Shijiazhuang Shangtai Technology (SZ:001301) Minsheng Securities·2025-04-09 08:10Investment 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 annual capacity project in Shijiazhuang and a 200,000-ton project in Shanxi, with expectations to start construction in Q3 2025 and achieve production targets by 2026 [2]. Financial Projections - The projected net profit for 2025, 2026, and 2027 is 1.085 billion, 1.402 billion, and 1.787 billion yuan, respectively, with year-on-year growth rates of 29.4%, 29.2%, and 27.5% [2][7]. - The expected price-to-earnings (PE) ratios for 2025, 2026, and 2027 are 12, 10, and 7 times, respectively, indicating a favorable valuation outlook [2][7]. - The company anticipates that by 2027, its effective production capacity for artificial graphite anode materials will exceed 500,000 tons [2].