证券代码：001301 证券简称：尚太科技 公告编号：2025-057 石家庄尚太科技股份有限公司 第二届监事会第十六次会议决议公告 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）审议通过《关于公司前次募集资金使用情况报告的议案》。 根据中国证监会《监管规则适用指引——发行类第 7 号》的有关规定，公司 编制的截至 2024 年 12 月 31 日的《石家庄尚太科技股份有限公司前次募集资金 使用情况报告》。中汇会计师事务所（特殊普通合伙）对前次募集资金使用情况 报告进行了审核并发表了鉴证意见。 具体内容详见公司同日在巨潮资讯网（www.cninfo.com.cn）及《中国证券报》 《证券时报》《上海证券报》《证券日报》《经济参考报》上披露的《石家庄尚 太科技股份有限公司前次募集资金使用情况报告》（公告编号：2025-058）。 表决结果：同意3票，反对0票，弃权0票。 （二）审议通过《关于公司2022-2024年度非经常性损益明细表及其专项审 核说明的议案》 根据中国证监会的有关规定，公司就2022年度、2023年度、2024 年度的非 经常性损益情况 ...

证券代码：001301 证券简称：尚太科技 公告编号：2025-056 石家庄尚太科技股份有限公司 第二届董事会第十八次会议决议公告 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"）第二届董事会第十八次会 议于2025年4月16日发出会议通知，2025年4月21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。 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《关于公司前次募集资金使用情况报告的议案》。 根据中国证监会《监管规则适用指引——发行类第7号》的有关规定，公司 编制的截至2024年12月31日的《石家庄尚太科技股份有限公司前次募集资金使用 情况报告》。中汇会计师事务所（特殊普通合伙）对前次募集资金使用情况报告 进行了审核并发表了鉴证意见。 具体内容详见公司同日在 ...

Core Insights - The company demonstrated strong core competitiveness with excellent performance in Q1 2025, indicating potential for sustained growth through new products and capacities [1] Financial Performance - The company expects Q1 2025 revenue to be between 1.6 billion to 1.7 billion yuan, representing a year-on-year growth of 85.8% to 97.4% [2] - The projected net profit attributable to shareholders for Q1 2025 is between 230 million to 260 million yuan, showing a year-on-year increase of 54.7% to 74.8% [2] - The non-recurring net profit is also expected to be between 230 million to 260 million yuan, with a year-on-year growth of 60.7% to 81.6% [2] - On average, the non-recurring net profit for Q1 2025 is projected to grow by 71.3% year-on-year and 3.4% quarter-on-quarter [2] Industry Dynamics - The company’s demand remains strong despite the typical seasonal fluctuations in Q4 and Q1, indicating resilience in the market [3] - The negative electrode materials business has seen significant growth, with a projected shipment volume of 2.08 million tons in China for 2024, marking a 26% year-on-year increase [3] - The company achieved a sales volume of 216,500 tons for negative electrode materials in 2024, reflecting a year-on-year growth of 53.65% [3] Production Capacity and Competitive Edge - The company’s integrated project in Shijiazhuang, with an annual capacity of 100,000 tons for lithium battery negative materials, is set to gradually commence production in Q1 2025, with full order volumes and rapidly increasing capacity utilization [3] - Plans are underway to establish a 50,000-ton lithium battery negative materials project in Malaysia to enhance international competitiveness [3] - The company has achieved cost advantages by conducting all production processes in-house, reducing transportation costs and improving profitability [3] - New product developments include high-rate performance artificial graphite negative materials and three mature silicon-carbon negative material products, with samples already sent to select customers [3]

Summary of Conference Call Records Company and Industry - The conference call pertains to a company in the fast-charging battery and energy storage industry, discussing its performance, product offerings, and market dynamics. Key Points and Arguments Sales Performance - The company reported a significant sales increase, with total sales reaching approximately 2 billion, marking a year-on-year growth of over 50% [1] - Fast charging accounted for about 24% of total sales, with expectations to increase to 30% by the second quarter [3] Product Mix and Proportions - The product mix includes fast charging (24%), full-power dynamics (77%), and energy storage (23%) [1] - The company anticipates a slight increase in fast charging sales in the fourth quarter, projecting it to reach 25% [1] Raw Material Costs and Pricing Strategy - The company is facing challenges due to rising raw material costs but has managed to maintain inventory levels, which mitigated immediate impacts [4] - Recent price fluctuations have seen a decrease of nearly 1,000 in raw material costs over two weeks, indicating a volatile pricing environment [5] - The company is actively negotiating with clients to adjust pricing in response to market changes [6][40] Inventory Management - The company reported that its inventory levels were significantly higher at the end of the previous year, but current levels are more balanced [8] - The inventory of raw materials has doubled compared to the previous year, although production levels have not increased proportionately [8] Production Capacity and New Developments - New production capacity is being developed, with the Stonehouse base expected to contribute significantly by mid-year [12] - The company is exploring new customer relationships and expanding its product offerings, particularly in fast charging technology [12] Market Dynamics and Competitive Landscape - The company is optimistic about the market for fast charging products, noting that all new vehicle models are incorporating fast charging capabilities [26] - There is a recognition of the competitive landscape, with the company positioning itself as a leader in fast charging technology [43] Future Outlook - The company expects continued growth in fast charging and energy storage sectors, with a focus on new product development and market expansion [42] - The management expressed confidence in maintaining profitability despite short-term fluctuations in raw material prices [44] Additional Insights - The company is increasing its direct procurement of materials, reducing reliance on intermediaries, which is expected to enhance cost efficiency [17] - There is an ongoing effort to innovate in product development, particularly in silicon-carbon technology, with plans for significant production capacity in the future [29] Other Important but Overlooked Content - The company is monitoring the impact of external factors, such as regulatory changes and market sentiment, on its operations and pricing strategies [16] - The management emphasized the importance of maintaining a flexible approach to pricing and inventory management in response to market volatility [40] This summary encapsulates the key discussions and insights from the conference call, highlighting the company's performance, strategic direction, and market positioning.

Investment Rating - The report assigns an "Accumulate" rating to the company, marking its first coverage [5][4]. Core Insights - The company is a leading supplier of anode materials, experiencing rapid growth in Q1 2025, with revenue and profit both showing significant year-on-year increases due to improved production capacity and strong order volumes [1][16]. - The company has focused on the power sector, with fast-charging capabilities expected to enhance profitability. In 2024, it achieved a 54% year-on-year increase in anode material shipments, primarily driven by demand in the power battery sector [2][21]. - The customer base is continuously optimizing, with the company being a key supplier to major battery manufacturers, including CATL and others. The production capacity is expanding, with ongoing projects expected to increase output significantly [3][29]. Summary by Sections 1. Leading Supplier of Anode Materials - The company was founded in 2008 and transitioned to a comprehensive anode material manufacturer in 2017, listing on the Shenzhen Stock Exchange in 2022. It has seen rapid growth from 2020 to 2022, although 2023 faced challenges due to market competition and supply-demand reversals [1][13][16]. 2. Deepening Power Sector Engagement - The company is actively developing products that meet the fast-charging battery market's needs, with a focus on high-performance artificial graphite anode materials. The projected net profit per ton of anode material for 2024 is estimated at 0.37 million yuan, with expectations for profitability to stabilize and improve as market conditions become favorable [2][25]. 3. Continuous Optimization of Customer Structure - The company has established itself as a primary supplier for leading battery manufacturers, with significant production capacity in Shanxi and Hebei. The ongoing construction of the North Su Phase II project is expected to add 100,000 tons of capacity, with further expansions planned in Shanxi and Malaysia [3][31]. 4. Investment Recommendations - The company is positioned for rapid growth due to its ability to adapt to industry demands and expand its production capacity. Revenue projections for 2025-2027 are 71.91 billion, 89.89 billion, and 112.34 billion yuan, with corresponding net profits of 10.58 billion, 13.48 billion, and 16.93 billion yuan [4][32].

Investment Rating - The report maintains an "Accumulate" rating for the company [2][7]. Core Views - The company has demonstrated strong resilience in profitability, with rapid growth in production and sales scale, particularly in negative electrode materials. The implementation of a differentiated product strategy has contributed to this growth, and cost reduction and efficiency enhancement efforts are ongoing [5][10]. - The company is expected to achieve significant revenue growth, with projected revenues of RMB 7.39 billion in 2025, reflecting a 41.4% increase year-on-year [9][10]. Summary by Sections Financial Performance - The company reported a revenue of RMB 5.23 billion in 2024, a year-on-year increase of 19.1%, and a net profit of RMB 838 million, up 15.97% [10][11]. - For Q1 2025, the company anticipates revenue between RMB 1.6 billion and RMB 1.7 billion, representing a year-on-year growth of 85.78% to 97.39% [10]. Production and Strategy - The company is focusing on differentiated products, achieving rapid growth in the sales of negative electrode materials, with a sales volume of 216,500 tons in 2024, up 53.65% year-on-year [10]. - The company is advancing its capacity expansion projects, including a 200,000-ton negative electrode project in Shanxi and a 50,000-ton project in Malaysia, expected to commence production in 2026 [10]. Earnings Forecast - The adjusted earnings per share (EPS) forecasts for 2025, 2026, and 2027 are RMB 3.85, RMB 5.14, and RMB 6.19, respectively, with corresponding price-to-earnings ratios of 13.5, 10.1, and 8.4 [7][9].

Investment Rating - The report maintains a "Recommended" rating for the company [2][3]. Core Views - The company reported a strong performance in Q1 2025, with expected revenue between 1.6 billion to 1.7 billion yuan, representing a year-on-year growth of 85.78% to 97.39%. The net profit attributable to shareholders is projected to be between 230 million to 260 million yuan, showing a year-on-year increase of 54.65% to 74.82% [1]. - The company has successfully transitioned to an integrated production model for anode materials, achieving a 100% self-supply rate in production processes, which positions it as a leader in the industry [1][2]. - The company is progressing well with its domestic and international projects, including a 100,000-ton annual capacity project in Shijiazhuang and a 200,000-ton project in Shanxi, with expectations to start construction in Q3 2025 and achieve production targets by 2026 [2]. Financial Projections - The projected net profit for 2025, 2026, and 2027 is 1.085 billion, 1.402 billion, and 1.787 billion yuan, respectively, with year-on-year growth rates of 29.4%, 29.2%, and 27.5% [2][7]. - The expected price-to-earnings (PE) ratios for 2025, 2026, and 2027 are 12, 10, and 7 times, respectively, indicating a favorable valuation outlook [2][7]. - The company anticipates that by 2027, its effective production capacity for artificial graphite anode materials will exceed 500,000 tons [2].

Investment Rating - The report maintains a "Recommended" rating for the company [2][3]. Core Views - The company reported a strong performance in Q1 2025, with expected revenue between 1.6 billion to 1.7 billion yuan, representing a year-on-year growth of 85.78% to 97.39%. The net profit attributable to shareholders is projected to be between 230 million to 260 million yuan, showing a year-on-year increase of 54.65% to 74.82% [1]. - The company has successfully transitioned to an integrated production model for anode materials, achieving a 100% self-supply rate in production processes, which positions it as a leader in the industry [1][2]. - The company is progressing well with its domestic and international projects, including a 100,000-ton lithium-ion battery anode materials project in Shijiazhuang, which began production in December 2024, and plans for a 200,000-ton project in Shanxi and a 50,000-ton project in Malaysia, both expected to start construction in Q3 2025 [2]. Financial Projections - The projected net profit for the company from 2025 to 2027 is expected to be 1.085 billion, 1.402 billion, and 1.787 billion yuan, with year-on-year growth rates of 29.4%, 29.2%, and 27.5% respectively. The current closing price corresponds to a PE ratio of 12, 10, and 7 times for the years 2025 to 2027 [2][7]. - The company's revenue is forecasted to grow from 5.229 billion yuan in 2024 to 12.065 billion yuan in 2027, with growth rates of 19.1%, 40.8%, 30.6%, and 25.5% for the respective years [7][8].

Group 1 - The company's Q1 2025 performance exceeded expectations, with projected revenue of 1.6 billion to 1.7 billion yuan, a year-on-year increase of 86% to 97%, and a quarter-on-quarter decrease of 1% to 6%. The net profit attributable to shareholders is expected to be between 230 million to 260 million yuan, a year-on-year increase of 55% to 75%, and a quarter-on-quarter decrease of 12% to 0% [1] - The company anticipates a shipment of 70,000 tons in Q1 2025, with an annual sales forecast of 300,000 to 330,000 tons, representing a year-on-year increase of 40% to 50% [1] - The company has a new capacity plan of 50,000 tons in Malaysia, expected to be operational in the second half of 2026, which will support overseas customer development and long-term shipment growth [1] Group 2 - The company's unit profit is expected to remain stable, with a projected net profit per ton of 3,300 to 3,700 yuan in Q1 2025, a quarter-on-quarter decrease of 0% to 10%, which is better than market expectations [2] - The company expects to maintain a profit of over 3,000 yuan per ton in Q2 2025, primarily due to the recent stabilization of raw material prices and successful price increases for some customers [2] - The annual net profit per ton is projected to remain above 3,000 yuan [3] Group 3 - The profit forecast for the company for 2025 to 2027 is 1.03 billion, 1.43 billion, and 1.75 billion yuan, representing year-on-year growth of 22%, 39%, and 23% respectively, corresponding to PE ratios of 13, 9, and 8 times [3] - The company maintains a target price of 78.8 yuan for 2025, with a "buy" rating [3]

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company's Q1 2025 performance is expected to exceed market expectations, with projected revenue of RMB 1.6 billion to RMB 1.7 billion, representing a year-on-year increase of 86% to 97% [8] - The company anticipates a shipment of 70,000 tons in Q1 2025, with a total expected shipment of 300,000 to 330,000 tons for the year, indicating a year-on-year growth of 40% to 50% [8] - The report forecasts a stable unit profit for Q1 2025, with net profit per ton expected to be between RMB 3,300 to RMB 3,700, which is better than market expectations [8] - The target price for the company is set at RMB 78.8, based on a 20x P/E ratio for 2025 [8] Financial Projections - Total revenue is projected to grow from RMB 4,391 million in 2023 to RMB 12,588 million by 2027, with a compound annual growth rate (CAGR) of approximately 20.19% [1] - Net profit attributable to the parent company is expected to increase from RMB 722.91 million in 2023 to RMB 1,749.14 million in 2027, reflecting a CAGR of about 22.71% [1] - The earnings per share (EPS) is forecasted to rise from RMB 2.77 in 2023 to RMB 6.70 in 2027 [1]