Investment Rating - The investment rating for the company is maintained as "Buy" [1] Core Views - The company reported a Q2 revenue of 1.76 billion RMB, with a year-on-year increase of 42.8% and a quarter-on-quarter increase of 8.1%. The net profit attributable to the parent company for Q2 was 240 million RMB, reflecting a year-on-year increase of 15.4% and a quarter-on-quarter increase of 0.3% [5] - The revenue growth is primarily driven by the production launch of the 100,000-ton negative electrode integration project in North Su [5] - The company is expected to benefit from the increasing penetration of fast charging and the expansion of energy storage [5] - The company has plans to build a 50,000-ton lithium battery negative material project in Malaysia and a 200,000-ton integrated project in Shanxi, with production expected to start in Q3 2025 [8] Financial Projections - Projected revenue for 2024 is 5.23 billion RMB, with a growth rate of 19.1%. By 2025, revenue is expected to reach 7.47 billion RMB, reflecting a growth rate of 42.9% [4] - The net profit attributable to the parent company is projected to be 838.33 million RMB in 2024, increasing to 1.016 billion RMB in 2025, representing a growth rate of 21.15% [4] - The earnings per share (EPS) is expected to be 3.21 RMB in 2024 and 3.89 RMB in 2025 [4] Valuation - The target price for the company is set at 73.91 RMB, based on a projected PE ratio of 19 times for 2025 [9] - The company’s market capitalization is approximately 14.21 billion RMB, with a closing price of 54.48 RMB as of August 19 [1]
尚太科技(001301):Q2出货环增,盈利韧性强