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].

Core Viewpoint - Anfu Technology has successfully transformed from a traditional retail business to a technology enterprise, focusing on battery technology and achieving significant revenue and profit growth through strategic acquisitions and market expansion [1][5]. Group 1: Company Transformation and Strategy - Anfu Technology, originally Andeli Department Store, faced challenges post-2016 IPO and initiated a transformation in 2019 after a change in controlling shareholders [1]. - The company acquired the parent company of leading domestic alkaline battery brand Nanfu, Yajing Technology, in 2022, and divested its traditional retail business to focus on battery technology [1]. - In 2023, Nanfu's export revenue growth exceeded 100%, indicating successful market expansion [1]. Group 2: Market Position and Growth Potential - Nanfu Battery, established in 1988, is a national high-tech enterprise with a market share exceeding 86%, making it a dominant player in the alkaline battery market [3]. - The global battery market is projected to reach $250.16 billion by 2027, with a compound annual growth rate (CAGR) of approximately 15.8% from 2022 to 2027, driven by urbanization and increased consumer spending in countries like China and India [3]. - Nanfu's production capacity is expected to increase by 30% after the completion of a new production line, potentially raising its export share from 8% to 23% [5]. Group 3: Diversification and New Business Ventures - The company is exploring new business opportunities through diversification, including investments in domestic GPU technology and leveraging existing sales channels for brand agency [4]. - Nanfu Battery continues to focus on alkaline batteries while expanding its marketing network and channel advantages, aiming to overcome growth limitations in single product categories [4]. - The company is also venturing into energy storage, with related subsidiaries beginning to contribute profits [4]. Group 4: Financial Outlook and Projections - Anfu Technology's stable cash flow from Nanfu Battery is expected to support investments in hard technology and facilitate growth in new business areas [5]. - Revenue projections for 2025 to 2027 are estimated at 5.391 billion yuan, 6.299 billion yuan, and 7.074 billion yuan, with corresponding net profits of 218 million yuan, 271 million yuan, and 318 million yuan [5].

转型电动化还是坚持内燃机，德系车走到了命运的十字路口。 起点锂电获悉，保时捷与瓦尔塔的收购谈判迎来尾声。当地时间3月11日 保时捷宣布收购瓦尔 塔旗下V4Drive公司的股份，将成为该公司的大股东 ，瓦尔塔也将保留该公司的少量股份，该 公司名称也将改为V4Smart。 V4Drive主打圆柱电池制造，工厂位于德国Ellwangen，并准备在保时捷的支持下启动 Nördlingen新厂生产，两个生产基地共雇佣约375名员工，但需要注意的是，保时捷目前正在 裁员，计划裁减约3900个职位。 具体来看，V4Drive领导团队由三人组成：分别是来自保时捷的Lutz Kramer、Monika Steuss 和来自瓦尔塔的Andreas Tschürtz，两方高管融合将保证两个高管的股东顺利展开交流对接。 除了收购该公司，保时捷也同其他公司一道助力自身的电动化转型，例如与Customcells合资成 立Cellforce集团专注电池研发，还同巴斯夫集团合作开发电池材料/技术，与美国的电池新秀企 业Group14 Technologies也眉来眼去，计划开发硅基负极。 也就是说，转型过程艰难，但不得不做。 01 百年电池 ...