Anfu Technology(SH:603031) GOLDEN SUN SECURITIES·2026-03-11 06:51Investment Rating - The report maintains a "Buy" rating for the company [6] Core Views - The company achieved a total revenue of 4.77 billion yuan in 2025, representing a year-on-year growth of 2.9%, and a net profit attributable to shareholders of 0.23 billion yuan, up 34.4% year-on-year [1] - The significant profit growth is attributed to an increased stake in Nanfu Battery, which now stands at 46% following the full acquisition of Anfu Energy in November 2025 [1] - Nanfu Battery exceeded performance commitments with a revenue of 4.77 billion yuan in 2025, a year-on-year increase of 2.9%, and a net profit of 0.99 billion yuan, up 8.1% year-on-year [2] - The company is actively exploring a second growth curve by investing in Suzhou Yilong Micro Semiconductor Technology Co., holding a 4.32% stake [3] Financial Performance - The gross margin for 2025 increased by 0.6 percentage points to 49.4%, while the net margin rose by 1.1 percentage points to 18.5% [3] - The company’s total dividend payout ratio for 2025 was 27.38%, corresponding to a dividend yield of 0.54% [4] - Revenue projections for 2026-2028 are estimated at 4.33 billion, 4.61 billion, and 4.95 billion yuan, reflecting growth rates of 91.4%, 6.6%, and 7.3% respectively [4] Business Segmentation - In terms of product categories, alkaline batteries saw a revenue increase of 10.0%, while carbon batteries grew by 6.9%. However, other income categories experienced a decline of 50.6% [2] - Domestic sales revenue decreased by 5.5%, while overseas sales surged by 43.9%, indicating a strong growth in the overseas OEM business [2]