Shijiazhuang Shangtai Technology (001301) 长江证券·2024-11-18 08:47Investment Rating - The investment rating for the company is "Buy" and it is maintained [5]. Core Insights - The company reported a revenue of 3.62 billion yuan for the first three quarters of 2024, representing a year-on-year growth of 14.16%. The net profit attributable to the parent company was 578 million yuan, up 1.72% year-on-year, while the net profit excluding non-recurring items was 571 million yuan, an increase of 3.69% year-on-year. In Q3 alone, revenue reached 1.53 billion yuan, showing a year-on-year growth of 26.75% and a quarter-on-quarter growth of 23.88%. The net profit for Q3 was 221 million yuan, up 35.33% year-on-year and 6.34% quarter-on-quarter [5][6]. Summary by Sections Revenue Performance - In Q3 2024, the company experienced rapid growth in shipments, supported by high capacity utilization and increased demand from downstream sectors. The introduction of new fast-charging and energy storage products contributed to an expansion in market share, with shipment growth outpacing the industry [6]. Profitability Analysis - The gross margin for Q3 was 24.72%, remaining stable quarter-on-quarter. However, the net profit per ton is expected to decline slightly due to a shift in shipment structure, with a higher proportion of energy storage anode products, which have lower margins. Additionally, increased R&D expenses, which accounted for 3.74% of revenue in Q3, have also impacted profitability [6]. Future Outlook - For Q4, the company is expected to maintain strong production momentum, with stable pricing for anode products and consistent R&D expenses. The new production bases in Shijiazhuang and Malaysia are anticipated to enhance shipment volumes starting in 2025. The company forecasts net profits of 780 million yuan and 950 million yuan for 2024 and 2025, respectively, with a projected PE ratio of 18 times in 2025 [6][7].