上 市 公 司 电力设备 买入（首次评级） | 市场数据： | 2025 年 09 月 26 日 | | --- | --- | | 收盘价（元） | 43.81 | | 一年内最高/最低（元） | 47.94/23.18 | | 市净率 | 5.8 | | 股息率%（分红/股价） | 0.55 | | 流通 A 股市值（百万元） | 9,249 | | 上证指数/深证成指 | 3,828.11/13,209.00 | | 注："股息率"以最近一年已公布分红计算 | | | 基础数据: | 2025 年 06 月 30 日 | | | --- | --- | --- | | 每股净资产（元） | | 8.96 | | 资产负债率% | | 39.75 | | 总股本/流通 A 股（百万） | 258/211 | | | 流通 B 股/H 股（百万） | | -/- | 一年内股价与大盘对比走势： 09-26 10-26 11-26 12-26 01-26 02-26 03-26 04-26 05-26 06-26 07-26 08-26 09-26 0% 100% 200% 安孚科技 沪深300指数 (收益率 ...

Investment Rating - The investment rating for the company is "Buy" [1][6]. Core Views - The report highlights that the dry battery industry has significant demand characteristics and growth potential, with Anfu Technology expected to increase its stake in Nanfu Battery to 43% by 2026, which will have a substantial positive impact on performance [2][13]. Financial Summary - Total revenue is projected to grow from 4,318 million yuan in 2023 to 5,822 million yuan in 2027, reflecting a compound annual growth rate (CAGR) of approximately 6.7% [4][19]. - Net profit attributable to the parent company is expected to rise from 116 million yuan in 2023 to 502 million yuan in 2027, with a notable increase of 131.3% in 2025 [4][19]. - Earnings per share (EPS) are forecasted to increase from 0.55 yuan in 2023 to 2.38 yuan in 2027 [4][19]. - The price-to-earnings (P/E) ratio is projected to decrease from 65.80 in 2023 to 15.18 in 2027 [4][19]. Business Segments - The alkaline battery segment is expected to generate revenues of 38.72 billion yuan in 2025, with a stable gross margin of 54% [17][19]. - The carbon battery segment is projected to achieve revenues of 3.80 billion yuan in 2025, maintaining a gross margin of around 37% [17][19]. - Other battery types, including button batteries and rechargeable lithium batteries, are anticipated to generate revenues of 2.20 billion yuan in 2025, with a gross margin of 58% [18][19]. Industry Overview - The dry battery industry is characterized by strong demand and significant growth potential, driven by trends such as the proliferation of smart home devices and the aging population [2][13]. - The global retail market for zinc-manganese batteries is expected to exceed 12 billion USD by 2025, with a steady growth rate of over 1% annually until 2028 [13][19]. Strategic Actions - Anfu Technology is undergoing a strategic transformation by increasing its control over Nanfu Battery, which has maintained a market share of over 85% in the domestic alkaline battery market for 32 consecutive years [13][19]. - The company is actively optimizing its shareholding structure to enhance operational efficiency and market competitiveness [23][29].