尚太科技(001301)：25Q1业绩预告略超预期 盈利水平持续可期

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]