尚太科技（001301）：25Q1业绩预告略超预期，盈利水平持续可期

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company's Q1 2025 performance is expected to exceed market expectations, with projected revenue of 1.6 to 1.7 billion yuan, representing a year-on-year increase of 86% to 97% [8] - The company anticipates a sales volume of 300,000 to 330,000 tons for 2025, with a year-on-year growth of 40% to 50% [8] - The report forecasts a net profit of 1.03 billion yuan for 2025, reflecting a year-on-year growth of 22% [8] - The target price is set at 78.8 yuan, based on a 20 times price-to-earnings ratio for 2025 [8] Financial Projections - Total revenue is projected to grow from 4.391 billion yuan in 2023 to 12.588 billion yuan in 2027, with a compound annual growth rate (CAGR) of approximately 20.19% [1] - Net profit is expected to increase from 722.91 million yuan in 2023 to 1.749 billion yuan in 2027, with a CAGR of approximately 22.71% [1] - The earnings per share (EPS) is forecasted to rise from 2.77 yuan in 2023 to 6.70 yuan in 2027 [1] Market Data - The closing price of the stock is 51.34 yuan, with a market capitalization of approximately 13.39 billion yuan [5] - The price-to-book ratio is 2.14, indicating the market's valuation relative to the company's net assets [5] Financial Ratios - The company’s asset-liability ratio is reported at 32.38%, indicating a relatively low level of debt [6] - The projected return on equity (ROE) is expected to improve from 13.38% in 2024 to 16.88% in 2027 [9]