尚太科技（001301）：业绩超预期，负极龙头盈利强劲

Investment Rating - The report maintains a "Recommended" rating for the company [2][3]. Core Views - The company reported a strong performance in Q1 2025, with expected revenue between 1.6 billion to 1.7 billion yuan, representing a year-on-year growth of 85.78% to 97.39%. The net profit attributable to shareholders is projected to be between 230 million to 260 million yuan, showing a year-on-year increase of 54.65% to 74.82% [1]. - The company has successfully transitioned to an integrated production model for anode materials, achieving a 100% self-supply rate in production processes, which positions it as a leader in the industry [1][2]. - The company is progressing well with its domestic and international projects, including a 100,000-ton lithium-ion battery anode materials project in Shijiazhuang, which began production in December 2024, and plans for a 200,000-ton project in Shanxi and a 50,000-ton project in Malaysia, both expected to start construction in Q3 2025 [2]. Financial Projections - The projected net profit for the company from 2025 to 2027 is expected to be 1.085 billion, 1.402 billion, and 1.787 billion yuan, with year-on-year growth rates of 29.4%, 29.2%, and 27.5% respectively. The current closing price corresponds to a PE ratio of 12, 10, and 7 times for the years 2025 to 2027 [2][7]. - The company's revenue is forecasted to grow from 5.229 billion yuan in 2024 to 12.065 billion yuan in 2027, with growth rates of 19.1%, 40.8%, 30.6%, and 25.5% for the respective years [7][8].