截至9月5日收盘，石墨电极概念上涨5.26%，位居概念板块涨幅第8，板块内，23股上涨，尚太科技、 璞泰来等涨停，贝特瑞、道氏技术、易成新能等涨幅居前，分别上涨19.03%、10.29%、9.09%。跌幅居 前的有永安药业、宝钢股份等，分别下跌4.48%、0.99%。 今日涨跌幅居前的概念板块 | 概念 | 今日涨跌幅（%） | 概念 | 今日涨跌幅（%） | | --- | --- | --- | --- | | 固态电池 | 6.90 | 兵装重组概念 | -1.14 | | 钠离子电池 | 6.72 | 乳业 | -0.51 | | PET铜箔 | 5.88 | 中韩自贸区 | 0.35 | | 钙钛矿电池 | 5.67 | 白酒概念 | 0.45 | | 两轮车 | 5.52 | 粮食概念 | 0.45 | | BC电池 | 5.50 | 啤酒概念 | 0.45 | | 共封装光学(CPO) | 5.35 | 高压氧舱 | 0.46 | | 石墨电极 | 5.26 | 养鸡 | 0.47 | | 宁德时代概念 | 5.10 | 预制菜 | 0.52 | | 动力电池回收 | 5.08 | 猪肉 | 0 ...

设备制造板块也将受益匪浅。电池产业的扩张，对生产设备的需求持续攀升。从电芯制造设备到电池组 装设备，都迎来广阔市场空间。设备制造企业可通过技术创新，提高设备生产效率与精度，满足电池企 业的需求，实现业务增长。 再者，新能源汽车和储能板块与电池产业紧密相连。9 - 11 月是新能源汽车传统销售旺季，主机厂从 8 月起积极备货，动力电池采购量预计环比增加。 展望后市，锂电池行业景气度总体持续向上。短期重点关注上游原材料价格走势、月度销量、国内外贸 易政策相关表述及固态电池相关进展。考虑行业相关政策表述、原材料价格走势、板块业绩情况、目前 市场估值水平及行业未来增长预期，短期建议关注板块投资机会。中长期而言，国内外新能源汽车行业 发展前景确定，板块值得重点关注。 责任编辑：栎树 今日股市午后，电池板块异军突起，涨幅进一步扩大，成为市场焦点。天华新能、尚太科技、璞泰来、 丰元股份、野马电池等超 10 股强势涨停，多只个股跟涨，板块呈现出一片火热景象。 近期，电池板块利好消息不断。政策层面，8月，中国有色金属工业协会锂业分会发布《关于锂行业健 康发展的倡议书》，呼吁全产业链协同抵制恶性竞争，合理布局新建产能，维护行业良 ...

电池板块午后涨幅进一步扩大，天华新能、尚太科技、璞泰来、丰元股份、野马电池等超10股涨停。 ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [6]. Core Views - The company reported a revenue of 3.388 billion yuan for the first half of 2025, representing a year-on-year growth of 61.83%. The net profit attributable to shareholders was 479 million yuan, up 34.37% year-on-year, while the net profit excluding non-recurring items reached 491 million yuan, growing by 40.88% year-on-year [2][4]. - In Q2 2025, the company achieved a revenue of 1.760 billion yuan, reflecting a year-on-year increase of 42.84% and a quarter-on-quarter growth of 8.14%. The net profit attributable to shareholders was 240 million yuan, up 15.42% year-on-year and 0.32% quarter-on-quarter [2][4]. Financial Performance Summary - The company’s negative electrode shipments reached 141,200 tons, a year-on-year increase of over 65%, driven by the launch of new fast-charging products, which significantly improved market share. Revenue from negative electrode materials was 3.102 billion yuan, up 68.42% year-on-year, with a gross margin of 23.37%, slightly up by 0.05 percentage points [9]. - For Q2 2025, the company is expected to maintain growth in negative electrode shipments and high operating rates. The overall gross profit is estimated to have slightly decreased due to a significant rise in petroleum coke prices, but the company's profitability remains stable compared to the industry [9]. - The company’s performance is expected to remain stable in the second half of the year, with continued growth anticipated. The mid-term outlook for overseas bases and profit elasticity is promising, with a projected annual performance of around 1 billion yuan for 2025, corresponding to a PE ratio of 15X (excluding convertible bonds) [9].

Group 1 - The graphite electrode sector saw a rise of 2.32%, ranking third among concept sectors, with 12 stocks increasing in value, including Puxin Technology, Shantai Technology, and Suotong Development reaching their daily limit [1][2] - Notable gainers included Zhongke Electric, Bettery, and China Baowu, which rose by 14.59%, 13.58%, and 3.70% respectively [1] - The sector experienced a net outflow of 0.11 billion yuan in main funds, with 8 stocks receiving net inflows, and 7 stocks seeing inflows exceeding 10 million yuan [2][3] Group 2 - The top net inflow was recorded for Suotong Development, with a net inflow of 324 million yuan, followed by Shantai Technology and Puxin Technology with net inflows of 220 million yuan and 205 million yuan respectively [2][3] - The net inflow ratios for Shantai Technology, Suotong Development, and Puxin Technology were 21.42%, 19.39%, and 11.52% respectively [3] - The stocks with the largest declines included Guomin Technology, Yong'an Pharmaceutical, and Huajin Co., which fell by 3.42%, 1.72%, and 1.50% respectively [1][4]

证券代码：001301 证券简称：尚太科技 公告编号：2025-099 石家庄尚太科技股份有限公司 石家庄尚太科技股份有限公司（以下简称"公司"）于 2025 年 8 月 1 日披露 了《关于部分董事、监事、高级管理人员减持股份的预披露公告》（公告编号： 2025-088），公司监事左宝增先生计划自减持预披露公告之日起 15 个交易日后的 3 个月内，以集中竞价交易方式或大宗交易方式减持公司股份不超过 198,000 股， 占公司当时总股本剔除回购专用证券账户中股份数量后的 0.0762%。 公司于近日收到公司监事左宝增先生函告，左宝增先生本次减持计划已实施 完毕，根据《上市公司董事、监事和高级管理人员所持本公司股份及其变动管理 规则》和《深圳证券交易所上市公司自律监管指引第 18 号—股东及董事、监事、 高级管理人员减持股份》等相关规定，现将其减持具体情况公告如下： 一、股东减持情况 关于监事股份减持计划实施完毕的公告 公司监事左宝增先生保证向本公司提供的信息内容真实、准确、完整， 没有虚假记载、误导性陈述或重大遗漏。 本公司及董事会全体成员保证公告内容与信息披露义务人提供的信息一 致。 | 股东名称 | ...

Investment Rating - The report assigns a "Buy" rating for the company [5]. Core Views - The company has achieved significant growth in negative electrode sales, outpacing industry growth rates, and has a notable cost advantage due to its advanced graphitization technology and integrated production model [4][66]. - The company is positioned as a key supplier of artificial graphite negative materials in China, with a market share of 12.7%, ranking fourth in the industry [66]. Financial Performance - In the first half of 2025, the company reported revenue of 3.388 billion yuan, a year-on-year increase of 61.8%, driven by increased production capacity and a 65% rise in sales volume of negative materials [7][10]. - The net profit attributable to shareholders for the same period was 479 million yuan, up 34.4% year-on-year, with a net profit margin of 14.1% [32][34]. - The company forecasts revenues of 7.319 billion yuan, 9.747 billion yuan, and 11.705 billion yuan for 2025, 2026, and 2027 respectively, with corresponding net profits of 1.035 billion yuan, 1.329 billion yuan, and 1.681 billion yuan [5][76]. Operational Efficiency - The company maintains a healthy capital structure with a debt-to-asset ratio of 37.3%, indicating a conservative financial structure [47]. - The cash flow situation shows a significant increase in operating cash flow in Q2 2025, reaching 591 million yuan, a year-on-year increase of 309.8% [52]. Technological Advantages - The company has a strong focus on R&D, with a 65.7% increase in R&D investment in the first half of 2025, aimed at developing next-generation artificial graphite negative materials [20][74]. - The integrated production model allows the company to control costs effectively and enhance production efficiency [66][74]. Market Position - The company has established itself as a significant player in the artificial graphite negative material market, with a production capacity expected to reach 500,000 tons by 2025 [66]. - The report highlights the company's competitive edge in the market due to its advanced graphitization technology and ongoing product innovation [69][72].

Core Viewpoint - The company has demonstrated significant operational improvements in the first half of 2025, with strong growth in key financial metrics and ongoing project advancements in the battery materials sector [2][3]. Group 1: Operational Performance - In the first half of 2025, the company achieved a total asset increase to 10.408 billion, a 12.34% rise from the end of 2024 [2] - Net assets grew to 6.528 billion, reflecting a 4.19% increase year-over-year [2] - Sales volume of anode materials surged to 141,200 tons, marking a 68.49% year-on-year growth [2] - Net profit attributable to shareholders reached 479 million, a 34.37% increase compared to the same period in 2024 [2] Group 2: Project Development - The company is making steady progress in solid-state battery and overseas projects, with plans for mass production in the silicon-based anode materials sector by Q3 2025 [3] - The Malaysian project for 50,000 tons of lithium battery anode materials and the Shanxi project for 200,000 tons are set to commence construction in Q3 and Q4 of 2025, respectively [3] - The integrated production capacity for artificial graphite anode materials is expected to exceed 500,000 tons by mid to late 2026 [3] Group 3: Cash Flow and Cost Management - The company reported a decline in operating cash flow due to factors such as customer payment methods and increased business scale [4] - To address raw material price fluctuations, the company is passing costs to customers and enhancing production efficiency [4] - Inventory levels have risen due to expanded production capacity, with current inventory turnover efficiency being constrained [4]

Group 1: Company Performance Overview - Total assets increased from CNY 92.65 billion at the end of 2024 to CNY 104.08 billion by the end of August 2025, representing a growth of 12.34% [2] - Net assets rose from CNY 62.65 billion at the end of 2024 to CNY 65.28 billion by the end of August 2025, reflecting a growth of 4.19% [2] - Sales volume of anode materials surged from 83,800 tons in the first half of 2024 to 141,200 tons in the first half of 2025, marking a year-on-year increase of 68.49% [2] - Operating revenue jumped from CNY 2.093 billion in the first half of 2024 to CNY 3.388 billion in the first half of 2025, a growth of 61.83% [3] - Net profit attributable to the listed company increased from CNY 357 million in the first half of 2024 to CNY 479 million in the first half of 2025, showing a growth of 34.37% [3] Group 2: Project Developments - The company is advancing two major projects: a 50,000-ton lithium battery anode materials project in Malaysia and a 200,000-ton integrated lithium-ion battery anode materials project in Shanxi, both set to commence construction in Q3 and Q4 of 2025 respectively [3] - The new production bases are expected to begin operations between late Q2 and early Q3 of 2026, aiming to achieve over 500,000 tons of integrated artificial graphite anode materials capacity by the end of 2026 [3] Group 3: Financial Challenges and Strategies - The negative cash flow from operating activities in the first half of 2025 was attributed to factors such as increased inventory and receivables, alongside the payment terms with downstream clients [4] - The company is addressing raw material price fluctuations by enhancing production efficiency and implementing a price transmission mechanism to maintain profitability [6] - The significant rise in inventory levels is primarily due to the gradual production ramp-up at the Beisu Phase II project, with no excess inventory risk identified [7]

Investment Rating - The report maintains a rating of "Accumulate" for the company [5]. Core Views - The company is experiencing sustained demand, leading to a significant increase in shipments and revenue, with a projected revenue growth of 42.2% in 2025 [2][4]. - The company has successfully positioned itself within the supply chains of major downstream clients, ensuring a stable market share [4]. - The company is actively expanding its production capacity and international presence, with new projects set to commence in 2025 [3][4]. Financial Summary - The company is expected to achieve revenues of 43.91 billion yuan in 2023, increasing to 74.34 billion yuan by 2025, with a compound annual growth rate (CAGR) of 24.6% [4]. - The net profit attributable to the parent company is projected to grow from 7.23 billion yuan in 2023 to 10.45 billion yuan in 2025, reflecting a growth rate of 24.6% [4]. - The company's earnings per share (EPS) is expected to rise from 2.77 yuan in 2023 to 4.01 yuan in 2025 [4]. Production and Sales Performance - In the first half of 2025, the company achieved lithium battery anode material sales of 141,200 tons, a year-on-year increase of 68.49% [2]. - The revenue contribution from the anode materials segment reached 31.02 billion yuan, with a gross margin of 23.37% [2]. - The company is set to enhance its production capacity to over 500,000 tons of artificial graphite anode materials by 2026 [3]. Market Expansion - The company reported overseas revenue of approximately 51 million yuan in the first half of 2025, marking a year-on-year increase of 770.27% [3]. - The company is focusing on international market expansion, leveraging its differentiated product development and production efficiency [3].