Shijiazhuang Shangtai Technology (SZ:001301) Great Wall Securities·2024-10-31 00:49Investment Rating - The report maintains a rating of "Accumulate" for the company [1][6]. Core Views - The company has demonstrated resilience in profitability due to its cost advantages amidst industry clearing signs [1][3]. - The lithium battery industry is experiencing strong demand driven by the automotive market and global energy storage installations, leading to a significant increase in the company's lithium battery anode sales [2]. - The company is expanding its overseas operations with a new project in Malaysia, which is expected to enhance its competitive position in the international market [3]. - The report anticipates a recovery in the company's earnings and valuation from 2024 to 2026, supported by its strong market position and cost control capabilities [4]. Financial Summary - The company's revenue for 2022 was 4,782 million yuan, with a projected increase to 4,925 million yuan in 2024 and 6,112 million yuan in 2025, reflecting a growth rate of 12.2% and 24.1% respectively [1][6]. - The net profit attributable to the parent company was 1,289 million yuan in 2022, expected to rise to 746 million yuan in 2024 and 905 million yuan in 2025, with growth rates of 3.2% and 21.4% respectively [1][6]. - The company's EPS is projected to be 2.86 yuan in 2024 and 3.47 yuan in 2025, with corresponding P/E ratios of 21.3 and 17.5 [1][6]. - The gross margin for Q3 was reported at 24.72%, with a net margin of 14.49%, indicating a slight decline from previous quarters but still outperforming the industry [2].