尚太科技（001301）：负极材料领先供应商，产品放量盈利能力可期

Investment Rating - The report assigns an "Accumulate" rating to the company, marking its first coverage [5][4]. Core Insights - The company is a leading supplier of anode materials, experiencing rapid growth in Q1 2025, with revenue and profit both showing significant year-on-year increases due to improved production capacity and strong order volumes [1][16]. - The company has focused on the power sector, with fast-charging capabilities expected to enhance profitability. In 2024, it achieved a 54% year-on-year increase in anode material shipments, primarily driven by demand in the power battery sector [2][21]. - The customer base is continuously optimizing, with the company being a key supplier to major battery manufacturers, including CATL and others. The production capacity is expanding, with ongoing projects expected to increase output significantly [3][29]. Summary by Sections 1. Leading Supplier of Anode Materials - The company was founded in 2008 and transitioned to a comprehensive anode material manufacturer in 2017, listing on the Shenzhen Stock Exchange in 2022. It has seen rapid growth from 2020 to 2022, although 2023 faced challenges due to market competition and supply-demand reversals [1][13][16]. 2. Deepening Power Sector Engagement - The company is actively developing products that meet the fast-charging battery market's needs, with a focus on high-performance artificial graphite anode materials. The projected net profit per ton of anode material for 2024 is estimated at 0.37 million yuan, with expectations for profitability to stabilize and improve as market conditions become favorable [2][25]. 3. Continuous Optimization of Customer Structure - The company has established itself as a primary supplier for leading battery manufacturers, with significant production capacity in Shanxi and Hebei. The ongoing construction of the North Su Phase II project is expected to add 100,000 tons of capacity, with further expansions planned in Shanxi and Malaysia [3][31]. 4. Investment Recommendations - The company is positioned for rapid growth due to its ability to adapt to industry demands and expand its production capacity. Revenue projections for 2025-2027 are 71.91 billion, 89.89 billion, and 112.34 billion yuan, with corresponding net profits of 10.58 billion, 13.48 billion, and 16.93 billion yuan [4][32].