Investment Rating - Buy (Maintained) [1] Core Views - Q3 performance met market expectations with revenue of RMB 3.62 billion in 24Q1-Q3, up 14.2% YoY, and net profit attributable to shareholders of RMB 580 million, up 1.7% YoY [2] - Gross margin was 25.2%, down 2.1 pct YoY, and net profit margin was 16%, down 2.0 pct YoY [2] - In 24Q3, revenue was RMB 1.53 billion, up 26.7% YoY and 23.9% QoQ, with net profit attributable to shareholders of RMB 220 million, up 35.3% YoY and 6.3% QoQ [2] - Gross margin in 24Q3 was 24.7%, up 2.1 pct YoY but down 0.1 pct QoQ, and net profit margin was 14.5%, up 0.9 pct YoY but down 2.4 pct QoQ [2] Financial Performance - 24Q1-Q3 operating cash outflow was RMB 530 million, down 43.1% YoY, with 24Q3 outflow at RMB 420 million, turning negative YoY and QoQ [3] - 24Q1-Q3 capital expenditure was RMB 570 million, up 258.7% YoY, with 24Q3 expenditure at RMB 200 million, up 224% YoY and 4% QoQ [3] - Inventory at the end of 24Q3 was RMB 1.34 billion, up 10.1% from the end of Q2 [3] Market and Industry Outlook - The company is expected to ship 210,000 tons in 2024, with a potential 40% growth in 2025 [2] - In 24Q3, shipments were approximately 64,000 tons, up 26% QoQ, with cumulative shipments of 148,000 tons in 24Q1-Q3 [2] - Market share increased to 10.3% in 2024 (Jan-Aug), up 1 pct from 2023, with August market share reaching 11.6% [2] - New capacity of 100,000 tons is expected by the end of 2024, with potential shipments of 280,000-300,000 tons in 2025, a 40% increase [2] - A new 50,000-ton capacity in Malaysia is planned, expected to start production in 26H2, supporting overseas customer expansion and long-term shipment growth [2] Profitability and Valuation - 24Q3 unit profit was in line with expectations, with a negative electrode price of approximately RMB 23,900/ton, down slightly QoQ, and gross profit per ton of RMB 5,900/ton, flat QoQ [2] - Operating profit per ton in 24Q3 was RMB 3,300/ton, down about 10% QoQ, but still significantly better than the industry average [2] - The company's cost advantage is evident, with expected net profit per ton of RMB 3,400 in 2024, maintaining at RMB 3,400/ton in 2025 [2] - The company's 2024-2026 net profit attributable to shareholders is revised to RMB 801 million, RMB 1.02 billion, and RMB 1.28 billion, respectively, with a target price of RMB 98 based on 25x 2025 PE [3] Financial Metrics - 2024E revenue is projected at RMB 5.20 billion, up 18.46% YoY, with net profit attributable to shareholders of RMB 801 million, up 10.83% YoY [1] - 2025E revenue is projected at RMB 6.62 billion, up 27.32% YoY, with net profit attributable to shareholders of RMB 1.02 billion, up 27.26% YoY [1] - 2026E revenue is projected at RMB 8.31 billion, up 25.53% YoY, with net profit attributable to shareholders of RMB 1.28 billion, up 25.30% YoY [1] - EPS for 2024E, 2025E, and 2026E is projected at RMB 3.07, RMB 3.91, and RMB 4.90, respectively [1]

Investment Rating - The report maintains a "Recommend" rating for the company, citing strong cost control, enhanced customer acquisition efforts, and a clear growth trajectory [2] Core Views - The company's Q3 2024 performance met expectations, with stable profitability and steady growth in shipments [1] - Revenue for the first three quarters of 2024 reached RMB 3.62 billion, a YoY increase of 14.16%, while net profit attributable to the parent company was RMB 578 million, up 1.72% YoY [1] - Q3 2024 revenue was RMB 1.526 billion, a YoY increase of 26.75%, with net profit attributable to the parent company at RMB 221 million, up 35.33% YoY [1] - The company's domestic capacity is gradually being realized, and overseas capacity planning is clear, with a new project in Malaysia expected to produce 50,000 tons of lithium-ion battery anode materials annually [1] Financial Performance - Q3 2024 gross margin was 24.72%, up 2.10 percentage points YoY, while net margin was 14.49%, up 0.92 percentage points YoY [1] - The company's Q3 2024 operating expense ratio was 6.36%, with sales, management, R&D, and financial expense ratios at 0.10%, 1.38%, 3.74%, and 1.14% respectively [1] - The company's Q3 2024 unit profit was approximately RMB 3,400 per ton, with expectations of stable unit profit in Q4 [1] Shipments and Capacity - The company's Q1-Q3 2024 shipments are estimated at 147,000 tons, with Q3 shipments at 64,500 tons, and full-year shipments expected to exceed 210,000 tons, a YoY increase of over 40% [1] - The company's new base in North Suzhou is expected to start production by the end of 2024, and the Malaysia project is planned to be completed within 24 months [1] Financial Forecasts - The company's net profit attributable to the parent company is forecasted to be RMB 799 million, RMB 952 million, and RMB 1.227 billion for 2024, 2025, and 2026 respectively, with YoY growth rates of 10.5%, 19.2%, and 28.9% [2] - The current stock price corresponds to a PE ratio of 20x, 16x, and 13x for 2024, 2025, and 2026 respectively [2] Valuation Metrics - The company's EPS is projected to be RMB 3.06, RMB 3.65, and RMB 4.70 for 2024, 2025, and 2026 respectively [4] - The company's PB ratio is expected to be 2.5x, 2.2x, and 2.0x for 2024, 2025, and 2026 respectively [4] - The company's EV/EBITDA ratio is forecasted to be 12.29x, 10.77x, and 8.73x for 2024, 2025, and 2026 respectively [5]

证券代码：001301 证券简称：尚太科技 公告编号：2024-083 石家庄尚太科技股份有限公司 第二届董事会第十三次会议决议公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有 虚假记载、误导性陈述或重大遗漏。 一、董事会会议召开情况 石家庄尚太科技股份有限公司（以下简称"公司"）第二届董事会第十三次会 议于2024年10月21日发出会议通知，2024年10月25日以现场方式召开。本次会议 的通知通过专人送达、电话、微信等方式送达全体董事。本次会议由董事长欧阳 永跃召集和主持，应出席董事6名，实际出席董事6名，公司高级管理人员列席了 本次会议。董事会会议的举行和召开符合国家有关法律、法规及《公司章程》的 规定。 具体内容详见公司同日在《中国证券报》《证券时报》《上海证券报》《证 券日报》《经济参考报》及巨潮资讯网（www.cninfo.com.cn）上披露的《石家庄 尚太科技股份有限公司舆情管理制度》（公告编号：2024-085）。 三、备查文件 二、董事会会议审议情况 经与会董事审议，做出以下决议： （一）审议通过《关于<2024 年第三季度报告>的议案》。 公司编制的《2024 年第三 ...

第二条 本制度所称舆情包括： （一）对因产品或服务的质量问题争议、管理层或员工的不当言行、企业劳 资纠纷、法律纠纷、重大事件或事故等引发的负面信息； （二）能给企业带来形象恶化、业务受损、信誉丧失甚至影响企业生存等严 重后果的突发性事件； （三）其他涉及公司信息披露且可能对公司产生较大影响的事件信息。 第三条 舆情信息的分类： 石家庄尚太科技股份有限公司 舆情管理制度 第一章 总则 第一条 为提高石家庄尚太科技股份有限公司（以下简称"公司"）应对各 类舆情的能力，建立快速反应和应急处置机制，及时、妥善处理各类舆情对公司 股价、公司商业信誉及正常生产经营活动造成的影响，切实保护投资者合法权益， 根据相关法律、法规和规范性文件的规定及《公司章程》，结合公司实际情况， 制订本制度。 （一）重大舆情：指传播范围较广，严重影响公司公众形象或正常经营活动， 使公司已经或可能遭受损失的舆情； （二）一般舆情：指除重大舆情之外的其他舆情。 第二章 舆情管理的组织体系及其工作职责 第四条 公司应对各类舆情（尤其是媒体质疑危机时）实行统一领导、统一 组织、快速反应、协同应对。 第五条 公司成立应对舆情处理工作领导小组（（以下简称 ...

证券代码：001301 证券简称：尚太科技 公告编号：2024-084 石家庄尚太科技股份有限公司 本公司及监事会全体成员保证信息披露的内容真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 一、监事会会议召开情况 石家庄尚太科技股份有限公司（以下简称"公司"）第二届监事会第十二次会 议于2024年10月21日发出会议通知，2024年10月25日以现场方式召开。本次会议 的通知通过专人送达、电话、微信等方式送达全体监事。本次会议由监事会主席 孙跃杰召集和主持，应出席监事3名，实际出席监事3名。本次会议的召集、举行 和召开符合国家有关法律、法规及《公司章程》的规定。 二、监事会会议审议情况 经与会监事审议，做出以下决议： （一）审议通过《关于<2024 年第三季度报告>的议案》。 公司编制的《2024年第三季度报告》全文符合法律、行政法规、中国证监 会和深圳证券交易所的规定，报告内容真实、准确、完整地反映了公司的经营 情况，不存在虚假记载、误导性陈述或者重大遗漏。 第二届监事会第十二次会议决议公告 表决结果：同意3票，反对0票，弃权0票。 三、备查文件 1、公司第二届监事会第十二次会议决议； 特此公告。 ...

证券代码：001301 证券简称：尚太科技 公告编号：2024-086 石家庄尚太科技股份有限公司 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有 虚假记载、误导性陈述或重大遗漏。 石家庄尚太科技股份有限公司（以下简称"公司"）于2024年10月13日召开 了第二届董事会第十二次会议，审议通过了《关于以集中竞价交易方式回购公司 股份方案的议案》，具体内容详见公司2024年10月15日披露于巨潮 资讯网 （www.cninfo.com.cn）等指定信息披露媒体的《关于以集中竞价交易方式回购公 司股份方案的公告》（公告编号：2024-078）和《第二届董事会第十二次会议决 议公告》（公告编号：2024-077）。 根据《上市公司股份回购规则》《深圳证券交易所上市公司自律监管指引第 9号—回购股份》等相关规定，现将公司2024年第三次临时股东大会决议前三个 交易日（即2024年10月24日）登记在册的前10名股东和前10名无限售条件股东情 况公告如下： 二、2024 年 10 月 24 日公司前 10 名无限售条件股东持股情况 石家庄尚太科技股份有限公司 | 序号 | 股东名称 | 持股数量（股） ...

Financial Performance - The company's revenue for Q3 2024 reached ¥1,526,497,856.50, representing a 26.75% increase year-over-year[2] - Net profit attributable to shareholders was ¥221,142,843.56, up 35.33% compared to the same period last year[2] - The basic earnings per share (EPS) increased by 34.92% to ¥0.85[2] - The company's sales revenue increased to 209,513.37 million, a rise of 76.58% compared to the same period last year[6] - Net profit for Q3 2024 was ¥577,819,312.40, slightly up from ¥568,064,537.34 in the same period last year, reflecting a growth of 1.3%[15] - Basic earnings per share for Q3 2024 were ¥2.22, compared to ¥2.19 in Q3 2023, showing an increase of 1.4%[15] - Operating profit for Q3 2024 was ¥714,828,345.11, up from ¥681,180,018.18, indicating an increase of 4.2%[15] Assets and Liabilities - Total assets at the end of the reporting period amounted to ¥8,148,598,805.02, reflecting a 9.86% increase from the end of the previous year[2] - The company's total assets increased to ¥8,148,598,805.02, up from ¥7,417,525,523.64, marking a growth of 9.9% year-over-year[13] - Non-current liabilities rose to ¥1,091,314,692.20, compared to ¥569,068,589.51, indicating a significant increase of 92.0%[13] - The company's total liabilities reached ¥2,104,523,110.21, an increase from ¥1,753,248,600.40, reflecting a growth of 20.1%[13] Cash Flow - The company's cash flow from operating activities showed a net outflow of ¥534,806,514.11, which is a 43.13% increase in outflow compared to the previous year[2] - Operating cash inflow for the current period reached CNY 2,149,718,995.63, a significant increase from CNY 1,311,367,568.38 in the previous period, representing a growth of approximately 63.4%[17] - The net cash flow from operating activities was negative at CNY -534,806,514.11, an improvement compared to CNY -940,335,212.56 in the previous period[17] - Cash inflow from investment activities totaled CNY 106,895,199,918.32, a substantial increase from CNY 4,638,308,059.25 in the prior period[17] - The net cash flow from investment activities was CNY 654,069,716.24, recovering from a negative cash flow of CNY -536,671,112.19 in the previous period[17] - Cash inflow from financing activities amounted to CNY 1,108,827,607.50, up from CNY 911,223,690.27 in the prior period, indicating a growth of approximately 21.6%[18] - The net cash flow from financing activities improved to CNY 86,392,457.75, compared to a negative cash flow of CNY -28,711,911.65 in the previous period[18] Investments and Expenses - The company reported a significant increase in construction in progress, rising by 886.42% to ¥39,293.09 million due to the ongoing North Su Phase II project[4] - Long-term borrowings increased by 125.05% to ¥99,992.58 million, attributed to financing for the North Su Phase II project[4] - Research and development expenses for Q3 2024 were ¥112,401,074.99, up from ¥89,320,931.36, representing a growth of 25.8%[14] - Financial expenses increased to 4,076.14 million, a 94.48% rise attributed to higher interest income from increased cash balances[6] - The company experienced a 46.05% increase in taxes paid, amounting to 34,726.74 million, due to higher VAT payments[6] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 17,262[8] - The largest shareholder, Ouyang Yongyue, holds 36.53% of the shares, while the second-largest shareholder, Changjiang Chen Dao, holds 10.45%[8] Market Performance - The company has successfully launched a new generation of "fast charging" and "super charging" performance products, leading to a rapid increase in sales volume driven by the demand in the electric vehicle and energy storage battery markets[10] - The company is focusing on the active cycle of the energy storage battery market, which has contributed to the acceleration of sales growth for anode materials[10] - The company has maintained a strong performance in the face of market challenges, supporting enhanced shareholder returns[10] - In the first nine months of 2024, the sales volume of anode materials reached 148,000 tons, exceeding the total sales volume for the entire year of 2023, representing a year-on-year growth of over 55%[10]

证券代码：001301 证券简称：尚太科技 公告编号：2024-081 近日，石家庄尚太科技股份有限公司（以下简称"尚太科技"或"公司"） 收到中国银行股份有限公司石家庄分行（以下简称"中国银行石家庄分行"）出 具的《实质性贷款承诺函》，中国银行石家庄分行承诺为公司提供 6,000 万元的 贷款资金专项用于股票回购。 一、《实质性贷款承诺函》签署概况 公司根据《中华人民共和国公司法》《中华人民共和国证券法》《关于支持 上市公司回购股份的意见》《上市公司股份回购规则》《深圳证券交易所股票上 市规则》《深圳证券交易所上市公司自律监管指引第 9 号——回购股份》等规 定，于2024年10月13日召开第二届董事会第十二次会议审议通过了《关于以集中 竞价交易方式回购公司股份方案的议案》，同意公司以自有资金或自筹资金以集 中竞价方式回购公司部分已发行的人民币普通股（A股）股票，并在未来合适时 机将回购股份用于员工持股计划及/或股权激励。回购股份的实施期限为自公司 股东大会审议通过本次回购方案之日起12个月内，回购价格不超过人民币65.83 元/股（含），拟用于回购股份的资金总额为不低于5,000万元（含），不超过人 民币 ...

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [1] Core Views - The company plans to invest approximately $154 million (about 1.09 billion RMB) to establish a lithium battery anode material production project in Malaysia, with a construction period of 24 months [2] - The international development strategy aims to better serve international clients and respond to market demands, leveraging Malaysia's favorable logistics and manufacturing environment [2] - The new production base in Beisu is expected to start operations by the end of 2024, which may enhance the company's market share as industry supply-demand dynamics improve [2] - The company has a significant cost advantage in graphite processing, which is expected to support profitability amid market competition [2] Financial Summary - Projected revenues for 2024-2026 are 47.09 billion RMB, 61.00 billion RMB, and 80.66 billion RMB respectively, with corresponding net profits of 7.65 billion RMB, 9.22 billion RMB, and 11.97 billion RMB [2] - The company’s PE ratios for the same period are projected to be 17.30, 14.36, and 11.06 respectively [2] - The company’s total assets are expected to reach approximately 9.00 billion RMB by 2024, with a net profit margin of 16.3% [5]

Investment Rating - The investment rating for the company is "Outperform the Market" [1] Core Views - The company is a leading high-tech enterprise in the lithium-ion battery anode material industry, focusing on the independent R&D, integrated production, and sales of artificial graphite anode materials. In H1 2024, the company achieved operating revenue of 2.093 billion yuan, a year-on-year increase of 6.45%, and a net profit attributable to shareholders of 357 million yuan, a year-on-year decrease of 11.86% [5] - The company has successfully ramped up production of fast-charging products, with expectations to maintain full production in Q3 2024 due to strong market demand [5] - The company has a significant cost advantage due to its high-level graphitization process and self-sufficient production, which reduces profit leakage from outsourcing [5] - The company is accelerating its international expansion by establishing subsidiaries in Singapore and Spain, leading to a substantial increase in overseas revenue [5] - The company has entered the supply chains of major lithium-ion battery manufacturers, and a new integrated project in Shijiazhuang is expected to enhance collaboration with downstream clients [5] Financial Summary - The company forecasts net profits of 785 million yuan, 915 million yuan, and 1.089 billion yuan for 2024, 2025, and 2026, respectively, representing year-on-year growth rates of 8.6%, 16.6%, and 19.0% [6] - The projected operating revenue for 2024 is 4.921 billion yuan, with a year-on-year growth of 12.1% [7] - The company expects to sell 200,000 tons, 250,000 tons, and 300,000 tons of anode materials in 2024, 2025, and 2026, respectively, with an anticipated price recovery in the market [8][9]