Shijiazhuang Shangtai Technology (SZ:001301) Western Securities·2025-03-18 05:17Investment Rating - The investment rating for the company is "Buy" [5][3]. Core Views - The company reported a revenue of 5.229 billion yuan for 2024, representing a year-on-year increase of 19.10%. The net profit attributable to shareholders was 838 million yuan, up 15.97% year-on-year [1][5]. - The sales of negative electrode materials reached 4.707 billion yuan in 2024, with a shipment volume of 216,500 tons, marking a year-on-year increase of 25.97% and 53.65% respectively. The company has developed fast-charging negative electrode products, which have significantly boosted production and sales [2][3]. - The company expects to maintain stable profitability per ton of negative materials, with an estimated profit of around 3,000 yuan per ton for the year [2]. Summary by Sections Financial Performance - In Q4 2024, the company achieved a revenue of 1.609 billion yuan, with a quarter-on-quarter increase of 31.92% and a year-on-year increase of 5.42%. The net profit for the same quarter was 261 million yuan, reflecting a quarter-on-quarter increase of 68.24% and a year-on-year increase of 17.80% [1][2]. - The gross profit margin for 2024 was 25.72%, down 2.02 percentage points year-on-year, while the net profit margin was 16.03%, down 0.43 percentage points year-on-year [1][5]. Future Projections - The company is projected to achieve net profits of 1.047 billion yuan, 1.424 billion yuan, and 1.777 billion yuan for the years 2025, 2026, and 2027 respectively, with year-on-year growth rates of 24.9%, 36.1%, and 24.7% [3][4]. - The estimated earnings per share (EPS) for the same years are 4.01 yuan, 5.46 yuan, and 6.81 yuan [3][4]. Market Position - The company is expanding its production capacity, with a new 100,000-ton facility in Shijiazhuang that has recently commenced operations. The company anticipates a shipment of approximately 70,000 tons of negative electrode products in Q1 2025 [2][3]. - The company is also planning to build a new production line in Shanxi, expected to start construction in Q3 2025, and is steadily advancing its overseas production capacity [2].