Shijiazhuang Shangtai Technology (SZ:001301) Haitong Securities·2024-10-15 04:08Investment Rating - The investment rating for the company is "Outperform the Market" [1] Core Views - The company is a leading high-tech enterprise in the lithium-ion battery anode material industry, focusing on the independent R&D, integrated production, and sales of artificial graphite anode materials. In H1 2024, the company achieved operating revenue of 2.093 billion yuan, a year-on-year increase of 6.45%, and a net profit attributable to shareholders of 357 million yuan, a year-on-year decrease of 11.86% [5] - The company has successfully ramped up production of fast-charging products, with expectations to maintain full production in Q3 2024 due to strong market demand [5] - The company has a significant cost advantage due to its high-level graphitization process and self-sufficient production, which reduces profit leakage from outsourcing [5] - The company is accelerating its international expansion by establishing subsidiaries in Singapore and Spain, leading to a substantial increase in overseas revenue [5] - The company has entered the supply chains of major lithium-ion battery manufacturers, and a new integrated project in Shijiazhuang is expected to enhance collaboration with downstream clients [5] Financial Summary - The company forecasts net profits of 785 million yuan, 915 million yuan, and 1.089 billion yuan for 2024, 2025, and 2026, respectively, representing year-on-year growth rates of 8.6%, 16.6%, and 19.0% [6] - The projected operating revenue for 2024 is 4.921 billion yuan, with a year-on-year growth of 12.1% [7] - The company expects to sell 200,000 tons, 250,000 tons, and 300,000 tons of anode materials in 2024, 2025, and 2026, respectively, with an anticipated price recovery in the market [8][9]