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Anhui Andeli Department Store Co Ltd (603031) Fair Value & Analysis

Industrials · CN · Market cap 14.9B CNY (≈ $2.2B) · ISIN CNE1000030R1

What is Anhui Andeli Department Store Co Ltd really worth?

AA Anhui Andeli Department Store Co Ltd 603031 · SHG
Price¥39.44
Fair Value¥12.69
Upside−67.8%
Quality56/100

A solid business, but trading 211% above our fair value of ¥12.69.

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Strengths

Healthy Growth (revenue 5y +22.0 %/yr)
Low debt · generates free cash flow
Wide moat 71/100

Risks

!Thin margins · 6.1% net margin
!Mixed vs. peers (7/14)
!Weak on dividend: 8 out of 100

For context

·0.42% dividend yield
Evidence: High Range ¥9.52 – ¥15.87

Fair value as of: Sep 5, 2026

From 26 valuation models · updated today

Share price +1.0% over the past month.

What runs behind every stock

69 individual criteria per stock, every one traceable See the method →

What matters now

  • The price sits above even our optimistic bull case (¥15.87). The favourable scenario is already priced in.
  • Solid but not exceptional quality (56/100) and above fair value, neither a clear bargain nor a standout compounder.

Price vs Fair Value (5 years)

¥63.26 ¥11.24 Fair Value ¥12.69 Mar 2021 Sep 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Sep 5, 2026.

How to read this chart

60‑month range ¥11.24 – ¥63.26 · fair‑value band ¥9.52 – ¥15.87 · the ¥39.44 price screens above the ¥12.69 fair value. Dashed = 300-day average. As of Sep 5, 2026.

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Analysis

Anhui Andeli Department Store Co Ltd (603031) currently trades at ¥39.44, while our model-based Fair Value estimate is ¥12.69, implying the stock looks roughly 210.8% overvalued today. The Quality Score stands at 56/100 (solid quality), in the Industrials sector. Bull case: the Growth DCF group reads highest at a median of ¥33.18 per share, and 6 of the 26 models we run sit above the ¥39.44 price. Bear case: the Dividend Discount group reads lowest at ¥4.39, and 20 of the 26 models stay below the price. Evidence for this calculation is high.

Over the trailing twelve months, Anhui Andeli Department Store Co Ltd generated revenue of 4.7B CNY at a net margin of 6.1%. Revenue declined 3.4% year over year. It earns a return on equity of 23.2%. Net debt stands at 842M CNY. Fundamentals as of Sep 5, 2026

Our scenario range runs from ¥9.52 (bear case) to ¥15.87 (bull case); at ¥39.44, the current price sits above that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. The share trades about 39% below its 52-week high and 116% above its 52-week low, currently above its 200-day average. For context, the median of 10 Industrials peers we cover trades at −44% fair-value upside, at −68%, 603031 screens richer than that median.

Fair Value models

This estimate rests on fiscal year 2025 figures, and about 8 months have passed since. In that time the company retained roughly ¥0.5508 per share, which is 4.3 % of the fair value. The fair value deliberately does not add this in: the models value reported figures, not a projection.

Each model estimates fair value its own way; the Fair Value above is the evidence-weighted, family-balanced blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small. Every input is real reported data, nothing guessed.

Model Bear Bear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull Bull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. Evidence
Highest evidence
FCF DCF ¥34.29 ¥60.06 ¥104.90 77
Growth DCF ¥34.06 ¥57.72 ¥97.81 76
Residual Income ¥6.17 ¥6.66 ¥7.85 76
All 26 models by family
DCF Models
FCF DCF ¥34.29 ¥60.06 ¥104.90 77
Owner Earnings ¥9.41 ¥15.00 ¥24.74 75
5Y Revenue Exit ¥21.71 ¥33.18 ¥48.24 72
5Y EBITDA Exit ¥31.55 ¥53.47 ¥80.83 74
5Y P/E Exit ¥18.67 ¥26.91 ¥35.93 71
10Y Revenue Exit ¥25.22 ¥37.54 ¥55.54 66
10Y EBITDA Exit ¥32.21 ¥52.41 ¥82.82 67
10Y P/E Exit ¥23.67 ¥32.95 ¥45.23 64
Earnings-Based
Graham-Dodd ¥4.11 ¥19.08 ¥26.21 64
Lynch FV ¥5.03 ¥7.19 ¥9.34 61
PEG = 1.0 ¥5.03 ¥7.19 ¥9.34 57
EPV ¥25.02 ¥28.78 ¥32.06 74
Dividend Discount
Gordon GGM ¥2.51 ¥5.21 ¥8.26 66
DDM Multi-Stage ¥2.51 ¥4.39 ¥5.47 66
Multiples
P/E Multiple ¥9.52 ¥12.69 ¥15.87 63
P/S Multiple ¥7.71 ¥10.28 ¥12.85 58
P/B Multiple ¥7.71 ¥10.28 ¥12.85 55
EV/EBIT ¥38.16 ¥50.05 ¥61.93 66
EV/EBITDA ¥32.58 ¥42.61 ¥52.63 67
EV/Revenue ¥15.93 ¥21.67 ¥27.42 54
Asset-Based
NCAV (Graham) ¥3.67 ¥4.92 ¥7.34 54
Growth DCF
Growth DCF ¥34.06 ¥57.72 ¥97.81 76
Rev-Margin DCF ¥21.71 ¥33.18 ¥48.06 72
Economic Profit
Residual Income ¥6.17 ¥6.66 ¥7.85 76
ROIC Compounder ¥27.13 ¥33.85 ¥41.66 72
Growth Earnings
Growth-Adj P/E ¥8.02 ¥11.46 ¥14.90 67

Widest divergence: DCF Models (¥33.18) versus Dividend Discount (¥4.39). Highest evidence: FCF DCF (77).

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Key figures & financial health

P/E ratio 40.2
P/S ratio 1.90 P/E × margin
EPS (TTM) ¥0.9800 price ÷ EPS = P/E 40.2
Dividend yield 0.4% payout 16.9%
Net margin 4.7% FY2025
Return on equity 23.2% TTM
More key figures
Profitability
Return on assets (EBIT) 9.7% avg 5y
Operating margin 31.1% TTM
Growth
Revenue (TTM) 4.7B CNY TTM
Revenue growth (YoY) −3.4% 3y avg +12.2%
EPS growth (YoY) +52.9%
Balance sheet & cash flow
Free cash flow 921M CNY FY2025
Net debt 842M CNY FY2025 · ≈ 0.9 yrs of FCF

Figures from reported company fundamentals · as of Sep 5, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 56/100

Of which business quality 56 · Market factors (momentum, volatility) 52

Profitability 41
Margins and returns on capital today
Quality Growth 56
Are margins and returns improving?
Cashflow 86
Earnings quality: real cash, not paper profit
Fin. Strength 76
Balance sheet, leverage, solvency risk
Investment 55
Disciplined investing over empire-building
Low Volatility 30
Calm price path (market factor)
Momentum 54
Price trend over the last 3–12 months (market factor)
52W Momentum 72
Distance to the 52-week high (market factor)
Net Issuance 5
Buybacks instead of dilution

Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.

All values are scores from 0 to 100 (100 = best against fixed, research-based bands), not percentages. The three market factors (momentum, 52-week proximity, low volatility) are displayed but carry zero weight in the headline number: market sentiment is not a business property.

About the company

Anhui Anfu Battery Technology Co.,Ltd, together with its subsidiaries, researches, develops, produces, and sells batteries in China and internationally. It provides consumer, commercial small, alkaline, carbon, and other batteries, as well as digital accessories and consumer products.

Full company description

Anhui Anfu Battery Technology Co.,Ltd, together with its subsidiaries, researches, develops, produces, and sells batteries in China and internationally. It provides consumer, commercial small, alkaline, carbon, and other batteries, as well as digital accessories and consumer products. The company is also involved in capital market services; electrical machinery and equipment manufacturing; wholesale and retail trade; and technology promotion and application services. It exports its products. The company was formerly known as Anhui Andeli Department Store Co., Ltd. and changed its name to Anhui Anfu Battery Technology Co.,Ltd in May 2022. Anhui Anfu Battery Technology Co.,Ltd was founded in 1984 and is based in Hefei, China.

Company description, as reported by the company or data provider.

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

Anhui Andeli Department Store Co Ltd reported revenue of 4.8B CNY in FY2025 versus 1.7B CNY in FY2021, a compound +29.9%/yr. Reported net income was 226M CNY in FY2025.

Growth Quality 95/100
Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Latest Revenue (FY 2025)
4.8B CNY
Latest YoY
+2.9%
Avg. revenue growth/yr (3Y) Measures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
+12.2%
Avg. revenue growth/yr (5Y) Measures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
+22.0%
Avg. revenue growth/yr (14Y) Measures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
+11.4%
Value creation/yr (5Y) Earnings growth per share (CAGR 5 years) plus dividend yield: value created per share and year.
+49.3% (48.9 + 0.4)
Revenue +29.9%/yr
FY21 1.7B CNY
FY22 3.4B CNY
FY23 4.3B CNY
FY24 4.6B CNY
FY25 4.8B CNY
Net income
FY21 −51.3M CNY
FY22 81.6M CNY
FY23 116M CNY
FY24 168M CNY
FY25 226M CNY
Character of growth · EPS growth decomposed (2014-2025) +7.4 % p.a.
Revenue per share +4.5 %

of which total revenue +13.5 % · buybacks/dilution −7.9 %

EBIT margin +23.7 %
Tax rate −3.8 %
Residual (interest, one-offs) −13.7 %

Annual growth per factor. These are factors, not summands: multiplied they give the EPS growth rate, added they do not quite. Start and end points are 3-year averages (details on hover).

603031 screens 211% overvalued. Compare with Contemporary Amperex Technology Co →

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Cite: Fair Value Calculator (2026). "Anhui Andeli Department Store Co Ltd Fair Value". https://www.fairvalue-calculator.com/stock/603031

Peer Group

Electrical Equipment & Parts · 542 stocks

How this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.

Quality Score 56 · Above median
Fair Value upside −68% · Below median
Return on equity (TTM) 23% · Top 25%
Return on assets 10% · Top 25%
Net margin (TTM) 6% · Above median
Operating margin (TTM) 31% · Top 25%
Revenue growth −3% · Bottom 25%
Dividend yield (TTM) 0.4% · Bottom 25%
Debt / equity 0.31× · Higher than 75% of peers

Valuation Multiples vs Electrical Equipment & Parts median · lower = cheaper

P/E (TTM) 40.2× · Pricier than median
P/B 5.43× · Pricier than 75% of peers
P/S (TTM) 3.16× · Pricier than median
P/FCF 2.4× · Cheaper than median
EV/EBITDA 11.9× · Cheaper than median

Strength profile in five axes (Snowflake)

Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.

VALUEFUTUREPASTHEALTHDIVIDEND
This stock
VALUEFUTUREPASTHEALTHDIVIDEND
Sector peers
VALUE0 · sector 0
FUTURE0 · sector 56
PAST93 · sector 26
HEALTH84 · sector 97
DIVIDEND8 · sector 23

VALUE 0: the price sits above our fair-value range.

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

None of the checked exposures detected

Similar stocks

10 more Electrical Equipment & Parts stocks, each showing price versus our Fair Value estimate (as of Sep 5, 2026).

Stock Price Fair Value vs Fair Value
Contemporary Amperex Technology Co 3750 HK$652.50 HK$394.19 −40%
ABB Ltd ABBN CHF 80.10 CHF 28.70 −64%
Delta Electronics (Thailand) Public Company TDED 10.40 SGD 1.47 SGD −86%
Vertiv Holdings VRT $257.08 $63.13 −75%
LG Energy Solution, Ltd 373220 365,500 KRW 201,455 KRW −45%
Prysmian S.p.A PRY €117.10 €84.15 −28%
Legrand SA LR €139.65 €78.82 −44%
Sungrow Power Supply Co 300274 ¥86.40 ¥123.83 +43%
Hubbell Incorporated HUBB $443.31 $285.77 −36%
Shenzhen Inovance Technology Co 300124 ¥61.07 ¥33.04 −46%

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Frequently asked questions

Is Anhui Andeli Department Store Co Ltd (603031) overvalued or undervalued?
As of Sep 5, 2026, our model estimates a fair value of ¥12.69 versus a price of ¥39.44, about −68% upside (overvalued).
What is the fair value of 603031?
Our model-based fair value for Anhui Andeli Department Store Co Ltd is ¥12.69 (as of Sep 5, 2026), built from audited fundamentals. The current price: ¥39.44.
What is the quality score of 603031?
Anhui Andeli Department Store Co Ltd has a Quality Score of 56/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the revenue of Anhui Andeli Department Store Co Ltd (603031)?
Anhui Andeli Department Store Co Ltd reported trailing-twelve-month revenue of about 4.7B CNY (latest available figure, as of Sep 5, 2026).
What is the net profit margin of 603031?
The net profit margin of Anhui Andeli Department Store Co Ltd is about 6.1%, meaning it keeps roughly 6.1% of revenue as net income. Based on the latest reported figures.
Does Anhui Andeli Department Store Co Ltd pay a dividend?
Anhui Andeli Department Store Co Ltd currently shows a dividend yield of about 0.42% relative to its recent price (as of Sep 5, 2026).
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