Summary of Shantou Technology Conference Call Company Overview - **Company**: Shantou Technology - **Industry**: Fast charging, energy storage, and power products Key Points Sales and Product Mix - In 2024, fast charging products accounted for 24% of total sales, power products 77%, and energy storage products 23. Fast charging products have a significantly higher profitability, with a premium of approximately 500-1,000 yuan [2][5][6] - The sales target for 2025 is set at 300,000 to 320,000 tons, representing a year-on-year growth of 40% to 50%. The proportion of fast charging products is expected to increase significantly, potentially reaching or exceeding 30% by the second quarter [2][6] Financial Performance - In 2024, the company achieved revenue of approximately 5.23 billion yuan and a profit of about 840 million yuan, with a net profit of 810 million yuan after excluding non-recurring gains [4] - The fourth quarter sales volume was 68,000 tons, with fast charging products slightly higher at 25% of total sales [5][4] Raw Material Costs and Inventory Management - Raw material price increases have impacted the company, but the first quarter's effect was minimal. The second quarter may see a greater impact due to rising prices [7][8] - The company has sufficient inventory to maintain supply for over a month, with expectations of two months' supply by the end of 2024. A provision for inventory impairment of approximately 60 million yuan was made due to high-priced inventory and functional auxiliary materials [10][2] Production Capacity and Expansion - The Shijiazhuang base is operating at full capacity, while overseas and Shanxi Phase IV projects are progressing as planned. The Shanxi Phase IV project is expected to be fully operational by the third quarter of 2026 [2][14][16] - The company is also planning to build overseas capacity starting in the third quarter of 2025 [16] Technological Advancements - Progress has been made in silicon-carbon anode technology, with three products launched for consumer electronics applications. The company plans to increase R&D investment and consider building a thousand-ton capacity [3][22] - The company is focusing on continuous graphite technology to enhance production efficiency and quality [36] Market Trends and Competitive Landscape - The industry is experiencing significant competitive pressure, with intense price wars. Despite limited expansion capabilities, major companies are still investing in production [28] - The company anticipates improvements in the market landscape by 2025, with a focus on new technologies and product applications [42] Future Outlook - The company expects to see substantial shipments of 5C and higher fast charging products in the second half of 2025 [34] - The overall market demand is fluctuating, but major clients are performing well, reinforcing the company's leading position in the industry [33] Other Considerations - The company has shifted its procurement model to direct sourcing, which now accounts for nearly 70% of purchases, aiming to reduce costs and improve efficiency [18][19] - The impact of fluctuating prices on negotiations with clients is handled on a case-by-case basis, with no fixed model for price discussions [40] This summary encapsulates the key insights from the conference call, highlighting the company's performance, strategic initiatives, and market dynamics.

Group 1: Company Performance Overview - Total assets increased from CNY 74.18 billion at the end of 2023 to CNY 92.65 billion at the end of 2024, a growth of 24.90% [1] - Net assets rose from CNY 56.64 billion at the end of 2023 to CNY 62.65 billion at the end of 2024, reflecting a growth of 10.61% [2] - Sales volume of negative materials surged from 140,900 tons in 2023 to 216,500 tons in 2024, marking a significant increase of 53.65% [2] - Operating revenue grew from CNY 43.91 billion in 2023 to CNY 52.29 billion in 2024, a year-on-year increase of 19.10% [2] - Net profit attributable to the listed company increased from CNY 7.23 billion in 2023 to CNY 8.38 billion in 2024, representing a growth of 15.97% [2] Group 2: Future Plans and Strategies - The company plans to distribute a cash dividend of CNY 8.00 per 10 shares (tax included), pending shareholder approval [2] - Continuous increase in R&D investment to drive technological and process innovation, shifting from cost leadership to technology leadership [2] - Strengthening cooperation with existing quality customers while developing new clients [2] - Focus on high-quality construction of new production capacity projects both domestically and internationally [2] - Ongoing enhancement of corporate governance and management levels [2] Group 3: Production Capacity Expansion - The company began construction of the "annual production of 100,000 tons of lithium battery negative material integration project" in Hebei, with gradual production starting in December 2024 and reaching full capacity by March 2025 [4] - Plans to build a 200,000 tons annual production capacity project in Jinzhong, Shanxi, and a 50,000 tons project in Malaysia, with construction expected to start in the third quarter of 2025 and completion by 2026 [5] - By 2027, the effective production capacity of artificial graphite negative materials is projected to exceed 500,000 tons [5] Group 4: Product Development - The company has made significant progress in the research and development of silicon-carbon negative materials, with three mature products already developed and samples sent to select customers [6] - The focus is on gas-phase deposition technology and in-depth research on porous carbon preparation and equipment selection to prepare for large-scale production [6]

➢ 产能释放井然有序，全球化布局加速。2024 年，北苏二期项目已实现生产 运转，同时公司积极扩产，国内方面，公司规划建设山西省年产 20 万吨锂离子 电池负极材料一体化项目（即山西四期）；海外产能，公司计划投资建设马来西 亚年产 5 万吨锂离子电池负极材料项目。 ➢ 快充产品持续放量，切入知名锂电厂商供应链。公司通过差异化产品战略， 实现了"快充""超充"性能产品的批量供货，在市场订单较为饱满的情况实现 了稳产增产。此外，公司已进入下游知名行业如宁德时代、国轩高科、蜂巢能源、 雄韬股份、万向一二三、欣旺达、远景动力、瑞浦兰钧、宁德新能源等知名锂离 子电池厂商的供应链，并参与新产品开发，不断深化合作。 ➢ 投资建议：预计公司 2025-2027 年归母净利润依次为 10.85/14.02/17.87 亿元，当前收盘价对应 2024-2026 年 PE 依次为 13、10、8 倍。考虑公司一体 化生产模式，成本控制行业领先，新客开拓力度加强，成长逻辑确定性强，维持 "推荐"评级。 ➢ 风险提示：原材料价格以及关键能源动力价格波动的风险；新能源汽车周期 波动风险；投产进度不及预期；新品研发进步不及预期风险 [盈利 ...

Investment Rating - The report maintains a "Recommended" rating for the company [4] Core Views - The company achieved revenue of 5.229 billion yuan in 2024, representing a year-on-year growth of 19.1%, and a net profit attributable to shareholders of 838 million yuan, up 16% year-on-year [1] - The company’s production and sales volume significantly increased, with production reaching 226,800 tons, a year-on-year increase of 49.98%, and sales volume at 216,500 tons, up 53.65% year-on-year [2] - The company has successfully entered the supply chains of well-known lithium battery manufacturers, enhancing its market position [3] - The projected net profits for 2025, 2026, and 2027 are 1.085 billion yuan, 1.402 billion yuan, and 1.787 billion yuan respectively, with corresponding PE ratios of 13, 10, and 8 [3] Financial Performance Summary - In Q4 2024, the company reported revenue of 1.609 billion yuan, a year-on-year increase of 31.92%, and a net profit of 261 million yuan, up 68.24% year-on-year [1] - The gross margin for Q4 2024 was 26.90%, a decrease of 1.86 percentage points year-on-year, while the net margin increased by 3.49 percentage points to 16.19% [1] - The company’s unit profit for negative electrode materials in Q4 was approximately 3,500 yuan per ton, indicating stable profitability [2] Production and Capacity Expansion - The company has successfully commenced production at its North Su Phase II project and is actively expanding its capacity with plans for a 200,000-ton integrated project in Shanxi and a 50,000-ton project in Malaysia [2] Market Position and Product Strategy - The company has adopted a differentiated product strategy, focusing on "fast charge" and "super charge" performance products, which has led to increased orders and stable production [3]

Investment Rating - The report maintains a "Recommended" rating for the company [4] Core Views - The company achieved revenue of 5.229 billion yuan in 2024, a year-on-year increase of 19.1%, and a net profit attributable to shareholders of 838 million yuan, up 15.97% year-on-year [1] - The company’s production and sales volume significantly increased, with production reaching 226,800 tons, a 49.98% year-on-year growth, and sales volume at 216,500 tons, a 53.65% increase [2] - The company has successfully entered the supply chains of well-known lithium battery manufacturers, enhancing its market position [3] - The projected net profits for 2025, 2026, and 2027 are 1.085 billion yuan, 1.402 billion yuan, and 1.787 billion yuan respectively, with corresponding PE ratios of 13, 10, and 8 [3][7] Financial Performance Summary - In Q4 2024, the company reported revenue of 1.609 billion yuan, a 31.92% year-on-year increase, and a net profit of 261 million yuan, up 68.24% year-on-year [1] - The gross margin for Q4 2024 was 26.90%, a decrease of 1.86 percentage points year-on-year, while the net margin increased by 3.49 percentage points to 16.19% [1] - The company’s unit profit for negative electrode materials in Q4 was approximately 3,500 yuan per ton, indicating stable profitability [2] Production and Capacity Expansion - The company has successfully commenced production at its North Su Phase II project and is actively expanding its capacity with plans for a 200,000-ton integrated project in Shanxi and a 50,000-ton project in Malaysia [2] Market Position and Product Strategy - The company has adopted a differentiated product strategy, focusing on "fast charge" and "super charge" performance products, which has led to a robust order book and stable production [3]

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Insights - The company's Q4 performance slightly exceeded market expectations, with a revenue of 5.23 billion yuan, a year-on-year increase of 19%, and a net profit of 838.33 million yuan, up 16% year-on-year [9] - The company is expected to maintain a 50% growth in negative electrode shipments in 2025, with a total shipment of 33,000 tons anticipated [9] - The report projects an upward adjustment in net profit forecasts for 2025-2027, with expected profits of 1.03 billion, 1.43 billion, and 1.75 billion yuan respectively, reflecting year-on-year growth rates of 22%, 39%, and 23% [9] Financial Performance Summary - Total revenue for 2023 is reported at 4.39 billion yuan, with a projected increase to 5.23 billion yuan in 2024, representing a 19.1% year-on-year growth [1] - The net profit for 2023 is 722.91 million yuan, expected to rise to 838.33 million yuan in 2024, marking a 15.97% increase [1] - The earnings per share (EPS) is projected to grow from 2.77 yuan in 2023 to 3.21 yuan in 2024 [1] Market Data Summary - The closing price of the company's stock is reported at 55.95 yuan, with a market capitalization of approximately 14.60 billion yuan [6] - The company has a price-to-earnings (P/E) ratio of 20.19 for the current price and latest diluted earnings [1][6] Cost and Inventory Management - The company has effectively managed its expenses, with a total operating expense of 320 million yuan in 2024, reflecting a 29% increase [9] - Inventory levels increased by 17% from Q3 to Q4 2024, totaling 1.56 billion yuan at the end of Q4 [9]

2024 年年报点评：Q4 业绩略超市场预期，盈 利持续优于同行 买入（维持） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 4391 | 5229 | 8414 | 10474 | 12588 | | 同比（%） | (8.18) | 19.10 | 60.90 | 24.48 | 20.19 | | 归母净利润（百万元） | 722.91 | 838.33 | 1,026.77 | 1,425.47 | 1,749.14 | | 同比（%） | (43.94) | 15.97 | 22.48 | 38.83 | 22.71 | | EPS-最新摊薄（元/股） | 2.77 | 3.21 | 3.94 | 5.46 | 6.70 | | P/E（现价&最新摊薄） | 20.19 | 17.41 | 14.22 | 10.24 | 8.35 | [Table_Tag] [Table_Summary] 投资要点 2025 年 ...

Group 1 - The company achieved an operating revenue of 5.229 billion yuan in 2024, representing a year-on-year growth of 19.10% [1] - The net profit attributable to shareholders was 838 million yuan, with a year-on-year increase of 15.97% [1] - The company plans to distribute a cash dividend of 8 yuan per 10 shares (tax included) to all shareholders [1] Group 2 - The company primarily engages in the research, production, and sales of lithium-ion battery anode materials [1] - The overall industry for anode materials maintained a high growth rate in 2024, driven by market demand and technological advancements in end products [1] - The sales volume of anode materials reached 216,500 tons in 2024, a year-on-year increase of 53.65%, generating sales revenue of 4.707 billion yuan, up 25.97% from 2023 [1] Group 3 - The company is actively expanding its production bases domestically and internationally due to increased demand from product updates and iterations [2] - A new integrated project with an annual production capacity of 100,000 tons of anode materials is under construction in Wuji County, Shijiazhuang, and has commenced production [2] - The company is exploring international development strategies by seeking to establish production bases in Southeast Asia and Europe [2] Group 4 - The company plans to increase R&D investment in 2025 to drive technological and process innovation, shifting from cost-driven to technology-led approaches [2] - Ongoing domestic capacity construction includes a project in Xiyang County, Jinzhong City, with an annual capacity of 200,000 tons of lithium-ion battery anode materials, and a project in Malaysia with a capacity of 50,000 tons [2]

Core Viewpoint - Shangtai Technology (001301) reported a strong performance in its 2024 annual report, with significant growth in revenue and net profit, driven by the expansion of its anode material business [1] Financial Performance - The company achieved an operating revenue of 5.229 billion yuan, representing a year-on-year increase of 19.1% [1] - The net profit attributable to shareholders was 838 million yuan, reflecting a year-on-year growth of 15.97% [1] - Basic earnings per share were reported at 3.22 yuan per share [1] Dividend Distribution - The company proposed a cash dividend of 8 yuan (including tax) for every 10 shares to all shareholders [1] Market Position and Sales Growth - During the reporting period, the company capitalized on opportunities in the new generation of anode material products, leading to rapid growth in production and sales [1] - The sales volume of anode materials increased significantly, contributing to a continuous rise in market share [1] - Despite the increase in sales volume, the overall performance growth was limited by the low price levels in the industry, resulting in core performance indicators such as revenue and net profit not growing as fast as sales volume [1]

石家庄尚太科技股份有限公司 关于公司2023年限制性股票激励计划首次授予限制性股票 第一个限售期解除限售条件成就的公告 本公司及董事会全体成员保证信息披露内容的真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 证券代码：001301 证券简称：尚太科技 公告编号：2025-039 重要提示： 1、石家庄尚太科技股份有限公司（以下简称"公司"或"本公司"）2023 年限制性股票激励计划首次授予限制性股票第一个解除限售期解除限售条件已 经成就，符合解除限售条件的激励对象共计68名，解除限售的限制性股票数量为 354,000股，占公司当前总股本的0.1357%。 2、根据股东大会对董事会办理公司限制性股票相关事宜的授权，对符合解 除限售条件的限制性股票第一个锁定期届满，将由公司统一办理解除限售事宜 3、本次限制性股票解除限售在经相关监管部门审核登记并办理完毕解除限 售手续、上市流通前，公司将发布相关提示性公告，敬请投资者注意。 本公司于2025年3月13日分别召开了第二届董事会第十七次会议和第二届监 事会第十五次会议，审议通过了《关于2023年限制性股票激励计划首次授予部分 第一个解除限售期条件成就的议案》 ...