Shijiazhuang Shangtai Technology (SZ:001301) Soochow Securities·2025-08-20 07:46Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The Q2 performance of the company met market expectations, with a significant year-on-year revenue increase of 61.8% in H1 2025 and a net profit increase of 34.4% [8] - The company is expected to achieve a sales volume of 320,000 tons in 2025, representing a year-on-year growth of over 45% [8] - The report anticipates stable profitability in the second half of 2025, with a projected net profit per ton of approximately 0.3 million yuan [8] - The target price for the company's stock is set at 78.8 yuan, based on a 20 times price-to-earnings ratio for 2025 [8] Financial Summary - Total revenue projections for the company are as follows: 4,391 million yuan in 2023, 5,229 million yuan in 2024, 8,414 million yuan in 2025, 10,474 million yuan in 2026, and 12,588 million yuan in 2027, with respective year-on-year growth rates of -8.18%, 19.10%, 60.90%, 24.48%, and 20.19% [1] - The net profit attributable to the parent company is forecasted to be 722.90 million yuan in 2023, 838.33 million yuan in 2024, 1,026.77 million yuan in 2025, 1,425.47 million yuan in 2026, and 1,749.14 million yuan in 2027, with year-on-year growth rates of -43.94%, 15.97%, 22.48%, 38.83%, and 22.71% [1] - The earnings per share (EPS) are projected to be 2.77 yuan in 2023, 3.21 yuan in 2024, 3.94 yuan in 2025, 5.46 yuan in 2026, and 6.71 yuan in 2027 [1]