[Guotai Haitong Home Appliances Cai Wenjuan] Anfu Technology rebounded to limit up

English summary

Anfu Technology rebounded and hit the limit up in early trading. The stock price is affected by technological sentiment. Based on the current market value of 14 billion yuan, the main business Nanfu Battery provides a stable safety margin (about 12 billion), and the investment business valuation is only 2 billion, still in an obvious oversold range. Recently, the company terminated share reduction and initiated buybacks, demonstrating development confidence. Since our key recommendation in August last year, it has steadily risen from a market value of 5 billion, and now is the time to re-position! CPO optical chips + lithography light source equipment + GPU, continuous investment around the core semiconductor chain. The company has strategically invested 6.9% in domestic GPU unicorn Xiangdixian, 8.5% in silicon photonic heterogeneously integrated thin-film lithium niobate optical chip Yilianwei, 10% in lithography light source Huashengmai, and jointly established a semiconductor equipment company. The second growth curve is expected to rely on shareholder industrial resources to form industry chain complementarity and synergy, further opening the valuation ceiling. Key reminder: Anfu's cooperation with Huashengmai to layout lithography light source has not yet been priced in.