尚太科技（001301）：Q4量利齐升，业绩略超预期

Investment Rating - The report maintains a "Buy" rating for the company [6][4]. Core Views - The company reported a net profit of 261 million RMB in Q4 2024, representing a year-on-year increase of 68.24% and a quarter-on-quarter increase of 17.80%. The total revenue for the year reached 5.229 billion RMB, up 19.10% year-on-year, with a net profit of 838 million RMB, reflecting a 15.97% increase [1][2]. - The company is expected to benefit from the growing penetration of fast charging and the expansion of energy storage, with a clear direction for product upgrades [1][4]. - The company has improved its market share to 11.5% in Q4 2024, driven by the bulk shipment of fast charging and new energy storage products [2][3]. Summary by Sections Financial Performance - In Q4 2024, the company achieved a revenue of 2.61 billion RMB, with a net profit of 261 million RMB, and a non-recurring profit of 237 million RMB. The annual revenue was 5.229 billion RMB, with a net profit of 838 million RMB [1][2]. - The average selling price per ton for the year was 26,100 RMB, with a net profit per ton of 3,800 RMB in Q4 [2]. Market Position and Strategy - The company is expanding its production capacity both domestically and internationally, with projects in Shanxi and Malaysia aimed at meeting local demand and mitigating policy risks [3]. - The company has a significant reliance on major clients, with 73.4% of its sales in 2024 coming from CATL, indicating a stable revenue stream as these clients expand overseas [3]. Future Projections - The report projects the company's net profit to reach 1.013 billion RMB in 2025, with further growth expected in subsequent years, despite a slight downward adjustment in profit estimates due to rising raw material costs [4][5]. - The target price for the company's stock is set at 69.84 RMB, reflecting a price-to-earnings ratio of 18 times for 2025 [4][6].