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》 ...

证券代码：001301 证券简称：尚太科技 公告编号：2025-038 石家庄尚太科技股份有限公司 关于回购注销2023年限制性股票激励计划 部分限制性股票的公告 重要提示： 1、本次拟回购注销限制性股票数量合计50,000股，占目前公司股本总额 260,887,350股的0.0192%，占2023年限制性股票激励计划授予限制性股票数量 1,226,250股（包括首次授予和预留授予）的4.0775%。 2、本次回购注销原因为：鉴于2023年限制性股票激励计划授予的激励对象 中有5名离职，根据《石家庄尚太科技股份有限公司2023年限制性股票激励计划 （草案）》，其已获授但尚未解除限售的限制性股票不得解除销售，公司进行回 购注销。本次首次授予部分和预留授予部分回购的价格分别为调整后公司2023年 限制性股票授予时的价格和公司2023年限制性股票预留授予价格加上中国人民 银行同期存款利息之和。 4、本次回购注销完成后，公司股本总额将由260,887,350股减至260,837,350 股。 5、本次回购注销事项尚需经公司股东大会审议通过。 石家庄尚太科技股份有限公司（以下简称"公司"）于2025年3月13日召开 第 ...

关于石家庄尚太科技股份有限公司 非经营性资金占用及其他关联资金往来情况的专项审核说明 二、注册会计师的责任 关于石家庄尚太科技股份有限公司 非经营性资金占用及其他关联资金往来情况的专项审核说明 中汇会专[2025]2104号 石家庄尚太科技股份有限公司全体股东： 我们接受委托，审计了石家庄尚太科技股份有限公司(以下简称尚太科技公 司)2024年度财务报表，并出具了中汇会审[2025]2103号无保留意见的审计报告， 在此基础上对后附的尚太科技公司管理层编制的《2024年度非经营性资金占用及其 他关联资金往来情况汇总表》(以下简称汇总表)进行了审核。 一、管理层的责任 中国杭州市钱江新城新业路 8 号 UDC 时代大厦 A 座 5-8 层、12 层、23 层 www.zhcpa.cn Floors5-8,12and23,Block A,UDC Times Building,No.8 Xinye Road，Qianjiang New City,Hangzhou Tel.0571-88879999 Fax.0571-88879000 管理层的责任是提供真实、合法、完整的相关资料，按照中国证券监督管理委 员会、公安部 ...

石家庄尚太科技股份有限公司 2024 年度审计报告 中国杭州市钱江新城新业路 8 号 UDC 时代大厦 A 座 5-8 层、12 层、23 层 www.zhcpa.cn Floors5-8,12and23,Block A,UDC Times Building,No.8 Xinye Road，Qianjiang New City,Hangzhou Tel.0571-88879999 Fax.0571-88879000 目 录 | | | 页 次 | | --- | --- | --- | | 一、审计报告 | | 1-6 | | 二、财务报表 | | 7-18 | | (一) | 合并资产负债表 | 7-8 | | (二) | 合并利润表 | 9 | | (三) | 合并现金流量表 | 10 | | (四) | 合并所有者权益变动表 | 11-12 | | (五) | 母公司资产负债表 | 13-14 | | (六) | 母公司利润表 | 15 | | (七) | 母公司现金流量表 | 16 | | (八) | 母公司所有者权益变动表 | 17-18 | 三、财务报表附注 19-135 中国杭州市钱江新城新业路 ...