尚太科技：海外产能选址马来西亚，把握市场机遇

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [1] Core Views - The company plans to invest approximately $154 million (about 1.09 billion RMB) to establish a lithium battery anode material production project in Malaysia, with a construction period of 24 months [2] - The international development strategy aims to better serve international clients and respond to market demands, leveraging Malaysia's favorable logistics and manufacturing environment [2] - The new production base in Beisu is expected to start operations by the end of 2024, which may enhance the company's market share as industry supply-demand dynamics improve [2] - The company has a significant cost advantage in graphite processing, which is expected to support profitability amid market competition [2] Financial Summary - Projected revenues for 2024-2026 are 47.09 billion RMB, 61.00 billion RMB, and 80.66 billion RMB respectively, with corresponding net profits of 7.65 billion RMB, 9.22 billion RMB, and 11.97 billion RMB [2] - The company’s PE ratios for the same period are projected to be 17.30, 14.36, and 11.06 respectively [2] - The company’s total assets are expected to reach approximately 9.00 billion RMB by 2024, with a net profit margin of 16.3% [5]