Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected outperformance of 10%-20% relative to the benchmark index over the next 6-12 months [1][3] Core Views - The company's Q2 2024 net profit attributable to the parent company increased by 19.4% YoY and 39.83% QoQ, reaching RMB 208 million, demonstrating strong profit resilience [1] - The company's negative electrode material sales volume grew by 59.34% YoY in H1 2024, reaching 83,800 tons, despite facing pricing pressure due to industry competition [1] - The company is actively pursuing an internationalization strategy, with plans to establish wholly-owned subsidiaries in Singapore and Spain, aiming to expand its overseas market presence [1] - The company is increasing R&D investment in silicon-carbon negative electrode materials, with a mature technical team and pilot production line in place, expecting to achieve batch supply in the future [1] Financial Performance - H1 2024 revenue reached RMB 2.093 billion, a 6.45% YoY increase, while net profit attributable to the parent company declined by 11.86% YoY to RMB 357 million [1][4] - The gross profit margin for negative electrode materials decreased by 7.79 percentage points YoY to 23.32% in H1 2024, reflecting pricing pressure in the industry [1] - The company's EPS for 2024-2026 is forecasted to be RMB 2.80, RMB 3.46, and RMB 4.39, respectively, with corresponding P/E ratios of 13.0x, 10.5x, and 8.3x [1][2] Operational Highlights - The company expects to maintain full production capacity in Q3 2024, with a focus on differentiated products such as fast-charging and ultra-fast-charging negative electrode materials to enhance competitiveness [1] - The company's operating cash flow is projected to improve significantly, from RMB -416 million in 2023 to RMB 367 million in 2024E, reflecting better working capital management [5] Valuation and Projections - The company's revenue is expected to grow at a CAGR of 24.1% from 2024E to 2026E, reaching RMB 8.389 billion by 2026E [2][6] - The company's ROE is projected to recover from 12.8% in 2023 to 14.6% in 2026E, driven by improved profitability and operational efficiency [6]

证券代码：001301 证券简称：尚太科技 石家庄尚太科技股份有限公司 投资者关系活动记录表 | --- | |--------------| | | | 投资者关 | | 系活动类 | | 别 | | | | 活动参与人员 | | | | 上市公司 | | 接待人员 | | | | 时间 | | | | 地点 | | | | 形式 | | | | | | | | | | | | | | 交流内容 | | 及具体问 | | 答记录 | | | | | | | | | | | | | | --- | |-------------------------------------------------------------------------| | 观现实，负极材料价格仍处于较低水平，公司营业收入实现了小幅 | | 增长，但增长幅度远小于销售数量的增加，盈利水平同比甚至出现 | | 了小幅下降。 | | 1、总资产：2023 上半年，77.77 亿元；2024 上半年，76.08 亿 | | 元；同比下降 2.17% | | 2、净资产：2023 上半年，53.42 亿元；2024 上半年，58.19 亿 ...

尚太科技（ [Table_StockNameRptType] 001301） 公司点评 业绩符合预期，市场份额持续提升 [Table_Rank] 投资评级：买入（维持） 报告日期： 2024-08-15 | --- | --- | |---------------------------------|-------------| | | | | [Table_BaseData] 收盘价（元） | 38.70 | | 近 12 个月最高 / 最低（元） | 56.90/22.71 | | 总股本（百万股） | 261 | | 流通股本（百万股） | 159 | | 流通股比例（ % ） | 61.09 | | 总市值（亿元） | 101 | | 流通市值（亿元） | 62 | [公司价格与沪深 Table_Chart] 300 走势比较 -68% -49% -29% -10% 10% 8/23 11/23 2/24 5/24 8/24 尚太科技 沪深300 [Table_Author] 分析师：张志邦 执业证书号：S0010523120004 邮箱：zhangzhibang@hazq.com 分析师：牛义杰 执 ...

前方证券对违反上述要求的行为主体保留追究其法律责任的权利 各位投资者大家晚上好,非常感谢大家宝贵的时间来参加上太科技2027年半年报的交流会。因为今天除了我们之外还有很多影商也在会,所以我们尽量简化一下流程,给各位时间大家进行交流提问。会议开始之前,我先简单的说一下会议次数。 如果在交流的过程当中有相关的经营的数据或者是相关的观点大家不是很清楚的欢迎大家会后联系一下我们团队或者是直接联系上泰科技然后就希望在会议结束之后有即时的一些必要或者利益应由传输了然后今天的会议的话会主要是我和我们的电动车研究员张敏木共同组织完成接下来我们就进入到半年到交流的环节 在最开始看游戏内的总结的一项简单的给大家更新一下比如说二级图或者半年报整体经营的一个状况然后看一下李总能听到我们声音吗可以我可以听到吗你的声音也很清晰各位好感谢曾总我先向大家汇报一下上半年的上下的经营这块首先是业绩 业绩方面我们首先上半年的营收目前是20.220亿出头那么比去年的话应该是有一个小幅不到略超5的一个增长经营业绩方面因为价格还是下降我们同比还是有一定的下降下降了大概10个点略多11个点左右3.56亿到4.57亿去年应该是4.04亿对的样子对 这是大概 ...

尚太科技（001301.SZ）2024 年半年报点评 业绩超预期，出货量稳步增长 2024 年 08 月 17 日 [盈利预测与财务指标 Table_Forcast] ➢ 事件。2024 年 8 月 14 日，公司公布 2024 年中报。2024H1 公司实现营收 20.93 亿元，同比增加 6.45%；归母净利 3.56 亿元，同比-11.86%；实现扣非归 母净利 3.48 亿元，同比-10.78%。 ➢ Q2 业绩拆分。营收和净利：公司 2024Q2 营收 12.32 亿元，同增 21.52%， 环增 43.08%，归母净利润为 2.08 亿元，同增 19.40%，环增 39.83%，扣非后 归母净利润为 2.05 亿元，同增 20.98%，环增 43.23%。毛利率：2024Q2 毛利 率为 24.80%，同比-0.98pct，环比-1.85pcts。净利率：2024Q2 净利率为 16.88%，同比-0.30pct，环比-0.39pct。费用率：公司 2024Q2 期间费用率为 4.68%，同比-1.13pcts，其中销售、管理、研发、财务费用率分别为 0.20%、 1.38%、2.21%、0.89 ...

বিত 团 旗 下 企 业 | --- | --- | --- | --- | --- | |-------------------------------------------------------------------------------------------------------------|------------------|-----------------------------------------|------------------------|-----------------------------------------------------------------| | 2024 年 08 月 16 日 \n尚太科技（ 001301.SZ ） \n上半年出货量高增，三季度有望持续满产 \n投资要点 | 投资评级 股价 | (2024-08-16) | 基础化工 \| 买入 \n-B( | 公司研究●证券研究报告 \n公司快报 \n锂电化学品Ⅲ \n维持) 38.51 元 | | 事件：公司 8 月 14 日发布中报， 2024 年中期实现营业总收入 20.93 亿 ...

证 券 2024 年 08 月 15 日 报 告 公 司 研 究 业绩超预期，份额有望逆势扩张 买入(维持) 事件 分析师：黎江涛 S1050521120002 lijt@cfsc.com.cn | --- | --- | |-----------------------|------------| | 基本数据 | 2024-08-14 | | 当前股价（元） | 36.73 | | 总市值（亿元） | 96 | | 总股本（百万股） | 261 | | 流通股本（百万股） | 159 | | 52 周价格范围（元） | 23.5-55.85 | | 日均成交额（百万元） | 98.02 | 市场表现 (%) 尚太科技 沪深300 -70 -60 -50 -40 -30 -20 -10 0 10 资料来源：Wind，华鑫证券研究 相关研究 1、《尚太科技（001301）：成本优 势托底，盈利韧性显著》2024-05- 06 —尚太科技（001301.SZ）公司事件点评报告 尚太科技发布 2024 年半年报：公司 2024 年上半年实现收入 20.93 亿元/yoy+6.45%，实现归母净利润 3.57 亿元 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's H1 2024 performance met market expectations, with revenue of 2.1 billion yuan, a year-on-year increase of 6%, and a net profit of 360 million yuan, a year-on-year decrease of 12% [2] - The company expects a 40% increase in shipments for the year 2024, with Q2 shipments showing a 40% quarter-on-quarter increase [2] - The company maintains a strong cost advantage in the negative electrode sector, projecting a target price of 54 yuan based on a 20x PE for 2024 [2] Financial Performance Summary - Total revenue (in million yuan) for 2022A was 4,782, 2023A was 4,391, and projections for 2024E, 2025E, and 2026E are 5,174, 6,582, and 8,326 respectively, with year-on-year growth rates of 17.84%, 27.22%, and 26.49% [1][8] - Net profit attributable to shareholders (in million yuan) for 2022A was 1,289.46, 2023A was 722.91, and projections for 2024E, 2025E, and 2026E are 702.65, 937.29, and 1,271.89 respectively, with year-on-year growth rates of -2.80%, 33.39%, and 35.70% [1][8] - The latest diluted EPS (in yuan/share) for 2022A was 4.94, 2023A was 2.77, and projections for 2024E, 2025E, and 2026E are 2.69, 3.59, and 4.87 respectively [1][8] Cost and Profitability - The company reported a gross margin of 25.56% in H1 2024, a decrease of 4.69 percentage points year-on-year, and a net profit margin of 17.04%, down 3.54 percentage points year-on-year [2] - The unit profit for Q2 2024 is estimated at approximately 3,500 yuan/ton, with a quarter-on-quarter decrease of nearly 20% due to price reductions [2] - The company has effectively controlled expenses, with total expenses in H1 2024 at 120 million yuan, a decrease of 2% [2] Cash Flow and Valuation - The operating cash flow for 2024E is projected to be 578 million yuan, with a significant increase from -416 million yuan in 2023A [9] - The company maintains a strong balance sheet with a total asset value projected to reach 10,340 million yuan by 2024E [8] - The company is valued at a P/E ratio of 14 for 2024E, 10 for 2025E, and 8 for 2026E, with a target price based on a 20x P/E for 2024 [2][9]

Investment Rating - The investment rating for the company is "Buy" with a target price of 45.92 RMB [6][7]. Core Views - The company's revenue for 1H24 reached 2.093 billion RMB, representing a year-on-year increase of 6.45%, while the net profit attributable to the parent company was 357 million RMB, down 11.86% year-on-year due to significant price declines in negative electrode products caused by oversupply [1][2]. - Despite the decline in profitability, the company maintains strong resilience and is expected to achieve net profits of 749 million RMB, 909 million RMB, and 1.004 billion RMB for the years 2024 to 2026, respectively [1][2]. Summary by Sections Financial Performance - In 2Q24, the company reported total revenue of 1.232 billion RMB, with year-on-year and quarter-on-quarter increases of 21.52% and 43.08%, respectively. The net profit for the same period was 208 million RMB, reflecting year-on-year and quarter-on-quarter growth of 19.40% and 39.83% [2]. - The gross margin for 1H24 was 24.80%, showing a decrease of 0.98 percentage points year-on-year [2]. - The negative electrode business generated revenue of 1.842 billion RMB in 1H24, up 13.62% year-on-year, with sales volume increasing by 60.54% to 83,800 tons [2]. Strategic Developments - The company announced plans to establish wholly-owned subsidiaries in Singapore and Spain to explore international development strategies, aiming to enhance service to international clients and respond to market demands [3]. - The construction of a new integrated project for producing 100,000 tons of lithium battery negative electrode materials in Shijiazhuang is underway, expected to commence production in 4Q24 [4]. Market Position and Outlook - The company is actively expanding its production capacity and has developed fast-charging negative electrode products, which are anticipated to increase in shipment volume and market share [4]. - The company’s cost advantages and market share gains are expected to support its profitability despite industry challenges [2].

证券代码：001301 证券简称：尚太科技 | --- | --- | |--------------|--------------------| | | 编号：2024-004 | | | | | 投资者关 | | | 系活动类 | | | 别 | | | | | | 活动参与人员 | | | 上市公司 | | | 接待人员 | | | 时间 | | | 地点 | | | 形式 | | | | | | | | | | | | | | | | | | | | | | | | 交流内容 | | | 及具体问 | | | 答记录 | | | | | | | | | | 2024 年 1-6 月实现 | | | | | | | | | | | | | 石家庄尚太科技股份有限公司 投资者关系活动记录表 | --- | --- | |-------|------------------------------------------------------------| | | 了小幅下降。 | | | 1、总资产：2023 上半年，77.77 亿元；2024 上半年，76.08 亿 | | | 元；同比下降 2.17 ...