Shijiazhuang Shangtai Technology (SZ:001301) Soochow Securities·2025-04-09 03:23Investment 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 RMB 1.6 billion to RMB 1.7 billion, representing a year-on-year increase of 86% to 97% [8] - The company anticipates a shipment of 70,000 tons in Q1 2025, with a total expected shipment of 300,000 to 330,000 tons for the year, indicating a year-on-year growth of 40% to 50% [8] - The report forecasts a stable unit profit for Q1 2025, with net profit per ton expected to be between RMB 3,300 to RMB 3,700, which is better than market expectations [8] - The target price for the company is set at RMB 78.8, based on a 20x P/E ratio for 2025 [8] Financial Projections - Total revenue is projected to grow from RMB 4,391 million in 2023 to RMB 12,588 million by 2027, with a compound annual growth rate (CAGR) of approximately 20.19% [1] - Net profit attributable to the parent company is expected to increase from RMB 722.91 million in 2023 to RMB 1,749.14 million in 2027, reflecting a CAGR of about 22.71% [1] - The earnings per share (EPS) is forecasted to rise from RMB 2.77 in 2023 to RMB 6.70 in 2027 [1]