Anfu Technology(SH:603031) GUOTAI HAITONG SECURITIES·2025-12-17 01:27Investment Rating - The investment rating for the company is "Accumulate" with a target price of 51.60 CNY, while the current price is 38.55 CNY [6]. Core Insights - The report highlights that the company has strategically invested in Suzhou Yilanwei, becoming a leading industrial investor, which is part of its efforts to build a second growth curve [2]. - The investment in Yilanwei, which focuses on photonic integrated chip development for data centers, is expected to enhance the company's growth potential and resource integration capabilities [13]. - The company anticipates significant earnings growth, with projected EPS of 1.03 CNY in 2025, 1.72 CNY in 2026, and 1.91 CNY in 2027, reflecting year-on-year growth rates of 58.6%, 66.2%, and 10.9% respectively [13]. Financial Summary - Total revenue is projected to grow from 4,318 million CNY in 2023 to 5,730 million CNY in 2027, with a compound annual growth rate (CAGR) of approximately 8.2% [4]. - Net profit attributable to the parent company is expected to increase from 116 million CNY in 2023 to 491 million CNY in 2027, representing a CAGR of about 41.9% [4]. - The company's net asset return rate is projected to improve from 6.2% in 2023 to 12.8% in both 2026 and 2027 [4]. Market Data - The company's market capitalization is approximately 9,939 million CNY, with a total share capital of 258 million shares [7]. - The stock has traded within a 52-week range of 25.37 CNY to 45.20 CNY [7]. Valuation Metrics - The price-to-earnings (P/E) ratio is expected to decrease from 85.81 in 2023 to 20.23 in 2027, indicating an improving valuation as earnings grow [4]. - The price-to-book (P/B) ratio is projected to decline from 5.34 in 2023 to 2.58 in 2027, reflecting a more favorable valuation over time [14].