尚太科技（001301）：公司事件点评报告：业绩表现强劲，竞争优势凸显

Investment Rating - The report maintains a "Buy" rating for the company [1][7] Core Insights - The company demonstrated strong performance in Q1 2025, achieving revenue of 1.628 billion yuan, a year-on-year increase of 89%, and a net profit of 239 million yuan, up approximately 61% year-on-year [5] - The company is expected to continue expanding its market share despite industry challenges, with significant production capacity coming online in 2025 [6] - The company has a robust cost advantage, which is expected to support its profitability and growth in the coming years [4][7] Summary by Sections Financial Performance - In 2024, the company reported revenue of 5.2 billion yuan, a 19% increase year-on-year, and a net profit of 838 million yuan, up 16% year-on-year [4] - For Q1 2025, the company achieved a revenue of 1.628 billion yuan and a net profit of 239 million yuan, reflecting strong sales growth in its negative electrode materials [5] Production Capacity and Market Share - The company is ramping up production at its North Su Phase II facility, with total integrated production capacity expected to reach 300,000 tons in 2025 [6] - New projects in Malaysia and Shanxi are set to further enhance production capacity, with expectations of exceeding 500,000 tons by 2027 [6] Profitability Forecast - The company’s net profit is projected to reach 1 billion yuan in 2025, 1.3 billion yuan in 2026, and 1.7 billion yuan in 2027, with corresponding EPS of 3.94, 5.10, and 6.40 yuan [7][10] - The report anticipates a significant growth rate in revenue and net profit over the next few years, with a focus on maintaining a strong return on equity [10][11]