尚太科技（001301）：产销规模快速增长，盈利具备较强韧性

Investment Rating - The report maintains an "Accumulate" rating for the company [2][7]. Core Views - The company has demonstrated strong resilience in profitability, with rapid growth in production and sales scale, particularly in negative electrode materials. The implementation of a differentiated product strategy has contributed to this growth, and cost reduction and efficiency enhancement efforts are ongoing [5][10]. - The company is expected to achieve significant revenue growth, with projected revenues of RMB 7.39 billion in 2025, reflecting a 41.4% increase year-on-year [9][10]. Summary by Sections Financial Performance - The company reported a revenue of RMB 5.23 billion in 2024, a year-on-year increase of 19.1%, and a net profit of RMB 838 million, up 15.97% [10][11]. - For Q1 2025, the company anticipates revenue between RMB 1.6 billion and RMB 1.7 billion, representing a year-on-year growth of 85.78% to 97.39% [10]. Production and Strategy - The company is focusing on differentiated products, achieving rapid growth in the sales of negative electrode materials, with a sales volume of 216,500 tons in 2024, up 53.65% year-on-year [10]. - The company is advancing its capacity expansion projects, including a 200,000-ton negative electrode project in Shanxi and a 50,000-ton project in Malaysia, expected to commence production in 2026 [10]. Earnings Forecast - The adjusted earnings per share (EPS) forecasts for 2025, 2026, and 2027 are RMB 3.85, RMB 5.14, and RMB 6.19, respectively, with corresponding price-to-earnings ratios of 13.5, 10.1, and 8.4 [7][9].