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 1.6 to 1.7 billion yuan, representing a year-on-year increase of 86% to 97% [8] - The company anticipates a sales volume of 300,000 to 330,000 tons for 2025, with a year-on-year growth of 40% to 50% [8] - The report forecasts a net profit of 1.03 billion yuan for 2025, reflecting a year-on-year growth of 22% [8] - The target price is set at 78.8 yuan, based on a 20 times price-to-earnings ratio for 2025 [8] Financial Projections - Total revenue is projected to grow from 4.391 billion yuan in 2023 to 12.588 billion yuan in 2027, with a compound annual growth rate (CAGR) of approximately 20.19% [1] - Net profit is expected to increase from 722.91 million yuan in 2023 to 1.749 billion yuan in 2027, with a CAGR of approximately 22.71% [1] - The earnings per share (EPS) is forecasted to rise from 2.77 yuan in 2023 to 6.70 yuan in 2027 [1] Market Data - The closing price of the stock is 51.34 yuan, with a market capitalization of approximately 13.39 billion yuan [5] - The price-to-book ratio is 2.14, indicating the market's valuation relative to the company's net assets [5] Financial Ratios - The company’s asset-liability ratio is reported at 32.38%, indicating a relatively low level of debt [6] - The projected return on equity (ROE) is expected to improve from 13.38% in 2024 to 16.88% in 2027 [9]

Revenue Forecast - The company expects Q1 2025 revenue to be between 1.6 billion and 1.7 billion CNY, representing a year-on-year growth of 85.78% to 97.39% compared to 861.22 million CNY in the same period last year[3]. - Net profit attributable to shareholders is projected to be between 230 million and 260 million CNY, an increase of 54.65% to 74.82% from 148.72 million CNY in the previous year[3]. - The net profit after deducting non-recurring gains and losses is also expected to be between 230 million and 260 million CNY, reflecting a growth of 60.67% to 81.63% compared to 143.15 million CNY last year[3]. - Basic earnings per share are forecasted to be between 0.89 CNY and 1.00 CNY, up from 0.57 CNY in the same quarter last year[3]. Performance Drivers - The increase in performance is attributed to the gradual production ramp-up of the "100,000 tons lithium-ion battery anode material integrated project," leading to higher capacity utilization and robust order volumes[5]. - The company has strengthened its competitive advantage through differentiated products, expanding its target market growth potential[5]. Forecast Accuracy and Compliance - There are no significant uncertainties affecting the accuracy of this earnings forecast as of the announcement date[6]. - The financial data provided is preliminary and has not been audited by an accounting firm, with final figures to be disclosed in the Q1 2025 report[6]. - The company will adhere to legal and regulatory requirements for timely information disclosure, urging investors to be aware of investment risks[7]. Earnings Forecast Period - The earnings forecast period is from January 1, 2025, to March 31, 2025[3].

证券代码：001301 证券简称：尚太科技 公告编号：2025-053 石家庄尚太科技股份有限公司 2024 年年度股东大会决议公告 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。 特别提示： 1、石家庄尚太科技股份有限公司（以下简称"公司"）于2025年3月15日在巨 潮资讯网（www.cninfo.com.cn）及《证券时报》《证券日报》《上海证券报》《中 国证券报》《经济参考报》刊登了《石家庄尚太科技股份有限公司关于召开2024 年年度股东大会的通知》； 2、本次股东大会未出现否决议案的情形； 3、本次股东大会不涉及变更前次股东大会决议。 一、会议召开和出席情况 （一）会议召集人：公司董事会 （二）会议方式：采用现场会议与网络投票相结合的方式 （三）会议时间： 1、现场会议召开时间：2025年4月7日（星期一）14:45。 2、网络投票时间：2025年4月7日 1、通过现场和网络投票的股东209人，代表股份141,316,262股，占公司有 表决权股份总数的54.1675％。 其中：通过现场投票的股东2人，代表股份95,327,100股，占公司有表决权 ...

证券代码：001301 证券简称：尚太科技 公告编号：2025-054 石家庄尚太科技股份有限公司 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，不再符合 激励对象确定标准，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）》，其持有的 50,000 股不符合解除限售条件的限制性股票应由公 司回购注销，回购注销股份占公司当前股本总额的 0.0192%。具体内容详见公司 于 2025 年 3 月 15 日刊登于巨潮资讯网（www.cninfo.com.cn）的《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》（公告编号：2025-038）。 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，公司注册资本也相应由 260,887,350 元变更为 260,837,350 元。本次回购注销 事宜需由公司向中国证券登记结算有限责任公司深圳分公司提交申请办理后最 终完成，最终股本结构变动以实际情况为准。 根据《中华人民共和国公司法》（以下简称"《公司法》"）等相关法律、 法规的规定，公司债权人自接到公司通知书 ...

关于石家庄尚太科技股份有限公司 2024 年年度股东大会的法律意见书 致：石家庄尚太科技股份有限公司 北京市金杜律师事务所（以下简称本所）接受石家庄尚太科技股份有限公司 （以下简称公司）的委托，根据《中华人民共和国证券法》（以下简称《证券法》）、 《中华人民共和国公司法》（以下简称《公司法》）、《上市公司股东会规则》（以下 简称《股东会规则》）等中华人民共和国境内（以下简称中国境内，为本法律意见 书之目的，不包括中国香港特别行政区、中国澳门特别行政区和中国台湾地区）现 行有效的法律、行政法规、规章和规范性文件和现行有效的公司章程有关规定，指 派律师出席了公司于 2025 年 4 月 7 日召开的 2024 年年度股东大会（以下简称本 次股东大会），并就本次股东大会相关事项出具本法律意见书。 为出具本法律意见书，本所律师审查了公司提供的以下文件，包括但不限于： 1. 公司2024年8月15日刊登于深圳证券交易所网站（https://www.szse.cn） 的《石家庄尚太科技股份有限公司章程》（以下简称《公司章程》）； 2. 公司 2025 年 3 月 15 日刊登于深圳证券交易所网站（https://www. ...

Investment Rating - The investment rating for the company is "Buy" with a target price not specified [5][3]. Core Insights - The company achieved revenue and profit growth in 2024, with Q4 revenue and profit growth exceeding the annual growth rates [1][10]. - The sales volume of negative materials reached 216,500 tons in 2024, a year-on-year increase of 54%, with sales revenue of 4.7 billion yuan, up 26% year-on-year [2]. - The company has significantly increased its R&D investment, with R&D expenses reaching 175 million yuan in 2024, a 41% increase year-on-year, driven by a strategy focused on differentiated product competition [2]. - The company is expanding its production capacity with a new integrated project in Shijiazhuang, aiming for an annual output of 100,000 tons of negative materials [2]. Financial Performance Summary - In 2024, the company reported revenue of 5.23 billion yuan, a year-on-year increase of 19%, and a net profit attributable to the parent company of 838.33 million yuan, up 16% year-on-year [10]. - The gross profit margin for negative materials was 23.81%, a decrease of 3.4 percentage points year-on-year [2]. - The company expects to achieve a net profit of 1 billion yuan in 2025 and 1.25 billion yuan in 2026, with a projected net profit of 1.53 billion yuan in 2027 [3][9]. Financial Data and Valuation - The company's total market capitalization is approximately 13.63 billion yuan, with a circulating market capitalization of about 8.41 billion yuan [6]. - The earnings per share (EPS) for 2024 is projected at 3.21 yuan, with a price-to-earnings (P/E) ratio of 16.26 [9][12]. - The company’s asset-liability ratio is 32.38%, indicating a stable financial structure [6].

证券代码：001301 证券简称：尚太科技 公告编号：2025-052 石家庄尚太科技股份有限公司 关于股份回购进展情况的公告 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。 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，并于2024年10月30日召开2024年第三次临时股东 大会，审议通过（ 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 司使用自有资金或自筹资金以集中竞价交易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实施员工持股计划及/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10,000万元（ 含），具体回购资金总 额以实际使用的资金总额为准。具体内容详见公司分别于2024年10月15日及2024 年10月31日披露于巨潮资讯网（ www.cninfo.com.cn）等指定信息披露媒体的 ...

Group 1: Company Performance and Product Development - In 2024, the company significantly improved its performance by developing and supplying high-rate artificial graphite anode materials, leading to a substantial increase in production and sales scale [1] - The company's revenue and net profit indicators grew against the trend, achieving good performance despite a competitive pricing environment [1] - The product structure for anode materials is primarily focused on power batteries, accounting for over 75% of total shipments, with the remainder being energy storage products [2] Group 2: Strategic Development and Capacity Expansion - The company's 2025 development strategy includes increasing R&D investment, promoting technological innovation, and enhancing cost advantages through lean production [3] - Plans for capacity expansion include a project in Shijiazhuang with an annual output of 100,000 tons of lithium-ion battery anode materials, which began gradual production in December 2024 [3] - The company aims to establish a new project in Jinzhong, Shanxi, with an annual capacity of 200,000 tons, and a project in Malaysia with an annual capacity of 50,000 tons, both expected to start construction in the third quarter of 2025 [4] Group 3: Market Position and Customer Development - The company is actively deepening cooperation with existing high-quality customers while developing new clients, particularly in the context of strict supplier audits by downstream battery customers [3] - The company is making steady progress in its overseas layout, particularly with a project in Malaysia aimed at producing 50,000 tons of lithium battery anode materials annually [3]

国信证券股份有限公司 关于石家庄尚太科技股份有限公司 首次公开发行股票并上市持续督导保荐总结报告书 经中国证券监督管理委员会（以下简称"中国证监会"）《关于核准石家庄 尚太科技股份有限公司首次公开发行股票的批复》（证监许可〔2022〕2576号） 核准，石家庄尚太科技股份有限公司（以下简称"尚太科技""公司"或"发行 人"）向社会公开发行人民币普通股（A股）6,494.37万股（每股面值1.00元）， 每股发行价33.88元，共募集资金人民币220,029.2556万元，扣除保荐承销费用等 发行费用（不含增值税）影响后的募集资金净额为人民币206,363.85万元。上述 募集资金已由主承销商国信证券股份有限公司（以下简称"国信证券"或"保荐 机构"）于2022年12月23日汇入公司募集资金监管账户，上述募集资金到位情况 业经中汇会计师事务所（特殊普通合伙）审验，并由其出具中汇会验〔2022〕7987 号《石家庄尚太科技股份有限公司验资报告》。 国信证券作为尚太科技首次公开发行股票并上市的保荐机构，于上市之日起 对公司进行持续督导工作，持续督导期为2022年12月28日至2024年12月31日。截 至目前，持续 ...

国信证券股份有限公司 关于石家庄尚太科技股份有限公司 2024年度保荐工作报告 | 保荐人名称：国信证券股份有限公司 | 被保荐公司简称：尚太科技 | | --- | --- | | 保荐代表人姓名：张宇 | 联系电话：0755-82134633 | | 保荐代表人姓名：李艳 | 联系电话：0755-82134633 | 一、保荐工作概述 | | 保荐人查阅了公司定期报告及 | | --- | --- | | | 其他信息披露文件、财务报表， | | | 查阅了公司董事、监事、高级管 | | 11.其他（包括经营环境、 | 理人员名单及其变化情况，实地 | | | 查看公司生产经营环境，查阅同 | | 业务发展、财务状况、管理 | 不适用 | | 状况、核心技术等方面的重 | 行业上市公司的定期报告及市 | | | 场信息，对公司高级管理人员进 | | 大变化情况） | | | | 行访谈，未发现公司在经营环境 | | | 、业务发展、财务状况、管理状 | | | 况、核心技术等方面存在重大问 | | 题。 | | | 项目 | 工作内容 | | --- | --- | | 1.公司信息披露审阅情况 | | ...