SUNSTONE(SH:603612) Zheng Quan Shi Bao Wang·2025-04-30 09:36Core Viewpoint - The company, SiTong Development, has reported a significant recovery in its performance within the prebaked anode industry, with a net profit of 244 million yuan in Q1 2025, nearing the total profit for the entire year of 2024, indicating a positive trend in the industry cycle [1][2]. Group 1: Financial Performance - In Q1 2025, the average domestic price of prebaked anodes was 5,179 yuan per ton, reflecting a year-on-year increase of 13% and a quarter-on-quarter increase of 19% [2]. - The comprehensive gross profit margin for Q1 2025 was 17.03%, an increase of 7.8 percentage points compared to the 9.2% gross profit margin for the entire year of 2024 [2]. - The company achieved a production volume of 3.2645 million tons of prebaked anodes in 2024, a year-on-year growth of 10.25%, and a sales volume of 3.3169 million tons, up 11.35% year-on-year [3]. Group 2: Strategic Initiatives - The company is expanding its production capacity through joint ventures with downstream customers, ensuring stable client relationships and meeting high demand [3]. - New projects are underway, including a 600,000-ton prebaked anode project in Guangxi and a 320,000-ton project in Jiangsu, with plans to start construction by the end of 2025 [4]. - The company is also accelerating overseas joint venture projects to enhance its global footprint [4]. Group 3: Growth Outlook - Multiple securities firms have expressed optimism regarding the company's growth logic, highlighting its competitive advantages in the prebaked anode sector and the potential for rapid capacity expansion [5]. - Profit forecasts for the company have been raised significantly, with expected net profits of 1.097 billion yuan and 1.282 billion yuan for 2025 and 2026, respectively, reflecting increases of 71% and 63% from previous estimates [5].