尚太科技（001301）：业绩逆势增长，研发投入明显加大

Investment Rating - The investment rating for the company is "Buy" with a target price not specified [5][3]. Core Insights - The company achieved revenue and profit growth in 2024, with Q4 revenue and profit growth exceeding the annual growth rates [1][10]. - The sales volume of negative materials reached 216,500 tons in 2024, a year-on-year increase of 54%, with sales revenue of 4.7 billion yuan, up 26% year-on-year [2]. - The company has significantly increased its R&D investment, with R&D expenses reaching 175 million yuan in 2024, a 41% increase year-on-year, driven by a strategy focused on differentiated product competition [2]. - The company is expanding its production capacity with a new integrated project in Shijiazhuang, aiming for an annual output of 100,000 tons of negative materials [2]. Financial Performance Summary - In 2024, the company reported revenue of 5.23 billion yuan, a year-on-year increase of 19%, and a net profit attributable to the parent company of 838.33 million yuan, up 16% year-on-year [10]. - The gross profit margin for negative materials was 23.81%, a decrease of 3.4 percentage points year-on-year [2]. - The company expects to achieve a net profit of 1 billion yuan in 2025 and 1.25 billion yuan in 2026, with a projected net profit of 1.53 billion yuan in 2027 [3][9]. Financial Data and Valuation - The company's total market capitalization is approximately 13.63 billion yuan, with a circulating market capitalization of about 8.41 billion yuan [6]. - The earnings per share (EPS) for 2024 is projected at 3.21 yuan, with a price-to-earnings (P/E) ratio of 16.26 [9][12]. - The company’s asset-liability ratio is 32.38%, indicating a stable financial structure [6].