establish four new production lines, with three already operational, to address capacity constraints due to rising orders [2] - The market share of the company's alkaline batteries has continued to increase, maintaining its position as the top seller in the domestic market for 32 consecutive years [2] Profitability Improvement - The company's net profit margin increased to 19.1% in H1 2025, with a notable rise in net profit for Q2 2025 by 24.3% year-on-year [3] - The company has managed to reduce financial expenses due to the replacement of low-interest loans and repayment of bank borrowings, contributing to improved profitability [3] Financial Projections - The projected net profits for the company from 2025 to 2027 are 0.33 billion yuan, 0.43 billion yuan, and 0.47 billion yuan, representing year-on-year growth rates of 94.4%, 31.1%, and 9.3% respectively [3] - The company's revenue is expected to grow steadily, with estimates of 5.02 billion yuan in 2025, 5.46 billion yuan in 2026, and 5.93 billion yuan in 2027 [4] Valuation Metrics - The company’s P/E ratio is projected to decrease from 78.8 in 2023 to 19.5 by 2027, indicating an improving valuation as earnings grow [4] - The projected EPS for the company is expected to rise from 0.46 yuan in 2023 to 1.86 yuan in 2027 [4]