研报掘金丨华鑫证券：维持尚太科技“买入”评级，认为公司中长期发展具备向上空间

Core Viewpoint - Shangtai Technology is positioned as a leading anode manufacturer, benefiting from the recovery in the lithium battery industry driven by surging demand in downstream sectors such as energy storage batteries [1] Industry Overview - The lithium battery industry is experiencing a rebound in market conditions, supported by a significant increase in downstream demand [1] - The supply-demand structure within the industry is continuously optimizing, leading to price improvements [1] Company Performance - The company is currently operating at high capacity utilization, with new project launches expected to provide additional growth opportunities [1] - By Q3 2026, the company is projected to commence production, achieving an integrated capacity scale of over 500,000 tons of artificial graphite anode materials [1] - The new capacity will primarily focus on high-performance and differentiated product areas, which will be crucial for supporting revenue and profit growth [1] Long-term Outlook - Given the company's significant cost advantages, it is believed that there is upward potential for the company's medium to long-term development [1] - The company maintains a "buy" rating based on its favorable market position and growth prospects [1]