尚太科技：年报点评：负极出货显著增长，成本客户优势显著-20250318

Investment Rating - The report maintains an "Accumulate" investment rating for the company, indicating a projected relative increase of 5% to 15% compared to the CSI 300 index over the next six months [27]. Core Insights - The company has shown a significant recovery in performance, with a revenue of 5.229 billion yuan in 2024, representing a year-on-year growth of 19.10%. The net profit attributable to shareholders reached 838 million yuan, up 15.97% year-on-year [8][10]. - The growth in the company's performance is primarily driven by a substantial increase in the sales volume of anode materials, which rose to 216,500 tons in 2024, a remarkable growth of 53.65% compared to the previous year [9][10]. - The report highlights the ongoing growth in China's new energy vehicle sales and power battery production, with a 36.10% year-on-year increase in new energy vehicle sales in 2024 [8][9]. Financial Performance - The company reported a gross margin of 25.72% in 2024, a decrease of 2.02 percentage points year-on-year, attributed to intensified industry competition [10]. - The projected earnings per share (EPS) for 2025 and 2026 are estimated at 4.00 yuan and 4.93 yuan, respectively, with corresponding price-to-earnings (PE) ratios of 14.53 and 11.79 based on the closing price of 58.16 yuan on March 17 [14][10]. Market Trends - The report notes that the demand for anode materials is expected to continue growing, driven by the increasing production of power and energy storage batteries, with a projected output of 1,096.8 GWh in 2024, a 40.96% increase year-on-year [9][10]. - The anode materials industry is anticipated to maintain a high growth rate, particularly in the context of new generation fast-charging and ultra-fast charging applications [9][10]. Strategic Developments - The company is actively pursuing international expansion, with plans to establish a wholly-owned subsidiary in Malaysia for the production of lithium-ion battery anode materials, with an investment of approximately 1.54 billion USD [12][10]. - The company is also increasing its research and development investments, with R&D expenses reaching 175 million yuan in 2024, a 40.50% increase year-on-year, focusing on differentiated product strategies [10][9].