尚太科技：盈利能力虽同比下滑，但韧性仍强

Investment Rating - The investment rating for the company is "Buy" with a target price of 45.92 RMB [6][7]. Core Views - The company's revenue for 1H24 reached 2.093 billion RMB, representing a year-on-year increase of 6.45%, while the net profit attributable to the parent company was 357 million RMB, down 11.86% year-on-year due to significant price declines in negative electrode products caused by oversupply [1][2]. - Despite the decline in profitability, the company maintains strong resilience and is expected to achieve net profits of 749 million RMB, 909 million RMB, and 1.004 billion RMB for the years 2024 to 2026, respectively [1][2]. Summary by Sections Financial Performance - In 2Q24, the company reported total revenue of 1.232 billion RMB, with year-on-year and quarter-on-quarter increases of 21.52% and 43.08%, respectively. The net profit for the same period was 208 million RMB, reflecting year-on-year and quarter-on-quarter growth of 19.40% and 39.83% [2]. - The gross margin for 1H24 was 24.80%, showing a decrease of 0.98 percentage points year-on-year [2]. - The negative electrode business generated revenue of 1.842 billion RMB in 1H24, up 13.62% year-on-year, with sales volume increasing by 60.54% to 83,800 tons [2]. Strategic Developments - The company announced plans to establish wholly-owned subsidiaries in Singapore and Spain to explore international development strategies, aiming to enhance service to international clients and respond to market demands [3]. - The construction of a new integrated project for producing 100,000 tons of lithium battery negative electrode materials in Shijiazhuang is underway, expected to commence production in 4Q24 [4]. Market Position and Outlook - The company is actively expanding its production capacity and has developed fast-charging negative electrode products, which are anticipated to increase in shipment volume and market share [4]. - The company’s cost advantages and market share gains are expected to support its profitability despite industry challenges [2].